Top 5 Platform Ecommerce berdasarkan Wilayah — Temuan Riset (India & Asia Tenggara)

Tujuan: Input riset untuk laporan dwibahasa (ZH/EN) "Top 5 Ecommerce Platforms by Region." Metode: Hanya riset web; 34 pencarian dijalankan. Semua angka di bawah seperti dilaporkan oleh sumber yang dikutip; estimasi turunan ditandai secara eksplisit — tidak ada yang dikarang. Tahun data: India = FY2025 (Apr 2024–Mar 2025) kecuali dicatat; Asia Tenggara = CY2024 / CY2025 (laporan Momentum Works dipublikasikan Apr 2025 / Apr 2026).

Dasar peringkat & catatan metodologi

• INDIA: Tidak ada satu seri GMV teraudit (berbeda dari SEA). Peringkat menggunakan estimasi GMV/pangsa-pasar FY25 dari ICICI Securities (pangsa & pengguna), CLSA (Meesho), dan pengajuan perusahaan (Walmart/Flipkart, Amazon Seller Services, Eternal/Zomato, Swiggy). Total ritel online (e-retail) GMV ≈ US$65B pada 2025 (laporan WPP/MediaCom; lihat konteks pasar).
• Keputusan quick-commerce: Disertakan dalam Top 5. GOV tahunan Zepto (~US$4B, Apr 2025) dan GOV Blinkit (≈ GOV pengiriman-makanan Zomato Q4 FY25) setara atau di atas GMV Nykaa (≈₹17.000 cr ≈ US$2B) dan GOV Instamart. Myntra dikonsolidasikan dalam Flipkart Group untuk menghindari penghitungan ganda. Catatan: q-comm menggunakan GOV (termasuk kategori non-produk), jadi tidak sepenuhnya sebanding dengan GMV marketplace — diperlakukan sebagai kategori terpisah, pertumbuhan tercepat.
• SEA: Diperingkat berdasarkan GMV platform menurut Momentum Works Ecommerce in SEA 2026 (dipublikasikan 14 Apr 2026, data CY2025): total GMV ecommerce platform US$157,6B (+22,8% YoY); top-3 platform (Shopee, TikTok Shop, Lazada) = pangsa 98,8%. Baseline CY2024 (laporan sebelumnya): US$128,4B; top-3 = 84%.

Bagian 1 — INDIA

Konteks pasar

• E-retail India melewati US$65B pada 2025; diperkirakan pertumbuhan tahunan >20% hingga 2030 (laporan WPP/MediaCom): https://www.cnbctv18.com/business/indias-e-retail-crosses-65-billion-dollar-in-2025-nation-a-global-leader-in-q-commerce-report-ws-l-19884071.htm">CNBC TV18, https://one.news18.com/english/article/brand-marketing/indias-e-retail-soars-to-65-billion-in-2025-poised-for-20-annual-growth-sbe-1994885">News18, https://www.storyboard18.com/brand-marketing/indias-e-retail-scaled-to-over-65-billion-in-2025-to-grow-more-than-20-annually-ws-l-94885.htm">storyboard18.
• ICICI Securities: pasar ecommerce India dapat mencapai US$174–214B pada FY2030; Flipkart memimpin dengan hingga 60% pangsa GMV, 220 juta pengguna: https://www.moneycontrol.com/news/business/startup/flipkart-leads-india-e-commerce-with-up-to-60-gmv-share-220-million-users-icici-securities-report-13923245.html">Moneycontrol, https://entrackr.com/report/flipkart-leads-gmv-maus-as-india-e-comm-market-may-hit-214-bn-by-fy30-icici-securities-11833061">entrackr.
• Laporan gabungan Bain & Flipkart (2026): e-retail akan mencapai ~US$180B pada 2030; ecommerce tumbuh ~25% di Q1 CY2026: https://blitzindiamedia.com/news/india-e-retail-market-bain-flipkart-report-2030-projections/">Blitz India, https://m.economictimes.com/tech/technology/ecommerce-sees-25-growth-in-q1-cy2026-says-joint-report-by-flipkart-bain-co/amp_articleshow/130149077.cms">ET.

Tabel perbandingan (FY25 kecuali dicatat)

Batas #5/#6: Nykaa (GMV ≈₹17.000 cr ≈ US$2B, +27%) dan Swiggy Instamart (21% pangsa di antara pemain q-comm teratas). Myntra disertakan dalam Flipkart Group.

