TikTok Shop's e-commerce platform has exploded in popularity in Malaysia, with consumers spending a staggering RM12.07 billion in 2024. This represents a 104% increase from the previous year, highlighting the platform's dominance in the Malaysian market.
TikTok Shop, the e-commerce arm of the social media giant, has rapidly ascended to prominence in Malaysia since its launch in early 2022. Boasting over 1 million sellers and 1.7 million affiliate creators as of December 2023, TikTok Shop has captured a significant portion of the Malaysia n e-commerce market. Recent data on TikTok Shop's global gross merchandise value ( GMV ) further solidifies its popularity among Malaysia n consumers. According to Tabcut.
com, a professional tool for TikTok Shop analytics, shared by The Low Down, Malaysians spent an astounding USD2.724 billion, or approximately RM12.07 billion, on the platform in 2024 alone. This represents a remarkable 104% year-on-year increase compared to the USD1.3 billion, or RM5.77 billion, recorded in 2023.The average item transaction price in Malaysia last year was RM20.60. Globally, TikTok Shop's GMV surged in key markets, with the Philippines, Vietnam, Thailand, Indonesia, and the United States leading the charge. The United States witnessed an astonishing 650% year-on-year increase in GMV, jumping from USD1.2 billion in 2023 to USD2.724 billion in 2024. The beauty and personal care category continues to dominate across all TikTok Shop markets. This meteoric rise of TikTok Shop in Malaysia underscores the platform's ability to seamlessly integrate e-commerce into social media, creating a vibrant and engaging shopping experience for consumers.
Business Tiktok Shop E-Commerce Malaysia Gross Merchandise Value GMV Social Media Online Shopping
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