OPINION: Sea’s Shopee e-commerce platform is worth watching. It’s a true end-to-end platform that is wholly maintained by Sea — meaning there's potential for big margins on every transaction.
One of the biggest investing stories last year was the explosive growth in e-commerce. Amid lockdowns, working from home, and the general move toward digital transactions over the last few years, the retailers that were best equipped to book transactions online made the biggest gains.
It seems foolish to write Amazon off as doomed, but based on the fact that these challenges have been persistent for two consecutive quarters with no clear light at the end of the tunnel, investors may want to be cautious right now. Unfortunately, it may not be working. eBay reported gross merchandise volume — that is, the total value of transactions for goods sold in the quarter — slumped 10% from a year prior. Even though that topped expectations, it’s not a good sign for the long-term health of the company, or the chance of short-term success this holiday shopping season.
That downtrend continued as Wayfair reported third-quarter earnings. The problem wasn’t just the fact that Wayfair remains unprofitable amid competition from deeper-pocketed rivals like Amazon, but that its revenue declined year-over-year — and missed Wall Street’s rather modest expectations to boot.
For those unfamiliar, Sea is a digital platform that initially made most of its money from videogames, the most prominent being its League of Legends title. However, like any good tech stock, Sea has continued to innovate by adding on streaming functionality, chat and social tools and eventually digital payment and e-commerce services.
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