Countries mentioned: China, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand, Vietnam. Key companies: Lazada, Shopee. Essential stats: Retail ecommerce sales grew by 35.2% in Southeast Asia last year and will rise by an additional 14.3% in 2021 to reach $45.07 billion, according to our forecast.

The Philippines slightly underperforms, due at least partially to the idiosyncratic logistical challenges associated with trying to deliver ecommerce to roughly 2,000 populated islands. By contrast, tiny Singapore punches above its weight class—as usual—thanks to its high per capita income.