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Indonesia Remains Southeast Asia's Largest E-Commerce Market in 2025

Adi Ahdiat 17/04/2026 10:36 WIB

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According to a report by Momentum Works, Indonesia remain the largest e-commerce market in Southeast Asia in 2025. However, its growth rate is relatively low.

Estimation of E-Commerce Sales Value in 6 Major Southeast Asian Markets (2024-2025)*

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Estimation of E-Commerce Sales Value in 6 Major Southeast Asian Markets (2024-2025)*

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According to a report by Momentum Works, Indonesia remain the largest e-commerce market in Southeast Asia until 2025.

In 2025, the estimated gross merchandise value (GMV) of e-commerce in Indonesia reached US$57.7 billion, equivalent to 37% of the total regional e-commerce GMV.

Despite being the largest market, the growth rate of e-commerce sales in Indonesia is the lowest among the major Southeast Asian markets.

The GMV of e-commerce in Indonesia in 2025 grew by 2.2% compared to 2024 (year-on-year/yoy). Meanwhile, the GMV growth in Thailand, Vietnam, the Philippines, Malaysia, and Singapore ranges between 21% and 51% (yoy).

Here are the details of the GMV growth rates of e-commerce in the six major Southeast Asian markets in 2025:

Indonesia: grows by 2.2% (yoy)
Thailand: grows by 51.8% (yoy)
Vietnam: grows by 27.3% (yoy)
Philippines: grows by 32.0% (yoy)
Malaysia: grows by 47.6% (yoy)
Singapore: grows by 21.0% (yoy)

"The low growth rate in Indonesia is mainly due to Bukalapak's exit from physical goods e-commerce and the healthy rationalization of Tokopedia's GMV," said Momentum Works in its report (4/12/2026).

"If we only count the combined GMV of Shopee and TikTok Shop, Indonesia's GMV grew by about 36% (yoy)," they said.

The GMV recorded here includes all sales through e-commerce apps paid by consumers, including orders that were canceled and returned to merchants.

The estimated GMV of e-commerce in Indonesia only includes sales through Shopee, Lazada, Tokopedia, Bukalapak, TikTok Shop, and Blibli, excluding sales of lifestyle and travel products.

Momentum Works made this GMV estimate based on interviews, financial reports of e-commerce and logistics companies listed on the stock exchange, as well as alternative data sources, including on-the-ground sources such as merchants, brand-holding companies, logistics players, and other stakeholders.

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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