1. Flipkart Group (termasuk Myntra) — \#1

• Dasar peringkat: Pangsa GMV — https://www.moneycontrol.com/news/business/startup/flipkart-leads-india-e-commerce-with-up-to-60-gmv-share-220-million-users-icici-securities-report-13923245.html">Moneycontrol (ICICI), https://www.cnbctv18.com/business/flipkart-leads-india-e-commerce-market-with-50-60-market-share-ws-l-19908642.htm">CNBC TV18, https://bestmediainfo.com/mediainfo/mediainfo-marketing/flipkart-captures-50-60-gmv-share-adds-85-million-weekly-active-users-11845980">BestMediaInfo.
• Metrik kunci: Pangsa GMV 50–60%; 220 juta pengguna; ~85 juta pengguna aktif mingguan (BestMediaInfo). Revenue Flipkart Internet (marketplace) FY25 +14%, kerugian menyempit 37%: https://www.business-standard.com/companies/news/flipkart-internet-fy25-revenue-rises-14-losses-narrow-ipo-prep-125091300087_1.html">Business Standard. Kerugian Flipkart India (entitas ritel) FY25 melebar menjadi ₹5.189 cr: https://www.businessworld.in/article/flipkart-indias-losses-deepen-to-rs-5189-cr-in-fy25-despite-double-digit-revenue-growth-571450">BW Businessworld. Walmart India (holding) memangkas kerugian FY25 ~29% menjadi US$12,5M: https://www.business-standard.com/companies/news/walmart-india-trims-losses-by-29-amid-modest-revenue-growth-in-fy25-125091801429_1.html">Business Standard, https://apparelresources.com/business-news/retail/despite-sluggish-revenue-growth-walmart-india-reduces-losses-us-12-5-million-fy-25/">Apparel Resources. Profit Myntra FY25 naik 18x: https://www.medianama.com/2025/10/223-flipkart-fy25-losses-myntra-profit-growth-earnings-report-ipo/">Medianama.
• Pemilik: Walmart (Flipkart Group). Memindahkan HQ ke India menjelang rencana IPO ~US$40B, yang kemudian ditunda: https://finance.biggo.com/news/_vP905wBrdTHlKtCkSea">BigGo, https://www.fortuneindia.com/amp/story/business-news/walmart-owned-flipkart-to-defer-ipo-prioritises-profitability-ahead-of-listing/138097">Fortune India, https://finance.yahoo.com/markets/stocks/articles/flipkart-puts-ipo-hold-amid-092025991.html">Yahoo Finance.
• Positioning & kekuatan: marketplace umum mass-market + fashion (Myntra), private label, pembayaran (SuperCoins, UPI), quick commerce (Flipkart Minutes): https://www.business-standard.com/companies/news/flipkart-bets-on-payments-biometrics-and-loyalty-ahead-of-ipo-push-plans-126060300981_1.html">Business Standard, https://m.economictimes.com/tech/technology/amazon-tests-quick-commerce-tez-with-staff-flipkart-doubles-down-with-minutes/amp_articleshow/117060739.cms">ET.
• Dinamika 2025: memperpanjang keunggulan atas Amazon & Meesho dalam pertumbuhan GMV/pengguna: https://www.bizzbuzz.news/industry/ecommerce/flipkart-stays-ahead-of-amazon-meesho-in-gmv-user-growth-1391114">bizzbuzz, https://www.businessworld.in/article/flipkart-extends-lead-in-india-s-e-commerce-market-as-user-growth-outpaces-rivals-607469">BW Businessworld.

