Shopee, Lazada lead SEA ecommerce growth: report

Market intelligence firm Momentum Works said in a report released on April 14, 2026, that Southeast Asia’s ecommerce platforms generated US$157.6 billion in gross merchandise value in 2025, up 22.8% year-on-year.

The firm estimated total ecommerce GMV at US$185.5 billion after adding about US$27.8 billion from non-platform channels, with platforms making up 85% of the market.

It said Shopee, Lazada, and TikTok Shop, including Tokopedia, held 98.8% of platform GMV, while Thailand and Malaysia were the fastest-growing markets at 51.8% and 47.6%, respectively.

🔗 Source: Momentum Works

🧠 Food for thought

Implications, context, and why it matters.

Competition is reshaping southeast asia ecommerce

Headline growth numbers miss how hard Shopee and TikTok Shop now compete 1.
Shopee holds 52% of gross merchandise value (GMV); TikTok Shop has 18% and grows 40-55% a year 1.
Vietnam stands out. TikTok Shop active sellers rose 96% in the first half of 2025, while Shopee active sellers dropped 32% 2.
Their pricing differs. Shopee average order value runs US$13–US$15. TikTok Shop sits at US$4.50–US$6.00, pulling in first-time buyers through low-cost impulse buys 1.

Growth raises costs for platforms and merchants

The fight for market share leaves ecommerce platforms under pressure to turn a profit 3.
Shopee and TikTok Shop have raised seller commission fees to lift margins 3.
In Vietnam, brands now need livestreaming or short-video shoppertainment to keep up. Shoppertainment refers to using entertainment-style videos and live broadcasts to drive shopping purchases 2.
Vietnam also tightened tax collection. Platforms must withhold value-added tax (VAT) and personal income tax (PIT) on certain sales made through their sites, which adds admin work for platforms and merchants 2.