Why TikTok is at the heart of Shopee's evolution

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Imitating features is indeed a common tactic in the tech industry, especially when competing with dominant players. Case in point: Instagram. The social media app has adopted several features from its rivals, such as Stories (previously popularized by Snapchat), and then Reels, which resembles short-form videos on TikTok. Short videos could be considered one of the keys to TikTok's current popularity. It’s easy to lose track of time scrolling through videos for entertainment. Live shopping on TikTok Shop, too, has fueled the social media app’s rapid growth. Although Shopee and Lazada have long been involved in live commerce, this format didn't really take off until TikTok Shop emerged. This then compelled the ecommerce incumbents to adopt diverse strategies to drive sales, including infusing their apps with social media elements similar to TikTok's. Shopee has been aggressively promoting its livestreaming and short-form video features, offering special discounts for purchases through these channels. Its rival, Lazada, also has similar features, albeit not as aggressively marketed. Therefore, it's interesting to observe the future landscape of ecommerce, particularly the competition between social media platforms with ecommerce capabilities - like TikTok - and ecommerce platforms with social capabilities - like Shopee and Lazada. Time will tell whether Shopee’s and Lazada's moves can fend off competition from TikTok Shop, or whether the latter will eventually still gain a better advantage in that sector. -- [Jofie Yordan]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Shopee ramps up short-video efforts, but can it fend off TikTok Shop?]( Shopee is offering deep discounts on its short videos channel to draw in younger users, creators, and new sellers. It's already seeing some results. 2. [Learning from the mistakes of the West’s ‘unicorn factory’]( Failing to scrutinize startups’ business fundamentals has sparked a crisis for VCs in the West. Those in emerging markets would do well to avoid this. 3. [Ninja Van lays off about 10% of regional tech team]( The Singapore-based logistics company's revenue declined 7% year on year in FY 2023, mainly due to an almost 20% drop in parcels handled. 4. [GoTo Group’s financial health in 7 charts]( The charts in this article, which are updated every quarter, present a snapshot of how the Indonesian giant is doing. 5. [Singapore companies ride global wave to build next-gen robots]( Singapore companies are building robots that clean, deliver food, and guard buildings. The journey is tougher than it looks. 6. [The players jostling in Singapore’s crowded fintech space (update)]( Funding into fintech startups in the city-state went down by 35% to US$1.49 billion last year, according to Tech in Asia data. 7. [Micromobility firm Beam logs 36% revenue boost in 2023, hits EBITDA profitability]( Beam operates in over 130 cities across eight countries, including South Korea, Japan, Indonesia, Thailand, and Malaysia. 8. [Malaysia’s new tech hub plan rehashes old ideas. Here’s what it needs to do instead]( A realistic assessment is in order if Malaysia were to be a choice destination for top VCs and unicorns. 9. [Bukalapak’s financial health in 9 charts]( These charts offer a snapshot of how Bukalapak is performing. 10. [Climate tech has a bankability problem, but there are 3 ways to fix that]( The complex nature of climate tech - coupled with the risk involved in backing it - makes it a tough sell for many VC firms. --------------------------------------------------------------- SAIGON SUMMIT 2024: CHARTING VIETNAM’S TECH FUTURE  Limited time offer - enjoy big savings of up to 40% off on tickets! Vietnam's burgeoning tech scene is the place to be! Get your ticket to Saigon Summit, which will have attendees both from within Vietnam and across Southeast Asia - reflecting the market’s undeniable potential. Less than 24 hours left to snag a Pro Pass at US$150 - 40% off from its original price - or a General Pass for just US$40, down from US$60. Hurry! 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