Southeast Asia’s ecommerce gross merchandise value (GMV) reached US$145.2 billion in 2024, according to Momentum Works.

This represents a 12% year-on-year growth for platform-based ecommerce, while non-platform channels contributed US$16.8 billion.

Thailand and Malaysia experienced the highest growth rates, with GMV increases of 21.7% and 19.5%, respectively.

Indonesia remained the largest market, comprising 44% of the region’s GMV. However, its growth slowed to 5%.

Shopee maintained its leading position with a 52% market share, attributed to improvements in infrastructure and monetization strategies.

TikTok Shop continued to expand its presence by integrating with Tokopedia.

Meanwhile, Lazada reported positive EBITDA through its focus on quality products and AI investments.

🔗 Source: Momentum Works

🧠 Food for thought

1️⃣ Southeast Asia’s e-commerce market shifts from growth-at-all-costs to sustainable profitability

The region’s 12% growth rate in 2024 reflects a deliberate pivot toward profitability after years of aggressive expansion fueled by heavy subsidies and promotions.

Lazada’s achievement of positive EBITDA while stabilizing GMV demonstrates this new focus, particularly as it prioritizes high-quality assortment over pure volume growth.

Even with strong competition from TikTok Shop, Shopee’s emphasis on infrastructure upgrades and improved monetization (contributing to its parent company Sea Limited’s 69.51% revenue increase) shows this industrywide shift toward sustainable business models1.

This maturation phase parallels China’s e-commerce evolution a decade ago, where platforms eventually prioritized profitability metrics after years of subsidized growth.

2️⃣ Content-driven commerce reshapes the competitive landscape

The rise of live and video commerce to 20% of platform GMV represents a fundamental shift in consumer behavior across Southeast Asia, not just a temporary trend.