TikTok Shop, a rising threat to Shopee and Lazada in Southeast Asia [MSNBC.com]
Similarweb Ltd. Ordinary Shares (SMWB)
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Source: MSNBC.com
Key PointsA merchant sells crystal ornaments via a TikTok broadcast.CFOTO | Future Publishing | Getty ImagesTikTok Shop is a rising threat to major e-commerce players such as Shopee and Lazada in Southeast Asia.It comes as its parent ByteDance pushes the short video app in markets outside the U.S. and India to create alternative revenue streams.TikTok Shop is the e-commerce marketplace of short video app TikTok, which is owned by Chinese tech giant ByteDance. The shopping app enables merchants, brands and creators to showcase and sell their goods to users.In 2022, TikTok Shop expanded to six Southeast Asian countries — Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand."TikTok continues to grow rapidly in Southeast Asian countries. We estimate that TikTok's 2023 [gross merchandise value] will reach 20%~ of Shopee, which we suggest prompted Shopee to defensively increase sales and marketing since April," said Shawn Yang, analyst at Blue Lotus Research Institute, in
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