Report: ASEAN e-commerce transaction value rises 22.8 percent in 2025

Singapore (ANTARA) - Southeast Asia’s e-commerce sector maintained strong momentum in 2025, with the gross merchandise value (GMV) of platforms rising 22.8 percent year-on-year to $157.6 billion (US$1 = Rp17,122), according to Singapore-based consultancy Momentum Works on Tuesday (14/4). In its fourth report titled “Ecommerce in Southeast Asia”, the firm stated that growth was propelled by leading platforms resuming expansion while continuing to improve infrastructure, order fulfilment capabilities, and customer experiences. However, the report noted that the industry is entering a new phase where competition is shifting from rapid expansion to greater control over demand generation, logistics, and margins. According to the report, Thailand and Malaysia emerged as the fastest-growing markets, recording GMV increases of 51.8 percent and 47.6 percent respectively. Other major markets, including Vietnam, the Philippines, and Singapore, posted double-digit growth exceeding 20 percent, while Indonesia remained the region’s largest e-commerce market with a 37 percent share, although growth slowed to 2.2 percent. The report highlighted that Southeast Asia has effectively become a three-player platform market dominated by Shopee, Lazada, and TikTok Shop, which collectively control 98.8 percent of platform GMV in 2025. Despite robust growth, the report warned that much of the region’s affordability is still supported by subsidies, coupons, and discounts rather than structural cost reductions, indicating that e-commerce prices have not yet reached their true lowest point. The report also mentioned that cross-border e-commerce demand remains resilient despite tightened regulations, with major players better positioned to adapt and expand their regional footprint. Looking ahead, the report identified artificial intelligence (AI) as the primary “disruptive force” shaping the future of e-commerce, particularly in areas such as content creation and demand generation, with large platforms expected to play a central role in its development and implementation.