TikTok Shop has been taking Southeast Asia by storm. Since 2021, it has grown from a relatively small player to the 4th largest marketplace in the region in 2023 with about US$15 billion in sales. What’s more, its current growth rates place it well on pace to get into the top two in 2024.
It is basically redefining what social commerce should be for the region as a whole, as it is pairing its user base and content with an evolving marketplace.
Those growth expectations suffered in the second half of 2023, though, when Indonesia ruled that social media and commerce could not be combined in one platform in this way.
This was a significant blow for TikTok. Indonesia is not only the largest e-commerce market in Southeast Asia but the 8th largest in the world with 2023 e-commerce sales approaching US$100 Billion. Not only that but Indonesia is also one of the top 5 fastest growing e-commerce markets in the world.
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