The Straits Times are reporting on a study conducted by Singapore-based venture firm Momentum Works, which found that Indonesia was the biggest online spender in South-East Asia in 2022, accounting for 52-percent of the region’s gross merchandise value (GMV), which refers to the value of goods sold via e-commerce platforms.
The amount was calculated based on the spendings of Malaysia, the Philippines, Singapore, Thailand and Vietnam. The total GMV in 2022 was reported to be USD 99.5-billion with Indonesia recording USD 51.9-billion, which is nearly thirteen times more than that of Singapore.
Momentum Works conducted its research using a variety of methods, including the analysis of publicly available data and gathering information from contacts in the e-commerce industry, say The Straits Times.
The firm found that Shopee was the largest e-commerce player in South-East Asia, clocking close to half of the total GMV in 2022 at USD 47.9-billion, followed by Lazada at USD 20.1-billion, Tokopedia at USD 18.4-billion and TikTok Shop at USD 4.4-billion.
The Straits Times say that the report made a special mention of TikTok Shop, noting how the app and its parent company ByteDance have been putting in efforts to expand into the region.
Momentum Works said that the app is reportedly targeting to more than triple its regional GMV, but whether it can actually achieve that is uncertain. In 2021, TikTok’s GMV in South-East Asia was USD 600-million. This grew by USD 3.8-billion to USD 4.4-billion in 2022.
According to The Straits Times the report is the first instalment of Momentum Works’ E-commerce in South-East Asia series and it showed that GMV in the region totalled USD 99.5-billion in 2022, up from USD 87.1-billion in 2021 and USD 54.8-billion in 2020.
Source: The Straits Times