2024 Southeast Asia eCommerce Data: Monthly Updates (+ FREE Dataset Downloads)

TMO GroupApril 24, 2024
2024 Southeast Asia eCommerce Data: Monthly Updates (+ FREE Dataset Downloads)

Southeast Asia's huge demographic dividend, alongside its rising economy, high investment in the digital economy, and the widespread popularity of mobile devices, have all built a huge market base for cross-border eCommerce in Southeast Asia. As can be seen from our 2023 Southeast Asia eCommerce Outlook, Southeast Asian eCommerce has began to develop rapidly, and the overall sales of various countries are on the rise. Therefore, exporting to Southeast Asia is one of the choices that brands cannot miss when going overseas.

TMO's South East Asia Data Pack Series is released in the form of a free monthly downloadable as part of our comprehensive long-term data monitoring and collection services, and contain research data on SKUs, sales volumes, and revenue for major product groups sold on Lazada and Shopee, with this blog post acting as a one-stop hub that summarizes highlights from each release.

The country release 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).

March 2024 (Malaysia eCommerce Data)

The eCommerce market in Malaysia has experienced rapid growth in the past few years. According to Statista, the market size of eCommerce in Malaysia is expected to reach USD 19.84 billion in 2027. As the third-largest economy in Southeast Asia, Malaysians have a relatively high income compared with other 5 countries. According to research data, the average annual income per capita in Malaysia is 10,269 US Dollars, which ranked second just behind Singapore in the Southeast Asian region. In addition, 43.4% of the population of Malaysia are under 25 years old. This means that Malaysia may have great consumption potential and could be a good market for companies considering international expansion opportunities.

In March 2024, the total sales revenue of Shopee and Lazada in Malaysia reached approximately USD 530 million, showing an increase compared to December 2023. Electronics & Accessories, Apparel & Fashion, and Home & Furniture gained significant popularity in Malaysia. The following analysis will provide insights into the sales data for the month in Malaysia.

Highlights from this Issue

  • Platform Performance:  Shopee’s sales were higher than Lazada’s. In March 2024, Malaysia generated USD 500 million in sales on Shopee owing to the Ramadan promotion, ranking fourth among the six Southeast Asian countries. Malaysia has a large Muslim population. They reunite with their families and exchange gifts with relatives and friends during Ramadan, which may lead to a significant increase in consumer demand and drive eCommerce sales growth. Lazada’s sales revenue reached USD 31.3 million. Stay tuned to TMO as we continue to observe the trends in the entire Malaysian eCommerce market this year.
  • In terms of categories,  on the Shopee platform, Electronics & Accessories occupied the top spot in sales with a market share of 36.4%, followed by Apparel & Fashion and Home & Furniture, with market shares of 20.3% and 9.8% respectively. On the Lazada platform, the most popular category was TV & Home Appliances and Babies & Toys, accounting for a combined market share of approximately 76%.
  • Concerning best-selling products: In the Electronics & Accessories category on Shopee, smartphones were still the most popular electronic products. Overseas brands are more attractive to Malaysian consumers, with Apple phones occupying four out of the top five spots in the sales ranking. In the Apparel & Fashion category, Muslim fashion clothing gained great popularity, accounting for 42.4% of the market share.
    In the TV & Home Appliances category on Lazada, Malaysian consumers have the highest demand for vacuum cleaners. In the Babies & Toys category, milk formula and baby food were sold best. In the Electronics & Accessories category, the Chinese smartphone brand OPPO occupies both the first and second positions on the best-selling product list, indicating a strong appeal of Chinese brands to Malaysian consumers.

February 2024 (Thailand eCommerce Data)

In the wave of cross-border e-commerce sweeping Southeast Asia, Thailand is considered one of the most promising markets in this region, mainly due to its sizable young consumer base and growing middle-class population. According to the “Thailand – Country Commercial Guide” released by the U.S. Department of Commerce International Trade Administration in January 2024, Thailand has approximately 43.5 million e-commerce users, with 17-36 year-olds being the main force, accounting for 62% of Thailand’s e-commerce market. The influx of more young users has played a significant role in driving e-commerce sales in Thailand. In addition, affluent Thai online shoppers have strong brand awareness, and as this group continues to grow, it is bound to inject new vitality and business opportunities into the Thai e-commerce market.

The cross-border e-commerce market in Thailand is vibrant. According to the “Thailand – Country Commercial Guide,” cross-border e-commerce accounts for 30% of the entire Thai e-commerce market, and nearly half of online shoppers have experience shopping on cross-border e-commerce platforms. In February 2024, the total sales revenue of the two main platforms Shopee and Lazada in Thailand reached approximately 762 million.

Highlights from this Issue

  • Platform Performance:  Shopee’s sales are higher than Lazada’s. In February 2024, Shopee’s sales in the Thai market were 650 million, ranking fourth among the six Southeast Asian countries. Lazada’s sales revenue reached 110 million, also ranking fourth among the six countries. Keep an eye on TMO as we continue to observe the trends in the entire Thai e-commerce market this year.
  • In terms of categories,  on the Shopee platform, electronic products and accessories occupy the top spot with a market share of 31.5%, followed by clothing and fashion, and health and beauty, with market shares of 15.4% and 14.3% respectively. On the Lazada platform, the most popular category among consumers is home and living, accounting for 19.1% of sales, followed by health and beauty (14.9%) and women’s fashion and accessories (11.0%).
  • Concerning best-selling products:  In the electronic products and accessories category on the Shopee platform, smartphones are still the most popular electronic products. Thai consumers have a high brand preference, with Apple smartphones occupying three out of the top five spots in the sales rankings. It is worth noting that the sales revenue of home appliances accounted for around 40% market share, which was almost the same as that of electronic products and accessories. Chinese brands TCL and Hisense have entered the top five in the sales rankings. In the health and beauty category, weight management products are the best-selling products, and perfumes have gained great popularity on Lazada.

shopee-thailand-categories-by-revenue electronics-and-accessories-revenue-by-price-range

January 2024 (Indonesia eCommerce Data)

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.

Highlights from this Issue

  • 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.
  • Concerning 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.

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, as well as customized reports, 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!

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