东南亚即时零售市场已初具规模，2025年GMV估计约为73亿美元，相当于区域电商市场规模的4.6%。

但东南亚即时零售的发展路径，并不会简单复制中国或印度。中国过去十多年在外卖领域的持续投入，沉淀出高密度的本地即时配送网络，成为即时零售发展的基础；而印度有组织零售相对薄弱，使平台自营前置仓在一定程度上承担了面向高消费人群的现代零售功能。东南亚则不同：线下零售依然占据主导地位，同时高度分散、本地化特征明显。因此，东南亚的即时零售并不是要取代线下零售，而是在既有零售网络之上，叠加一层按需履约能力。

《东南亚即时零售报告2026》是墨腾创投首份系统梳理东南亚即时零售市场的综合性报告。这个行业在区域内已经发展了十多年，但此前缺乏系统性的研究与解读。本报告旨在为决策者提供参考，帮助平台、零售商、品牌、投资者及生态参与者理解：即时零售正在如何演进，为什么不同市场的发展路径差异显著，以及这些变化将带来哪些商业影响。

本报告基于墨腾创投对东南亚商业生态的持续研究，以及与区域内一线从业者和运营方的长期交流，涵盖市场规模、需求变化、供给与履约模式，以及影响东南亚即时零售发展的结构性因素。

2026版报告内容包括：

• 东南亚即时零售与线上生鲜杂货市场规模的最新测算，包括各国线上生鲜杂货渗透率，以及与区域电商市场的对标分析；
• 一套清晰的分析框架，帮助读者理解即时零售、线上生鲜杂货与电商之间的关系，以及不同履约时效和品类之间如何交叉重叠；
• 解析东南亚即时零售的发展路径为何不同于中国和印度，以及为什么东南亚市场将呈现出结构性不同的发展逻辑；
• 提出即时零售规模化所需的三类密度：需求密度、供给密度和履约密度，并解释为什么在东南亚多数市场，需求仍然是最核心的制约因素；
• 逐一分析印度尼西亚、泰国、越南、菲律宾、马来西亚和新加坡的零售结构，以及这些结构性差异对即时零售可行性的影响；
• 探讨随着即时零售逐步成为更广泛零售与电商生态的一部分，平台、零售商、品牌和卖家将面临的战略影响与取舍。

本报告适合电商、生鲜杂货、零售及消费生态中以下的决策者阅读:

• 企业高管与管理团队
• 战略、电商及区域市场团队
• 投资机构与基金
• 零售商与平台运营方
• 品牌方与快消品企业

决策者如何使用本报告：

• 对标东南亚各市场即时零售的发展阶段与演进方向
• 理解不同市场的零售结构如何影响即时零售的可行性
• 评估各市场中平台、零售商与履约体系的不同策略
• 判断哪些市场与场景具备即时零售规模化的现实基础，哪些则可能面临更大限制

Southeast Asia’s quick commerce market has reached meaningful scale, with GMV estimated at US$7.3 billion in 2025 – equivalent to 4.6% of the region’s ecommerce market. 

But the region’s path will not look like China or India. In China, a decade of food delivery investment built the hyperlocal rider density that underpinned quick commerce, while India’s thin organised retail allowed platform-run dark stores to effectively become modern retail for affluent consumers. Southeast Asia is different: offline retail remains dominant, fragmented, and highly localised. Quick commerce in Southeast Asia is therefore less about replacing offline retail and more about extending existing retail networks with an on-demand fulfilment layer. 

Quick Commerce in Southeast Asia 2026 is Momentum Works' first comprehensive take on quick commerce in Southeast Asia – an industry that has been building for over a decade but has received little structured commentary. This decision-support report helps leaders understand how quick commerce is evolving across the region, why its development differs sharply by market, and what this means for platforms, retailers, brands, investors, and ecosystem players.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations across the region, the report covers market sizing, demand dynamics, supply and fulfilment models, and the structural realities shaping quick commerce across Southeast Asia.

