Southeast Asia Ecommerce Forecast 2023

Global Economic Uncertainties Put Pressure on Ecommerce Growth

Report by Man-Chung Cheung  | UPDATED: Dec 22, 2023

Ecommerce Forecasts 2023

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Executive Summary
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Table of Contents
Executive Summary
Retail and ecommerce sales growth will stutter in Southeast Asia due to economic uncertainty.
Shopee leads the way in Indonesia, Southeast Asia’s most vibrant ecommerce market.
The Philippines and Malaysia will emerge as growth leaders.
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About This Report
Retail ecommerce sales growth in Southeast Asia, which has been blazing ahead in recent years, is set for a slowdown as the global economy faces challenges and tech funding shrinks. This year, the Philippines and Malaysia will lead the region in growth.
Topics
Retail Sales
Retail Ecommerce Sales
Digital Shoppers & Buyers
Southeast Asia
Table of Contents
Executive Summary
Retail and ecommerce sales growth will stutter in Southeast Asia due to economic uncertainty.
Shopee leads the way in Indonesia, Southeast Asia’s most vibrant ecommerce market.
The Philippines and Malaysia will emerge as growth leaders.
Sources
Media Gallery

Southeast Asia has been one of the brightest spots for retail and ecommerce sales growth globally. But it will confront a deceleration in both this year due to mounting global economic uncertainties. While Indonesia will continue to tower above other countries in the region in ecommerce sales, the Philippines and Malaysia will set the pace for growth.

Key Question: How quickly will retail ecommerce sales grow in Southeast Asia over the next five years, and which countries will see the fastest growth?

Retail Ecommerce Sales in Southeast Asia, 2022-2026 (billions and % change)
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KEY STAT: Retail ecommerce sales growth in Southeast Asia will slip from 21.6% in 2022 to 13.5% in 2023, with a gradual ease into single-digit territory in 2025.

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Table of Contents

  1. Executive Summary
  2. Retail and ecommerce sales growth will stutter in Southeast Asia due to economic uncertainty.
  1. Shopee leads the way in Indonesia, Southeast Asia’s most vibrant ecommerce market.
  2. The Philippines and Malaysia will emerge as growth leaders.
  1. Sources
  2. Media Gallery

Charts in This Report

Retail Ecommerce Sales in Southeast Asia, 2022-2026 (billions and % change)Total Retail vs. Retail Ecommerce Sales Growth in Southeast Asia, 2019-2024 (% change)
Tech Fundings in Southeast Asia, by Country, 2016-2023 (billions)Total Retail and Retail Ecommerce Sales Growth Worldwide, by Region
Retail Ecommerce Sales Penetration in Southeast Asia, by Country, 2023 (% of total retail sales)Retail Ecommerce Sales in Indonesia, by Company, 2020-2024 (billions and % change)
Retail Ecommerce Sales Share in Indonesia, by Company, 2020-2024 (% of total retail ecommerce sales)Digital Buyers in Indonesia, 2023-2027 (millions, % change, and % of population)
Retail Ecommerce Sales in Southeast Asia, by Country, 2023-2027 (billions and % change)Digital Buyer and Retail Ecommerce Sales Penetration in the Philippines, 2023-2027 (% of population and % of total retail sales)

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First Published on Aug 10, 2023

authors

Man-Chung Cheung

Contributors

Sky Canaves
Senior Analyst, Retail & Ecommerce
Vivian Dong
Associate Forecasting Analyst
Jennifer Merritt
Vice President, Content