TikTok e-commerce grows fourfold in ASEAN, narrows gap with Shopee

Combined with Tokopedia, ByteDance group takes second spot in $114bn market

TikTok has become a "very relevant player" in Southeast Asia's e-commerce sector, the CEO of Singapore-based consultancy Momentum Works says. © Reuters

TSUBASA SURUGA, Nikkei staff writer

July 16, 2024 07:00 JST

SINGAPORE -- TikTok, the viral short video app owned by China's ByteDance, is becoming one of the largest e-commerce platforms in Southeast Asia, a market long dominated by local players like Shopee and Alibaba's Lazada, an annual study released Tuesday showed.

The app's e-commerce platform TikTok Shop increased its gross merchandise volume (GMV) nearly fourfold from $4.4 billion in 2022 to $16.3 billion last year, the fastest growth rate among regional rivals, Singapore-based consultancy Momentum Works reports.