Trust, authenticity, and the changing face of e-commerce in Southeast Asia

Southeast Asia’s e-commerce market is on track to grow from US$165 billion (SG$214 billion) in 2024 to US$190 billion (SG$247 billion) in 2025, according to a joint report by partnership management platform impact.com and e-commerce research firm Cube. While growth is expected to even out beyond 2025 as the market matures, the sector remains one of great importance in the context of e-commerce.

The research, based on a survey of 2,400 consumers, creators, and industry experts across Singapore, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines, provides insight into consumer behaviour and how the e-commerce landscape is shifting — particularly in relation to influencer marketing and trust.

The influencer burnout

E-commerce in Southeast Asia is significantly driven by influencers, who contributed an estimated US38-46 billion (SG49-60 billion) in net merchandise value this year. However, simultaneously, there is a decline in trust toward influencers as a whole — with a bigger decline for celebrities and larger influencers as compared to smaller ones. 

After all, a majority of individuals look to influencer content for entertainment, and are increasingly looking to learn something new as well. With these priorities, trust becomes a greater priority as consumers seek a positive outcome from their interaction with influencers. A wariness towards larger influencers as compared to smaller ones influencers follows, as influences with more curated audiences appear more authentic.

Trust is also what drives purchases. Consumers prefer to buy products that the influencer appears to use and like, as opposed to a product that they feel the influencers were paid to promote, and are more likely to be persuaded by strong recommendations by influencers as compared to discounts. 

This may indicate that influencers with a wide reach may lose out in impact to influencers who steadily build credibility with their audience, especially as the top reasons that individuals purchase a product from an influence is related to trust.

These findings suggest that long-term credibility and consistent audience relationships may deliver better conversion rates than broad reach alone. Practical elements like streamlined user journeys also matter; consumers are more likely to buy when influencers include direct product links or highlight platform-run deals.

The business side

Most marketers and brands take a blended approach to influencer marketing, making use of larger creators for awareness, and smaller ones to convert viewers. However, companies are taking broader perspectives, and the report suggests that creators may not be restricted within these boundaries.

Compensation models range from fixed fees and product sponsorships to commissions and hybrid structures, with the former being most popular. However, as concerns about return on investment mount, the report suggests that there will be a growing shift towards performance-based models, such as sales commissions and hybrid models.

Under this model, the type of influencers who stand to gain the most are a niche, but rapidly expanding segment that the report calls Key Opinion Sellers (KOS).

The rise of Key Opinion Sellers

Unlike Key Opinion Leaders (KOLs) — a term often used to describe well-known personalities who shape public opinion — KOS are focused on direct sales, often through livestreaming or short-form videos. These creators are emerging as pivotal figures in the growth of social commerce, particularly in high-volume segments like fashion and beauty, where affiliate links are widely used.

KOS have gained strong traction in markets such as Thailand, where nine in ten top TikTok creators fall into this category. Commission rates vary across markets, with the Philippines leading at an average of 9.6%, and Indonesia lowest at 7.6%. Among platforms, Lazada offers the highest average commission at 8.6%, slightly ahead of Shopee and TikTok Shop.

Brand commissions tend to be lower, though luxury categories can command rates between 8–12%, reflecting their premium positioning. Such brands are likely more deliberate with their image and engage KOLs rather than KOS, resulting in the different types of engagement rates. 

The local lens

While many regional trends are consistent, Singapore stands out. Consumers here show lower trust in influencers overall and are less likely to make influencer-driven purchases. Platform preferences also differ: Singaporeans favour YouTube over Facebook, and Instagram over TikTok — opposite to trends observed in neighbouring countries. For instance, only 59% of Singaporeans use TikTok, compared to 82% region-wide.

Influencer impact across tiers is also less differentiated in Singapore. The gap in influence between mega (over a million) and nano (under 10,000 followers)  influencers is just 11%, compared to 21% elsewhere in Southeast Asia. Despite this, online purchases remain strong—seven in ten Singaporeans report buying through brand websites or e-commerce platforms, especially in fashion, beauty, and grocery categories.

These behaviours suggest that Singaporean consumers value perceived authenticity over influencer status. Marketers may benefit from focusing on quality engagement and trust rather than follower counts.

“As consumer behaviour in Southeast Asia continues to evolve, brands need to shift away from traditional influencer models and vanity metrics, and instead embrace long-term partnerships that influence genuine purchase behaviour,” said Adam Furness, Managing Director for APAC at impact.com. 

“The results reinforce that performance-based marketing sits at the core of brands’ success in reaching and influencing consumers. Strategies such as investing in affiliate models are now becoming the foundation for sustainable and scalable growth, and we’re seeing more of this throughout the region. This year’s research then reinforces the importance of focusing on developing connections with creators in a way that drives both authenticity and measurable outcomes.”