Indonesia eCommerce sales estimates (January 2024)

Indonesia Market

For the beginning of the New Year, we have chosen the Indonesian market–which is the most popular among our readers–as the opening piece of this year’s Southeast Asia eCommerce data report.

According to the World Bank in its report “Indonesia’s Economic Prospects” for the second half of 2023, Indonesia’s economic growth remained strong, and in 2024, the economy is expected to grow by 4.9%, with inflation on a downward trend, which is set to decline further from 3.7% to an average of 3.2%, and a stable currency. Private consumption is expected to be the main driver of economic growth in 2024.

With a large and fast growing population of over 270 million people and a large consumer base, Indonesia has made the country an attractive market for many cross-border outbound businesses. In January 2024, Indonesia’s Shopee and Lazada platforms had combined sales of more than US $1 billion.

Highlight

Platform Performance: Shopee’s sales are higher than Lazada’s. In January 2024, Shopee’s sales in the Indonesian marketplace were US $980 million, still occupying the top spot in Shopee’s six countries. On the other hand, it slipped to fifth place in Lazada’s sales rankings at US $510 million, due to local Indonesian e-commerce platforms Tokopedia and Tiktok joining forces and making a push to capture market share. Stay tuned to TMO as we continue to monitor the trends across the Indonesian market this year.

In terms of categories, on the Shopee platform, apparel and fashion, electronics and accessories, and health and beauty ranked first, second, and third, respectively, with sales shares of 31%, 18.6%, and 18.5%. On the other hand, for Lazada, the overall category distribution is relatively even, the top three most popular categories are: Home and Living supplies, Health and Beauty, and Women’s Fashion and Accessories, with a sales share of 14.1%, 14% and 11.8% respectively.

With regards to best-selling products: In the Electronics & Accessories category on Shopee, cell phones and accessories generated 67.8% of the sales value. Among them, various Xiaomi Redmi phones, as well as the Infinix Note 30 Pro made it into the top 5 sellers. in the Health & Beauty category, we note that two products from Canadian beauty brand SKINTIFIC made it into the top 5 sellers.

What is in this datapack

In the data pack, we provide our estimates of the Shopee and Lazada sales for January 2024 (separate file for each platform) for the Indonesia market, broken down by product categories.

We provide numbers such as total SKUs with sales, number of sales, revenue (both in local currency and USD), and distribution of sales by the price range of items. Where relevant, we show internal categories of product groups.

We list the top 5 products (by revenue) in each category, their price, sales volume, name, and picture.

Notification of Update

Starting February 2023, TMO no longer releases monthly South East Asia eCommerce sales estimates of the six Southeast Asian countries. Instead, we will refer to Shopee and Lazada’s marketing calendars to collect and publish sales estimates for the selected country each month. To enhance readers’ understanding of the top products, we will also translate the parts containing local languages into English.

The country plan for 2024 is as follows: Indonesia (January), Thailand (February), Malaysia (March), Vietnam (April), Indonesia (May), Singapore (June), The Philippines (July), Vietnam (August), Thailand (September), The Philippines(October), Singapore (November), and Malaysia (December).

At the same time, we will delve into various industries, continuously releasing industry outlooks to meet readers’ needs for focused attention on specific industries. In December 2022, TMO already published the first issue of Southeast Asia Cosmetics and Makeup Market Outlook. Furthermore, TMO will be introducing additional industry outlooks to furnish readers with comprehensive insights into segmented market trends, enabling them to make informed business decisions. Stay tuned!

If you are looking to dive deeper into Southeast Asia’s eCommerce market, look no further than our expert team! With our thorough research and analysis, you’ll gain a deep understanding of your niche, including market structure, size, and emerging trends. We’ll also provide invaluable insights on price ranges, top-selling items, and popular brands to help you stay ahead of the competition.

Get in touch today to learn more about how we can help you unlock the full potential of Southeast Asia’s eCommerce market!