Southeast Asian E-commerce Transactions Grew 15% in 2023

According to a Momentum Works report, the gross merchandise value (GMV) of e-commerce in Southeast Asia reached US$114.6 billion in 2023. This represents a 15% increase compared to the previous year's US$99.5 billion.

Indonesia was the largest contributor to e-commerce GMV in Southeast Asia in 2023, with a value of US$53.8 billion, accounting for 46.9% of the ASEAN total.

However, Indonesia's GMV growth rate was only 3.7%, the lowest in the region.

The report also identified four key trends in the Southeast Asian e-commerce industry. First is Live Commerce, with prominent key opinion leaders (KOLs) in Vietnam, Thailand, and Indonesia achieving US$1 million in sales during a single live session.

Second is the adoption of generative artificial intelligence (AI) by Southeast Asian e-commerce companies, primarily for enhancing user experience and operational efficiency.

Third is the evolution of e-commerce enablers, with e-commerce platforms expanding their businesses amidst market limitations and shrinking market share in specific segments.

Finally, there's the trend in e-commerce logistics, where third-party logistics providers are facing pressure from e-commerce platforms that are starting to take over or create their own delivery services.

“The competitive landscape of e-commerce in Southeast Asia remains dynamic and continues to transform,” said Momentum Works Founder and Chief Executive Officer Jianggan Li in a press release on Tuesday, July 16, 2024.

Shopee recorded the highest GMV in Southeast Asia, reaching US$55.1 billion.

It was followed by Lazada with US$18.8 billion, and Tokopedia and TikTok Shop, each achieving US$16.3 billion in GMV in 2023.