The Impulso Podcast

Southeast Asia’s ecommerce GMV hit $128.4 billion in 2024 — but growth has slowed to 12%, down from 15% the year before. Why did it slow down? Should industry players still be optimistic? 

In this episode, Sabrina and Weihan, the author of our 3rd Ecommerce in Southeast Asia report break down the key findings.

Tune in as we explore:

• Why Thailand and Malaysia are now the region’s fastest-growing ecommerce markets;

• Thoughts on the industry by ecommerce and third party players

• 4 Key trends we see in Ecommerce

• How enablers are now evolving into brand builders themselves.

Timestamps

00:00:45 – SEA Ecommerce hits $128B, but growth slows to 12%

00:02:00 – Why Thailand & Malaysia are the region’s fastest-growing markets

00:07:30 – SPX overtakes J&T as logistics consolidates?

00:09:30 – Can chinese & local brands challenge global players?

00:12:00 – Will enablers start launching their own brands?

AI can unlock up to US$131 billion annual ecommerce GMV in Southeast Asia by 2030. With the increasing popularity of ecommerce,  we launched a report studying how AI is already transforming the way we shop, and how it will continue to do so in the future. 

In this episode, we talk about the average Southeast consumer’s journey with AI, how we use it, and why it can unlock US$131 billion in GMV by 2030. 
Are consumers okay with AI listening in on conversations? Is AI listening to our daily conversations, and are consumers okay with it? How are consumers reacting to AI?Tune in to hear our thoughts! 

Timestamps:

00:00:30 - Different ways AI is being used in ecommerce How platforms like TikTok recommend products you didn’t know you wanted

00:02:10 -  How we, as consumers, use AI 

00:03:45 -  Does AI enhance the shopping experience? 

00:07:30 - AI might not be as helpful as we think now? 

00:10:45 — Is AI listening to us? The eerie side of hyper-personalized shopping

Featured materials:

Ecommerce in Southeast Asia report, Momentum Works https://momentum.asia/product/ecommerce-in-southeast-asia-2025/Transforming ecommerce with AI: Sell smarter, shop betterhttps://momentum.asia/product/transforming-ecommerce-with-ai-sell-smarter-shop-better/

Labubu is everywhere - from TikTok edits to custom BBLs, to collectors spending hundreds to make theirs one of a kind. In our previous Labubu episode, we spoke about the business behind Popmart and why it is so popular. In this episode, we go further into the consumer’s psyche, over a toy that has no practical purpose. 

Tengian, Elody, and Phyllis discuss: 

• How customization, scarcity, and storytelling drive fan culture

• The emotional psychology behind spending on toys with zero utility

• How Pop Mart turned Labubu into its #1 revenue driver — surpassing Molly

• Why fights are breaking out in stores… and what that says about hype economics

  
  

Timestamps

00:01:00: Why people are customizing and giving BBLs to Labubu

00:03:30: The cost of a single collectible (and its emotional value)

00:06:00: Why useless things make better business

00:09:00: Labubu surpasses Molly: Pop Mart’s growth explained

00:11:30 – International hype, bans, and resale frenzy

Featured materials: 

E103: Behind Labubu Craze: Popmart Business explained 

https://youtu.be/PLIq2UkvgwA?si=zYwDVzisoavFZgjU

Luckin Coffee is finally entering the U.S. — starting with New York City. Will Luckin be able to challenge Starbucks in its own backyard?

Many mistake Luckin’s product as simply coffee. It is not - Luckin is more like an ecommerce company. 

Tune in as we explore: 

• Luckin’s platform-like model, and how it turns its coffee stores into mini fulfillment centers;

• Why Luckin launched in New York, unlike Chagee in Los Angeles;

• How Luckin’s digital DNA gives it a global edge;

• What challenges Luckin may face, particularly in terms of organisation and people

00:01:00 – Luckin launches in New York

00:04:30 – Food trucks and free coffee: how Luckin builds brand

00:07:30 – Luckin is more like an ecommerce platform than coffee chain

00:11:10 – This is not Luckin’s first international venture  

Featured materials: 

Luckin Coffee enters Malaysia with an unconventional partner, TheLowDown

https://thelowdown.momentum.asia/luckin-coffee-enters-malaysia-with-an-unconventional-partner/

Luckin Coffee lands in New York: Can it take on Starbucks at home?, TheLowDown

https://thelowdown.momentum.asia/luckin-coffee-lands-in-new-york-can-it-take-on-starbucks-at-home/

E86: Luckin Coffee opens 20,000th store, The Impulso Podcast 

https://www.youtube.com/watch?v=MRg4JqFMmwk

Coffee in Southeast Asia, Momentum Works

https://momentum.asia/product/coffee-in-southeast-asia/

In this episode, we dive into the world of quick commerce - also known as “insta shopping” or “near field commerce” by our insights team. In markets like China and India, companies are starting to set their delivery goals within 15 to 30 minutes. We break down what really happens behind the scenes after an order is placed on your smartphones: the logistics, the tech, and the very different operation models behind 15 minute vs 30 minute deliveries. Are 15 minute deliveries even feasible? What challenge do platforms, merchants and riders face in making it work? Will 15 minute delivery become the future of ecommerce? 00:01:00 – What exactly is quick commerce and what are the expectations around the world? 00:03:05 – Insights from inside a dark store 00:06:20 – How does the platform choose to prioritise online orders, or physical shoppers? 00:09:00 – What are the struggles the riders are facing? 00:13:00 – Are 15 minute deliveries feasible? Featured materials: Upstream movie on Netflix: https://www.netflix.com/sg/title/81946536

In this episode, we dive into Didi’s launch of its food delivery service in Goiânia through its local brand 99Food — and why it did so before Meituan’s Keeta.