What this report covers:

• Latest estimates of Southeast Asia’s quick commerce and online grocery market size, including country-level online grocery penetration and regional ecommerce benchmarks;
• A clear framework for understanding quick commerce, online grocery, ecommerce, and how different fulfilment speeds and categories overlap;
• Analysis of how SEA's quick commerce development diverges from China and India, and why the region's path will look structurally different;
• A framework for understanding the three densities required for quick commerce to scale: demand density, supply density, and fulfilment density – and why demand remains the binding constraint across much of the region;
• Country-by-country analysis of retail structure across Indonesia, Thailand, Vietnam, the Philippines, Malaysia, and Singapore – and what each means for quick commerce viability;
• Implications and trade-offs for platforms, retailers, brands, and sellers as quick commerce becomes part of the broader retail and ecommerce ecosystem.

This report is designed for decision-makers in the ecommerce, grocery, retail, and consumer ecosystem, including:

• Executives and leadership teams
• Strategy, ecommerce and regional teams
• Investors and funds
• Retailers and platform operators
• Brands and FMCG players 

How leaders use this report:

• To benchmark how quick commerce is evolving across Southeast Asia 
• To understand how retail structure affects quick commerce viability  
• To assess platform, retailer, and fulfilment strategies across markets
• To identify where quick commerce can realistically scale, and where it may not 

Southeast Asia’s ecommerce market continues to expand rapidly, with platform GMV reaching US$157.6 billion in 2025, nearly tripling since 2020. However, beyond headline growth, the industry is entering a new phase: competition is no longer about expansion, but increasingly about control – over demand generation, fulfilment, and margins

Ecommerce in Southeast Asia 2026 is a decision-support report designed to help leaders understand where growth is real, where competition is intensifying, and how platform & brand strategies are evolving across the region.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, this report explores how platform competition and strategies, content commerce, fulfilment, and AI are transforming the region’s ecommerce landscape. Consequently, this means for businesses operating within it.

What’s new in the 2026 edition:

• Latest GMV, growth, and market share data across all major Southeast Asian markets (Indonesia, Thailand, Malaysia, the Philippines, Vietnam and Singapore);
• Key structural shifts shaping the industry in 2026, including quick commerce, fulfilment execution and control, content commerce and more;
• Updated strategies and strategic focus areas across major platforms: Shopee, TikTok Shop, Lazada and more
• The growing role of content commerce, AI, and new traffic pathways in reshaping ecommerce
• Implications for ecosystem players as platform power deepens

This report is designed for decision-makers in the ecommerce, digital, and consumer ecosystem, including:

• Executives and leadership teams
• Strategy, ecommerce and regional teams
• Investors and funds
• Founders and operators expanding in Southeast Asia

How leaders use this report:

• To reassess market entry and expansion priorities 
• To align regional and functional teams 
• To pressure-test platform, brand and logistics strategies

Subscribers of Momentum Works’ newsletter: Do check your inbox for an exclusive coupon code. 

Description

Southeast Asia’s modern coffee and tea chains continued to grow robustly, with the total market size reaching US$9.9 billion in 2025, a 52% increase from 2021. At the same time, the industry is also entering a new phase of competition. What began as a wave of café expansion has evolved into a highly systemised industry, where brands compete not just on drinks and store experience, but on operating systems, supply chains, and digital infrastructure.

Coffee & Tea Chains in Southeast Asia 2026, examines how beverage chains across the region are scaling rapidly while industrialising their operation through automation, digital ordering, online platforms, and increasingly sophisticated expansion playbooks.

Built on Momentum Works’ ongoing research and conversations with industry practitioners, this report explores how global brands, Chinese entrants, and Southeast Asian champions are reshaping the competitive landscape of the region’s modern coffee and tea market.

What’s inside the 2026 edition:

• Latest estimates of Southeast Asia’s modern coffee and tea market size and growth across major markets
• Key industry developments shaping the industry, including IPOs, expansion, and record store growth among leading chains 
• Latest trends shaping Southeast Asia’s modern coffee and tea ecosystem in 2026 
• Competitive dynamics among global brands, regional champions, and modernised traditional concepts
• Six predictions for Southeast Asia’s modern coffee and tea industry, as well as how industry practitioners should play in this new competitive landscape 

This report is designed for decision-makers in the food delivery, local services and quick commerce ecosystem, including:

• Executives and leadership teams
• Strategy, intelligence, and operations teams
• Investors and funds 
• Major F&B brands and chains
• Founders and operators expanding in Southeast Asia

How leaders use this report:

• To understand how the Southeast Asian modern beverage market is evolving
• To evaluate expansion opportunities, priorities and competitive positioning
• To learn from the operating playbooks of the region’s fastest-scaling chains
• To assess how digitalisation, automation, and online platforms are reshaping beverage retail

Subscribers of Momentum Works’ newsletter: Do check the Momentum Works newsletter or contact us at hello@mworks.asia to get your exclusive coupon for this report.

