Top spender Indonesia accounted for over half of online purchases in S-E Asia in 2022: Study
Indonesia topped online spending for Southeast Asia in 2022, accounting for more than half of the region’s purchases on digital platforms, according to a report by Singapore-based venture firm
Momentum Works.
The report analysed spendings across Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Total Gross Merchandise Value (GMV) in the region, which refers to the value of goods sold via e-commerce platforms, hit US$99.5 billion, up from US$87.1 billion in 2021 and US$54.8 billion in 2020. Southeast Asia’s total GMV is projected to increase to US$175 billion in 2028.
Indonesia accounted for 52 percent of the figure in 2022, with GMV totalling US$51.9 billion.
Shopee is the most commonly used e-commerce platform in the region, with total GMV in 2022 at US$47.9 billion.
TikTok, meanwhile, has been gaining ground in the region through
TikTok Shop. It reportedly aims to more than triple its GMV in the region.
Going forward, online spending could be impacted by various factors such as the resumption of retail shopping, inflation, rising interest rates and the rise in commodity prices, the report states.
- Total ecommerce platform GMV in Southeast Asia grew 1.8 times from 2020 to 2022, totalling ~ US$ 100B;
- Shopee and Lazada are the top 2 ecommerce platforms in most countries, except Indonesia
- Indonesia contributes 52% of the region’s GMV; while Singapore and Malaysia lead in GMV per capita;
- Southeast Asia’s total GMV is projected to be US$175 billion in 2028, under a normal scenario with the potential of upside to US$232 billion under the best case scenario.
Southeast Asia’s ecommerce sector endured strong headwinds in 2022. Despite all these, growth and competition continue, with the
total GMV of Southeast Asia’s 9 leading ecommerce platforms reaching US$ 99.5 billion in 2022, 1.8 times that of 2020 – the first year of the pandemic.
Purchase Momentum Works’
Ecommerce in Southeast Asia 2023 report for the breakdown of these numbers, and more importantly the insights connecting the dots behind.
Total ecommerce platform GMV in Southeast Asia grew 1.8 times from 2020 to 2022, totalling ~ US$ 100B; Shopee and Lazada are the top 2 ecommerce platforms in most countries, except Indonesia Indonesia contributes 52% of the region’s GMV; while Singapore and Malaysia lead in GMV per capita...
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