Amazon Still Leads, But Asia Owns the Trend

The latest rankings of the world's largest online retail platforms reflect a significant shift: Asia is establishing itself as the most dominant force in the online economy.

While Amazon remains the world's largest e-commerce platform with a Gross Merchandise Value (GMV) of US$846.1 billion in 2025, the broader picture tells a much bigger story. Of the world's top 10 e-commerce platforms, only two are Western companies: Amazon and Walmart. The remaining 80% of the ranking is dominated by Asian players.

The New Global Contenders

Among the most notable names are Pinduoduo and Douyin, which have secured the second and third positions globally with GMVs of US$780.5 billion and US$656.4 billion respectively.

What makes these companies particularly significant is that their ambitions extend far beyond their domestic markets.

• Pinduoduo's international sister platform, Temu, has rapidly expanded across North America and Europe.

• Douyin's ecosystem is helping power the growth of TikTok Shop in multiple international markets.

These platforms are actively reshaping how consumers discover and purchase products worldwide, making them more than just domestic success stories.

Alibaba's Unmatched Size

Alibaba continues to demonstrate the strength of China's e-commerce ecosystem through its flagship platforms, Tmall and Taobao.

Together, the two marketplaces generate more than US$1 trillion in GMV. Alibaba is therefore the largest e-commerce company in the world by transaction value. Although they have fallen in the rankings since 2020, Tmall and Taobao exemplify the influence of Chinese e-commerce platforms on global shopping behaviors, from mobile integration to live-stream shopping and AI-powered retail experiences.

Standalone Western Giants

Amazon and Walmart remain formidable global players. While their growth strategies increasingly encompass Asian markets, particularly India, both companies still derive the vast majority of their ranking strength from their established core markets.

In contrast, many Asian competitors are building growth through both domestic development and international expansion.

Cross-Border Commerce Fuels Growth

The growing importance of cross-border e-commerce is underlined by the rise of Shopee and AliExpress.

• Shopee has built a powerful presence across Southeast Asia and expanded successfully into Latin America.

• AliExpress has become a global gateway for consumers seeking direct access to products sourced from Asian manufacturers.

Both platforms help connect buyers and sellers across continents and therefore offer highly competitive prices and a wide variety of products to consumers.

Wrap-Up: The Center of Gravity Is Moving East

Asian e-commerce ecosystems have become a center of innovation, growth and influence. Introducing social commerce, live-stream shopping and bringing cross-border strategies to a new level, many of the industry's most impactful trends find their origin in the East.

The question for the coming years is not whether Asian platforms will continue to shape global e-commerce, but whether today's leaders can maintain their momentum as new challengers emerge.