Shopee, Lazada Market Share Declines While TikTok Shop Rises
Jayson 10 Nov 2023 12:30
Despite being banned in the Indonesian market, TikTok Shop's market share in Southeast Asia has continued to grow this year.
A Momentum Works report predicts that TikTok Shop's market share in Southeast Asia will increase by 70 basis points (bps) in 2023 compared with previous forecasts, in sharp contrast to the decline of e-commerce platforms such as Shopee, Lazada, Amazon, Tiki, and Bukalapak.
Specifically, TikTok Shop's market share in Southeast Asia is expected to reach 13.9% in 2023, exceeding the previous forecast of around 13.2%.
"Our latest estimate is that TikTok Shop will have a market share of 13.9% in Southeast Asia this year," the report said.
At the same time, Tokopedia's market share is expected to increase from 13.9% to 14.2%; Shopee's share fell by 60 basis points, from 46.5% to 45.9%; Lazada fell to 17.5% from 17.7%; others Platforms such as Amazon, Tiki, Bukalapak, etc. are also expected to drop from 8.7% to 8.6%.
According to previous reports, TikTok Shop has suspended operations in Indonesia since October 4. However, Momentum Works said the closure would have no impact on achieving its 2023 goals. TikTok's performance and growth are currently exceeding expectations, and the record proves it.
A Momentum Works report predicts that TikTok Shop's market share in Southeast Asia will increase by 70 basis points (bps) in 2023 compared with previous forecasts, in sharp contrast to the decline of e-commerce platforms such as Shopee, Lazada, Amazon, Tiki, and Bukalapak.
Specifically, TikTok Shop's market share in Southeast Asia is expected to reach 13.9% in 2023, exceeding the previous forecast of around 13.2%.
"Our latest estimate is that TikTok Shop will have a market share of 13.9% in Southeast Asia this year," the report said.
At the same time, Tokopedia's market share is expected to increase from 13.9% to 14.2%; Shopee's share fell by 60 basis points, from 46.5% to 45.9%; Lazada fell to 17.5% from 17.7%; others Platforms such as Amazon, Tiki, Bukalapak, etc. are also expected to drop from 8.7% to 8.6%.
According to previous reports, TikTok Shop has suspended operations in Indonesia since October 4. However, Momentum Works said the closure would have no impact on achieving its 2023 goals. TikTok's performance and growth are currently exceeding expectations, and the record proves it.
