Do you foresee such risk for SEA with no loyalty in e-commerce marketplace?

100% I agree that e-commerce is in a tough market and could be usurped by an emergence of a competitor. I agree that loyalty doesn't really exist but it can be created and prolonged. One thing that an incumbent player will need to do well is solving their pain points of their stakeholders.

Examples of Pain Points of the Stakeholders:

• Consumers: Is the platform solving the problems of the customer? Are consumers happy with the platform?

• Merchants: Are the merchant's deliveries going through smoothly? Are merchants selling enough goods on your platform?

• Manufacturers: Are they enticed to supply other merchants on other platforms?

• Delivery Company: Are you sending enough deliveries through your delivery partner?

If the incumbents continue to solve the pain points of the various stakeholders, it doesn't matter which competitors arise. As long as the current solution is better than the rest, it is very hard to sway consumers unless your value proposition is much higher.​​​