Market share
In Q4 2017, Shopee became the third most visited e-commerce portal in Malaysia, overtaking Lelong, and became the top app on iOS and Google Play app stores.[35] A December 2017 survey revealed that Shopee was the top shopping platform for Indonesian mothers, with 73% preferring it over other platforms.[36] Despite Shopee's reported GMV growth, these claims faced criticism. Lazada's former CEO, Max Bittner, asserted that GMV numbers could be inflated through subsidy schemes and that GMV tends to decline once such subsidies are removed.[37]
Shopee was recognized as top shopping app in Q2 2019 based on monthly active users, total downloads, and website visits, as per a report by iPrice.[38] During this period, gross orders grew by 92.7% to 246.3 million, compared to 127.8 million in the previous year, and the gross merchandise value (GMV) surged by 72.7% to US$3.8 billion from US$2.2 billion.[39]
Shopee expanded its operations to Brazil in 2019, marking its first venture into Latin America.[40] By 2023, Shopee reported engaging with over three million local merchants in Brazil, who contributed to more than 90% of its national sales.[40] In September 2021, Shopee introduced its marketplace in Poland, followed by launches in Spain and France.[7][41] However, by early 2022, Shopee exited the European markets of France and Spain, retaining only its operations in Poland.[42][43]
In 2020, Shopee started operations in South Korea to help local merchants reach customers in its existing markets, although it did not establish a consumer-facing platform in South Korea.[44] The following year, the company extended its reach within Latin America by commencing operations in Mexico, Chile, and Colombia.[45] In November 2021, Shopee entered the Indian market with a soft launch, achieving over one million app installations on the Google Play Store and handling 100,000 orders a day.[7][46] However, Shopee ceased its operations in India in March 2022,[47] just five months after the launch.[48] As of 2022, Shopee's app recorded 203 million downloads globally.[49]
Sea Ltd., the company that owns Shopee plunged 22% after an unexpected loss from rising competition. E-commerce growth slowed in the region due to macroeconomic hurdles, resulting in a third-quarter loss in 2023 due to tough competition from Alibaba Group and ByteDance Ltd. Singapore-based Sea (Shopee, Garena, SeaMoney owner) reported revenue up just 4.9% YoY to $3.3B, with Shopee facing heavy marketing spend (up 50%) against TikTok Shop and Lazada. Net loss hit $144M after three profitable quarters, driven by e-commerce losses ($428M) despite Garena's $346M profit decline from falling paying users. In 2025, Shopee delivered strong financials and achieved its third straight profitable year.[53][54]
In January 2023, the company announced the closure of its Polish operations.[55] By Q2 2023, Shopee remained the largest online marketplace in Southeast Asia, with a traffic share ranging from 30% to 50% across the region, and also ranked as the leading online shopping platform in Taiwan.[56][57] In the fourth quarter of 2023, Shopee reported a 46% year-on-year increase in gross orders, reaching 2.5 billion. The gross merchandise value (GMV) for the quarter also rose by 28.6% to US $23.1 billion.[58]
