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The past few years have shown Southeast Asia’s incredible resilience, as people and businesses have come online – often for the first time – to find new ways of accomplishing what would previously have to be done in person. In 2022, we’ve seen that resilience again, with global economic headwinds rising just as the region began to emerge from the pandemic.

Despite the challenges, Southeast Asia’s digital economy continues to show its dynamism and strength. It’s expected to reach 20% growth in gross merchandise value (GMV) this year, heading towards US$200 billion in value. Encouragingly, as the lateste-Conomy SEA 2022 report confirms, the region is on track to hit that milestone three years earlier than we expected in our inaugural report in 2016.

Over the past three years, 100 million new internet users have come online. The accelerated adoption of digital services we saw during the pandemic is now slowing down as technology becomes an integral part of people’s lives – particularly in urban areas. Many digital businesses are shifting priorities from winning new customers to engaging more deeply with existing ones.

At the same time, there is plenty of room for the digital economy to grow, especially among suburban segments where digital services adoption is still relatively low.

With that in mind, here are the main highlights from the 2022 report:

Digital sectors are following different growth trajectories

E-commerce spiked significantly during the pandemic and continues to thrive, with GMV growing 16% year-over-year. The growth continues despite people partially returning to shopping in person and businesses focusing on driving profitability— for example, by reducing discounts and monetizing value-added services. Food delivery is back to its trendline after tripling through the pandemic, and is expected to reach 14% growth. Transport is looking towards a robust recovery – 43% year-over-year growth – but continues to encounter obstacles such as inflated fuel costs and workforce shortages. Travel is back and looking at a significant 115% growth, boosted by the opening of international borders. However, full recovery for the transport and travel sectors is expected to be gradual, and it will take some more time before they regain 2019 levels.

Digital Financial Services (DFS) continues to grow as a result of offline-to-online behavior shifts enduring post-pandemic, and we see winning business models emerge. Racing to capture different consumer segments, pureplay fintechs and consumer tech platforms are strengthening their position in the region, while established financial services accelerate digitalisation to compete with these newer players.

Tech investments are still going strong

Through the report, we also take a view into how investors in Southeast Asia’s digital economy look at the growth and innovation coming from the region. Despite investors becoming more cautious in the current economic environment, tech funding maintained its strength during the first half of 2022, with a 13% growth in deal value from H1 2021 to H1 2022. Continuing the trend from the second half of 2021, DFS remained the top funded sector across Southeast Asia and overtook e-commerce as the region’s top investment sector. Emerging sectors hold promise in the digital decade, as over 80% of VCs expect that the focus in investments will increase in healthtech, SaaS and Web3.

However, a closer look at the investments also reveal that while early-stagers are flourishing, late-stage investments are impacted by dim IPO prospects. Going into the second half of the year, investors are adopting a more cautious wait-and-watch approach.

New enablers open the way towards a sustainable digital economy

Historically, digital economy enablers in Southeast Asia have included payments, funding, logistics, internet access, and consumer trust. We’ve seen significant progress in many areas but as the digital economy continues to scale, we need to broaden our targets to ensure the growth is sustainable and no one is left behind.

During the next two to three years, amidst the current macroeconomic climate, it’s clear that the path to profitability is an immediate priority for companies to maintain growth momentum. However, in the long run, digital inclusion and addressing growing environmental and social concerns will be key to success. It’s everyone’s shared responsibility to help achieve these goals – companies, customers, investors, and governments alike.

Amidst the global economic headwinds, Southeast Asia is showing just how resilient and adaptable it can be. Its fundamentals remain strong and the digital decade holds great promise: the region’s digital economy is expected to grow twice as fast as GDP in most countries through 2030, and could reach up to $1T if it succeeds in scaling sustainably and unlocking its full potential.

Three years ago, we introduced Google Analytics 4, a re-imagined tool that helps you get a complete view of consumer behavior across web and app by using first-party, modeled data. This is critical in an evolving privacy and technology landscape, where marketers have to rethink their approach to measurement in order to keep getting the insights they rely on. Today we’re introducing new resources to help you make the switch to Google Analytics 4, improved machine learning features, actionable reporting and new integrations.

Make the switch now to Google Analytics 4 with helpful solutions

Earlier this year we shared that we will begin sunsetting standard Universal Analytics properties on July 1, 2023. We recognize that setting up Google Analytics 4 to fit your needs takes time and resources, in particular for large enterprises with complex Analytics 360 setups. To allow enterprise customers more time to have a smoother transition to Google Analytics 4, we’re moving the Universal Analytics 360 properties’ sunset date from October 1, 2023 to July 1, 2024. We’re focusing our efforts and investments on Google Analytics 4 to deliver a solution built to adapt to a changing ecosystem. Because of this, throughout 2023 we’ll be shifting support away from Universal Analytics 360 and will move our full focus to Google Analytics 4 in 2024. As a result, performance will likely degrade in Universal Analytics 360 up until the new sunset date.

To help everyone make the move, we’re launching new resources and tools to help you get started with Google Analytics 4. Our step by step guide helps you complete the entire setup of Google Analytics 4 at your pace and customize it to your needs. Or, if you prefer a more automated experience, you can use the Setup Assistant in the admin section of your Universal Analytics property. Once a Google Analytics 4 property is created and connected, the Setup Assistant can automate some required setup steps and help you track your progress. For example, the Setup Assistant lets you select the goals you want to import to Google Analytics 4, copy desired Google Ads links and audiences, and add users who have access to your current property.

The best Google Analytics 4 setup comes from following the steps above to create a customized property tailored to your needs. The earlier you do this, the more historical data and insights you will have in Google Analytics 4. For example, SunCorp, one of Australia’s largest financial services brands, prioritized setting up Google Analytics 4 to build a base of historical insights.

Beginning in early 2023, the Setup Assistant will also create a new Google Analytics 4 property for each standard Universal Analytics property that doesn’t already have one — helping you jumpstart your migration. These new Google Analytics 4 properties will be connected with the corresponding Universal Analytics properties to match your privacy and collection settings. They’ll also enable equivalent basic features such as goals and Google Ads links. If you’d rather begin the switch on your own, you can opt out of having the Setup Assistant do it for you.

Get accurate insights with new machine learning solutions

Behavioral modeling uses machine learning to fill gaps in your understanding of customer behavior when cookies and other identifiers aren’t available. Soon, behavioral modeling will also be available in the real time reporting, giving you a complete view of the consumer journey as it happens. It’s helping marketers like Nestlé get accurate insights from more customer activity.

Improve ROI with new actionable reporting and integrations

To get a more accurate picture of your campaigns across all of your marketing touchpoints, we will soon introduce custom channel grouping in Google Analytics 4 to help you see the performance of different channels aggregated. For example, you’ll be able to compare the performance of your paid search brand with your non-brand campaigns. These custom channel groupings work in reporting retroactively, and across the advertising and explore workspaces.

Your insights are only as good as the actions you can take from them. On top of Google Ads, Display & Video 360 and Search Ads 360, we will soon launch an integration with Campaign Manager 360 via Floodlight. This will allow marketers to bid towards Google Analytics 4 conversions in Display & Video 360’s automated bid strategies.

Now is the time to make Google Analytics 4 your cross-platform Analytics solution. Get started with Google Analytics 4 now, complete the setup by following our step by step guide and learn how to get the most out of it with the refreshed Google Analytics 4 certification.