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Southeast Asia Ecommerce & Social Commerce 2026 Report
Market size, platform competition, social commerce, payments and regulation across Southeast Asia. November 2026 update edition.
Updated November 202646 pagesPDFBy Tom Simpson
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Key findings
Growing faster again
Momentum Works put SEA total ecommerce GMV at USD 185.5 billion in 2025,[4] while e-Conomy SEA 2026 forecasts USD 226 billion in 2026, up 18%.[1] The two figures come from different publishers and are not on a common base.
Content commerce is a third of GMV
Video and live formats generated 32% of platform GMV in 2025, up from 20% a year earlier[3] (Momentum Works).
TikTok Shop doubled again
TikTok Shop’s SEA GMV reached USD 45.6 billion in 2025,[2] roughly ten times its 2022 level[5] and 71% of its global total.[2]
Shopee held its lead and its profits
Shopee kept 53% of regional platform GMV[3] and lifted adjusted EBITDA to USD 880.6 million in 2025.[6]
Growth moved away from Indonesia
Thailand (+51.8%) and Malaysia (+47.6%) led 2025 growth[3] while Indonesia’s platform GMV grew about 2%.[4]
Regulation is now operating reality
Vietnam’s E-Commerce Law took effect in July 2026[7] and Indonesia began taxing marketplace sellers at source in October.[8]
Platform credit is scaling fast
Sea’s consumer and SME loan book reached USD 9.2 billion at the end of 2025, up 80% year on year.[6]
What’s inside
- Executive Summaryp. 3
- 2026 Update: What Changed Since Marchp. 5
- Market Contextp. 9
- Ecommerce Market Deep Divep. 14
- Social Commerce & Live Shoppingp. 19
- Payments & Consumer Technologyp. 25
- Opportunities & Challengesp. 28
- Company Profilesp. 32
- Data Appendixp. 39
- Methodology & Sourcesp. 44
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- e-Conomy SEA 2026: Southeast Asia’s digital economy to hit US$368bn as AI usage trails adoption — CRN Asia, 2026-10
- TikTok’s Southeast Asia doubles GMV year-on-year to $45.6B in 2025 — TNGlobal (TechNode Global), 2026-02-11
- [New report] Southeast Asia’s platform ecommerce reaches US$157.6B in 2025, with top platforms expanding share to 98.8% — Momentum Works (The Low Down), 2026-04-14
- Southeast Asia’s ecommerce market up 22.8 percent year-on-year to $157.6B in 2025: Momentum Works — TNGlobal (TechNode Global), 2026-04-14
- TikTok’s SE Asia e-commerce venture nets US$4.4bil — Free Malaysia Today (AFP), 2023-06-15
- Sea Limited Reports Fourth Quarter and Full Year 2025 Results — Sea Limited (Business Wire), 2026-03-03
- E-commerce Law takes effect on July 1, paving way for more transparent digital marketplace — Vietnam Law & Legal Forum, 2026-07-01
- Attention! Shopee to Tokopedia Begin Levying 0.5% Tax Today — DDTCNews, 2026-10-02