Asia Tech Wire (July 16) -- TikTok, the globally popular short-video platform, saw its e-commerce business increase by nearly 300% in Southeast Asia in 2023, according to Nikkei.

TikTok, owned by Chinese tech company ByteDance, is becoming one of the largest e-commerce platforms in Southeast Asia, according to the results of a survey by Singapore-based consultancy Momentum Works.

It's worth noting that local players such as Shopee, owned by Singaporean Internet giant Sea Ltd. and Lazada, owned by Chinese tech giant Alibaba (9988.HK), have long dominated the Southeast Asian e-commerce market.

Nikkei reported that TikTok's e-commerce platform, TikTok Shop, saw gross merchandise value (GMV) reach $16.3 billion last year, nearly triple the $4.4 billion in 2022, the fastest-growing of its peers in the Asian region.

And taking Tokopedia, the e-commerce platform TikTok acquired from Indonesian tech giant GoTo last year, into account, TikTok's e-commerce platform replaced Lazada as the second largest e-commerce player in the ASEAN region with a market share of about 28.4% last year.