Dear reader,
In a striking development, TikTok Shop has surged past Tokopedia to become Southeast Asia’s second-largest e-commerce platform in 2023, as reported by Momentum Works.
Shopee continues to lead with a formidable GMV of US$55.1 billion, capturing a 48% market share.
TikTok Shop’s annual GMV skyrocketed to US$16.3 billion, placing it on par with Lazada and Tokopedia. This leap is accentuated by its significant workforce expansion, which contrasts with the workforce reductions seen at Shopee, Lazada, and Tokopedia between 2022 and 2024.
The report, part of ‘The Ecommerce in Southeast Asia 2024’, reveals the region’s e-commerce market has grown impressively, achieving a total GMV of US$114.6 billion in 2023.
Indonesia remains the largest market, despite a slower growth rate, while Vietnam and Thailand exhibit the fastest growth. Additionally, Temu’s entry into the Southeast Asian market underscores the region’s growing attractiveness.
Key trends such as live commerce, generative AI, and evolving logistics are reshaping the landscape. Momentum Works CEO Jianggan Li highlights the dynamic and transformative nature of Southeast Asia’s e-commerce, driven by innovation and adaptation, fostering continuous growth and opportunities.
Sainul,
Editor.
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NEWS
TikTok Shop beats Tokopedia to become SEA’s second-largest e-commerce platform
While Shopee, Lazada, and Tokopedia all reduced their workforce between 2022 and 2024, TikTok Shop has expanded its workforce to over 8,000 employees since December 2021.
Goldman Sachs targets US$2B for first Asia-focused PE fund: Sources
The fund will focus primarily on investment opportunities in Japan, with about half its capital expected to be allocated there; India, South Korea, and Australia will also be key markets for the fund.
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The post Ecosystem Roundup: TikTok Shop is now a key e-commerce player in SEA | Lhoopa raises US$80M | Goldman Sachs targets US$2B PE fund for Asia appeared first on e27.