Ecommerce in Southeast Asia is no longer a land grab – it’s a margin game, with all the players focusing their competition not on vouchers and discounts, but on service level, efficiency and conversion. 

In 2024, Southeast Asia’s ecommerce market grew 12% year-on-year to US$128.4 billion in GMV. The three leading platforms – Shopee, TikTok Shop, and Lazada – now own over 84% market share across the region. Thailand and Malaysia were the fastest growing markets. 

Today, we are happy to release the 3rd edition of our annual Ecommerce in Southeast Asia report. This report offers insights into the latest numbers, market trends, and strategies shaping the region’s ecommerce landscape.

For the first time, we are also including an estimate of the non platform ecommerce GMV in the region – US$16.8 billion in 2024. Adding that with platform GMV, the total ecommerce market size in the region becomes US$145.2 billion, with a 12.8% penetration of total retail.  

Here are some interesting topline dynamics from the report:

  1. The top three regional platforms grew their combined market share to 84% in Southeast Asia in 2024, up from 79% in 2023, leaving less room for single-country vertical platforms to survive;
  2. Thailand and Malaysia are the fastest-growing markets, with 21.7% and 19.5% YoY growth respectively. The Philippines, Vietnam, and Singapore followed with double-digit gains, while Indonesia remained the largest market (44% GMV share) despite slower growth amid consolidation;
  3. Shopee expanded its lead with a 52% market share; TikTok Shop gained share despite a slowdown in top-line growth;  Lazada achieved positive EBITDA while stabilising GMV and regional market share.

The report also includes platform & country breakdowns, trend deep dives, 12 predictions through 2026, and exclusive category-level insights from TikTok Shop and Shopee. 

Find out the above insights and more by purchasing the Ecommerce in Southeast Asia 3.0 report, available at US$52.95.

You can purchase the full report here. 

Here is the outline of the full 66-page report:

1. Introduction and overview

  • Ecommerce in Southeast Asia continues to shake up, and consolidate
  • In 2024, SEA ecommerce platform GMV totalled US$ 128.4 billion, growing 12% YoY
  • Thailand and Malaysia are the fastest growing market
  • Shopee maintains regional dominance with 52% market share in 2024
  • Top three regional platforms dominate market share across Southeast Asia, except ID
  • Southeast Asia’s ecommerce parcel volume is not that far behind United States
  • US$ 16.8B GMV in Southeast Asia happen outside major platforms in 2024 

2. Key trends in 2025

  • 2.1. Live and video commerce hit critical mass 
    • TikTok Shop and Shopee approach live differently
    • Platforms start to diversify away from top KOLs
    • Videos are another key source of GMV (and brand ROI)
  • 2.2. Logistics consolidate to offset margin squeeze
    • Ecommerce logistics is driven by platforms, not 3PLs
    • Logistics costs has been on the decline with 3PLs being squeezed
  • 2.3. Chinese & local brands challenge global players
    • Established brands face challenges – and new challengers –  in ecommerce
    • Southeast Asia’s landscape is becoming more crowded and competitive
    • Chinese brands are updating their playbooks for Southeast Asia 
    • Ecommerce service providers try to build brands
    • To respond to all these challenges, incumbent brands should look deeper into themselves 
  • 2.4. Ecosystem reshuffles as skills commoditise
    • Ecommerce ecosystem players move up the value chain
    • As ecommerce skills commoditise, everyone fights to protect margins
    • Vertical expansion in ecommerce can backfire if relevant skills are not in place
  • 2.5. Bonus trend: How AI is transforming ecommerce
    • Ecommerce operations are manual and resource intensive — but AI is changing that
    • By 2030, Gen AI could boost Southeast Asia’s annual GMV by US$131B
    • Sellers and brands need to prepare for AI-native ecommerce platforms in the future

3. Key platforms and omnichannel

  • Top platforms all focus on sustainable growth, while others diverge
  • Brief and non complete list of top level executives of the leading platforms
  • Leading platforms improve ROI through different components of unit economics
  • Shopee and TikTok Shop both automate ads through “GMV Max”
  • Shopee: controlling infrastructure for profitable, resilient growth
  • TikTok Shop: positioning itself as “discovery commerce”
  • TikTok Shop: expanding regionally and globally, in a ROI-focused manner
  • Lazada: re-focusing on high-quality assortment and pushing AI adoption
  • Single country platforms (continue to) falter;  cross border is growing (in most countries) 
  • Beyond platforms, alternative channels carve out their own ecommerce space

4. Conclusion and predictions

  • Conclusion & perspectives
  • Momentum Works’s predictions for ecommerce in Southeast Asia (2025–2026)

5. Appendix: Category insights

  • Top categories on TikTok Shop & Shopee, by GMV, FY 2024 
  • Top categories on TikTok Shop & Shopee, by GMV, Q1 2025 


Some highlights of the report:

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