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

TMO Group TMO Group

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).

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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