Cashback operators across SE Asia have fared relatively well despite the COVID-19 impact. 7 of the largest 20 cashback operators in the region experienced growth.
4 operators were stable with their website traffic. 9 cashback operators showed some declines in traffic but only a few were substantial enough for concern
. Most of the declines
were noticeable among fashion and clothing
websites. With the easing of the pandemic, we can expect a recovery in e-commerce fairly soon across SE Asia.
India was a contrast and they have only 2 companies out of the top 20 that showed growth
in website traffic between November 2019 and the end of April 2020. 16
of the largest Indian cashback companies showed substantial losses
in traffic with some notable declines that are concerning for the operators and investors. Nevertheless, India is growing rapidly in the e-commerce market
and the future is even brighter. Experts believe that India's e-commerce market is expected to grow to $ 200 billion by 2026 from $38.5 billion in 2017. By 2034
, this industry has the potential to become the world's second-largest, just behind the US. But for now, the Indian economy will need to rebound very quickly for the survival of many e-commerce operators. As a result, we anticipate a large number of acquisitions or mergers as the industry consolidates to try and find stability and profitability in India. Something like this: https://www.pymnts.com/digital-payments/2020/google-pay-partners-with-qwikcilver-for-instant-digital-gift-cards/