SINGAPORE, 26 June 2025 — Momentum Works today released the third edition of its Ecommerce in Southeast Asia report, revealing that platform-based ecommerce in the region reached US128.4 billion in GMV in 2024, representing a 12% year-on-year growth. The growth, while slower than in previous years, reflects a deliberate shift by leading platforms toward more rational, sustainable strategies.
Thailand and Malaysia emerged as the fastest-growing markets, with GMV increases of 21.7% and 19.5% respectively. Shopee retained its dominant position with a 52% regional market share, while TikTok Shop gained ground, completing its integration with Tokopedia. Lazada stabilised its GMV and achieved positive 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 US$16.8 billion to the region’s ecommerce total. Altogether, Southeast Asia’s total ecommerce GMV reached US$145.2 billion, translating to a 12.8% penetration rate.
Key Highlights from the Report
- Platform GMV Hits US$128.4B; Thailand and Malaysia Lead Growth
While overall growth moderated, Thailand and Malaysia posted the strongest performances, with 21.7% and 19.5% YoY growth respectively. Vietnam, the Philippines, and Singapore also registered double-digit gains. Indonesia remained the largest market by GMV (44% share), but saw slower growth at 5% amid platform consolidation. - Shopee maintains lead; TikTok Shop accelerates, Lazada stabilises: Shopee expanded its lead with 52% market share, driven by infrastructure upgrades and better monetisation. TikTok Shop showed disciplined expansion and completed its Tokopedia integration. Lazada focused on high quality assortment and AI adoption, achieving EBITDA profitability.
- Non-Platform Ecommerce accounts for just 11.5% of Southeast Asia’s GMV: For the first time, Momentum Works tracked non-platform ecommerce—via social platforms, brand.com, WhatsApp, and others—contributing US$16.8B in GMV. Combined with platforms, Southeast Asia’s total ecommerce GMV reached US$145.2B, representing 12.8% market penetration.
- Parcel Volume Nears U.S. Levels : 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% of platform parcel volumes.
- Live & Video Commerce Reach 20% Share: Live commerce generated US$17.6B, or 14% of total platform GMV. Combined with video commerce, these formats now account for 20% of platform GMV, marking a significant behavioural shift.
- Brand GMV remains under 30%: Brands contributed less than 30% of Southeast Asia’s platform ecommerce GMV—compared to over 50% in China—highlighting untapped potential in brand-driven growth.
- Chinese Brands Return Smarter: Chinese consumer brands, learning from past failures, are re-entering Southeast Asia with improved products and refined local strategies—gaining traction across key categories.
- Generative AI Could Unlock US$131B GMV by 2030: Momentum Works estimates that strong AI adoption by sellers and brands could add up to US$131B in GMV by 2030, improving everything from product discovery and logistics to customer experience and pricing efficiency.
You can purchase the full report here.
A complimentary copy of Ecommerce in Southeast Asia 3.0 is available to members of the press upon request (hello@mworks.asia).
The post [Press release] Southeast Asia’s Platform Ecommerce GMV Reaches US$128.4B, Top 3 platforms increase market share to 84%: Momentum Works first appeared on The Low Down - Momentum Works.
