Cofounder and Executive Chairman, Power Ledger
Terence Pang is clear about how the company has built its user base within Southeast Asia’s crowded e-commerce market: a clear understanding of local consumer behavior.
“Shopee has captured the hearts and minds of shoppers, sellers, and brands through a strong understanding of the region and well-executed localised strategies,” he tells Business Insider.
Shopee began in 2015, first exclusively as a mobile app betting strongly on the region’s preference for mobile communications. The gamble paid off. Today, mobile is the dominant channel for Southeast Asian consumers and Pang points out that over 95% of Shopee orders are now made on mobile.
Pang, who's responsible for overseeing Shopee’s overall business operations across the region, also realized early that people wanted to do more than just shop on the platform.
He has been leading Shopee’s integrated platform, introducing innovative features to encourage greater engagement and social interaction. These include in-app games, social feeds, livestreaming, and a chat that allows prospective buyers to speak with sellers.
"Building on this foundation," Pang says, "we'll continue to invest in and innovate for our region, to provide unique experiences for our users, and help more businesses to digitalise."