Description

TikTok Shop’s U.S. business began to show signs of structural maturation in 2025. After a volatile first full year, the platform continued to scale rapidly, reaching US$15.1 billion in GMV (+68% YoY). Growth remained strong, but the underlying dynamics shifted: live commerce gained share, store-led selling became more prominent, pricing pressure stabilised, and participation across creators and merchants broadened significantly.

TikTok Shop in the U.S. 2025 is Momentum Works’ third deep-dive report on the U.S. TikTok Shop ecosystem, following our 2024 and H1 2025 publications. Built on large-scale platform data from Tabcut and Momentum Works’ ongoing ecosystem research, the report goes beyond headline GMV growth to examine changes in sales channels, category dynamics, creator behaviour, and merchant performance.

The report also places the U.S. market in a global context, comparing its trajectory with Southeast Asia and newly launched markets, and assessing how TikTok Shop’s positioning as “discovery commerce” is reshaping how products are marketed, sold, and scaled in the U.S.

What’s new in this edition (Feb 2026):

• Latest 2025 U.S. TikTok Shop performance data, including GMV, YoY growth, and channel mix across video, live and Shop tab
• Global context and positioning, including TikTok Shop’s expansion into Europe, Japan and Latin America, and implications for the U.S. market’s competitive path
• Deep dives into stores, products and pricing, including category-level GMV, average price movements, and commission trends
• Creator and live commerce dynamics, covering influencer GMV distribution, sales channels, top-performing videos, and million-dollar live sessions
• Forward-looking analysis, covering ecosystem maturity, merchant enablement, and the impact of upcoming logistics integration into TikTok Shop’s infrastructure

This report is designed for:

• Executives and leadership teams at brands, sellers, and platforms
• Strategy, intelligence, growth and operations teams
• Investors and funds tracking ecommerce, social commerce and creator-led retail
• Agencies, MCNs, and service providers supporting creators,merchants and brands
• Founders and operators building or scaling on TikTok Shop in the U.S.

How leaders use this report:

• To understand where U.S. TikTok Shop growth is really coming from and how it is changing
• To assess live vs. video vs. Shop strategies and allocate resources more effectively
• To identify category opportunities, pricing pressure points, and commission trends
• To benchmark creator, store, and brand performance against market leaders

Subscribers of Momentum Works’ newsletter: Do check your inbox for an exclusive coupon code.

Southeast Asia’s food delivery sector has entered a more mature phase  – yet growth continues to accelerate (18% YoY in 2025), and competition among platforms is becoming more disciplined, with greater focus on execution efficiency, cost control, and regulatory alignment. 

Food Delivery Platforms in Southeast Asia 6.0 is Momentum Works' 6th annual report covering the food delivery industry in the region. It is designed to help leaders understand where food delivery growth is coming from, how competitive dynamics are shifting across markets, and how platforms are evolving their strategies as the sector moves from rapid expansion to everyday relevance.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, this report examines platform competition and evolving strategies, affordability-driven growth, and the changing role of food delivery within the broader F&B landscape.