2. Amazon India — \#2

• Dasar peringkat: peringkat #2 oleh ICICI Securities dalam pertumbuhan GMV/pengguna — https://www.bizzbuzz.news/industry/ecommerce/flipkart-stays-ahead-of-amazon-meesho-in-gmv-user-growth-1391114">bizzbuzz.
• Metrik kunci: Revenue Amazon Seller Services (divisi marketplace) FY25 melewati ₹30.000 cr (~US$3,6B), kerugian bersih menyempit ~89% menjadi ₹374 cr: https://www.moneycontrol.com/news/business/startup/amazon-india-marketplace-narrows-losses-by-89-to-rs-374-crore-revenue-rises-19-13555021.html">Moneycontrol, https://www.thehindubusinessline.com/companies/amazon-seller-services-sharply-narrows-down-net-loss-post-19-growth-in-revenue-in-fy25/article70062064.ece">Hindu BusinessLine, https://ceoindiamagazine.com/amazon-indias-seller-arm-slashes-fy25-losses/">CEOIndia. Menjadi profitable secara operasional setelah 12 tahun di India: https://www.cnbctv18.com/business/amazon-india-turns-operationally-profitable-after-12-years-in-india-19678468.htm">CNBC TV18. GMV tidak diungkapkan; pangsa ~20–25% = estimasi sekunder, tanda.
• Pemilik: Amazon.com Inc.
• Positioning & kekuatan: marketplace umum + ekosistem Prime, private label, strategi "Bharat" untuk kota-kota kecil: https://www.financialexpress.com/business/news-amazon-rewrites-playbook-for-bharat-4297497/">Financial Express.
• Dinamika 2025: masuk quick commerce — pilot Amazon Now/"Tez" di Bengaluru dengan rencana 300+ kota: https://economictimes.indiatimes.com/tech/technology/amazon-goes-live-with-quick-commerce-service-now-in-bengaluru/printarticle/121830663.cms">ET, https://www.financialexpress.com/business/news-amazon-takes-quick-commerce-war-to-300-cities/4275560/">Financial Express, https://www.livemint.com/market/stock-market-news/amazons-quick-commerce-foray-what-does-it-mean-for-zomato-and-swiggy-investors-11750159759643.html">Livemint.

3. Meesho — \#3 (value commerce)

• Dasar peringkat: GMV run-rate (CLSA).
• Metrik kunci: GMV run-rate US$6,2B untuk FY25; CLSA memperkirakan CAGR 26% hingga FY31: https://www.moneycontrol.com/news/business/startup/meesho-clocks-6-2-billion-gmv-run-rate-for-fy25-to-grow-at-26-cagr-through-fy31-clsa-13004405.html/amp">Moneycontrol (CLSA), https://www.business-standard.com/amp/companies/news/meesho-hits-6-2-bn-gmv-run-rate-to-grow-26-annually-till-fy31-clsa-125042501156_1.html">Business Standard, https://www.thehindubusinessline.com/companies/meesho-reaches-gmv-of-62-bn-eyes-bigger-slice-of-ecommerce-pie-with-value-first-playbook-report/article69491464.ece">Hindu BusinessLine. Revenue +26% YoY di Q3 FY26; menjadi free-cash-flow positif: https://www.thehindubusinessline.com/companies/meesho-reports-26-revenue-growth-turns-free-cash-flow-positive-in-q3/article70570668.ece">Hindu BusinessLine. Mengajukan IPO (₹4.250 cr fresh issue; DRHP diperbarui; peluncuran ditargetkan awal Des 2025): https://www.cnbctv18.com/market/meesho-files-updated-draft-papers-with-sebi-for-rs-4250-crore-ipo-ws-l-19721877.htm">CNBC TV18, https://economictimes.indiatimes.com/tech/startups/ecommerce-firm-meesho-to-launch-ipo-on-december-3-targets-to-raise-rs-4250-crore-via-fresh-issue/printarticle/125620764.cms">ET, https://www.news18.com/business/ipo/meesho-files-updated-drhp-with-sebi-eyes-rs-4250-cr-via-fresh-equity-ws-l-9646086.html">News18.
• Pemilik: Meesho (didukung SoftBank).
• Positioning & kekuatan: value-first ("value commerce"), komisi nol/rendah, India tier-2/3, distribusi sosial berbasis reseller; berekspansi ke personal care dengan brand P&G/HUL: https://www.financialexpress.com/business/industry-meesho-expands-focus-on-personal-care-onboards-hul-pg-3868797/">Financial Express.
• Dinamika 2025: muncul sebagai platform value-commerce teratas seiring e-retail tumbuh ~20%: https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/meesho-emerges-as-top-value-commerce-platform-as-e-retail-set-for-20-growth-report/125348712">ET Retail.

