Le 5 Principali Piattaforme Ecommerce per Regione — Risultati della Ricerca (India e Sud-Est Asiatico)

Scopo: Input di ricerca per un report bilingue (ZH/EN) su "Top 5 Ecommerce Platforms by Region." Metodo: Solo ricerca web; 34 ricerche eseguite. Tutte le cifre sotto sono come riportate dalle fonti citate; le stime derivate sono esplicitamente segnalate — nulla è inventato. Anno dati: India = FY2025 (apr 2024–mar 2025) salvo diversa indicazione; Sud-Est Asiatico = CY2024 / CY2025 (report Momentum Works pubblicati apr 2025 / apr 2026).

Base del ranking e note metodologiche

• INDIA: Non esiste una singola serie GMV verificata (a differenza della SEA). Il ranking usa stime GMV/quota-di-mercato FY25 da ICICI Securities (quota e utenti), CLSA (Meesho), e depositi aziendali (Walmart/Flipkart, Amazon Seller Services, Eternal/Zomato, Swiggy). Il retail online totale (e-retail) GMV ≈ US$65B nel 2025 (report WPP/MediaCom; vedi contesto di mercato).
• Decisione quick-commerce: Incluso nella Top 5. Il GOV annualizzato di Zepto (~US$4B, apr 2025) e il GOV di Blinkit (≈ GOV food-delivery di Zomato nel Q4 FY25) sono alla pari o superiori al GMV di Nykaa (≈₹17.000 cr ≈ US$2B) e al GOV di Instamart. Myntra è consolidata dentro Flipkart Group per evitare il doppio conteggio. Nota: il q-comm usa il GOV (include categorie non-prodotto), quindi non è strettamente comparabile al GMV marketplace — trattato come categoria distinta, a più rapida crescita.
• SEA: Classificata per GMV di piattaforma secondo Momentum Works Ecommerce in SEA 2026 (pubblicato 14 apr 2026, dati CY2025): GMV totale dell'ecommerce di piattaforma US$157,6B (+22,8% YoY); le tre piattaforme principali (Shopee, TikTok Shop, Lazada) = quota 98,8%. Baseline CY2024 (report precedente): US$128,4B; le tre principali = 84%.

Sezione 1 — INDIA

Contesto di mercato

• L'e-retail dell'India ha superato US$65B nel 2025; crescita annuale >20% prevista fino al 2030 (report 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: il mercato ecommerce dell'India potrebbe raggiungere US$174–214B entro il FY2030; Flipkart in testa con fino al 60% di quota GMV, 220M utenti: 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.
• Report congiunto Bain & Flipkart (2026): l'e-retail raggiungerà ~US$180B entro il 2030; l'ecommerce è cresciuto ~25% nel 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.

Tabella di confronto (FY25 salvo diversa indicazione)

Limite #5/#6: Nykaa (GMV ≈₹17.000 cr ≈ US$2B, +27%) e Swiggy Instamart (21% di quota tra i principali player q-comm). Myntra inclusa dentro Flipkart Group.

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

• Base del ranking: Quota 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.
• Metriche chiave: quota GMV 50–60%; 220M utenti; ~85M utenti attivi settimanali (BestMediaInfo). Fatturato Flipkart Internet (marketplace) FY25 +14%, perdite ridotte del 37%: https://www.business-standard.com/companies/news/flipkart-internet-fy25-revenue-rises-14-losses-narrow-ipo-prep-125091300087_1.html">Business Standard. La perdita di Flipkart India (entità retail) FY25 si è approfondita a ₹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) ha tagliato le perdite FY25 ~29% a 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. Il profitto di Myntra FY25 è salito di 18 volte: https://www.medianama.com/2025/10/223-flipkart-fy25-losses-myntra-profit-growth-earnings-report-ipo/">Medianama.
• Proprietario: Walmart (Flipkart Group). Ha ri-domiciliato la sede in India in vista di una IPO da ~US$40B pianificata, poi rinviata: 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.
• Posizionamento e punti di forza: marketplace generalista mass-market + fashion (Myntra), private label, pagamenti (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.
• Dinamiche 2025: ha esteso il vantaggio su Amazon e Meesho in crescita GMV/utenti: 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

