Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Thematic (Sector/Industry)

<ul><li>Before the era of daily flash sales and gamified shopping, there was 2015.</li><li>That was the year Shopee entered the market and set off a shift that reshaped Southeast Asia’s (SEA) digital economy.</li><li>This moment was bigger than Shopee – it signaled the beginning of a sustained acceleration in SEA’s e-commerce landscape.</li></ul>

Before the era of daily flash sales and gamified shopping, there was 2015.That was the year Shopee entered the market and set off a shift that reshaped Southeast Asia’s (SEA) digital economy.This moment was bigger than Shopee – it signaled the beginning of a sustained acceleration in SEA’s e-commerce landscape.

The road to $650bn: What to expect from Southeast Asia e-commerce towards 2035

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Following a market consultation, Indonesia could see its weight slashed in a global index and that will lead to passive selling in May.</li>
<li>Depending on the approach taken to computing free float, outflows could be in the range of US$925m and US$2.2bn.</li>
<li>The change in free float methodology could also lead to a few stocks being deleted from the index due to low free float market cap.</li>
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Following a market consultation, Indonesia could see its weight slashed in a global index and that will lead to passive selling in May.
Depending on the approach taken to computing free float, outflows could be in the range of US$925m and US$2.2bn.
The change in free float methodology could also lead to a few stocks being deleted from the index due to low free float market cap.


Global Index: Indonesia Likely to See Huge Outflows in May

Smartkarma AI Synthetic Expert Call Transcripts, Smartkarma

αSK SmartScripts

Smartkarma AI Synthetic Expert Call Transcripts

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul><li><strong style="font-weight:600;color:#1e293b;">Structural Shift in Sales DNA:</strong> The post-merger integration of Tokopedia and TikTok Shop has systematically dismantled Tokopedia's legacy, high-touch sales-force model. Over <strong style="font-weight:600;color:#1e293b;">40%</strong> of legacy sales and business development roles have been eliminated, shifting the merchant acquisition and retention strategy from relationship-driven account management to an algorithm-driven, self-serve advertising model.</li><li><strong style="font-weight:600;color:#1e293b;">Defending Market Share via Automation:</strong> While Shopee maintains a high-touch, human-centric approach to lock in mid-market merchants, the downsized TikTok-Tokopedia entity relies on automated onboarding and ad optimization. This leaner structure successfully defends its <strong style="font-weight:600;color:#1e293b;">30% to 35%</strong> market share, but it creates a service gap that Shopee is actively exploiting to capture dissatisfied Tier-2 and Tier-3 merchants.</li><li><strong style="font-weight:600;color:#1e293b;">Monetization vs. GMV Risk:</strong> Pushing combined take rates above <strong style="font-weight:600;color:#1e293b;">8% to 10%</strong> via aggressive ad monetization initiatives is meeting resistance. Because GoTo's high-margin e-commerce service fee (estimated at approximately <strong style="font-weight:600;color:#1e293b;">0.4%</strong> of quarterly GMV) is tied directly to transaction volumes rather than net take rates, aggressive merchant extraction that slows down GMV growth directly threatens GoTo’s cash flow stability.</li></ul><div style="color: #475569; background: #eee; border-radius: 16px; padding: 14px; margin: 14px 0; font-size: 12px; line-height: 16px;"><p style="color: #333; margin-bottom: 4px; font-style: italic; font-size: 12px; line-height: 16px;">Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.</p></div>

Structural Shift in Sales DNA: The post-merger integration of Tokopedia and TikTok Shop has systematically dismantled Tokopedia's legacy, high-touch sales-force model. Over 40% of legacy sales and business development roles have been eliminated, shifting the merchant acquisition and retention strategy from relationship-driven account management to an algorithm-driven, self-serve advertising model.Defending Market Share via Automation: While Shopee maintains a high-touch, human-centric approach to lock in mid-market merchants, the downsized TikTok-Tokopedia entity relies on automated onboarding and ad optimization. This leaner structure successfully defends its 30% to 35% market share, but it creates a service gap that Shopee is actively exploiting to capture dissatisfied Tier-2 and Tier-3 merchants.Monetization vs. GMV Risk: Pushing combined take rates above 8% to 10% via aggressive ad monetization initiatives is meeting resistance. Because GoTo's high-margin e-commerce service fee (estimated at approximately 0.4% of quarterly GMV) is tied directly to transaction volumes rather than net take rates, aggressive merchant extraction that slows down GMV growth directly threatens GoTo’s cash flow stability.Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.

GoTo (GOTO IJ): Synthetic Expert Call Transcript (21 Jul 2026)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.</li>
<li>Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.</li>
<li>Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.</li>
</ul>


The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.


ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

<p>Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring</a> in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. </p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/ZGFdQFlxZvE?si=OgOI8xgl-8tXU_lV" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
<hr>
<p>For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring.</a></p>
<p>In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. <br>The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.</p>
<p>The webinar will include a live Q&amp;A session.</p>
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<h3>The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.</h3>
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<h2><a href="https://www.smartkarma.com/home/webinar-registration-form-feb2025/" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About <a href="https://www.smartkarma.com/companies/cube-asia/research" target="_blank" rel="noopener">Cube</a>
</h3>
<p>Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. <br><strong>Why The Cube?</strong><br>The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business. <br>They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape</p>

Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. 
Catch the full discussion below: 


For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring.
In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering.  The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.
The webinar will include a live Q&amp;A session.






The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.












Register for the Webinar here












About Cube

Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth.  Why The Cube? The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.  They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape

Smartkarma Webinar | Southeast Asia E-Commerce:  H1 Data, Key Developments & Forecast with Cube

Indonesia

GoTo is an Indonesian technology company that operates the largest digital ecosystem in the country. It provides integrated services including on-demand mobility (Gojek), e-commerce (Tokopedia), payments, and financial technology. The company is headquartered in Jakarta, Indonesia, and was formed in 2021 through the merger of Gojek and Tokopedia.

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GoTo (GOTO IJ)

The road to $650bn: What to expect from Southeast Asia e-commerce towards 2035

Before the era of daily flash sales and gamified shopping, there was 2015. That was the year Shopee entered the market and set off a shift that...

Simon Torring

Global Index: Indonesia Likely to See Huge Outflows in May

This is going be a huge theme today for Indonesia. The price movements of a lot of stocks have raised issues in the past with global index...

Brian Freitas

GoTo (GOTO IJ): Synthetic Expert Call Transcript (21 Jul 2026)

Structural Shift in Sales DNA: The post-merger integration of Tokopedia and TikTok Shop has systematically dismantled Tokopedia's legacy,...

αSK SmartScripts

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

ASEAN positioning shifts as Indonesia loses ground and Malaysia stays weak. Singapore and Thailand attract inflows, while new leaders like ICTSI...

Steven Holden

Smartkarma Webinar | Southeast Asia E-Commerce: H1 Data, Key Developments & Forecast with Cube

For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring. In the upcoming webinar, Simon will...

Smartkarma Research

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