Original title: Has TikTok Shop's GMV in Thailand Surpassed Shopee?
Author: Momentum Works (ID: MomentumWorks)
Editor's note: This is an original column article published on Baijing by Momentum Works. For republishing or use, please visit the author's homepage to seek authorization.
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Recently, Southeast Asian e-commerce data firm Cube Asia released a briefing on the Thai e-commerce market. Cube has done considerable research on Southeast Asian e-commerce data and consumer behavior, primarily serving major international...
In this briefing, Cube presented a finding: in Q2 2026, TikTok Shop's GMV in Thailand surpassed Shopee for the first time.
According to Cube's estimates, TikTok Shop's Thailand GMV in Q2 this year was roughly US$5.3 billion, accounting for 48% of the three major platforms' total GMV; Shopee was US$4...
(This is not the first time a data platform in Southeast Asia has said TikTok Shop surpassed Shopee — Vietnam data platform Metric's data shows TikTok Shop's GMV in Vietnam this year...
Of course, these are all third-party estimates, not figures officially disclosed by the platforms. Other than Shopee's parent Sea's financial reports, platforms don't disclose such data. Moreover, different third-party agencies use different methodologies and statistical scopes, which may...
However, some of Cube's data looks questionable: although TikTok Shop's GMV in Q2 2026 was higher than Shopee's, by successful order volume (successful...
These figures shouldn't quite add up — TikTok Shop can't exceed Shopee in GMV while being lower in both order volume and average order value, unless the definition of one of these metrics differs from...
Under Cube's scope, a year ago in Q2 2025, Shopee's GMV share in Thailand was 56%, while TikTok Shop had only 30% — a 26-point gap...
But this is not because Shopee's business deteriorated. Per Cube's data, Shopee Thailand's GMV in H1 2026 reached US$9.8 billion, up 32% year-on-year — that's...
Moreover, based on Cube's historical data, TikTok Shop's pace of catching up to Shopee in Thailand is indeed striking. In 2023, TikTok Shop's full-year GMV in Thailand was...
Separately, in June this year, the English-language Bangkok Post reported, citing local companies' financial data, that TikTok Shop Thailand generated revenue in 2025 of...
Thai companies' financial data filed with the government is public — almost anyone can look it up in the government's database. We noted at the time that Thai-registered entities use different revenue recognition, cost allocation and intra-group transaction methods, which cannot be simply...
And Thailand is indeed a distinctive market in Southeast Asia. According to Momentum Works' Southeast Asia E-commerce Market Report published in April this year, Thailand is Southeast Asia's second-largest e-commerce market and one of the fastest-growing major markets in 2025.
Momentum Works estimates TikTok Shop Thailand's 2025 GMV at US$11.36 billion, 32% of the US$35.5 billion total. The absolute figure is close to Cube's estimate of US$11.2...
This Cube briefing also released consumer behavior data alongside GMV and market share.
Cube estimates that in Q2 2026, Shopee had about 44 million "shopper base" (roughly meaning consumers) in Thailand, while TikTok Shop had...
Purchase frequency is interesting. Per Cube's estimates, in Q1 2023, TikTok Shop Thailand buyers placed an average of 5.2 orders per quarter; by Q2 2026, this...
According to Cube's data, TikTok Shop's product mix in Thailand is also slowly shifting. In 2025, beauty and personal care accounted for 33% of TikTok Shop Thailand's GMV; by...
Shopee shows similar changes. Electronics and home appliances fell from 31% to 29% of its GMV, while fashion and apparel rose from 22% to 24%. The two platforms' respective strength categories...
Previously, when discussing TikTok Shop Thailand's profitability, we cited a remark from Paul Srivorakul, CEO of Thai e-commerce enabler aCommerce: ...
