Shopee reported a new web traffic record in Vietnam with 52.5 million monthly visits last quarter, exceeding Lazada’s previous record in 2017.
The Singapore online shopping platform’s numbers exceeded those of the next two put together, Vietnamese companies Mobile World (25.1 million) and Tiki (21.1 million), according to data collated by Malaysian online shopping aggregator iPrice Group.
Shopee achieved growth of 21.6 percent from the first quarter, while the three behind it, Mobile World, Tiki, and Singapore’s Lazada, saw declines of 6-12 percent.
In the last quarter of 2017 Lazada reported 50.5 million monthly visits, but since then its numbers have declined — to 18.5 million in the second quarter of this year — as other players grabbed a bigger share of the market.
Tiki and another homegrown player Sendo informed authorities in June that they planned to merge, but later decided to call off the deal due to disruptions caused by the Covid-19 pandemic and disagreements between their shareholders.
Last year Vietnam’s Internet economy, which has been growing annually at 38 percent since 2015, was estimated to be worth $12 billion.
It is expected to rise to $43 billion by 2025, according to the “e-Conomy Southeast Asia report 2019” by Google, Singapore investment firm Temasek and U.S. global management consultancy Bain.