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e-Commerce

Southeast Asia’s E-commerce Sizzles, Hitting $114.6B in 2023

Nicole Kristine Jovero
Last updated: July 23, 2024 2:19 am
Nicole Kristine Jovero
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  • Southeast Asia’s e-commerce hits $114.6B in 2023, up 15% year-on-year.
  • TikTok Shop quadruples GMV, becomes second-largest platform.
  • Live commerce and AI adoption drive industry growth amid challenges.

Contents
Virtual cash registers ring louderTikTok Shop shakes things up

Virtual cash registers ring louder

Southeast Asia’s e-commerce sector continues its upward trajectory, with the region’s eight leading platforms raking in a total gross merchandise value (GMV) of $114.6 billion in 2023.

This represents a robust 15% year-on-year growth, according to Momentum Works’ “Ecommerce in Southeast Asia 2024” report.

Vietnam and Thailand emerged as the fastest-growing markets, boasting impressive GMV increases of 52.9% and 34.1% respectively.

TikTok Shop shakes things up

The e-commerce landscape saw a significant shift in 2023, with TikTok Shop nearly quadrupling its annual GMV to $16.3 billion.

After acquiring Tokopedia, TikTok Shop has catapulted to become the second-largest e-commerce platform in Southeast Asia. Meanwhile, Shopee maintained its market dominance with a 48% share, achieving a GMV of $55.1 billion.

The report highlighted four key trends shaping the region’s e-commerce industry. Live commerce is gaining traction, with key opinion leaders (KOLs) in Vietnam, Thailand, and Indonesia achieving multi-million dollar sales in single live sessions.

Platforms are also increasingly adopting generative AI applications to enhance user experience and operational efficiency.

However, challenges persist, including the pressure on third-party players due to platforms in-sourcing parcel delivery and the limitations of small markets pushing enablers to expand their business models.

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