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Losses loom as Shopee, Lazada brace for bruising 2024 in South-east Asia

Lazada cuts staff as competition stiffens with entry of TikTok and Temu into e-commerce scene

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Benjamin Cher

Benjamin Cher

Published Thu, Jan 4, 2024 · 08:54 PM
    • The takeover of Tokopedia by TikTok has renewed the e-commerce battle in Indonesia, widely seen as the crown jewel of the region.
    • The takeover of Tokopedia by TikTok has renewed the e-commerce battle in Indonesia, widely seen as the crown jewel of the region. PHOTO: AFP

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    SOUTH-EAST Asia’s e-commerce giants face a bruising battle in 2024, with growth slowing just as new players TikTok and Temu are shaking up the status quo.

    The notion that profitability would come with scale has come under challenge, as Chinese platforms brought the fight to market leaders Shopee and Lazada and ate up market share.

    Already, there are casualties in the fight. Lazada is set to axe 30 per cent of its staff across South-east Asia, according to a Thursday (Jan 4) report by Tech In Asia. About 100 have been laid off in Singapore so far, according to a CNA report. The latest exercise was preceded by a round of layoffs in October 2023.

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    Outlook 2024E-commerceTikTokShopeeLazadaTokopediaSouth-east AsiaSpotlight

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