JAKARTA — TikTok's chief executive said Thursday (June 15) the company would pour billions of dollars into Southeast Asia in the coming years, as a report showed its nascent venture into online shopping is paying off.
The popular video-sharing app's e-commerce affiliate has gained a substantial market share in the region just a year after its launch.
While it lagged older rivals Shopee and Lazada, TikTok Shop posted the fastest growth rate, expanding its gross merchandise value – the total value of goods sold, including cancelled, returned and refunded orders – sevenfold to $4.4 billion last year from just $600,000 in 2021. From Indonesia, TikTok Shop"aggressively expanded into five additional Southeast Asian markets, many of which boasted large populations of TikTok users" and invested to improve its e-commerce capabilities, Ms Chen added.Overall, the GMV of the region's nine top e-commerce platforms was valued at almost $100 billion in 2022, up 14 per cent on-year, led by Singapore-based Shopee and Lazada, a subsidiary of China's Alibaba Group.
The return of offline shopping after Covid-19 restrictions were lifted led to a moderation in e-commerce sales, but it is expected to continue growing, the report said.
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