The total merchandise volume (GMV) of Southeast Asian e-commerce platforms reached US$128.4 billion (about S$164.3 billion) last year, a year-on-year increase of 12%. If non-platform e-commerce channels are included, the total merchandise volume reached US$145.2 billion (about S$185.9 billion).
Momentum Works released the “Southeast Asian E-commerce Report 3.0” last Wednesday (June 25). According to analysis, the three major platforms, Shopee, Lazada, and TikTok Shop, have a combined market share of 84%, which shows that the regional market is further concentrated.
Malaysia and Thailand GMV increased by about 20%
According to the report, although the annual growth rate of 12% is slower than in the past, the sales performance of Southeast Asian e-commerce platforms was still impressive last year. Among them, Thailand and Malaysia performed the strongest, with GMV growth of 21.7% and 19.5% respectively. Vietnam, the Philippines and Singapore also achieved double-digit growth.
Although Indonesia’s growth slowed to 5%, it still maintained a 44% share, making it the largest e-commerce market in Southeast Asia.
It is worth mentioning that Momentum Works’ report included non-platform e-commerce (such as brand official websites, social platforms, WhatsApp Commerce, etc.) for the first time. After the merger, the total annual e-commerce transaction volume reached US$145.2 billion, of which non-platform e-commerce contributed US$16.8 billion, accounting for 11.5%.
In this regard, Momentum Works believes that this reflects that merchants are increasingly paying attention to multi-channel sales.
TikTok Shop rises, the integration of the three giants intensifies
In terms of e-commerce platforms, the combined market share of the three major platforms rose from 79% in 2023 to 84% last year. Shopee continues to dominate the market, accounting for 52%. TikTok Shop previously acquired a majority stake in Tokopedia, and after completing backend integration, its market share increased significantly. Lazada achieved stable profitability after improving product quality and strengthening the application of artificial intelligence (AI).