Introduced in Malaysia in early 2022, TikTok Shop, the e-commerce arm of the social media platform, has positioned itself as one of the most popular e-commerce platforms in our country, with over 1 million sellers and 1.7 million affiliate creators as of December 2023.
The latest data on TikTok Shop’s overall global gross merchandise value (GMV) further iterated the e-commerce platform’s popularity among Malaysians, as it was revealed that consumers in our country spent a whopping USD2.724 billion or around RM12.07 billion on the platform in 2024 alone!
Consumers in Malaysia spent a whopping RM12.07 billion on TikTok Shop last year
For illustration purposes
According to data by Tabcut.com, a professional tool for TikTok Shop analytics, as shared by The Low Down, TikTok Shop’s GMV in Malaysia last year increased 104% year-on-year compared to the USD1.3 billion or RM5.77 billion recorded in 2023.
Furthermore, the report also noted that the average item transaction price in Malaysia was RM20.60 last year.
The only countries that recorded a higher GMV last year are the Philippines, Vietnam, Thailand, Indonesia and the United States.
Meanwhile, making up the top 8 are the United Kingdom and Singapore in 7th and 8th places, respectively.
For illustration purposes
TikTok Shop sales in the United States increased an incredible 650% in 2024
The United States recorded the highest year-on-year GMV increase at a staggering 650%, as it only recorded USD1.2 billion or RM5.32 billion in 2023.
Overall, the beauty and personal care category is the largest category throughout all the TikTok Shop markets.
For illustration purposes
Here are the top 8 countries that recorded the highest TikTok Shop GMV in 2024:
- United States – USD9 billion or RM39.95 billion
- Indonesia – USD6.198 billion or RM27.52 billion
- Thailand – USD5.743 billion or RM25.48 billion
- Vietnam – USD4.454 billion or RM19.75 billion
- Philippines – USD3.12 billion or 13.85 billion
- Malaysia – USD1.3 billion or RM5.77 billion
- United Kingdom – USD1.548 billion or RM6.8 billion
- Singapore – USD391 million or RM1.73 billion
So, what do you guys think of the statistics? Share your thoughts with us in the comments!
Also read: “I know my value” – M’sian Influencer Charges RM100K for a Review Via TikTok Live
