TikTok is owned by Chinese technology giant ByteDance.
Overall, the GMV of the region’s nine top e-commerce platforms was valued at almost US$100 billion in 2022, up 14 per cent on-year, led by Singapore-based Shopee and Lazada, a subsidiary of China’s Alibaba Group.
Shopee, a unit of Singapore’s Sea, accounted for US$47.9 billion of that, a 13 per cent increase, the report said.
Lazada was at a distant second with US$20.1 billion, down from US$21 billion in 2021.
Tokopedia, which solely serves the Indonesian market, was in third place with US$18.4 billion.
Indonesia remains Southeast Asia’s largest e-commerce market, accounting for 52 per cent of the region’s total GMV.
The return of offline shopping after COVID-19 restrictions were lifted led to a moderation in e-commerce sales, but it is expected to continue growing, the report said.
It noted that the region may benefit from Chinese brands and manufacturing firms expanding into other countries as they reduce reliance on the US market and escape rising competition at home.
“That might be a real game changer for Southeast Asia’s ecommerce landscape, which has for a long time suffered from a lack of variety of goods,” it said.
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