Platform-based ecommerce in the Southeast Asia region reached $128.4 billion in gross merchandise value (GMV) in 2024, representing a 12 percent year-on-year growth, Momentum Works said Wednesday in third edition of its Ecommerce in Southeast Asia report.
The growth, while slower than in previous years, reflects a deliberate shift by leading platforms toward more rational, sustainable strategies, the firm said in a statement.
According to the report, Thailand and Malaysia emerged as the fastest-growing markets, with GMV increases of 21.7 percent and 19.5 percent respectively.
Shopee retained its dominant position with a 52 percent regional market share, while TikTok Shop gained ground, completing its integration with Tokopedia.
Lazada stabilized its GMV and achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA), aided by a renewed focus on high-quality assortment and continued investment in AI capabilities.
For the first time, the report also assessed GMV from non-platform channels such as brand.com, multi-brand retailers, social platforms, and WhatsApp commerce—adding an estimated $16.8 billion to the region’s ecommerce total.
Altogether, Southeast Asia’s total ecommerce GMV reached $145.2 billion, translating to a 12.8 percent penetration rate.
While overall growth moderated, Thailand and Malaysia posted the strongest performances, with 21.7 percent and 19.5 percent year on year growth respectively.
Vietnam, the Philippines, and Singapore also registered double-digit gains. Indonesia remained the largest market by GMV (44 percent share), but saw slower growth at 5 percent amid platform consolidation.
Meanwhile, the report showed that Shopee expanded its lead with 52 percent market share, driven by infrastructure upgrades and better monetization.
TikTok Shop showed disciplined expansion and completed its Tokopedia integration. Lazada focused on high quality assortment and artificial intelligence (AI) adoption, achieving EBITDA profitability.
For the first time, Momentum Works tracked non-platform ecommerce—via social platforms, brand.com, WhatsApp, and others—contributing $16.8 billion in GMV.
Combined with platforms, Southeast Asia’s total ecommerce GMV reached $145.2B, representing 12.8 percent market penetration.
The report also showed that Southeast Asia shipped 43.6 million ecommerce parcels daily in 2024, nearing the U.S. volume and underscoring the region’s advanced logistics infrastructure.
Shopee, Lazada, and TikTok Shop accounted for over 90 percent of platform parcel volumes.
Live commerce generated $17.6 billion, or 14 percent of total platform GMV.
Combined with video commerce, these formats now account for 20 percent of platform GMV, marking a significant behavioral shift.
Brands contributed less than 30 percent of Southeast Asia’s platform ecommerce GMV — compared to over 50 percent in China—highlighting untapped potential in brand-driven growth, said the report.
Chinese consumer brands, learning from past failures, are re-entering Southeast Asia with improved products and refined local strategies—gaining traction across key categories.
Momentum Works estimated that strong AI adoption by sellers and brands could add up to $131 billion in GMV by 2030, improving everything from product discovery and logistics to customer experience and pricing efficiency.
Headquartered in Singapore, Momentum Works is a venture outfit offering insights, advisory, and community engagement on the digital economy in emerging markets.
Its work spans ecommerce, new retail, F&B, and the application of AI and other emerging technologies.