SEA e-commerce could approach $400b by 2031: Xendit report
A report by Xendit estimates Southeast Asia's e-commerce market could reach nearly $400 billion by 2031, projecting $197 billion for 2025. The study highlights growth and emerging consumer tech trends.
Southeast Asia's e-commerce market is projected to grow significantly, potentially reaching close to $400 billion by 2031, according to a report by Indonesia-based payments infrastructure startup Xendit and Cube. The market was valued at $197 billion in 2025.
The report indicated a substantial increase in Gross Merchandise Value (GMV) for major platforms. Combined quarterly GMV for Shopee, Lazada, and TikTok Shop rose 33% year-on-year, from $29 billion to $39 billion, in the first quarter of 2026.
Consumer behavior insights revealed that shoppers frequently abandon carts when their preferred payment option is unavailable, particularly in markets outside Singapore. Singapore recorded the highest share of cross-border transactions among the six Southeast Asian markets studied.
Furthermore, the report forecasts that 53% of shoppers utilize generative AI for product searches. Xendit and Cube also anticipate the first agent-completed purchase in Southeast Asia to occur in 2027, reflecting the growing influence of AI in commerce.