• Base del ranking: classificata #2 da ICICI Securities per crescita GMV/utenti — https://www.bizzbuzz.news/industry/ecommerce/flipkart-stays-ahead-of-amazon-meesho-in-gmv-user-growth-1391114">bizzbuzz.
• Metriche chiave: il fatturato di Amazon Seller Services (divisione marketplace) FY25 ha superato ₹30.000 cr (~US$3,6B), la perdita netta si è ridotta ~89% a ₹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. Diventata operativamente redditizia dopo 12 anni in India: https://www.cnbctv18.com/business/amazon-india-turns-operationally-profitable-after-12-years-in-india-19678468.htm">CNBC TV18. GMV non divulgato; quota ~20–25% = stima secondaria, segnalazione.
• Proprietario: Amazon.com Inc.
• Posizionamento e punti di forza: marketplace generalista + ecosistema Prime, private label, strategia "Bharat" per le città più piccole: https://www.financialexpress.com/business/news-amazon-rewrites-playbook-for-bharat-4297497/">Financial Express.
• Dinamiche 2025: entrata nel quick commerce — pilota Amazon Now/"Tez" a Bengaluru con piani per 300+ città: 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)

• Base del ranking: GMV run-rate (CLSA).
• Metriche chiave: GMV run-rate di US$6,2B per il FY25; CLSA prevede un CAGR del 26% fino al 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. Fatturato +26% YoY nel Q3 FY26; diventata free-cash-flow positiva: https://www.thehindubusinessline.com/companies/meesho-reports-26-revenue-growth-turns-free-cash-flow-positive-in-q3/article70570668.ece">Hindu BusinessLine. Ha depositato IPO (₹4.250 cr fresh issue; DRHP aggiornato; lancio previsto per inizio dic 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.
• Proprietario: Meesho (supportata da SoftBank).
• Posizionamento e punti di forza: value-first ("value commerce"), commissioni zero/basse, India tier-2/3, distribuzione sociale guidata da reseller; espansione nella cura personale con brand P&G/HUL: https://www.financialexpress.com/business/industry-meesho-expands-focus-on-personal-care-onboards-hul-pg-3868797/">Financial Express.
• Dinamiche 2025: emersa come piattaforma di value-commerce leader mentre l'e-retail cresce ~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)

• Base del ranking: GOV (run-rate annualizzato); il quick commerce = categoria distinta a più rapida crescita.
• Metriche chiave: GOV annualizzato ~US$4B (apr 2025), in aumento da ~$3B in ~8 mesi: 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. Fatturato FY25 ₹11.110 cr (2,5x YoY); perdita FY25 ₹3.367 cr: https://entrackr.com/news/zepto-revenue-soars-25x-to-rs-11110-cr-in-fy25-9602729">entrackr. Raccolti $450M in vista dell'IPO: https://www.fortuneindia.com/business-news/zeptos-450-million-fundraise-sets-stage-for-ipo-amid-intense-quick-commerce-battle/127805">Fortune India.
• Proprietario: Zepto (privata).
• Posizionamento e punti di forza: quick commerce a 10 minuti (grocery + non-grocery), focus metropolitano, forte spinta sull'economia unitaria.
• Dinamiche 2025: battaglia q-comm a 3 vie (Blinkit/Zepto/Instamart); Citi: Blinkit e Zepto davanti a Instamart: https://www.moneycontrol.com/news/business/startup/blinkit-zepto-ahead-of-swiggy-instamart-in-quick-commerce-says-citi-12939208.html">Moneycontrol. Il quick commerce ha guidato il 45% degli acquisti festivi 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)

• Base del ranking: GOV; piattaforma 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.
• Metriche chiave: il GOV nel Q4 FY25 era "testa a testa" con il food delivery di Zomato: https://economictimes.indiatimes.com/tech/startups/blinkits-gov-runs-neck-and-neck-with-zomatos-food-delivery-in-q4/printarticle/120797531.cms">ET. Fatturato Blinkit +117% YoY nel 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. Fatturato di Eternal (holding) FY25 +67%, profitto ₹527 cr: https://www.medianama.com/2025/07/223-eternal-fy25-annual-report-highlights-zomato-blinkit/">Medianama. Il trio q-comm (Blinkit/Zepto/Instamart) detiene ₹40.000+ cr in cassa: 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.
• Proprietario: Eternal Ltd (ex-Zomato).
• Posizionamento e punti di forza: leader del quick commerce (grocery/general merchandise a 10 minuti), rapida espansione dei dark-store, ecosistema in-app (Zomato).
• Dinamiche 2025: Blinkit ha superato Zomato food delivery in valore ordini nel 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 supera 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.

