Ecommerce in Southeast Asia 2024

Southeast Asia’s ecommerce market continued to expand in 2023 - but the competitive landscape is evolving rapidly.

Total GMV across the region’s eight leading ecommerce platforms reached US$114.6 billion, growing 15% year-on-year. While Vietnam and Thailand emerged as the fastest-growing markets, Indonesia remains the region’s largest ecommerce market, accounting for 46.9% of total GMV.

Ecommerce in Southeast Asia 2024 is a decision-support report designed to help leaders understand how platform competition, category dynamics, and strategic priorities are shifting across the region - and what these changes mean for growth, profitability, and market positioning.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, the report connects platform-level data with strategic analysis to explain why certain players are pulling ahead, and how global developments are reshaping Southeast Asia’s ecommerce playbook.

What’s covered in this report:

• Updated GMV growth and market share analysis across all major Southeast Asian markets
• Platform competition dynamics, including Shopee’s defensive moat and TikTok Shop’s rapid rise
• Key ecommerce trends shaping 2024, including live commerce localisation, AI adoption, and evolving logistics models
• Strategic moves and execution realities of the region’s top ecommerce platforms
• How global ecommerce developments - from China to cross-border platforms like Temu - are influencing Southeast Asia

This report is designed for decision-makers including:

• Executives and leadership teams
• Strategy, ecommerce, and regional operators
• Investors and funds tracking platform and consumer ecosystems
• Founders and brands scaling across Southeast Asia

How leaders use this report:

• To reassess platform and market entry strategies
• To understand competitive positioning across countries and categories
• To pressure-test ecommerce growth and monetisation assumptions
• To align regional teams around data-backed market realities

For a preview of the insights, listen to our podcast episode featuring selected highlights from the report.

For comprehensive analysis and detailed breakdowns, the full report is available for purchase.

[Click here to access the Chinese version ｜ 点击这里获取中文版]