 of $145.2 billion in 2024, up 12% year-on-year.){kind=link}
Ecommerce in Southeast Asia reached a total gross merchandise value (GMV) of $145.2 billion in 2024, up 12% year-on-year, according to Momentum Works’ latest Ecommerce in Southeast Asia report.
The increase, while slower than previous years, reflects a strategic pivot by major platforms toward more sustainable and profitable models.
Platform-based GMV reached $128.4 billion, while non-platform channels such as brand.com, multi-brand retailers, social platforms, and WhatsApp commerce contributed an additional $16.8 billion.
Thailand and Malaysia were the region’s fastest-growing markets, posting GMV increases of 21.7% and 19.5% respectively.
Indonesia remained the largest ecommerce market with a 44% share of total GMV, though its growth slowed to 5% amid platform consolidation.
Shopee retained market leadership with a 52% share, supported by infrastructure improvements and monetization efforts.
TikTok Shop gained traction through disciplined expansion and completed its integration with Tokopedia.
Lazada, meanwhile, achieved EBITDA profitability by focusing on high-quality product offerings and artificial intelligence investments.
Live commerce and video commerce formats continued gaining ground, generating $17.6 billion in GMV and now accounting for 20% of total platform-based ecommerce, signaling a shift in consumer engagement.
The region shipped an estimated 43.6 million ecommerce parcels per day in 2024, approaching U.S. volumes and underscoring Southeast Asia’s maturing logistics capabilities. Over 90% of parcel volume came from Shopee, Lazada, and TikTok Shop.
Momentum Works also noted a significant opportunity in brand-driven ecommerce. Brands contributed less than 30% of platform GMV—well below China’s 50%—indicating growth headroom.
Chinese consumer brands are re-entering the market with localized strategies and improved offerings.
AI adoption across sellers and platforms is projected to unlock up to $131 billion in additional GMV by 2030, driven by enhanced product discovery, pricing, logistics, and customer experience.
Business News Asia