Menzioni d'onore (India)

• Nykaa (FSN E-Commerce): GMV FY25 +27% (Q4), fatturato +24%, PAT +110% nel 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. Il fatturato FY26 ha superato ₹10.000 cr (anno FY26): https://daily.datumintell.com/daily-content/issues/2026-06-23-nykaa-investor-day-fy25.html">datumintell. Bellezza #1, omnichannel (237 negozi).
• Swiggy Instamart: la quota tra i principali player q-comm è scesa dal 34% al 21% in 2 anni: https://entrackr.com/analysis/instamarts-share-among-top-q-comm-players-drops-from-34-to-21-in-2-years-12018833">entrackr; ha riconquistato brevemente la posizione #2 per valore merci netto: 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. Fatturato Swiggy FY25 +35%, perdita ampliata a ₹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: la spinta quick-commerce vista scuotere Blinkit/Zepto: https://inc42.com/features/reliance-jiomart-quick-commerce-push-rattle-blinkit-zepto/">Inc42.

Sezione 2 — SUD-EST ASIATICO

Contesto di mercato & il conflitto "due serie"

• Momentum Works (ecommerce di piattaforma): totale CY2025 = US$157,6B (+22,8% YoY); le tre piattaforme principali = quota 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, le tre principali = 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/">comunicato stampa Momentum Works.
• e-Conomy SEA 2025 (Google–Temasek–Bain, nov 2025): GMV ecommerce più ampio previsto ≈ US$181B per il 2025 (ecommerce dei sei paesi >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. Economia digitale ASEAN complessiva >US$300B: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">comunicato stampa Bain, https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star.
• Perché differiscono (segnalazione): e-Conomy conta l'ecommerce più ampio incl. canali non-piattaforma/informali (ambito e metodologia diversi); Momentum Works conta il GMV solo sulle piattaforme ecommerce tracciate. Etichettare sempre la serie quando la si cita.

Tabella di confronto (CY2025, GMV di piattaforma, base Momentum Works)

Note: Tokopedia (GoTo) è operativamente consolidata dentro TikTok Shop Indonesia dopo la fusione — il suo GMV rientra nella linea $45,6B di TikTok Shop (la suddivisione esatta non è pubblicata). I rank 4–5 sono stime perché Momentum Works pubblica solo la granularità delle prime tre; l'intera coda lunga (brand Tokopedia, Amazon.sg, Tiki, Bukalapak, Zalora, Sendo…) è ~1,2% del mercato.

1. Shopee (Sea Ltd)

• Base del ranking: GMV di piattaforma (Momentum Works).
• Metriche chiave: 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">sindacazione 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 globale riportato dall'azienda 2025 US$127,4B (+26,8%); profitto netto Sea Ltd ~US$1,6B nel 2025: http://ec100.cn/detail--6657234.html">ec100, https://www.pai.com.cn/p/01kjvydpjnkdbqv67px1gvzja8">pai.com.cn. Obiettivo di crescita 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.
• Proprietario: Sea Ltd (NYSE: SE).
• Posizionamento e punti di forza: marketplace generalista mass-market (basso costo, gamificato, logistica propria SPX Express, pagamenti SeaMoney/ShopeePay, live commerce); dominante in ID/MY/TH/PH/VN/SG.
• Dinamiche 2025: mantenuta la posizione #1 ma TikTok Shop ha ridotto il divario; quota Indonesia 54% di un mercato da US$57,7B: https://www.chwang.com/news/204507076900">chwang.

