TikTok Shop’s US business is settling into a steadier growth phase after a turbulent first full year, even as its Southeast Asian operations pull further ahead in scale.
A latest report by Momentum Works and Tabcut shows TikTok Shop generated $15.1 billion in gross merchandise value (GMV) in the US in 2025, up 68% year-on-year from $9 billion in 2024. Globally, the platform’s GMV nearly doubled to $64.3 billion.
While the US remained TikTok Shop’s single largest market, Southeast Asia overtook it in aggregate scale, doubling GMV to $45.6 billion. Indonesia alone reached $13.1 billion, making it the platform’s second-largest market globally.
“As TikTok Shop scales in the U.S., the focus is shifting from experimentation to systematic execution. AI and data are becoming core infrastructure for how merchants and creators turn content into sustainable, repeatable growth,” said Jensen Wu, CEO and co-founder of Tabcut, a TikTok analytics tool for sellers.
The US picture
TikTok Shop counted 15.4 million influencers and 803,500 stores in the US in 2025. But scale did not translate evenly into sales. More than half of stores recorded no sales, while 2,143 stores exceeded $1 million in GMV, and 135 surpassed $10 million.
Growth was also increasingly shaped by traditional retail cycles. November and December alone generated roughly 30% of the total 2025 GMV, driven by Black Friday, Thanksgiving and Christmas campaigns.
Channel dynamics shifted as well. Video remained the largest contributor at 50% of GMV, but its share fell from 58% in 2024. Live commerce rose from 10% to 14%, while the Shop tab increased from 32% to 36%.
Jianggan Li, CEO and founder of Momentum Works, said the US trajectory demonstrates the viability of content-led retail in a mature consumer market.
“TikTok Shop’s continued growth in the US amid volatile global macro environments shows both the commitment of the company to the US market, as well as the proof that discovery-led ecommerce through videos actually works with US consumers,” Li said.
Influencer monetisation deepened with the number of influencers generating over $1 million in GMV more than tripled to 1,785 in 2025, from 529 a year earlier. The average commission rate rose to 13.07%, up from 12.27% in 2024.
Yet the ecosystem remains concentrated. Nearly 897,000 influencers generated less than $10,000 in GMV, including 467,000 with zero sales.
Category leadership remained stable, with beauty & personal care topping US sales, followed by women’s wear & underwear and sports & outdoors. At the same time, smaller segments such as kids’ fashion and baby & maternity recorded the fastest growth rates.
Pricing pressures, which were widespread in 2024, began to stabilise. While 15 of 27 categories still saw average price declines, jewellery accessories & derivatives recorded a 36% increase in average price, suggesting that competition is becoming more differentiated rather than purely price-driven.
As the report notes, “growth remained strong but was less explosive than the first year,” pointing to consolidation rather than a fresh land grab. Store-led live streams gained ground, pricing stabilised, and rankings of top influencers, products and live sessions continued to rotate, signs of an ecosystem still recalibrating rather than fully settled.
SEA: scale and competition
If the US story is about structural tightening, Southeast Asia’s is about scale and competitive depth.
The region doubled GMV to $45.6 billion in 2025, cementing its role as TikTok Shop’s primary growth engine. Indonesia’s $13.1 billion GMV placed it just behind the US globally.
Compared with the US, Southeast Asia has a more balanced channel mix across video, live, and marketplace, indicating a more mature live commerce ecosystem.
The report describes Southeast Asia as TikTok Shop’s most competitive market, where the platform is still expanding but in a more disciplined manner, with managers under pressure to balance growth and return on investment rather than rely on aggressive subsidies.
Live commerce intensity remains stronger in the region than in the US. Although six US live sessions exceeded $1 million in GMV in 2025, up from four in 2024, the US still trails Asian benchmarks in live-driven sales density.
Beyond GMV
Globally, TikTok Shop expanded into six new markets in 2025, including Brazil, Japan and several European countries. Brazil generated $0.4 billion in GMV within months of its launch, signalling early traction in Latin America’s largest economy.
Despite regulatory scrutiny and cross-border trade uncertainties, particularly in the US, TikTok Shop continued to grow. The report notes that external pressures “did not halt TikTok Shop’s commercial momentum, nor did they fundamentally alter its trajectory”.
From March 2026, TikTok Shop will begin integrating logistics more directly into its core infrastructure, standardising fulfilment processes and improving traceability—moves that suggest a shift toward deeper operational control.
Taken together, the 2025 figures show a platform evolving on two fronts. The US remains its largest single market at $15.1 billion, but Southeast Asia now anchors its scale at $45.6 billion.
The next chapter may hinge less on how fast GMV grows, and more on how efficiently TikTok Shop can convert discovery into durable commerce—across markets at very different stages of maturity.
