Three platforms. Three economics. One region.

Signal: Cube's Tradewinds data shows Shopee at 59% of combined SEA-6 platform GMV (growing 18% YoY), TikTok Shop at 31% (growing 66%), and Lazada at 9% (declining 28%).

What's Changing: The platform mix has shifted materially. Shopee's competitive position rests on purchase frequency and ecosystem stickiness. TikTok Shop's growth is driven by live-selling infrastructure. Lazada has narrowed its focus toward LazMall and premium branded categories.

AIHubSEA Operator Lens: Don't ask "Who operates ecommerce in Thailand?" Ask "Who is right for this category, platform and commercial objective in Thailand?" The operator you need for Shopee is structurally different from the operator you need for TikTok Shop.

Source: Cube Tradewinds, Q4 2025