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

• Base del ranking: GMV di piattaforma (Momentum Works/TNGlobal).
• Metriche chiave: 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 globale 2025 ≈ US$64B (+~94%), incl. US$15,1B negli USA (+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 (US), https://stratcom.academy/2026/06/24/tiktok-shop-hit-us64b-in-gmv-in-2025-here-is-what-that-means-for-influencer-strategy/">stratcom.academy.
• Proprietario: ByteDance. Struttura Indonesia: dopo il divieto del social-commerce del 2023, TikTok ha investito ~US$1,5B e acquisito ~75% di Tokopedia (dic 2023), ora operando come "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. Indagine dell'autorità antitrust indonesiana sull'accordo: 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.
• Posizionamento e punti di forza: live/social commerce (livestream + video breve), price-led, forte in bellezza/FMCG; piattaforma a più rapida crescita; fusa con Tokopedia per la compliance regolatoria ID.
• Dinamiche 2025: diventata la piattaforma #2 della SEA dopo l'acquisizione di Tokopedia: https://vietnamnews.vn/economy/1659427/">Vietnam News. Sull'affermazione "piattaforme cinesi ≈ 50% del GMV SEA": TikTok Shop (~29%) + Lazada (~17%) ≈ 46% del GMV di piattaforma; aggiungendo Temu/Shein (non presenti nella serie di piattaforme di Momentum Works) si spingerebbe verso ~50% — parzialmente confermato, segnalazione.

3. Lazada — Alibaba

• Base del ranking: GMV di piattaforma (derivato dall'aritmetica delle tre principali di Momentum Works).
• Metriche chiave: GMV CY2025 ≈ US$26,9B (derivato: 98,8% × $157,6B − $83,2B − $45,6B); CY2024 ≈ US$18,3B (derivato: 84% × $128,4B − $66,8B − $22,8B). Alibaba non divulga il GMV di Lazada — segnalazione: derivato, non pubblicato direttamente.
• Proprietario: Alibaba Group.
• Posizionamento e punti di forza: marketplace generalista con logistica propria (Lazada Logistics) e posizionamento premium; forte in VN/TH/PH/ID; storicamente #2, ora #3.
• Dinamiche 2025: quota compressa mentre le tre principali raggiungono il 98,8%; in Vietnam, Lazada+Tiki scese a ~3% combinato: 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 (stima)

• Base del ranking: stima GMV di piattaforma (nessuna serie pubblica).
• Metriche chiave: il mercato ecommerce di piattaforma di Singapore è cresciuto ~21% nel 2025, guidato da Shopee: https://www.straitstimes.com/business/singapores-e-commerce-platform-market-expands-by-21-led-by-shopee">Straits Times. Il GMV di Amazon.sg non è divulgato (~US$1–2B, stima secondaria — segnalazione).
• Proprietario: Amazon.com Inc.
• Posizionamento e punti di forza: marketplace generalista con Prime Now/fulfillment e Amazon Fresh SG.
• Dinamiche 2025: di nicchia; mercato di Singapore guidato da Shopee.

5. Tiki — \#5 (stima)

• Base del ranking: stima GMV di piattaforma.
• Metriche chiave: le quattro principali piattaforme del Vietnam (Shopee, TikTok Shop, Lazada, Tiki) hanno venduto ~429 trilioni VND (~US$16,8B) nel 2025, +34,8% (Metric): https://www.yilantop.com/news/79351">yilantop. Lazada+Tiki combinate ≈ 3% di quota: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.
• Proprietario: Tiki Corp (privata, supportata da VC).
• Posizionamento e punti di forza: marketplace autoctono del Vietnam (punti di forza in elettronica/libri), logistica propria TikiNOW.
• Dinamiche 2025: erosione della quota; venditori in uscita dalle piattaforme all'inizio del 2025: https://english.vov.vn/en/economy/sellers-exit-en-masse-from-e-commerce-platforms-in-early-2025-post1218464.vov">VOV.

