Indonesia: Southeast Asia's Largest E-commerce Market in 2024

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Adi Ahdiat 16/10/2024 15:40 WIB

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According to Cube Asia's projections, Indonesia's net e-commerce sales value could reach US$64 billion in 2024. This would make Indonesia the largest e-commerce market in Southeast Asia.

Projected E-commerce Sales Value in 6 Major Southeast Asian Markets (2024)*

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Projected E-commerce Sales Value in 6 Major Southeast Asian Markets (2024)*

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Indonesia is projected to become the largest e-commerce market in Southeast Asia in 2024.

This projection was announced by Cube Asia, a market research firm headquartered in Thailand.

According to Cube Asia's projection, the net merchandise value (NMV) or total net sales value of e-commerce in the six main Southeast Asian markets could reach US$149 billion in 2024.

NMV is the value of merchandise sold through e-commerce applications, excluding canceled transactions.

The six main Southeast Asian markets are Singapore, Malaysia, Thailand, Vietnam, the Philippines, and Indonesia.

Broken down by country, the largest projected net e-commerce sales in 2024 are in Indonesia, with a value of US$64 billion (equivalent to 42% of the regional NMV).

Next are Thailand (16%), the Philippines (12%), Vietnam (12%), Malaysia (9%), and Singapore (6%), with the NMV values detailed in the graph.

However, Cube Asia assesses that this position could change in the future.

"To date, Indonesia is the largest e-commerce market in Southeast Asia, but its growth is slower than that of its neighboring countries," Cube Asia stated in its E-Commerce Influencer Marketing in Southeast Asia 2024 report.

"Vietnam, Thailand, and the Philippines are expected to surpass Indonesia's e-commerce market share in the coming years," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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