Shopee-specific. Lazada/DTC fee data not in exports.
( 3a ) Shopee 2025
Gross
52,704
Vouchers
−2,329
Net NMV
50,375
Fees
−7,450
Grand Total
49,984
Deduction %
14.8%
( 4a ) + Pro Shopee 2026
Gross
50,041
Vouchers
−10,096
Net NMV
39,945
Fees
−6,367
Grand Total
40,054
Deduction %
24.0%
Key Insights
01
Series NMV Nearly Flat at −0.9%
3-platform total: 3a series SGD 81,400 vs 4a series SGD 80,643. The Pro model + DTC channel strength almost fully offset the standard model's volume collapse. A fundamentally different picture from any single channel.
02
DTC Is the Margin Hero
DTC sells at SGD 599 (4a) and SGD 749 (4a Pro) — higher NMV per unit than marketplace channels due to zero platform vouchers. DTC's 29.3% NMV share with no commission fees makes it the highest-margin channel.
03
Shopee Dominance Eroding Fast
Shopee's NMV share dropped from 61.9% to 49.5%. Lazada doubled (10.5%→21.1%) and DTC held steady (27.7%→29.3%). The channel mix is rebalancing toward higher-margin channels — a strategic positive.
04
ASP Rose Only 9.6%, Not 36%
Retail price jumped 36% (549→749), but actual NMV/unit rose just 9.6% (532→583) due to heavy marketplace vouchers. DTC at SGD 599 is actually lower than retail but captures more net revenue per unit.
05
Pro = 67.5% of 4a Series NMV
(4a) Pro generated SGD 54,408 across 75 units at SGD 725 avg NMV. Without Pro, the 4a launch would show a devastating −68% NMV decline. The dual-model strategy is working.
06
Cancel Rates Improved Across Board
Blended cancel rate dropped from 27% (3a) to 19% (4a series). DTC leads with just 6–10% cancels, vs Shopee's 25–31%. Higher buyer intent on owned channels.