Jakarta, Indonesia Sentinel — TikTok Shop gross merchandise value (GMV) is estimated to reach $32.6 billion in 2024, equivalent to approximately Rp528.6 trillion. Indonesia emerges as the platform’s second-largest contributor globally, trailing only the United States.
The figures come from a report by video commerce analytics firm Tabcut.com, as reported by The Low Down Momentum Works.
Indonesia Contributes Over Rp100 Trillion
According to the Momentum Works report, Indonesia is the second-largest market for TikTok Shop globally in 2024. With a GMV of $6.198 billion (approximately Rp100.5 trillion), Indonesia’s TikTok Shop, recently rebranded as Shop Tokopedia, has experienced a 39% year-on-year (YoY) growth.
Meanwhile, the United States leads the TikTok shop market with $9 billion (around Rp145.8 trillion), marking a staggering 650% YoY increase in transaction value.
Top 5 Contributors to TikTok Shop’s GMV in 2024:
Here’s the top TikTok Shop contributors according to Momentum Works
- United States: $9 billion (Rp145.8 trillion), 650% YoY growth.
- Indonesia: $6.198 billion (Rp100.5 trillion), 39% YoY growth.
- Thailand: $5.743 billion (Rp93 trillion), 101% YoY growth.
- Vietnam: $4.454 billion (Rp72.1 trillion), 157% YoY growth.
- Philippines: $3.12 billion (Rp50.5 trillion), 116% YoY growth.
Best-Selling Products on TikTok Shop
Beauty and personal care products remain the most popular category across TikTok Shop’s global markets. “In Indonesia, nine out of the top ten stores and eight out of the top ten best-selling products belong to the beauty and personal care category,” Momentum Works reported.
In the United States, beauty influencers or key opinion leaders (KOLs) were behind 14 of the 20 most successful live shopping sessions, highlighting the critical role of influencers in driving e-commerce growth.
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The Momentum Works Insights team is collaborating with Tabcut’s data team to release an upcoming report that will provide in-depth analysis of TikTok Shop trends. The report will cover key insights on product categories, top sellers, leading shops, influential creators, and consumer behavior on the platform.
As the team works on the detail, the TikTok Shop’s GMV reports highlights the platform’s growing dominance in social commerce, as countries like Indonesia, Thailand, and Vietnam solidify their positions as key markets.
(Raidi/Agung)
