TikTok Shop nearly quadruples annual gross merchandise value in 2023, new report finds

This makes it the second largest ecommerce platform in Southeast Asia, while Shopee stays ahead with US$55.1 bil GMV.

TikTok Shop emerged as the second largest ecommerce platform in Southeast Asia, after it nearly quadrupled its annual gross merchandise value (GMV) to US$16.3 billion ($21.91 billion) in 2023. This is according to a new report by Singapore-headquartered venture builder and insights research firm Momentum Works on July 16. 

Meanwhile, Shopee has achieved US$55.1 billion in GMV in 2023, retaining 48% of its market share. Lazada’s GMV for the year came in at US$18.8 billion. 

The report notes that Temu, Pinduoduo’s global arm, entered Malaysia and the Philippines in 2023. It’s estimated GMV came in at less than US$0.1 billion. 

The report finds that Vietnam and Thailand are the fastest growing ecommerce markets in 2023, as the total GMV of the eight Southeast Asia leading ecommerce platforms reached US$114.6 billion last year, up 15% y-o-y.