What’s new in the 2026 edition:

• Latest GMV, growth, and market share data across all major Southeast Asian markets (Indonesia, Thailand, Malaysia, the Philippines, Vietnam and Singapore) 
• Key trends shaping Southeast Asia’s food delivery ecosystem in 2025
• Updated strategies and strategic focus areas across major platforms: Grab, ShopeeFood, Foodpanda, LineMan and Gojek. 
• Competitive dynamics and market structure shifts, including consolidation and exits
• Implications for restaurants and the wider F&B ecosystem as platform power deepens

This report is designed for decision-makers in the food delivery, local services and quick commerce ecosystem, including:

• Executives and leadership teams
• Strategy, intelligence and operations teams
• Investors and funds
• Major F&B brands and chains
• Founders and operators expanding in Southeast Asia

How leaders use this report:

• To reassess market entry and expansion priorities 
• To align regional and functional teams 
• To pressure-test the platform, brand and logistics strategies

东南亚外卖行业已进入更为成熟的发展阶段，但增长仍在加速(2025年增长18%），平台之间的竞争也日趋理性，更加聚焦于执行效率、成本控制以及与监管环境的协调一致。

《东南亚外卖平台报告 6.0》是墨腾发布的第六份年度报告，旨在帮助行业领导者理解外卖增长的来源、各市场竞争格局的变化，以及在行业从高速扩张迈向“日常基础设施”阶段时，平台战略如何演进。

基于墨腾持续开展的生态系统调研及与一线运营者的深度交流，本报告系统分析了平台竞争与战略演变、以“低价措施”为核心的增长逻辑，以及外卖在更广泛餐饮生态体系中的角色演变。

2026年版更新内容包括：

• 覆盖东南亚主要市场（印度尼西亚、泰国、马来西亚、菲律宾、越南和新加坡）的最新 GMV、增长率及市场份额数据
• 2025 年塑造东南亚外卖生态系统的四个关键趋势
• 主要平台的最新战略与重点方向更新：Grab、ShopeeFood、Foodpanda、LineMan 和 Gojek等
• 竞争格局与市场结构变化，包括整合与退出情况以及是否有潜在的新玩家
• 平台影响力加深对餐厅及更广泛餐饮生态系统的冲击分析

本报告适合以下从事外卖、本地生活服务及即时零售领域的决策者：

• 高管与领导团队
• 战略、商业情报与运营团队
• 投资机构与基金
• 主要餐饮品牌与连锁集团
• 在东南亚扩张业务的创始人及一线运营者

领导者如何使用本报告：

• 重新评估市场进入与区域扩张的优先级
• 协调区域与职能团队的战略方向
• 对平台、品牌及物流策略进行压力测试与验证

Southeast Asia’s digital economy is reaching a point where timing and sequencing matter as much as direction.

Growth opportunities remain, but the margin for error is narrowing. Platforms are maturing, competition is intensifying, and technology - particularly AI - is beginning to reshape execution fundamentals. In this environment, the critical question for leadership teams is no longer what could happen, but what needs to be acted on now, and what can wait.

10 Predictions for 2026 is an executive briefing by Momentum Works that distills the most consequential shifts shaping Southeast Asia’s digital landscape - and translates them into clear implications for leadership teams preparing for 2026 and beyond.

Used in MWX Insights Session 2, this deck is not a collection of speculative forecasts. Each prediction is grounded in observed operating changes across platforms, brands, technology stacks, and supply chains, helping leaders separate structural change from short-term noise.

Rather than asking “what might happen?”, the briefing focuses on a more practical question:

What should leaders prioritise now - and what can be staged over time?

What’s covered in the 2026 predictions:

• How ecommerce and digital platforms are moving into their next phase of development
• The evolution of new retail and consumer brand models across Southeast Asia
• How AI and technology-driven innovation are reshaping execution, not just strategy

Each prediction is framed to support decision-making, with clear implications for investment, organisation design, and competitive positioning.

This deck is designed for decision-makers including:

• Executives and leadership teams shaping medium-term strategy
• Founders and senior operators in retail, ecommerce, logistics, and consumer sectors
• Regional and global teams navigating Southeast Asia’s fast-evolving markets
• Investors and policymakers assessing risks and opportunities beyond short-term cycles

How leaders use this briefing:

• To identify which trends represent genuine structural shifts
• To pressure-test strategic priorities against 2026 realities
• To align leadership teams around timing, focus, and risk management
• To distinguish actions that require immediate commitment from those that can be sequenced

10 Predictions for 2026 is the second session in the MWX Insights Series — a set of concise, high-signal executive briefings designed to give leaders a clear, structured view of where Southeast Asia’s digital economy is heading.

