Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Thematic (Sector/Industry)

<ul><li>Running the same skincare brand strategy across Shopee, Lazada, and TikTok Shop in Thailand is one of the most common and costly mistakes in e-commerce.</li><li>Each platform has a distinct competitive landscape, a different split between official brand stores and third-party sellers, and a different category mix.</li><li>Q4 2025 data from Cube’sAstroplatform shows just how different these three channels really are.</li></ul>

Running the same skincare brand strategy across Shopee, Lazada, and TikTok Shop in Thailand is one of the most common and costly mistakes in e-commerce.Each platform has a distinct competitive landscape, a different split between official brand stores and third-party sellers, and a different category mix.Q4 2025 data from Cube’sAstroplatform shows just how different these three channels really are.

Why the Same Skincare Brand Strategy Won’t Work Across Shopee, Lazada, and TikTok Shop in Thailand

<ul>
<li>Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region.</li>
<li>This article covers six core Southeast Asian markets: Indonesia, Malaysia,Philippines, Singapore, Thailand, and Vietnam.</li>
<li>Cube tracksGMVacross Shopee, Lazada, and TikTok Shop of all six core Southeast Asian markets on a monthly basis.</li>
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Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region.
This article covers six core Southeast Asian markets: Indonesia, Malaysia,Philippines, Singapore, Thailand, and Vietnam.
Cube tracksGMVacross Shopee, Lazada, and TikTok Shop of all six core Southeast Asian markets on a monthly basis.


Shopee, Lazada, and TikTok Shop in Southeast Asia: What the Data Shows in 2026

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.</li><li>Despite strong top-line growth, 2025 net profit fell more than 70% year-over-year as ByteDance dramatically accelerated AI investment, reversing earlier Bloomberg estimates of approximately $50B in full-year profit.</li><li>In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.</li></ul>

Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.Despite strong top-line growth, 2025 net profit fell more than 70% year-over-year as ByteDance dramatically accelerated AI investment, reversing earlier Bloomberg estimates of approximately $50B in full-year profit.In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring</a> in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. </p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/ZGFdQFlxZvE?si=OgOI8xgl-8tXU_lV" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring.</a></p>
<p>In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. <br>The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.</p>
<p>The webinar will include a live Q&amp;A session.</p>
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<h3>The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.</h3>
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<h2><a href="https://www.smartkarma.com/home/webinar-registration-form-feb2025/" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About <a href="https://www.smartkarma.com/companies/cube-asia/research" target="_blank" rel="noopener">Cube</a>
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<p>Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. <br><strong>Why The Cube?</strong><br>The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business. <br>They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape</p>

Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. 
Catch the full discussion below: 


For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring.
In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering.  The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.
The webinar will include a live Q&amp;A session.






The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.












Register for the Webinar here












About Cube

Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth.  Why The Cube? The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.  They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape

Smartkarma Webinar | Southeast Asia E-Commerce:  H1 Data, Key Developments & Forecast with Cube

<ul><li>Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for dominance.</li><li>For brands, online growth heavily depends on online market data.</li><li>However, this reliance comes with risks, as brands often lack visibility into the true drivers of category sales numbers.</li></ul>

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for dominance.For brands, online growth heavily depends on online market data.However, this reliance comes with risks, as brands often lack visibility into the true drivers of category sales numbers.

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

China

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

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ByteDance (1439927D CH)

Why the Same Skincare Brand Strategy Won’t Work Across Shopee, Lazada, and TikTok Shop in Thailand

Running the same skincare brand strategy across Shopee, Lazada, and TikTok Shop in Thailand is one of the most common and costly mistakes in...

Simon Torring

Shopee, Lazada, and TikTok Shop in Southeast Asia: What the Data Shows in 2026

Southeast Asia’s e-commerce landscape shifted more in 2025 than in any year since TikTok Shop entered the region. This article covers six core...

Simon Torring

Primer: ByteDance - 27 May 2026

Conglomerate of consumer apps including TikTok and Douyin for short-form video content

Sacra

Smartkarma Webinar | Southeast Asia E-Commerce: H1 Data, Key Developments & Forecast with Cube

For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring. In the upcoming webinar, Simon will...

Smartkarma Research

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for...

Simon Torring

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52-week Range

Market Cap (USDm)

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