Panoramiche per paese (SEA)

Indonesia (mercato SEA più grande): - GMV di piattaforma 2025 = US$57,7B: https://zxchuhai.com/202604/46514.html">zxchuhai, https://www.chwang.com/news/204507076900">chwang. Quota Shopee 54% (≈US$31B); TikTok Shop+Tokopedia detiene la maggior parte del resto. Crescita rallentata — il Ministero del Commercio ha riportato una crescita ecommerce 2025 di solo ~2,2%: https://mjzj.com/article/fjtkmwpfv5ds">mjzj, https://www.chwang.com/news/204676960606">chwang; "Indonesia stalls" secondo la sindacazione 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. Regolamentare: divieto social-commerce 2023 → fusione TikTok–Tokopedia; scrutinio antitrust 2025 (https://www.hk01.com/%E5%8D%B3%E6%99%82%E5%9C%8B%E9%9A%9B/60243178/">HK01).

Vietnam: - Vendite delle quattro principali piattaforme 2025 = 429T VND (+34,8%): https://www.yilantop.com/news/79351">yilantop. Retail 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/giorno: https://e.vnexpress.vn/news/business/economy/vietnamese-spend-over-44m-a-day-shopping-online-in-2025-5005989.html">VnExpress. - Cambio di quota: la quota di TikTok Shop è salita a ~41% (Metric, 2025), riducendo il vantaggio di Shopee: https://zxchuhai.com/202510/44968.html">zxchuhai; Lazada+Tiki scese a ~3% combinato: https://www.vietnam.vn/en/thuong-mai-dien-tu-viet-nam-2025-lazada-va-tiki-tut-doc-chia-nhau-3-thi-phan">vietnam.vn.

Thailandia e Malesia (crescita più rapida): - GMV Thailandia in aumento (un titolo: ~+52% — secondario): 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-">sindacazione textileartscenter. Malesia l'economia digitale a più rapida crescita, ~US$39B GMV totale dell'economia-digitale 2025 (base e-Conomy — più ampia dell'ecommerce di piattaforma): 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.

Segnalazioni e conflitti (riepilogo)

1. Totale SEA: GMV di piattaforma Momentum Works (US$157,6B, CY2025) contro ecommerce e-Conomy SEA (~US$181B, previsto 2025) — ambito/metodologia diversi; indicare sempre la serie.
2. TikTok Shop SEA 2025: US$45,6B "~2x YoY" (TNGlobal) contro "SEA +132%" (eccang) contro globale ~US$64B — differenze anno/ambito. TikTok Shop Indonesia US$13,1B (MOCA) è in conflitto con l'Indonesia come suo mercato SEA più grande (la cifra probabilmente sottostima o esclude i volumi di Tokopedia).
3. Shopee: solo-SEA US$83,2B (Momentum Works) contro globale US$127,4B (dati aziendali Sea Ltd) — non mescolare.
4. Lazada: GMV non divulgato; US$26,9B (2025) derivato dall'aritmetica delle tre principali — derivato, segnalazione.
5. India: nessuna serie GMV verificata; il "50–60%" di ICICI è una banda ampia; la dimensione del mercato varia US$60B (stima) / US$65B (e-retail, 2025) / US$174–214B (previsione FY30); i GMV assoluti di Flipkart e Amazon sono stime derivate.
6. Quick commerce contro marketplace in India: il q-comm usa il GOV (incl. categorie non-prodotto) — non strettamente comparabile al GMV marketplace; trattato come categoria.
7. Tokopedia: il GMV standalone non è più pubblicato dopo la fusione; considerarlo consolidato dentro TikTok Shop.

Fonti (elenco principale)

• 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 — ecommerce di piattaforma 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/">comunicato stampa 2024 US$128,4B; https://thelowdown.momentum.asia/new-report-tiktok-shop-u-s-gmv-grew-68-to-reach-us15-1b-in-2025/">report GMV TikTok Shop US
• Utili aziendali: 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 globale 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)
• Analisti/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 su 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 su Meesho via Moneycontrol
• e-Conomy SEA 2025: https://www.bain.com/zh/about/media-center/press-releases/sea/e-conomy-sea-2025/">comunicato stampa Bain; https://www.thestar.com.my/aseanplus/aseanplus-news/2025/11/13/south-east-asias-digital-economy-to-top-us300bil">The Star
• Dimensione mercato / 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
• Paese/piattaforma: 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 Singapore
• Gli URL sorgente completi appaiono inline per ogni piattaforma sopra.