Overview of E-commerce Landscape in Southeast Asia in 2023: Growth by 15% – Shopee Dominates Market Share, TikTok Shop Emerging Strongly.

Market research company Momentum Works has released a report on the e-commerce market in the Southeast Asia (SEA) region, focusing solely on Gross Merchandise Value (GMV) of 8 major platforms, totaling $1.146 trillion in 2023, a 15% increase from 2022.

Shopee holds the largest market share at 48%, with a GMV value of $55.1 billion, followed by Lazada at $18.8 billion and Tokopedia at $16.3 billion. However, at the beginning of the year, Tokopedia reached an agreement for TikTok to become a major shareholder, which will elevate TikTok Shop, including Tokopedia, to the second rank in market share.

Other intriguing data from the report includes:

-Thailand and Vietnam have the highest e-commerce market growth rates in the region.
-Indonesia remains the top player in e-commerce size, accounting for 46.9% of the GMV in the region.

Source: Deal Street Asia

TLDR: Momentum Works’ report highlights the booming e-commerce market in Southeast Asia, with Shopee leading the pack and exciting developments in Tokopedia’s partnership with TikTok.