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A lately launched report on the e-commerce market in Southeast Asia exhibits that Shopee remained the largest e-commerce platform in 2023, with 48% of the market share and US$55.1 billion gross merchandise worth (GMV); the speedy progress of TikTok Store has seen it overtake Lazada in second place!
The Momentum Works report “Ecommerce in Southeast Asia 2024” exhibits that the SEA e-commerce market doubled from US$54.2 billion in 2020 to US$114.6 billion in 2023. This report assessed the efficiency of 9 e-commerce platforms: Shopee, Lazada, Tokopedia, TikTok Store, Bukalapak, Tiki, Blibli, Amazon Singapore, and Temu.
TikTok Store’s market worth in SEA quadrupled to US$16.3 billion in 2023, boosted additional by its merger with the Indonesian e-commerce platform Tokopedia in late 2023. This may double TikTok Store’s SEA market worth in 2024.
TikTok Store powered by Gen Z
The rise of TikTok Store might be attributed to its modern advertising and marketing technique. LA Journal describes this as ‘promoting a life-style’ to Gen Z customers, with its associates program turning any TikTok content material creator into an affiliate marketer. A viewer should purchase a product by merely urgent an orange button on the video they’re watching, with the influencer receiving a sale fee.
Shopee continues to be the e-commerce chief, with a 48% market share throughout Southeast Asia. On the similar time, Lazada’s current reorganizations have seen it lose roughly US$1 billion in GMV yearly, sliding from a excessive of US$21.0 billion in 2021 to US$18.8 billion in 2023.
Indonesia stays the area’s largest market, with US$53.8 billion in e-commerce gross sales in 2023, whereas each Thailand and Vietnam had the fastest-growing markets.
Featured Picture Credit score: Hans Edinger @ Pixabay
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