Tune in as we unpack:

• Didi’s decision to launch in Goiânia, a mid-sized city, over São Paulo;

• How past experience in Brazil shaped Didi’s approach;

• Will we see a repeat of the 2017–2018 Meituan vs. Didi battle;

• Whether Didi’s existing fleet and org structure give it an edge

Competition is heating up in Brazil’s food delivery scene, and it would definitely be an interesting battle to watch. 

00:00:49 – Why Didi chose to launch in Goiânia, not São Paulo?

00:01:55 – Did Meituan force Didi to accelerate its relaunch?

00:03:03 – What Didi learnt from the 2019 failure 

00:05:07 – Didi vs Meituan battle in China, 2017–2018

00:08:01 – What about iFood, the 90% incumbent? 

In this episode, we get candid with our colleagues on how and where they actually shop for clothes—and what that says about the future of fashion.From Pinterest and RedNote, to flea markets and Brandy Melville, we explore how social media and offline experiences are shaping buying decisions. We also dive into emerging trends like capsule wardrobes, color analysis, and whether fashion magazines still hold cultural weight.Beyond just buying behavior, we also discuss what “fashion consciousness” looks like among today’s consumers: Do we still care about brands? Do TikTok trends actually influence purchases? And has fast fashion lost its appeal?Tune in to hear how four women across Asia are navigating the balance between aesthetics, values—and a crowded closet.

Chapters:

00:00:43 – How young women across Asia shop for clothes (online vs offline)

00:02:15 – Where style inspiration really comes from: Pinterest, TikTok, Rednote

00:05:01 – Are we minimalist or maximalist? Capsule wardrobes vs impulse buys

00:10:56 – Is fashion still about brands—or just what makes us feel good?

Luckin is buying coffee beans, Meituan is sending teams to map the streets—and BYD is rolling out electric buses across São Paulo. 

Amidst uncertain times, one thing seems to be sure - Chinese tech giants have their eye on Brazil. In this episode, we talk about why everyone in China’s consumer scene suddenly seems to have their eyes on Brazil. From TikTok Shop to Meituan, and from local competition to cultural adaptation, we dive into what’s driving this strategic push and whether it’s built to last.

But beyond business strategy, we also unpack the deeper context: the increasingly close relationship between China and Brazil’s governments, Lula’s seemingly increasing popularity, and what this might mean for both countries. 

Chapters:

00:00:43 – Why are Chinese companies flooding into Brazil now?

00:02:05 – Chinese F&B giants are going into Latin America

00:04:05 – Lula’s good relationships with China

00:07:31 – What is in it for both countries? 

Why does the same Grab ride cost $2 in Manila but $18 in Singapore? 🇸🇬🇵🇭🇮🇩And why do some people still take it every day in Singapore?

In this episode , we dive into what it’s really like using Grab across Southeast Asia. We’re joined by Denise from the Philippines and Arana from Indonesia as we swap stories about how people get around, order food, and deal with ride-hailing chaos in our respective cities.

We also discuss GrabX’s new features and if we need them!This episode is a new format where we share a little bit more about the everyday consumer across various regins. Let us know in the comments if this format is something you would like to see more of, or if there are any other topics you would like us to cover!

Chapters:

00:00:00 – Grab is how much in Singapore??

00:01:45 – How we use ride-hailing differently across SEA

00:04:20 – Gojek, Foodpanda & the real super app habits

00:07:10 – GrabX launch: will we ever use these features?

00:10:30 – What Grab means to us (and what we wish it did better)

After 13 years in Thailand, Foodpanda is making a sudden exit. Once the pioneer of food delivery, it’s now being overtaken by newer players—like ShopeeFood, which only showed up four years ago. Amongst operational decisions, PR controversies, and market dynamics, what exactly was it that led to its decline? 

In this episode, we unpack Foodpanda’s quiet (and rather sad) exit, the competitive nature of Thailand’s food delivery landscape, and what this means for Delivery Hero’s future in Southeast Asia. 
Chapters: 00:00:00 – Foodpanda quits Thailand: why now?00:01:20 – From first mover to 5%: the slow decline00:04:20 – Why Delivery Hero exits tough markets00:06:00 – Grab & Shopee: platform advantage wins00:08:00 – Global expansion vs. local complexity00:12:00 – Can Foodpanda survive elsewhere?

Featured materials: 

AsiaFood Delivery Platforms In Southeast Asia 5.0, Momentum Works

https://momentum.asia/product/food-delivery-platforms-in-southeast-asia-5-0/

Food delivery platforms in Southeast Asia 2021, Momentum Works

https://momentum.asia/product/food-delivery-platforms-in-southeast-asia-2021/

E114: China’s Didi and Meituan clash in Brazil’s food delivery market, The Impulso Podcast

https://www.youtube.com/watch?v=Nu_kGfTsqQo&t=60s

My thoughts on Foodpanda’s exit from Thailand, TheLowDown

https://thelowdown.momentum.asia/my-thoughts-on-foodpandas-exit-from-thailand/