TikTok Shop surpasses Tokopedia to become the second-largest e-commerce platform in Southeast Asia in 2023, according to a Momentum Works report.

Shopee still maintained its dominant position with a GMV of US$55.1 billion, securing a 48 per cent market share.

TikTok Shop, which quadrupled its annual GMV to US$16.3 billion in 2023, is now at the same scale as Lazada and Tokopedia. TikTok Shop’s merger with Tokopedia pits it against Shopee at a similar scale.