Sea Ltd. has two main businesses, Garena (Digital) and Shopee but Shopee is further divided into two segments, separating the ecommerce business (marketplace) from the sales of goods business (retailer). Although Shopee is the market leader in South East Asia, it has to compete with giants such as Amazon and Lazada (owned by Alibaba).
Above on the right is the Interest for Shopee (Blue) vs Amazon (Red) vs Lazada (Yellow) vs Alibaba (Green) on Google Trends for the last 12 months.
In 2019, 38% of revenues came from Ecommerce, 10% from Sales of Goods, and 52% from Digital. In the TTM, 38% of revenues came from Ecommerce, 15% from Sales of Goods, and 46% from Digital. We can already notice the big gains of the Sales of Goods segment from this pandemic.
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