Shopee, the e-commerce arm of Singapore-based tech giant Sea Group, saw its GAAP revenue go up by 161 percent year-on-year in the second quarter to hit $1.2 billion, as the firm expanded the scale and reach of its marketplace, its parent company said as part of its quarterly earnings report.
The platform, which operates across Southeast Asia, Taiwan and Latin America, processed 1.4 billion gross orders in the second quarter, up 127 percent year-on-year, while its gross merchandise volume (GMV) reached $15 billion, up 88 percent on the year.
“This deepening monetisation was driven mainly by growing merchant investments in marketing and advertisement on the Shopee platform to better attract and serve buyers,” Sea Group’s CEO, Forrest Li, told investors during a call following the quarterly report’s release.
Li added that Shopee was the top-ranked mobile app within its category across Southeast Asia and Taiwan in the second quarter.
“In Indonesia, Shopee’s largest market, the e-commerce arm continued to dominate the local market with a triple-digit year-on-year growth when it comes to order numbers,” he said.
Growing demand for luxury goods is coinciding with an e-commerce boom in key markets like Singapore, Indonesia and Thailand, but brands are behind the curve.