(Yicai) April 15 -- E-commerce platforms operating in Southeast Asia had a 23 percent increase in gross merchandise volume last year to CNY1 trillion (USD157.6 billion), led by Shopee, Lazada, and TikTok Shop, according to a new report.

The trio -- Shopee, owned by Singapore-based internet giant Sea, Alibaba-backed Lazada, and ByteDance-owned TikTok Shop -- had a combined 99 percent share of the regional market, per the 2026 Southeast Asia E-commerce Report released by Momentum Works, a venture builder and operator.

TikTok Shop, when combined with its Indonesian subsidiary Tokopedia, had a GMV equivalent to two-thirds of that of Shopee’s, the report noted, adding that Lazada has shifted to a brand-centric strategy.

The e-commerce platforms have moved from large-scale expansion to more refined operations, featuring improved control over demand creation, delivery efficiency, and profit margins, the report said. Other global brands are also continuing to expand their presence in the SE Asian market, it said.

In line with global trends, artificial intelligence is becoming more prominent in the region’s e-commerce sector, and is expected to reshape the market landscape, the report said. 

For instance, Lazada had a total user base of nearly 100 million for its AI shopping assistant last year, and over half of its product pages offered AI technology. Also, more than 330,000 of Lazada’s online vendors offered AI customer services. 

Chinese brands have been expanding their business in SE Asia, with over 8,000 brands from Alibaba’s Tmall platform having also joined Lazada since September last year. Their GMV quickly surpassed USD100 million during the startup period, the report said.

The report shows that in terms of GMV growth rates, Thailand and Malaysia are in the lead, with year-on-year growth of 52 percent and 48 percent, respectively. Vietnam, the Philippines, and Singapore all achieved double-digit growth of more than 20 percent.

Editor: Tom Litting