E-commerce is the biggest segment, and sales are expected to reach US$185 billion this year, while revenue is projected to hit US$41 billion.
This was driven by significant economies of scale for leading platforms in the region, as well as the rapid expansion of video commerce.
“Shoppertainment” fuelled the growth of video commerce, which is expected to account for 25 per cent of e-commerce sales, compared with less than 5 per cent in 2022.
Mr Florian Hoppe, a partner at Bain and Company, a global consultancy, said buyers want to engage with sellers.
“These creators, they put up 30 plus monthly videos, engage constantly, they need to be relatable,” he said.
Online travel was the next biggest segment of Southeast Asia’s growing gross merchandise value, with growth supported by high airfares and accommodation rates as well as the relaxation of visa schemes.
