According to consulting firm Momentum Works, TikTok Shop’s gross merchandise value (GMV) in the Southeast Asian market reached $16.3 billion in 2023, growing nearly fourfold YoY. Meanwhile, Shopee, which holds the largest share of the Southeast Asian e-commerce market, saw its GMV reach $55.1 billion, a 15% increase. In contrast, Alibaba-owned Lazada’s GMV decreased by 6.5% to $18.8 billion. Last year, TikTok announced a multi-billion dollar investment in Southeast Asia and acquired a 75.01% stake in Indonesia’s largest e-commerce platform Tokopedia for $840 million.