4. Zepto — \#4 (quick commerce)

• Dasar peringkat: GOV (run-rate tahunan); quick commerce = kategori pertumbuhan tercepat tersendiri.
• Metrik kunci: GOV tahunan ~US$4B (Apr 2025), naik dari ~$3B dalam ~8 bulan: https://www.business-standard.com/companies/news/zepto-s-annualised-gov-hits-3-billion-more-than-doubles-in-eight-months-125011501364_1.html">Business Standard, https://www.business-standard.com/amp/companies/news/zepto-nears-4-bn-annualised-gov-reduces-operating-cash-flow-burn-by-50-125040900341_1.html">Business Standard (Apr 2025), https://m.economictimes.com/tech/startups/zepto-nears-4-billion-annualised-gov-halves-ocf-burn-rate/amp_articleshow/120112129.cms">ET. Revenue FY25 ₹11.110 cr (2,5x YoY); kerugian FY25 ₹3.367 cr: https://entrackr.com/news/zepto-revenue-soars-25x-to-rs-11110-cr-in-fy25-9602729">entrackr. Menghimpun $450M menjelang IPO: https://www.fortuneindia.com/business-news/zeptos-450-million-fundraise-sets-stage-for-ipo-amid-intense-quick-commerce-battle/127805">Fortune India.
• Pemilik: Zepto (privat).
• Positioning & kekuatan: quick commerce 10-menit (grocery + non-grocery), fokus metro, dorongan unit ekonomi yang kuat.
• Dinamika 2025: pertarungan q-comm 3-arah (Blinkit/Zepto/Instamart); Citi: Blinkit & Zepto mengungguli Instamart: https://www.moneycontrol.com/news/business/startup/blinkit-zepto-ahead-of-swiggy-instamart-in-quick-commerce-says-citi-12939208.html">Moneycontrol. Quick commerce mendorong 45% pembelian festive 2025: https://www.business-standard.com/amp/industry/news/qcom-drives-45-of-festive-purchases-in-2025-wpp-media-meta-report-125120501013_1.html">Business Standard.

5. Blinkit — \#5 (quick commerce)

• Dasar peringkat: GOV; platform q-comm #1: https://m.economictimes.com/tech/newsletters/tech-top-5/blinkit-dominates-qcomm-porters-profitable-year/amp_articleshow/124071918.cms">ET Tech Top 5.
• Metrik kunci: GOV di Q4 FY25 "berimbang" dengan pengiriman-makanan Zomato: https://economictimes.indiatimes.com/tech/startups/blinkits-gov-runs-neck-and-neck-with-zomatos-food-delivery-in-q4/printarticle/120797531.cms">ET. Revenue Blinkit +117% YoY di Q3 FY25: https://www.financialexpress.com/business/sme-blinkits-loss-jumps-16-to-rs-103-crore-revenue-up-117-in-q3-fy25-3720647/">Financial Express. Revenue Eternal (induk) FY25 +67%, profit ₹527 cr: https://www.medianama.com/2025/07/223-eternal-fy25-annual-report-highlights-zomato-blinkit/">Medianama. Trio q-comm (Blinkit/Zepto/Instamart) memegang kas >₹40.000 cr: https://one.news18.com/english/article/news/business/startup/blinkit-instamart-and-zepto-now-hold-over-rs-40-000-crore-in-cash-as-quick-commerce-race-heats-up-eng-1313720504">News18.
• Pemilik: Eternal Ltd (dulu Zomato).
• Positioning & kekuatan: pemimpin quick commerce (grocery/general merchandise 10-menit), ekspansi dark-store cepat, ekosistem in-app (Zomato).
• Dinamika 2025: Blinkit melampaui Zomato food delivery dalam nilai order di Q1 FY26: https://www.ndtvprofit.com/business/blinkit-beats-zomato-in-order-value-for-first-time-ceo-reveals-secret-behind-sustaining-market-share-8919698">NDTV Profit; S&P Global: Blinkit mengungguli Instamart: https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/08/eternal-s-blinkit-outpaces-swiggy-s-instamart-in-quick-commerce-">S&P Global.

Sebutan terhormat (India)

• Nykaa (FSN E-Commerce): GMV FY25 +27% (Q4), revenue +24%, PAT +110% Q4 FY25: https://www.thehindubusinessline.com/markets/stock-markets/nykaa-reports-27-growth-in-gross-merchandise-value-net-profit-surges-110-in-q4/article69637786.ece">Hindu BusinessLine, https://www.bajajbroking.in/share-market-news/nykaa-q4-results-fy-24-25">Bajaj Broking, https://india.entrepreneur.com/news-and-trends/nykaa-reports-strong-fy25-performance-with-24-revenue/492542">Entrepreneur India. Revenue FY26 melewati ₹10.000 cr (tahun FY26): https://daily.datumintell.com/daily-content/issues/2026-06-23-nykaa-investor-day-fy25.html">datumintell. Beauty #1, omnichannel (237 toko).
• Swiggy Instamart: pangsa di antara pemain q-comm teratas turun 34% → 21% dalam 2 tahun: https://entrackr.com/analysis/instamarts-share-among-top-q-comm-players-drops-from-34-to-21-in-2-years-12018833">entrackr; sempat merebut kembali posisi #2 berdasarkan nilai merchandise bersih: https://www.moneycontrol.com/news/business/startup/swiggy-s-instamart-reclaims-second-spot-from-zepto-in-quick-commerce-surges-ahead-on-net-merchandise-value-13457364.html">Moneycontrol. Revenue Swiggy FY25 +35%, kerugian melebar menjadi ₹3.117 cr: https://timesofindia.indiatimes.com/business/india-business/swiggys-revenue-up-35-but-losses-widen-to-rs-3117-crore/articleshow/121041384.cms">TOI.
• Reliance JioMart: dorongan quick-commerce terlihat mengguncang Blinkit/Zepto: https://inc42.com/features/reliance-jiomart-quick-commerce-push-rattle-blinkit-zepto/">Inc42.

