Last year the total sales through e-commerce sites in Southeast Asia reached $99.5 billion. This is a 1.8x increase compared to 2020 according to the Momentum Works report. In this region Shopee recorded sales of $47.9 billion which is almost half of the total sales. This was followed by Lazada ($20.1 billion), Tokopedia ($18.4 billion), Bukalapak ($5.3 billion) and TikTok Shop ($4.4 billion).
In Malaysia Shopee is the e-commerce platform of choice with a 78% share followed by Lazada (19%) and TikTok Shop (3%). In addition to Malaysia, Shopee also dominates the markets of Singapore, Thailand, Indonesia, the Philippines and Vietnam.
The largest e-commerce market in Southeast Asia is Indonesia which recorded sales of $51.9 billion followed by Thailand ($14.4 billion), the Philippines ($11.5 billion), Vietnam ($9 billion), Malaysia (8.7 billion) and finally Singapore ($4 billion).
This Momentum Works report is good news for SEA, Shopee's parent company which is restructuring by shedding 7000 employees in 2022.
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BUSINESS & MONEY