Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region. This article covers six core Southeast Asian markets: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Cube tracks GMV across Shopee, Lazada, and TikTok Shop of all six core Southeast Asian markets on a monthly basis. This article draws on that data to give brands, investors, and e-commerce teams a current picture of where each platform stands and where each is heading.
Source: Cube Tradewinds Q4 2025 dataset. All figures are estimates covering physical goods GMV. They do not represent total e-commerce in Southeast Asia.
The market is growing, but not evenly
Combined GMV across the three platforms grew 22% in 2025. That is a strong headline. But it obscures three very different trajectories running simultaneously. One platform is growing steadily, one is accelerating sharply, and one is contracting across every market it operates in.
Shopee remains the largest platform by a significant margin, holding 59% of the combined platform GMV in FY 2025. Its 18% year-on-year growth is consistent and broad-based across all six markets. It is not losing ground in absolute terms. It grew by more than USD 14 billion in GMV during 2025 alone.
TikTok Shop is the fastest-growing platform, expanding 66% in 2025 to reach 31% of combined platform GMV, up from 23% the year before. Each percentage point it gains represents a material shift in where consumer spending flows across the region.
Lazada declined 28% in 2025, bringing its share of combined platform GMV down to 9% from 16% in 2024. Crucially, this decline was not seasonal or cyclical. It continued through Q4, the peak quarter, when every other platform recorded its strongest performance of the year.
Three platforms, three different stories
Three platforms, three different stories
Shopee: scale, habit, and tightening operations
Shopee’s competitive position rests on something harder to displace than GMV share alone: purchase frequency. Across the region, the pattern is similar. Shopee is not just where Southeast Asian consumers spend the most; it is where they shop most habitually, and habit compounds over time.
Operationally, Shopee spent 2025 building infrastructure that makes its position harder to challenge. The rollout of Instant Mart; sub-4-hour delivery leveraging ShopeeFood reached Malaysia and the Philippines by the end of Q4 2025. Its VIP membership programme deepened across markets. And its Seller Panel data shows that Shopee-native payment methods now account for a growing share of transaction volume, reducing the platform’s dependence on third-party payment infrastructure.
None of these moves change the GMV number in the short term. They do make Shopee’s ecosystem progressively stickier for both buyers and sellers.
TikTok Shop: acceleration, not stabilisation
The most important thing to understand about TikTok Shop’s 2025 performance is that it did not decelerate. Platforms that grow rapidly in early adoption phases typically slow as penetration increases. TikTok Shop grew faster in 2025 than it did in 2024 across the region’s largest markets. Its Q4 2025 growth rate was its strongest quarter of the year.
The driver is structural, not promotional. TikTok Shop’s live-selling infrastructure creates a discovery-to-purchase loop that standard marketplace listings cannot replicate. Beauty and personal care, a category that converts well through demonstration is TikTok Shop’s largest category by GMV across the region. As more categories prove they can convert through live commerce, the platform’s addressable share of consumer spending expands.
The implication for brands is direct: TikTok Shop is not a test channel. It is a channel where structural growth is still underway, and the brands building live-selling operations now are establishing positions that will be significantly harder to replicate in two years.
Lazada: narrowing focus, unresolved trajectory
Lazada’s 2025 performance raises a question that the data alone cannot answer: whether the decline reflects a deliberate strategic repositioning or a loss of competitive ground that has not yet been arrested.
What is clear from the data is that Lazada has shifted its focus toward LazMall and branded merchants. Its average order value is the highest of the three platforms, suggesting its remaining GMV is concentrated in higher-ticket, authenticity-sensitive categories. Electronics and appliances, where LazMall’s brand authentication infrastructure is most valued, is where Lazada retains its clearest structural advantage.
What is also clear is that this repositioning has not yet stabilised its GMV trajectory. Cube’s Tradewinds Subscriber Bulletin (March 2026) notes that Lazada’s Q4 decline extended across SEA-6 during a period when competing platforms both grew, and that recovery will require more than cyclical tailwinds.
What this means for brands operating across SEA
What this means for brands operating across SEA
The platform mix has changed and budgets should reflect that. A strategy built on equal weight between Shopee and Lazada no longer reflects where consumer GMV actually flows. Shopee at 59% of combined platform GMV is the primary volume channel for most categories. TikTok Shop at 31% and growing is a strategic priority, not an experiment. Lazada at 9% warrants selective investment, concentrated in categories where its LazMall positioning is most valued.
Performance varies significantly by market. The six markets Cube tracks, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam, do not move in lockstep. Each platform’s growth rate, category mix, and competitive dynamics differ meaningfully from one market to the next. A single SEA-wide channel strategy applied uniformly across all six will underperform in every one of them. Country-level allocation decisions informed by country-level data produce better outcomes than regional averages.
Track Southeast Asia e-commerce data with Cube
Track Southeast Asia e-commerce data with Cube
Cube’s Tradewinds dataset provides monthly GMV and NMV estimates across Shopee, Lazada, and TikTok Shop for all six core SEA markets, with historical data from 2022. Our Astro category tracker provides brand and SKU-level sales tracking, competitive benchmarking, and pricing intelligence for brands operating across platforms in Southeast Asia.
Disclaimer: The views expressed in this article are subjective and reflect the perspectives of the authors at the time of writing. They may change over time as new information becomes available. The data underlying these perspectives has been collected outside-in on a best effort basis. The sources used could not always be independently verified, and the accuracy of this data is not guaranteed. This article is intended solely for informational purposes and does not constitute financial or investment advice.
Frequently Asked Questions
Frequently Asked Questions
What is Shopee's market share in Southeast Asia?
Based on Cube’s Tradewinds dataset, Shopee held 59% of combined platform GMV across Shopee, Lazada, and TikTok Shop in SEA-6 in 2025. Its GMV grew 18% year-on-year, making it both the largest and a consistently growing platform across the region. Note that these figures cover these three platforms only and do not represent total e-commerce in Southeast Asia.
How fast is TikTok Shop growing in Southeast Asia?
TikTok Shop grew 66% across SEA-6 in 2025, reaching 31% of combined platform GMV up from 23% in 2024. Growth accelerated through the year, with Q4 2025 recording an 82% year-on-year increase, the platform’s strongest quarterly performance.
Is Lazada still relevant in Southeast Asia?
Yes, but in a narrower role. Lazada holds 9% of the combined platform GMV in 2025, down from 16% in 2024. It retains the highest average order value of the three platforms and its strongest competitive position in electronics and premium branded categories through LazMall. For brands in authenticity-sensitive, higher-ticket categories, it remains a relevant channel.
Which Southeast Asian market is the largest for e-commerce?
Indonesia is the largest market by GMV across all three platforms, driven by the scale of its population and its role as Shopee’s and TikTok Shop’s largest individual market. However, growth rates vary significantly by market, and the fastest-growing markets in 2025 were not necessarily the largest.
Where can I access detailed country-level and category data?
Country-level GMV breakdowns, category-level data, quarterly trends, and brand and SKU-level insights are available through Cube’s Tradewinds and Astro products. Reach out to the Cube team to learn more.