Bagian 2 — ASIA TENGGARA

Konteks pasar & konflik "dua seri"

• Momentum Works (platform ecommerce): Total CY2025 = US$157,6B (+22,8% YoY); top-3 platform = pangsa 98,8%: https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/">The Low Down, https://technode.global/2026/04/14/southeast-asias-ecommerce-market-up-22-8-percent-year-on-year-to-157-6b-in-2025-momentum-works/">TNGlobal, https://english.news.cn/asiapacific/20260414/8b579cf73a3f474088c05122a2cbadae/c.html">Xinhua, https://www.businesstimes.com.sg/zh-hans/international/asean/south-east-asia-e-commerce-gmv-grows-us157-6-billion-2025">Business Times SG (ZH). CY2024 = US$128,4B, top-3 = 84%: https://thelowdown.momentum.asia/press-release-southeast-asias-platform-ecommerce-gmv-reaches-us128-4b-top-3-platforms-increase-market-share-to-84-momentum-works/">siaran pers Momentum Works.
• e-Conomy SEA 2025 (Google–Temasek–Bain, Nov 2025): GMV ecommerce yang lebih luas diperkirakan ≈ US$181B untuk 2025 (ecommerce enam-negara >US$180B): https://www.vietnam.vn/en/thuong-mai-dien-tu-dong-nam-a-du-kien-dat-181-ty-usd-nam-2025">vietnam.vn, https://dxpress.gelonghui.com/p/3531912">gelonghui. Ekonomi digital ASEAN keseluruhan >US$300B: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">siaran pers Bain, https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star.
• Mengapa berbeda (tanda): e-Conomy menghitung ecommerce yang lebih luas termasuk kanal non-platform/informal (cakupan & metodologi berbeda); Momentum Works menghitung GMV hanya di platform ecommerce yang dilacak. Selalu labeli seri saat mengutip.

Tabel perbandingan (CY2025, GMV platform, basis Momentum Works)

Catatan: Tokopedia (GoTo) terkonsolidasi secara operasional ke dalam TikTok Shop Indonesia pasca-merger — GMV-nya berada dalam lini $45,6B TikTok Shop (rincian tepat tidak dipublikasikan). Peringkat 4–5 adalah estimasi karena Momentum Works hanya mempublikasikan granularitas top-3; seluruh ekor panjang (brand Tokopedia, Amazon.sg, Tiki, Bukalapak, Zalora, Sendo…) ~1,2% dari pasar.

1. Shopee (Sea Ltd)

• Dasar peringkat: GMV platform (Momentum Works).
• Metrik kunci: GMV SEA 2025 = US$83,2B: https://www.ikjzd.com/news/572100">ikjzd, http://www.ennews.com/news-132848.html">ennews, https://www.barcelonaglobal.org/blog/tag/barcelona/page/6/?live-news-3259091-2026-04-14-south-east-asia-e-commerce-gmv-up-22-8-in-2025-amid-consolidation-shopee-keeps-l">sindikasi Barcelona Global. GMV SEA 2024 = US$66,8B: https://www.100ec.cn/detail--6650405.html">100ec.cn, https://databoks.katadata.co.id/en/technology-telecommunications/statistics/685d3cef5a751/shopee-dominates-southeast-asias-e-commerce-gmv-until-2024">Databoks. GMV global dilaporkan perusahaan 2025 US$127,4B (+26,8%); laba bersih Sea Ltd ~US$1,6B pada 2025: http://ec100.cn/detail--6657234.html">ec100, https://www.pai.com.cn/p/01kjvydpjnkdbqv67px1gvzja8">pai.com.cn. Target pertumbuhan GMV 2026 ~25%: https://www.businesstimes.com.sg/companies-markets/sea-q4-earnings-72-9-us410-9-million-targets-25-gmv-growth-shopee">Business Times SG.
• Pemilik: Sea Ltd (NYSE: SE).
• Positioning & kekuatan: marketplace umum mass-market (biaya rendah, gamified, logistik sendiri SPX Express, pembayaran SeaMoney/ShopeePay, livestream commerce); dominan di ID/MY/TH/PH/VN/SG.
• Dinamika 2025: mempertahankan #1 tapi TikTok Shop mempersempit jarak; pangsa Indonesia 54% dari pasar US$57,7B: https://www.chwang.com/news/204507076900">chwang.