Each session stands on its own, while also contributing to a broader strategic narrative for leaders building the next phase of growth in Asia.

Chinese companies scale faster than their global peers - not because of cultural quirks or short-term aggressiveness, but because they operate on a clear, system-level logic.

Leading Chinese companies are built around a disciplined approach to capital allocation, operating design, and growth decision-making. This logic allows them to invest aggressively, tolerate short-term losses, and still compound advantage in highly competitive markets - where many global companies stall.

How Chinese Companies Scale Faster is a decision-support deck used in Momentum Works’ MWX Insights Session. It is designed to help founders, CEOs, and senior leaders understand the core metrics, mechanisms, and playbooks behind China’s most effective scaling engines - and how these principles can be applied beyond China.

Built on Momentum Works’ long-term ecosystem research and operator-level analysis, the deck distils why Chinese companies are willing to scale at thin margins, sustain high execution intensity, and still build structurally resilient businesses.

What’s covered in this edition:

• The single non-negotiable KPI behind scale: LTV > CAC
• Why this metric enables confidence to invest through losses while compounding long-term advantage
• Live and video commerce case studies explaining why leading Chinese brands operate at ROAS ≈ 1
• A comparative look at Luckin Coffee and Mixue, and how F&B economics can be redesigned for scale
• A deep dive into SHEIN (and Temu) showing why supply chain is a strategic system, not a cost centre
• A synthesis framework — The China Scaling Formula — connecting metrics, execution, and organisation

This deck is designed for decision-makers including:

• Founders and CEOs scaling consumer, retail, and platform businesses
• Executive teams responsible for growth, operations, and capital allocation
• Strategy and investment leaders studying China-derived operating models
• Senior leaders preparing for regional or global scale in competitive markets

How leaders use this deck:

• To pressure-test growth strategies against LTV-driven economics
• To understand when and why it makes sense to scale at low margins
• To align leadership teams around a shared logic of investment and execution
• To translate China’s scaling principles into local and global contexts

How Chinese Companies Scale Faster provides a concise, practical framework for understanding why China continues to produce fast-scaling businesses — and what global leaders must rethink if they want to compete at the same speed.

For deeper application, this deck is used within Momentum Works Executive Immersion (MWX) — a closed-door, high-intensity programme for senior leaders focused on Asia’s digital economy, platform dynamics, and scaling systems.

Transcript available upon request for purchasers of this deck.

Over the past 10 months, China’s “quick commerce” - once a niche delivery segment - has exploded into everyday infrastructure, serving hundreds of millions of consumers.

Platforms like Meituan, Alibaba, and JD are locked in an intense subsidy war, but beneath the competition lies something much deeper - a decade-long transformation in logistics, consumer behaviour, and retail operations that has turned instant delivery into a core part of China’s urban economy.

Quick Commerce in China 2025 is a strategic intelligence report designed to help leaders understand how instant retail scaled at unprecedented speed in China, what systems enabled it, and what lessons global operators can draw as similar models begin to emerge across Asia, the Middle East, and beyond.

Built on Momentum Works’ on-the-ground research, ecosystem analysis, and learnings through more than 13 immersions to China in 2025 alone, the report examines platform competition, subsidy mechanics, logistics infrastructure, operating models, and the next phase of automation and AI-driven retail.

What’s in the 2025 edition:

• A deep dive into China’s 2025 quick commerce subsidy war — the largest and most costly to date
• Clear breakdown of the strategic roles played by Meituan, Alibaba, and JD
• New analysis showing why this is fundamentally a systems war, not a pricing war
• Detailed case studies across 3P and 1P models, including Instashopping, dark stores, and store-warehouse hybrids
• First-hand observations from Momentum Works’ China Immersions, including visits to multiple dark store formats, driver operations, and in-depth discussions with key operators
• Forward-looking insights on the next phase: drones, autonomous supply chains, and AI-driven speed

This report is designed for decision-makers including:

• Executives and leadership teams in retail, ecommerce, and consumer platforms
• Strategy, operations, and logistics leaders evaluating on-demand retail models
• Investors and funds tracking quick commerce, logistics, and platform competition
• Founders and operators preparing for instant delivery expectations in their markets

How leaders use this report:

• To understand how quick commerce scales sustainably beyond subsidies
• To assess which operating models are viable in different market conditions
• To pressure-test instant retail strategies against China’s real-world outcomes
• To anticipate how automation, AI, and infrastructure will redefine “speed” in retail

Quick Commerce in China 2025: How instant retail became everyday infrastructure provides a rare inside look at how China built the world’s most sophisticated on-demand retail ecosystem - and what it signals for the future of commerce globally.

