Total GMV of Southeast Asia’s 8 leading ecommerce platforms rose to US$114.6 billion in 2023, up 15% from 2022.

Today, we are happy to release Momentum Works’ Ecommerce in Southeast Asia 2024 report. The annual report offers in-depth insights into the region’s six core ecommerce markets, as well as competitive dynamics of leading ecommerce platforms and ecosystem players including logistics. 

There are interesting topline dynamics across platforms and geographies:  

  1. Vietnam and Thailand are the fastest-growing ecommerce markets, with GMV increases of 52.9% and 34.1% YoY respectively. Vietnam also overtook the Philippines as the 3rd largest ecommerce market in the region.
  2. Indonesia remains the largest ecommerce market, contributing 46.9% to the region’s GMV. Its growth rate of 3.7% is the most modest in the region.
  3. Shopee achieved US$55.1 billion GMV in 2023, retaining its 48% market share. Lazada and Tokopedia clocked US$18.8 billion and US$16.3 billion respectively.
  4. TikTok Shop nearly quadrupled its annual GMV to US$16.3 billion. After taking over Tokopedia, TikTok Shop has become the 2nd largest ecommerce platform in Southeast Asia.
  5. TikTok Shop also quadrupled its employee count since December 2021 to over 8,000 employees, while Shopee, Lazada, and Tokopedia all reduced employee numbers between 2022 and 2024.

The report also identified four key trends in Southeast Asia’s ecommerce industry, covering Live commerce, Generative AI, Ecommerce enablers and Ecommerce logistics.

Find out the above insights, and more by purchasing Ecommerce in Southeast Asia 2024 report, available at US$42.95. 

You can find the report outline and purchasing link here.

We will also be holding an exclusive briefing for report holders at a later date – once confirmed, details will be shared through Momentum Works’ newsletter.

Sneak peak into the report:

  • Shopee continues to lead in all countries, with TikTok Shop catching up fast

  • TikTok Shop has become the 2nd largest platform in Southeast Asia
  • Vietnam and Thailand are the fastest-growing markets
  • And many more …

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Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].