Southeast Asia's e-commerce apps demonstrate a $114bn GMV last year Heaptalk

Heaptalk, Jakarta — The latest Momentum Works report, ‘E-commerce in Southeast Asia 2024,’ revealed that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to US$114.6 billion in 2023, up 15% from 2022.

According to the data, Vietnam and Thailand are the fastest-growing e-commerce markets, contributing about 46.9% to the region’s GMV. The enhancement rate of 3.7% is the most modest in the region. Following this significant growth, the report also identified four key trends in Southeast Asia’s e-commerce industry, including:

Live commerce: Leading live-selling KOLs in Vietnam, Thailand, and Indonesia have achieved multi-million dollar sales in single live sessions.
Generative AI: the region’s platform started to adopt AI applications, notably in user experience and operational efficiency.
E-commerce enablers: the limitation of a small market and brands’ reduced market share on platforms, many enablers started expanding their business models.
E-commerce logistics: Third-party players face the pressure of platforms in-sourcing parcel delivery.

“With markets like Vietnam and Thailand showing remarkable growth and platforms like TikTok Shop rapidly expanding, it is clear that innovation and adaptation are key to success in this region. The adoption of generative AI and the evolution of live ecommerce are reshaping the industry, and we are excited to see these trends drive continued growth and opportunities for business across SEA,” Chief Executive Officer of Momentum Works said.

While Vietnam and Thailand lead the fastest-growing market in this sector, the report also revealed that the archipelago remains the most significant e-commerce market, contributing around 46.9% to the region’s GMV. Its growth rate of 3.7% is the most modest in the region.

Bringing the total GMV of up to US$114.6 billion in Southeast Asia, the data generated the transaction of e-commerce platforms respectively, including: