TikTok Shop’s Southeast Asian Market Share Will Reach 13.9% In 2023
Jayson 22 Nov 2023 08:48
"MomentumWorks" recently updated its forecast for TikTok Shop's share of the Southeast Asian e-commerce market. Although TikTok Shop has been shut down in Indonesia, its share of the entire Southeast Asian e-commerce market will still rise.
It is understood that in July this year, MomentumWorks predicted in the "The TikTok Shop Playbook" report that TikTok Shop's market share will reach about 13.2% by 2023. After the ban was enacted, MomentumWorks adjusted this forecast to 13.9%.
According to MomentumWorks officials, in the last few months before the ban was implemented, TikTok's performance and growth in Southeast Asia actually exceeded expectations, allowing their GMV this year to exceed the US$15 million target.
It is worth mentioning that TikTok Shop recently released its 11.11 performance report in Southeast Asia e-commerce. The report shows that the total GMV increased by 5 times compared with the same period last year, of which the Philippines increased by 3 times, Thailand increased by 10 times, Malaysia increased by 3 times, Vietnam increased by 8 times, and Singapore increased by 2 times.
In addition, the volume of payment orders increased by 651% year-on-year, the number of merchants participating in dynamic sales increased by 1,601% year-on-year, the number of participating merchants in dynamic sales increased by 1,976%, and the GMV of cross-border ongoing merchants increased by 631% .
In terms of shelves, the total exposure of goods reached 1.72 billion. Compared with May this year, the GMV of mall payment increased by 394%, and the number of mall payment users increased by 435%. In terms of content, the cumulative duration of live broadcasts exceeded 900,000, the number of short video views reached 1.465 billion, and the number of event topic views reached 27.5 million.
It is understood that in July this year, MomentumWorks predicted in the "The TikTok Shop Playbook" report that TikTok Shop's market share will reach about 13.2% by 2023. After the ban was enacted, MomentumWorks adjusted this forecast to 13.9%.
According to MomentumWorks officials, in the last few months before the ban was implemented, TikTok's performance and growth in Southeast Asia actually exceeded expectations, allowing their GMV this year to exceed the US$15 million target.
It is worth mentioning that TikTok Shop recently released its 11.11 performance report in Southeast Asia e-commerce. The report shows that the total GMV increased by 5 times compared with the same period last year, of which the Philippines increased by 3 times, Thailand increased by 10 times, Malaysia increased by 3 times, Vietnam increased by 8 times, and Singapore increased by 2 times.
In addition, the volume of payment orders increased by 651% year-on-year, the number of merchants participating in dynamic sales increased by 1,601% year-on-year, the number of participating merchants in dynamic sales increased by 1,976%, and the GMV of cross-border ongoing merchants increased by 631% .
In terms of shelves, the total exposure of goods reached 1.72 billion. Compared with May this year, the GMV of mall payment increased by 394%, and the number of mall payment users increased by 435%. In terms of content, the cumulative duration of live broadcasts exceeded 900,000, the number of short video views reached 1.465 billion, and the number of event topic views reached 27.5 million.