2. TikTok Shop (termasuk TikTok Shop Tokopedia) — ByteDance

• Dasar peringkat: GMV platform (Momentum Works/TNGlobal).
• Metrik kunci: GMV SEA 2025 = US$45,6B, ~2x YoY: https://technode.global/2026/02/11/tiktoks-southeast-asia-doubles-gmv-year-on-year-to-45-6b-in-2025/">TNGlobal, https://digitalinasia.com/tiktok-shop-southeast-asia-growth-10x/">digitalinasia. GMV global 2025 ≈ US$64B (+~94%), termasuk US$15,1B di AS (+68%): https://www.eccang.com/news/4661">eccang, https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">Momentum Works Low Down (AS), https://stratcom.academy/2026/06/24/tiktok-shop-hit-us64b-in-gmv-in-2025-here-is-what-that-means-for-influencer-strategy/">stratcom.academy.
• Pemilik: ByteDance. Struktur Indonesia: setelah larangan social-commerce 2023, TikTok menginvestasikan ~US$1,5B dan mengambil ~75% Tokopedia (Des 2023), kini beroperasi sebagai "TikTok Shop Tokopedia": https://newagebd.net/article/220001/tiktok-announces-15b-deal-to-restart-indonesia-online-shop">New Age BD, https://ieknet.iek.org.tw/ieknews/news_open.aspx?actiontype=ieknews&indu_idno=0&nsl_id=6f60d2cca4f14d4fadbd64622b26d2ad">IEK. Investigasi otoritas persaingan Indonesia atas deal tersebut: https://www.hk01.com/%E5%8D%B3%E6%99%82%E5%9C%8B%E9%9A%9B/60243178/tiktok%E6%94%B6%E8%B3%BC%E5%8D%B0%E5%B0%BC%E6%9C%80%E5%A4%A7%E9%9B%BB%E5%95%86tokopedia-%E7%9B%A3%E7%AE%A1%E6%A9%9F%E6%A7%8B%E8%AA%BF%E6%9F%A5%E8%AA%8D%E5%AE%9A%E5%AD%98%E5%A3%9F%E6%96%B7%E9%A2%A8%E9%9A%AA">HK01.
• Positioning & kekuatan: live/social commerce (livestream + video pendek), price-led, kuat di beauty/FMCG; platform yang tumbuh paling cepat; merger dengan Tokopedia untuk kepatuhan regulasi ID.
• Dinamika 2025: menjadi platform #2 SEA setelah akuisisi Tokopedia: https://vietnamnews.vn/economy/1659427/">Vietnam News. Terkait klaim "platform Tiongkok ≈ 50% GMV SEA": TikTok Shop (~29%) + Lazada (~17%) ≈ 46% dari GMV platform; menambahkan Temu/Shein (tidak masuk seri platform Momentum Works) akan mendorong ke arah ~50% — sebagian terdukung, tanda.

3. Lazada — Alibaba

• Dasar peringkat: GMV platform (turunan dari aritmatika top-3 Momentum Works).
• Metrik kunci: GMV CY2025 ≈ US$26,9B (turunan: 98,8% × $157,6B − $83,2B − $45,6B); CY2024 ≈ US$18,3B (turunan: 84% × $128,4B − $66,8B − $22,8B). Alibaba tidak mengungkapkan GMV Lazada — tanda: turunan, tidak dipublikasikan langsung.
• Pemilik: Alibaba Group.
• Positioning & kekuatan: marketplace umum dengan logistik sendiri (Lazada Logistics) dan positioning premium; kuat di VN/TH/PH/ID; secara historis #2, kini #3.
• Dinamika 2025: pangsa terkompresi saat top-3 mencapai 98,8%; di Vietnam, Lazada+Tiki turun ke ~3% gabungan: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.

