Ecommerce in Southeast Asia 2024

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Total GMV of Southeast Asia’s 8 leading ecommerce platforms rose to US$114.6 billion in 2023, up 15% from 2022.

Vietnam and Thailand are the fastest-growing ecommerce markets, while Indonesia remains the largest ecommerce market, contributing 46.9% to the region’s GMV.

Shopee remained the region’s top player, retaining its 48% market share. TikTok Shop nearly quadrupled its annual GMV to US$16.3 billion. After taking over Tokopedia, TikTok Shop has become the 2nd largest ecommerce platform in Southeast Asia.   

Purchase Momentum Works’ Ecommerce in Southeast Asia 2024 report for the breakdown of these numbers, and more importantly the insights connecting the dots behind.

This 54-page report covers the following sections:

1. Introduction & overview

  • SEA ecommerce GMV growth 2020 – 2023
  • SEA ecommerce GMV growth by country 2022 – 2023
  • SEA ecommerce platform market share by country 2023
  • SEA key ecommerce platforms growth 2020 – 2023
  • Key question: does Shopee have a moat?

2. Key trends in 2024

  • Finding SEA’s own playbook for live commerce
  • Emergence of AI adoption in ecommerce
  • Enablers expanding business models
  • New competitive dynamics amongst 3PLs

3. Key players

  • Real strategies of the top 10 ecommerce platforms in the region
  • Shopee refocuses on growth
  • SeaMoney has become a profit engine for Shopee
  • Lazada streamlines organisation, people and product, as part of Alibaba strategy
  • TikTok Shop’s fate in US impacting its trajectory in SEA
  • Tokopedia finding an exit through TikTok Shop
  • Beauty is the largest category on TikTok and Shopee
  • Category concentration is much higher in Singapore than Indonesia 
  • TikTok Shop grew employee count by 4X while others reduced

4. Key takeaways from global development

  • Alibaba vigorously defends its market share in China
  • Chinese platforms focus on low price and operational efficiency
  • Chinese platforms (except Pinduoduo) invest heavily in LLMs
  • Cross-border grows rapidly, spearheaded by Temu
  • Ecommerce platforms retreat from physical retail

5. Conclusion & perspectives

For a glimpse into our “Ecommerce in Southeast Asia 2024” report, check out our podcast featuring key snippets from the report:

This episode provides highlights, you can purchase the full report for comprehensive insights and detailed analysis.