The e-commerce landscape in Thailand experienced a major shift as main players Shopee and Lazada reported income for the primary time in nearly a decade. This change has been attributed to careful spending, operational adjustments, and increased service fees.
In 2022, Shopee recorded a profit of two.four billion baht, whereas Lazada posted a profit of 413 million baht. Shopee’s income reached 21.7 billion baht, with Lazada following intently at 20 billion baht. Cancel anytime reported a profit in 2021, whereas Shopee underwent a restructuring process last yr after eight years in the Thai market, according to Pawoot Pongvitayapanu, CEO of information analytics agency Creden.co.
Creden’s data reveals that Sea Group’s Shopee (Thailand) generated 21.7 billion baht in revenue in 2022, a 62% enhance year-on-year, with earnings rising by 147% to 2.38 billion baht. In distinction, Shopee reported losses of four.9 billion baht in 2021, even as income grew by sixty two.9% to thirteen.three billion baht.
When contemplating the 9 subsidiaries beneath Sea Group in Thailand, their mixed revenue in 2022 amounted to fifty five billion baht, with a revenue of 2.5 billion baht. In 2021, their income was 43 billion baht, with losses of 5.9 billion baht.
Shopee was the largest contributor to Sea (Thailand)’s income and revenue in 2022. Last 12 months, Shopee Express (Thailand) reported a profit of 932 million baht and revenue of sixteen billion baht. In 2021, Shopee Express generated the best income for Sea at 15 billion baht, alongside losses of 289 million baht.
Lazada reported its second consecutive yr of revenue in 2022, with 413 million baht, an 82% enhance, while income rose 40.8% to twenty.6 billion baht. In 2021, Lazada’s profit grew by 105% to 226 million baht, with income increasing by forty six.6% to 14.6 billion baht. Pawoot said…
“Lazada was the market leader in 2021 by way of income, but in 2022 Shopee surpassed its rival.”
Both Shopee and Lazada elevated their service fees in 2021 from 1% to 2%, and once more in April 2023 from 2.14% to three.21-4.28%, relying on product categories..