Southeast Asia’s ecommerce market is entering a new phase - moderate growth, tougher competition, and rising execution pressure.

Ecommerce in Southeast Asia 2025 is a decision-support report designed to help leaders understand where growth is real, where competition is intensifying, and how platform & brand strategies are evolving across the region.

Built on Momentum Works’ ongoing ecosystem research and operator-level conversations, the report covers platform competition, cross-border dynamics, logistics and fulfilment economics, and market-specific growth realities.

What’s new in the 2025 edition:

• Updated platform strategies across all major SEA markets
• Updated key trends impacting every player in the ecosystem
• New analysis on brand dynamics and ecosystem reshuffles
• Deeper coverage of logistics, cost structures and margin pressure
• Revised growth outlook by market and category

This report is designed for decision-makers including:

• Executives and leadership teams
• Strategy, ecommerce and regional teams
• Investors and funds
• Founders and operators expanding in Southeast Asia

How leaders use this report: 

• To reassess market entry and expansion priorities 
• To align regional and functional teams 
• To pressure-test platform, brand and logistics strategies

Luckin Coffee is no longer just a coffee chain -  it is one of the most scaled, data-driven consumer retail platforms to emerge from China.

In less than a decade, Luckin has grown from a startup into China’s largest coffee brand by store count, surpassing Starbucks domestically and operating close to 30,000 stores globally(as of Q3 2025). This growth comes despite one of the most public corporate scandals in recent history, which led to its Nasdaq delisting in 2020 - followed by a rapid and astonishing comeback.

Today, Luckin operates with a fundamentally different logic from traditional F&B chains. It is app-first, data-led, R&D-heavy, and designed for rapid replication. Product launches, pricing, store formats, and demand forecasting are driven by real-time data and systemised execution, blurring the line between consumer retail, ecommerce, and F&B.

As Luckin sets its sights on international expansion - with Singapore as its first step and the U.S. as the larger prize - the key question is no longer whether the model works in China, but whether this operating system can scale globally.

Inside Luckin Coffee is an industry intelligence report that dissects how Luckin actually works - from its unit economics and product engine, to its organisational structure and expansion constraints - and evaluates what its model means for the future of modern retail/F&B.

What’s covered in this report:

• How Luckin scaled from startup to almost 30,000 stores since 2019
• The post-scandal rebuild: what changed operationally, structurally, and culturally
• Why Luckin operates more like an ecommerce platform than a coffee chain
• The role of data, app penetration, and R&D in driving velocity and retention
• How Luckin’s model compares with established U.S. coffee chains
• Whether its advantages translate outside China — and where friction will emerge

Key themes and insights:

• Luckin’s core asset is not brand alone, but a repeatable, data-driven retail system
• Product velocity is a strategic weapon: >100 SKUs launched each year
• Unit economics are optimised through standardisation, automation, and demand visibility
• Many overseas challenges are solvable at the product and execution layer
• The true constraint to global expansion is organisational, not consumer demand
• POP-Leadership analysis highlights where Luckin is structurally strong - and where it is not

This report is designed for decision-makers including:

• Consumer, retail, and F&B executives evaluating scalable operating models
• Founders and operators building app-first, system-driven retail businesses
• Investors tracking next-generation consumer platforms from China
• Strategy and expansion teams assessing cross-border replication risks

How leaders use this report:

• To understand what actually makes Luckin different from traditional F&B chains
• To pressure-test assumptions around store scaling, product velocity, and unit economics
• To evaluate whether China-native consumer platforms can win in mature Western markets
• To extract transferable lessons for building data-driven, high-replication businesses

Download Inside Luckin Coffee to understand how a modern consumer platform is built, scaled, and stress-tested - and what Luckin’s trajectory reveals about the future of global F&B and retail.