The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.

Indonesia remains the largest e-commerce market, contributing 46.9 per cent to the region’s GMV. Its growth rate of 3.7 per cent is the most modest in the region. Meanwhile, Thailand is the second-largest e-commerce market in the region. Notably, Vietnam overtook the Philippines as the third-largest e-commerce market in Southeast Asia.

Shopee achieved a GMV of $55.1 billion in 2023, retaining its 48 per cent market share. Lazada and Tokopedia clocked $18.8 billion and $16.3 billion, respectively. TikTok Shop nearly quadrupled its annual GMV to $16.3 billion. After overtaking Tokopedia, TikTok Shop has become the second-largest e-commerce platform in Southeast Asia.

TikTok Shop also quadrupled its employee count since December 2021, now exceeding 8,000 employees, while Shopee, Lazada, and Tokopedia all reduced employee numbers between 2022 and 2024.

The report identified four key trends in Southeast Asia’s e-commerce industry. The first trend is live commerce, with leading live-selling KOLs in Vietnam, Thailand, and Indonesia achieving multi-million dollar sales in single live sessions. Regarding generative AI, the region’s platforms are starting to adopt generative AI applications, notably in user experience and operational efficiency.

Another trend is e-commerce enablers. Facing the limitation of small markets and brands’ reduced market share on platforms, many e-commerce enablers started expanding their business models. In terms of e-commerce logistics, third-party players face pressure from platforms in-sourcing parcel delivery.

"The competitive landscape of e-commerce in Southeast Asia remains dynamic and constantly transforming,” said Jianggan Li, founder and CEO of Momentum Works. “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. The adoption of generative AI and the evolution of live e-commerce are reshaping the industry, and we are excited to see these trends drive continued growth and opportunities for businesses across Southeast Asia.”