The newly released Southeast Asia E-commerce 3.0 report by Momentum Works shows that the region's total gross merchandise value (GMV) across e-commerce platforms reached US$128.4 billion in 2024, up 12% year-on-year. On average, the region processed 43.6 million online orders per day, approaching the scale of the US market.

Shopee, Lazada and TikTok Shop accounted for more than 90% of total order volume, with Vietnam being one of the top five markets in the region alongside Thailand (US$23.5 billion), Malaysia (US$11.5 billion), the Philippines (US$16 billion) and Singapore (US$4.9 billion). Thailand and Malaysia led in growth, posting 22% and 20% increases respectively.

Indonesia remains the region’s largest e-commerce market, with US$56.5 billion in GMV and a 44% market share. However, its growth slowed to just 5% due to ongoing platform mergers.

In Vietnam, the e-commerce landscape is dominated by three major platforms. Shopee holds the largest market share, commanding 65% of GMV (around US$10.4 billion), followed by TikTok Shop at 28% (US$4.5 billion), Lazada at 6% (US$1 billion) and Tiki at 1% (nearly US$200 million).

Beyond major platforms, other digital commerce channels such as brand websites, multi-brand retailers, social media and messaging apps like WhatsApp contributed an additional US$16.8 billion to the region’s total e-commerce value.

The report also noted a resurgence of Chinese consumer brands in Southeast Asia. These brands are returning with upgraded products and more localised strategies to capture key market segments.

Momentum Works forecasts that Southeast Asia’s e-commerce sector could generate an additional US$131 billion in transaction value by 2030 if businesses effectively adopt artificial intelligence across sales, operations, logistics and customer service.

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