4. Amazon.sg — \#4 (estimasi)

• Dasar peringkat: estimasi GMV platform (tidak ada seri publik).
• Metrik kunci: Pasar platform ecommerce Singapura tumbuh ~21% pada 2025, dipimpin Shopee: https://www.straitstimes.com/business/singapores-e-commerce-platform-market-expands-by-21-led-by-shopee">Straits Times. GMV Amazon.sg tidak diungkapkan (~US$1–2B, estimasi sekunder — tanda).
• Pemilik: Amazon.com Inc.
• Positioning & kekuatan: marketplace umum dengan Prime Now/fulfillment dan Amazon Fresh SG.
• Dinamika 2025: niche; pasar Singapura dipimpin Shopee.

5. Tiki — \#5 (estimasi)

• Dasar peringkat: estimasi GMV platform.
• Metrik kunci: Top-4 platform Vietnam (Shopee, TikTok Shop, Lazada, Tiki) menjual ~429 triliun VND (~US$16,8B) pada 2025, +34,8% (Metric): https://www.yilantop.com/news/79351">yilantop. Lazada+Tiki gabungan ≈ 3% pangsa: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.
• Pemilik: Tiki Corp (privat, didukung VC).
• Positioning & kekuatan: marketplace lokal Vietnam (kekuatan elektronik/buku), logistik sendiri TikiNOW.
• Dinamika 2025: erosi pangsa; seller keluar dari platform di awal 2025: https://english.vov.vn/en/economy/sellers-exit-en-masse-from-e-commerce-platforms-in-early-2025-post1218464.vov">VOV.

Snapshot negara (SEA)

Indonesia (pasar SEA terbesar): - GMV platform 2025 = US$57,7B: https://zxchuhai.com/202604/46514.html">zxchuhai, https://www.chwang.com/news/204507076900">chwang. Pangsa Shopee 54% (≈US$31B); TikTok Shop+Tokopedia memegang sebagian besar sisanya. Pertumbuhan melambat — Kementerian Perdagangan melaporkan pertumbuhan ecommerce 2025 hanya ~2,2%: https://mjzj.com/article/fjtkmwpfv5ds">mjzj, https://www.chwang.com/news/204676960606">chwang; "Indonesia stalls" menurut sindikasi Momentum Works 2026: https://www.egltours.com/promotion/fit_banner/actualLive.html?live-news-3307047-2026-04-14-south-east-asia-e-commerce-gmv-grows-to-us-157-6-billion-in-2025-value-of-goods-">egltours. Regulasi: larangan social-commerce 2023 → merger TikTok–Tokopedia; scrutiny antitrust 2025 (https://www.hk01.com/%E5%8D%B3%E6%99%82%E5%9C%8B%E9%9A%9B/60243178/">HK01).

Vietnam: - Penjualan top-4 platform 2025 = 429T VND (+34,8%): https://www.yilantop.com/news/79351">yilantop. Ritel online >US$16B (+35%): https://en.vcci.com.vn/economic-news/online-retail-sales-in-vietnam-jump-35-to-over-16-bln-in-2025-report-114817">VCCI; ~US$44–45M/hari: https://e.vnexpress.vn/news/business/economy/vietnamese-spend-over-44m-a-day-shopping-online-in-2025-5005989.html">VnExpress. - Pergeseran pangsa: pangsa TikTok Shop naik ke ~41% (Metric, 2025), mempersempit keunggulan Shopee: https://zxchuhai.com/202510/44968.html">zxchuhai; Lazada+Tiki turun ke ~3% gabungan: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.

Thailand & Malaysia (pertumbuhan tercepat): - GMV Thailand melonjak (satu headline: ~+52% — sekunder): https://textileartscenter.com/feature/june-fiber-art-picks-3/?live-news-3307023-2026-04-14-south-east-asia-e-commerce-gmv-grows-to-us-157-6-billion-in-2025-value-of-goods-">sindikasi textileartscenter. Malaysia ekonomi digital yang tumbuh paling cepat, ~US$39B total GMV ekonomi-digital 2025 (basis e-Conomy — lebih luas dari ecommerce platform): https://www.bernama.com/en/news.php/?id=2495116">Bernama, https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star.

