TikTok Shop Thailand's Single-day GMV Surpasses Indonesia's For The First Time

Consumer Staples Author: EqualOcean News, ChenZhiheng May 22, 2024 02:11 PM (GMT+8)

According to FostMoss data, TikTok Shop Thailand station has been increasing rapidly in the past week, and its one-day GMV has exceeded that of Indonesia for the first time, reaching 20 million dollars. Among them, the livestreaming in Thailand, the remarkable growth rate of livestreaming  and store broadcasting by the people is an important factor for the Thai station to realize the one-day GMV surpassing Indonesia.

Thailand is the second-largest e-commerce market in Southeast Asia and the second-largest station of TikTok Southeast Asia e-commerce. According to the 2023 Southeast Asia Internet Report jointly released by Google, Temasek, and Bain, in 2023, Indonesia's e-commerce GMV is about $62 billion, while Thailand occupies the second chair with $22 billion. Meanwhile, a report shows that as of December 2023, TikTok e-commerce Southeast Asia GMV exceeded $13 billion, of which Indonesia exceeded $4 billion and Thailand about $3.5 billion or so.

In Thailand, social media is booming, and the live broadcast industry is also very developed. When TikTok Shop, which has a social media origin and a complete e-commerce transaction chain, came to Thailand, it further catalyzed the development of live e-commerce.

“More than 2 million local businesses, most of which are SMEs, have registered on TikTok Shop because of its ability to connect businesses of all sizes with consumers and the wider TikTok community,” TikTok Shop Head of Fashion Category Jonah Ople said.

TikTok Philippines said growth was evident across all major commodities, including electronics, fashion, department stores, and fast-moving consumer goods such as food and hygiene products.

“Fashion and beauty are our biggest categories. In fashion, we are influenced by Western culture. A lot of our sellers reflect that, but also Filipiniana and Barong and show how to design them,” said Jonah Ople, TikTok Shop's head of fashion category.

Krungthai COMPASS estimates that Thailand's e-commerce market will continue to grow, reaching a level of Bt747 billion by 2025, with an average annual growth rate of 9.6 percent. Currently, there are 63.2 million Internet users in Thailand, representing 88% of the total population.