Leading SEA e-commerce platforms record up to 15% GMV increase in 2023: report

by

Azunta Gaviola

-

5 months ago

Get ready to explore the future of marketing and elevate your business! The ‘What’s NEXT in Marketing 2024-2025’ series is heading to Indonesia, Malaysia, the Philippines, Singapore, and Hong Kong. Don’t miss out!

Singapore – A recent report by venture builder and insights research firm Momentum Works revealed that Southeast Asia’s 8 leading e-commerce platforms recorded a total gross merchandise value (GMV) of US$114.6b in 2023, reflecting a 15% increase from 2022.

In the report, it was also noted that Vietnam and Thailand showed the highest growth rates in e-commerce markets, garnering GMV increases of 52.9% and 34.1% year-on-year, respectively.

In terms of market size, Vietnam has also surpassed the Philippines to become the third largest e-commerce market in the region. Indonesia, on the other hand, retains its position to be the largest e-commerce market, with a 46.9% GMV contribution and a growth rate of 3.7%, the most modest in the region.

The report further highlighted that Shopee maintained its 48% market share with US$55.1b in GMV in 2023. This was followed by Lazada and Tokopedia, which reported having US$18.8b and US$16.3b, respectively.

TikTok Shop also showed impressive growth, nearly quadrupling its annual GMV to US$16.3b. Following its acquisition of Tokopedia, it has become the second-largest e-commerce platform in Southeast Asia.

Moreover, four key trends in the e-commerce industry in Southeast Asia were also identified. Among these, live commerce with key opinion leaders (KOLs) in Vietnam, Thailand, and Indonesia achieved multi-million-dollar sales in single live sessions.

Interestingly, it was also observed that the region’s platforms are starting to adopt generative AI applications, particularly in terms of user experience and operational efficiency. It also showed that, in response to small market limitations and brands’ reduced platform market share, many enablers began expanding their business models.

Jianggan Li, founder and chief executive officer at Momentum Works, said, “The competitive landscape of e-commerce in Southeast Asia remains dynamic and constantly transforming. With markets like Vietnam and Thailand showing remarkable growth and platforms like TikTok Shop rapidly expanding, it’s clear that innovation and adaptation are key to success in this region.”

Li further added, “The adoption of generative AI and the evolution of live ecommerce are reshaping the industry, and we are excited to see these trends drive continued growth and opportunities for business across Southeast Asia.”

 

Happening in Singapore on 19-20 February 2025, the ‘What’s NEXT in Marketing: Singapore 2025’ event presents an exceptional opportunity for marketers and industry leaders to talk about the future of marketing and drive success in the Singaporean market! Register now to secure your slot!
Join MARKETECH APAC and Bird for the ‘WhatsApp Marketing Masterclass‘ workshop and unlock effective strategies to engage and retain customers. Happening on 5 December 2024 at Sheraton Petaling Jaya, Malaysia—register your interest HERE!
Share

RECENT ARTICLES

Thales incorporates Imperva’s risk, threat identification capabilities for enhanced data risk management
Zettabyte, Pegatron forge alliance to expand data centre footprint, boost sustainability
KPay to drive SME growth, expansion in Asia with latest US$55m Series A funding
Alibaba Cloud introduces revamped AI-focused partner ecosystem with latest initiatives
STT GDC, Zenlayer partner to accelerate data centre connectivity across SEA markets
Ellipse 3

RELATED ARTICLES

APAC e-commerce transactions projected to hit 7
UPTECH MEDIA 2
UPTECH MEDIA 2
Ellipse 3

FEATURED ARTICLES

National Healthcare Group’s Matthew Chua on championing AI adoption, innovation across healthcare sector following recent appointment (1)
Fortifying resilience Lumen Technologies’ Cheah Wai Kit on fostering a more proactive cybersecurity defence across businesses, governments
Tech in Focus How SUSE accelerates innovation, strengthens security across enterprise-grade products through open-source solutions_11zon

Subscribe to UpTech Media Newsletter

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.