MomentumWorks Report: GMV of Southeast Asian e-commerce to reach $114.6 billion in 2023, a year-on-year increase of 15%

Recently, MOTENT Ventures released the "2024 Southeast Asian E-commerce Report" which made an in-depth analysis of the competitive dynamics of the six core e-commerce markets, mainstream e-commerce platforms, and industry ecological participants, including logistics. According to the report, the total GMV of the eight mainstream e-commerce platforms in Southeast Asia reached $114.6 billion in 2023, an increase of 15% year-on-year.

In terms of mainstream markets, Vietnam and Thailand are the fastest growing e-commerce markets in Southeast Asia, with year-on-year GMV growth rates of 52.9% and 34.1% respectively. Vietnam has also surpassed the Philippines to become the third largest e-commerce market in the region; Indonesia is still the largest e-commerce market in Southeast Asia, contributing 46.9% of the GMV in the region, and its 3.7% year-on-year growth rate is the most moderate in the region.

In terms of mainstream e-commerce platforms, Shopee achieved a GMV of $55.1 billion in 2023, maintaining a 48% market share; Lazada and Tokopedia achieved GMVs of $18.8 billion and $16.3 billion respectively; TikTok Shop's GMV almost quadrupled, reaching $16.3 billion.

In addition, the report also distilled four key trends in the Southeast Asian e-commerce industry in 2023:

1. Live streaming e-commerce: Top live streaming sales anchors in Vietnam, Thailand, and Indonesia achieved sales of several million dollars in a single live stream;

2. Generative AI: Southeast Asia's e-commerce platforms started to apply generative AI, especially in optimizing user experience and improving operational efficiency;

3. E-commerce agency operations: Faced with the reduction in market share of upstream brand on e-commerce platforms due to the smaller market size, many e-commerce agency operations in Southeast Asia have started to expand their business models;

4. E-commerce logistics: Third-party logistics are facing pressure from the competition with self-built logistics platforms.

"The competitive landscape of the Southeast Asian e-commerce is still changing continuously," said Li Jianggan, founder and CEO of MOTENT Ventures. "The significant growth shown in markets such as Vietnam and Thailand, the rapid expansion of platforms like TikTok Shop, all demonstrate that innovation and adaptability are key to success in the Southeast Asian e-commerce market. The application of generative AI and the iteration of live streaming e-commerce are reshaping the industry. We are pleased to see that these new trends are driving the continuous growth of Southeast Asian business."

About MomentumWorks:

MOTENT Ventures is a startup company headquartered in Singapore, focusing on building, expanding , , and managing technology enterprises in emerging markets. MOTENT Ventures also uses its knowledge, community, and industry experience to provide information, connect resources, and industry support for the technology and new economy industry ecology. Its main business areas include venture capital, industry research, in-depth investigations, and consulting.