Once Number One, Tokopedia Now Lags Far Behind After Being Swallowed by TikTok
In the midst of Southeast Asia’s e-commerce industry growth, not all players are achieving similar results.
The latest Ecommerce in Southeast Asia 2026 report from Momentum Works shows that Tokopedia’s position is at the very bottom among major players in 2025.
Overall, the e-commerce market in the region reached a value of US$157.6 billion in 2025, growing 22.8% annually.
Based on 2025 GMV data, Tokopedia recorded the smallest figure, at around US$9 billion, placing it at the bottom in the competition among major platforms in Southeast Asia.
Shopee still leads with US$83.2 billion, followed by TikTok Shop at US$45.6 billion, and Lazada at around US$18 billion.
Interestingly, TikTok Shop has become the new star. The platform recorded a GMV surge of more than double compared to 2024.
When combined with Tokopedia, now under its control, TikTok’s overall e-commerce GMV in Southeast Asia reaches 65.7% of Shopee’s.
On the other hand, Lazada has chosen a different strategy by focusing on high-value products, which has increased the average order value (AOV). This approach is starting to show results, particularly in mature markets like Singapore, Thailand, and the Philippines.
ByteDance took control of Tokopedia from GoTo in December 2023. This step was taken to allow TikTok Shop to operate again in Indonesia. After the share acquisition, TikTok owns 75.01% of Tokopedia’s shares, while GOTO’s ownership in Tokopedia is 24.99%.
ByteDance invested capital worth US$1.5 billion, or approximately Rp23.38 trillion, in PT Tokopedia. This corporate action will combine the Tokopedia and TikTok Shop Indonesia businesses under PT Tokopedia, with TikTok controlling PT Tokopedia.
Since the acquisition, the e-commerce company has become the manager of the Tokopedia and TikTok Shop e-commerce platforms. TikTok Shop in Indonesia is ByteDance’s second-largest e-commerce business after China and the United States.
The Chinese company was then reported to be carrying out major efficiencies just a few months after the acquisition.
Based on information obtained by CNBC Indonesia from sources in the know, a total of around 420 employees were affected by layoffs in mid-August 2025.
Around 240 workers were laid off in August after the company had previously reduced 180 employees in July. The workforce cuts reportedly covered several divisions, from information technology (IT), customer care, to order fulfilment teams and warehouses.
This efficiency measure was taken amid efforts by TikTok and Tokopedia to strengthen integration post-merger, while facing intense competition in Indonesia’s e-commerce industry.
TikTok was also rumoured to plan to shut down the Tokopedia app. However, this news has been denied by the company.