Southeast Asia’s ecommerce platform gross merchandise value (GMV) grew 22.8 percent year-on-year in 2025 to reach $157.6 billion in 2025, as leading platforms returned to growth while continuing to improve infrastructure, fulfilment, and customer experience, Momentum Works said Tuesday.

However, beyond headline growth, the industry is entering a new phase: competition is no longer about expansion, but increasingly about control – over demand generation, fulfilment, and margins, the Singapore-based consultancy said in its fourth edition of “Ecommerce in Southeast Asia” report.

According to the report, Thailand and Malaysia led regional growth, with GMV increases of 51.8 percent and 47.6 percent, respectively.

Vietnam, the Philippines, and Singapore all registered double-digit gains exceeding 20 percent while Indonesia remained the largest market (37 percent share), though growth slowed to 2.2 percent following Bukalapak’s exit and Tokopedia’s GMV rationalization.

Southeast Asia is now effectively a three-player market
Shopee, Lazada, and TikTok Shop (including Tokopedia) collectively controlled 98.8 percent of the region’s platform ecommerce market in 2025.

Competition is intensifying at the top, while smaller and single-country players continue to exit or pivot away from marketplace models.

Shopee maintained its regional leadership, while TikTok Shop continued to close the gap rapidly, and Lazada is seeing good traction in markets like Singapore, Thailand, and the Philippines following its shift towards a brand-led strategy.

The report also estimated that non-platform channels (such as brand. com, multi-brand retailers, social platforms, etc.) contributed about $27.8 billion, bringing Southeast Asia’s total ecommerce GMV to $185.5 billion, with platforms accounting for 85 percent of the total market.

The report also showed content commerce generated an estimated $49.7 billion in GMV, accounting for 32 percent of platform GMV.

Led by TikTok Shop’s rapid rise and Shopee’s increasing investments, content is no longer just a marketing channel, but a core driver of demand.

Meanwhile, non-platform ecommerce transactions contributed an estimated $27.8 billion in 2025, bringing total ecommerce GMV to $185.5 billion, with platforms accounting for 85 percent of the total market.

The report also highlighted that Ecommerce in Southeast Asia has not yet reached its true price floor.

Despite intense competition, much of today’s affordability is still driven by subsidies, vouchers, and discounts funded by platforms, sellers, and brands, rather than structurally lower costs.

Meanwhile, cross-border players continue to expand their footprint in Southeast Asia by lowering friction and improving access to overseas supply.

While regulations are tightening, larger and more committed players are better positioned to adapt and benefit, said Momentum Works.

It sees AI is emerging as a disruptive force across ecommerce – from content production to how demand is generated.

With platforms owning key levers such as traffic, tools, and user experience, they are likely to play a central role in how AI is developed and applied across the ecosystem, it added.

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