SE Asia's 2023 e-com GMV up 15% YoY; Vietnam fastest growing market

18 Jul '24

2 min read

SE Asia's 2023 e-com GMV up 15% YoY; Vietnam fastest growing market

Pic: Caixin Global

Insights

The total GMV of Southeast Asia's eight leading e-commerce platforms rose by 15 per cent YoY to $114.6 billion in 2023, and Vietnam was the fastest-growing e-commerce market in the region with a total GMV of $13.8 billion—a rise of 52.9 per cent YoY, a consultancy said.
TikTok Shop nearly quadrupled its annual GMV to $16.3 billion in 2023 from 2022's figure.

The total gross merchandise value (GMV) of Southeast Asia’s eight leading e-commerce platforms rose by 15 per cent year on year (YoY) to $114.6 billion last year, and Vietnam was the fastest-growing e-commerce market in the region with a total GMV worth $13.8 billion—an increase of 52.9 per cent YoY, according to the ‘E-commerce in Southeast Asia 2024’ report by Singapore-based consultancy Momentum Works.

Vietnam also overtook the Philippines as the third largest e-commerce market in the region last year.

Indonesia was the largest e-commerce market last year, contributing 46.9 per cent of the region's GMV. Its growth rate of 3.7 per cent was, however, the most modest in the region.

In 2022, the region’s e-commerce GMV had hit $99.5 billion, half of which was attributable to Shopee. In 2023, Shopee achieved a GMV of $55.1 billion and kept its market share steady at 48 per cent. Lazada and Indonesia’s Tokopedia recorded GMVs of $18.8 billion and $16.3 billion respectively last year.

However, TikTok Shop was forced to halt its service in Indonesia after the government prohibited online shopping transactions on social media.

TikTok Shop nearly quadrupled its annual GMV to $16.3 billion last year from $4.4 billion in 2022. After taking over Tokopedia from tech group GoTo, TikTok Shop has become the second largest e-commerce platform in the region.

One of the four key trends identified in the region’s e-commerce industry was live commerce, which is leading live selling. Key opinion leaders in Vietnam, Thailand and Indonesia have achieved multi-million dollar sales in single live sessions, the report said.

TikTok grew its e-commerce feature by leveraging its livestreaming function, where influencers and merchants show all sorts of products to help users make purchase decisions in real time.

TikTok and Tokopedia have grown to hold a 39-per cent market share in Indonesia, just behind Shopee at 40 per cent. In Vietnam, TikTok Shop became the second largest player with a 24-per cent market share.

Fibre2Fashion News Desk (DS)

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