Somehow, this is kind of predictable, since Shopee is one of the biggest and most in-demand eCommerce platforms in Southeast Asia, with markets in Brazil even, and yes, its food delivery wing, ShopeeFood, has overtaken several others, notably including Indonesia’s Gojek in Southeast Asian food delivery.
According to the figures released this week by Momentum Works’ Food Delivery Platforms in Southeast Asia, the Gross Merchandise Value or GMV of ShopeeFood last year was bigger than that of Gojek. The figures are at $2.3 billion for ShopeeFood and $1.9 billion for Gojek.
Gross Merchandise Value is the total amount of money a company makes from selling products over a certain period of time. This is also a Key Performance Indicator used in online retailing and eCommerce, not just in food deliveries.
ShopeeFood is one of the latest features of the eCommerce platform Shopee, which allows customers to order food from nearby restaurants via the official Shopee App, just like ordering food on GrabFood or foodpanda, except that the parent platform is eCommerce, not a ride-hailing platform, that is Grab.
With markets in Southeast Asia and South America, Shopee is a Singaporean multinational technology company that specializes in operating online shops. It is a subsidiary of Sea Limited. It was founded in 2015.
Meanwhile, Gojek was older than Shopee, as it was founded in 2009 in Indonesia. It was first a call center that connected consumers to courier delivery and two-wheeled ridesharing services. Today, it is an on-demand multi-service platform and digital payment technology group with headquarters in Jakarta, the Indonesian capital.
Those Gross Merchandise Value figures came as ShopeeFood was able to record over 50 percent in the year accounted. While most of the growth came from Indonesia, ShopeeFood had an estimated 18 percent market share, more than others. In Vietnam, ShopeeFood also dominated the market, going neck and neck with Grab.
Let’s take a look at ShopeeFood’s market dominance in Thailand. Well, it has overtaken foodpanda as the top three player in the market. Conversely, in Malaysia, it has also overtaken foodpanda.
What do experts say about this? ShopeeFood is seemingly following the patterns of larger platforms of its kind, such as how Chinese shopping platform Meituan has challenged traditional eCommerce platforms like JD.com in the East Asian country, and how Zomato’s Blinkit has posed a threat in the eCommerce market in India and nearby.
In other Gojek news, the Indonesian platform is seeing a consolation after Maybank Investment Bank said the planned merger between the platform and Grab “could lead to annual synergies of $106 million to $209 million.” In other words, the future is bright for the two companies.
“On a combined basis, Grab and Gojek would have about 60 percent to 70 percent GMV market share across ASEAN and a highly dominant 80 percent to 90 percent market share in Indonesia,” Maybank stated.
It’s all about the balance of things. Earlier this month, Gojek and Grab have started discussions about a possible merger.
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