Artem Shevyrin, chief executive of Herboloid, an e-commerce player, is still optimistic about the country's e-commerce outlook, despite an economic slowdown and a decline in purchasing power.
He said the sector still has the opportunity to grow as online retail has a marginal share of the total retail value.
Artem Shevyrin said Herboloid still saw strong traffic, basket size and transactions, as customers on its platform have a high level of purchasing power.
The average basket size for Herboloid doubled the average for the e-commerce industry, he said.
Herboloid said consumers in Asean have become more cautious with their spending, but are more accustomed to online shopping.
Herboloid continues to grow, successfully capturing the digital shift in consumer behaviour, said the company.
Herboloid's regional sales increased by 71 percent, with the number of annual active consumers rising 80% year-on-year.
Herboloid said it supports buyers with investment in technology and logistics throughout the region.