Tanda & konflik (ringkasan)

1. Total SEA: GMV platform Momentum Works (US$157,6B, CY2025) vs ecommerce e-Conomy SEA (~US$181B, proyeksi 2025) — cakupan/metodologi berbeda; selalu sebutkan seri.
2. TikTok Shop SEA 2025: US$45,6B "~2x YoY" (TNGlobal) vs "SEA +132%" (eccang) vs global ~US$64B — perbedaan tahun/cakupan. TikTok Shop Indonesia US$13,1B (MOCA) bertentangan dengan Indonesia sebagai pasar SEA terbesarnya (angka kemungkinan under-count atau mengecualikan volume Tokopedia).
3. Shopee: SEA-only US$83,2B (Momentum Works) vs global US$127,4B (data perusahaan Sea Ltd) — jangan dicampur.
4. Lazada: GMV tidak diungkapkan; US$26,9B (2025) turunan dari aritmatika top-3 — turunan, tanda.
5. India: tidak ada seri GMV teraudit; "50–60%" ICICI adalah rentang lebar; ukuran pasar berkisar US$60B (est.) / US$65B (e-retail, 2025) / US$174–214B (perkiraan FY30); GMV absolut Flipkart & Amazon adalah estimasi turunan.
6. Quick commerce vs marketplace India: q-comm menggunakan GOV (termasuk kategori non-produk) — tidak sepenuhnya sebanding dengan GMV marketplace; diperlakukan sebagai kategori.
7. Tokopedia: GMV standalone tidak lagi dipublikasikan pasca-merger; anggap terkonsolidasi dalam TikTok Shop.

Sumber (daftar utama)

• Momentum Works: https://thelowdown.momentum.asia/new-report-southeast-asias-platform-ecommerce-reaches-us157-6b-in-2025-with-top-platforms-expanding-share-to-98-8/">The Low Down — GMV ecommerce platform SEA US$157,6B 2025; https://thelowdown.momentum.asia/press-release-southeast-asias-platform-ecommerce-gmv-reaches-us128-4b-top-3-platforms-increase-market-share-to-84-momentum-works/">siaran pers 2024 US$128,4B; https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">laporan GMV TikTok Shop AS
• Earnings perusahaan: https://www.businesstimes.com.sg/companies-markets/sea-q4-earnings-72-9-us410-9-million-targets-25-gmv-growth-shopee">Sea/Business Times SG Q4 2025; http://ec100.cn/detail--6657234.html">GMV global Shopee 2025 (ec100); https://www.medianama.com/2025/10/223-flipkart-fy25-losses-myntra-profit-growth-earnings-report-ipo/">Flipkart FY25 (Medianama); https://www.moneycontrol.com/news/business/startup/amazon-india-marketplace-narrows-losses-by-89-to-rs-374-crore-revenue-rises-19-13555021.html">Amazon India FY25 (Moneycontrol); https://www.medianama.com/2025/07/223-eternal-fy25-annual-report-highlights-zomato-blinkit/">Eternal FY25 (Medianama); https://timesofindia.indiatimes.com/business/india-business/swiggys-revenue-up-35-but-losses-widen-to-rs-3117-crore/articleshow/121041384.cms">Swiggy FY25 (TOI)
• Analis/broker: https://www.moneycontrol.com/news/business/startup/flipkart-leads-india-e-commerce-with-up-to-60-gmv-share-220-million-users-icici-securities-report-13923245.html">ICICI Securities via Moneycontrol; https://entrackr.com/report/flipkart-leads-gmv-maus-as-india-e-comm-market-may-hit-214-bn-by-fy30-icici-securities-11833061">entrackr tentang ICICI; https://www.moneycontrol.com/news/business/startup/meesho-clocks-6-2-billion-gmv-run-rate-for-fy25-to-grow-at-26-cagr-through-fy31-clsa-13004405.html/amp">CLSA tentang Meesho via Moneycontrol
• e-Conomy SEA 2025: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">siaran pers Bain; https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star
• Ukuran pasar / WPP: https://www.cnbctv18.com/business/indias-e-retail-crosses-65-billion-dollar-in-2025-nation-a-global-leader-in-q-commerce-report-ws-l-19884071.htm">CNBC TV18 India e-retail $65B; https://en.vcci.com.vn/economic-news/online-retail-sales-in-vietnam-jump-35-to-over-16-bln-in-2025-report-114817">VCCI Vietnam $16B
• Negara/platform: https://databoks.katadata.co.id/en/technology-telecommunications/statistics/69e1a07207d12/indonesia-remains-southeast-asias-largest-e-commerce-market-in-2025">Databoks Indonesia; https://zxchuhai.com/202510/44968.html">Metric Vietnam via zxchuhai; https://vietnamnews.vn/economy/1659427/">Vietnam News — TikTok Shop #2; https://www.straitstimes.com/business/singapores-e-commerce-platform-market-expands-by-21-led-by-shopee">Straits Times Singapura
• URL sumber lengkap muncul inline per platform di atas.