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According to Momentum Works "E-commerce in Southeast Asia 2024" report released on Monday, Viet Nam also overtook the Philippines as the third largest ecommerce market in the region.
Total GMV of Southeast Asia's 8 leading e-commerce platforms rose to US$114.6 billion in 2023, up 15 percent from 2022.
Indonesia remained the largest e-commerce market, contributing 46.9 percent of the region's GMV. Its growth rate of 3.7 percent was the most modest in the region.
The report also showed Shopee achieved US$55.1 billion GMV in 2023, retaining its 48 percent market share.
Lazada and Tokopedia clocked US$18.8 billion and US$16.3 billion respectively.
TikTok Shop nearly quadrupled its annual GMV to US$16.3 billion.
After taking over Tokopedia, TikTok Shop has become the second largest e-commerce platform in Southeast Asia.
The report also identified four key trends in Southeast Asia's e-commerce industry, including live commerce which is leading live selling key opinion leaders (KOLs) in Viet Nam, Thailand and Indonesia have achieved multi-million dollar sales in single live sessions./.
