Research Findings: Top 5 Ecommerce Platforms — Japan / South Korea / Australia-NZ

Purpose: Raw research for a bilingual (ZH/EN) report "Top 5 Ecommerce Platforms by Region". Method: ~26 web searches (web_search tool), sources listed per platform. Only figures found in search results are used; none invented. Caution flags: ⚠️ = conflicting figures or secondary aggregator. Approx. USD conversions are my own arithmetic at indicative 2024–25 FX (JPY≈150–155/USD, KRW≈1,360–1,420/USD, AUD≈0.65/USD, NZD≈0.60/USD) — treat as approximate, prefer local currency.

A) JAPAN

Market context

• METI (Ministry of Economy, Trade and Industry) publishes the official FY2024 E-Commerce Market Survey (compiled/press release Aug 26, 2025): https://www.meti.go.jp/english/press/2025/0826_003.html (B2C EC market size; exact yen figure not captured in search snippet — open the press release for the precise number).
• Secondary forecasts: Japan B2C e-commerce ~US$206.8B in 2025E (up from US$191.9B in 2024, +8.4%) — Chinese industry media citing research firms (⚠️ secondary, different scope than METI): https://www.amz123.com/kx/CVXk35Kj ; https://xueqiu.com/5917956151/335444674
• Databook (ResearchAndMarkets via GlobeNewswire, Jan 2026): Japan B2C e-commerce a US$337.98B industry by 2029; "Rakuten, Amazon Japan, and LINE Yahoo lead as Temu and AliExpress increase cross-border competition": https://www.globenewswire.com/news-release/2026/01/07/3214301/28124/en/japan-b2c-ecommerce-databook-market-report-202-a-337-98-billion-industry-by-2029-rakuten-amazon-japan-and-line-yahoo-lead-as-temu-and-aliexpress-increase-cross-border-competition.html

Top 5 comparison table (ranking basis: disclosed GMV where available; revenue otherwise; Amazon Japan by third-party estimates)

Ranking note: #1–#2 order is contested (see conflicts). Yahoo Shopping/LINE Yahoo (LY Corp) sits #3 by standing (search+commerce+PayPay ecosystem). Mercari & ZOZO are the two biggest specialist platforms (C2C and fashion D2C) by revenue/GMV.

Platform detail

1) Rakuten Ichiba — Rakuten Group - Ranking basis: GMV — Rakuten discloses "domestic e-commerce GMV". - Key metrics: Japan domestic e-commerce GMV ¥6.35T (≈US$41–42B) in FY2025 (calendar 2025); group FY2025 revenue ~¥2.5T; 29th consecutive year of record group revenue (100EC/AMZ123, Chinese reporting of Rakuten FY2025 results): https://imgs-b2b.100ec.cn/detail--6657399.html ; https://www.chwang.com/news/203124666073 ; https://www.amz123.com/t/c6miQrBD - H1 2026 (Jan–Jun 2026): domestic EC GMV ≈¥3.0T, +4.9% YoY (netshop.impress / EC mall performance roundup): https://netshop.impress.co.jp/index.php/e/2026/08/17/16561 - Ecosystem KPI: Rakuten Card shopping GTV +10.2% YoY to ¥6.5T (Rakuten Q2 FY2025 presentation, main KPIs): https://global.rakuten.com/corp/investors/assets/doc/documents/25Q2MAINPPT_S_E.pdf - Positioning: largest domestic marketplace; Rakuten Points loyalty loop spanning EC, fintech (Card/Bank/Securities), mobile; 18-business ecosystem. FY2024 results highlights (official): https://global.rakuten.com/corp/news/press/2025/0214_01.html - 2025 dynamics: expanding international merchant network (Singapore July 2025; six more countries Sept 2025) to counter cross-border rivals: https://global.rakuten.com/corp/news/press/2025/0930_03.html

2) Amazon Japan — Amazon.com, Inc. - Ranking basis: ⚠️ no Japan-specific revenue disclosed by Amazon in search results; ranking by third-party estimates/sales growth. - Key metrics: 2025 sales +12% YoY; Chinese sellers a key growth driver (Chinese industry media, secondary): https://www.chwang.com/news/202474068763 ; https://www.amz123.com/kx/p3gJYTqa ; https://m.10100.com/article/105682572 - ⚠️ Conflict: some Chinese media claim "Amazon Japan overtook (登顶) as #1 in Japan e-commerce" in 2025: https://www.pai.com.cn/p/01jkj692nvwg661f5apyvs5z48 — while the GlobeNewswire databook (Jan 2026) lists Rakuten, Amazon Japan and LINE Yahoo as leaders without ranking them, and Rakuten's disclosed GMV (¥6.35T) is the largest single platform figure found. Treat #1/#2 as contested. - Positioning: marketplace + self-operated retail; Prime membership; strongest in electronics/general merchandise; fast delivery (Prime Now). - 2025 dynamics: continued growth; cross-border pressure from Temu/AliExpress; Chinese seller expansion.

3) Yahoo Shopping / LINE Yahoo e-commerce — LY Corporation (formerly Z Holdings) - Ranking basis: revenue (Commerce segment); GMV not captured in snippets. - Key metrics: LY Corp FY2025 (ended Mar-2025) record group revenue; Commerce segment part of "Media & EC" growth; Q1 FY2026 (Apr–Jun 2025) adjusted EBITDA ¥37.1B, -10.5% YoY on sales-promotion spend (⚠️ reflects heavy e-commerce investment): https://hk.marketscreener.com/news/ly-results-for-the-three-months-ended-june-30-2025-fy2025-1q-140120250801528167-ce7c5edadb8bf023 ; group FY2024 revenue ¥1.786T (Media ¥707.6B +1.8% in FY2023 report): https://sa.marketscreener.com/news/ly-integrated-report-year-ended-march-31-2024-integrated-report-fy2023-en-ce7d5ed8db8cf524 - Positioning: search+shopping (Yahoo! JAPAN), PayPay Mall, LINE integration, PayPay payments; strong in fashion/lifestyle; "PayPay" economic zone. Third in standing behind Rakuten/Amazon. - 2025 dynamics: record revenue; strategic shift into AI/e-commerce; share buyback (GuruFocus LY Corp Q1 2025 call): https://www.gurufocus.com/news/2492218/ly-corp-yahof-q1-2025-earnings-call-transcript-highlights-record-adjusted-ebitda-and-strategic-share-buyback

4) Mercari — Mercari, Inc. - Ranking basis: revenue (company reports; GMV not captured in snippets). - Key metrics: FY2024 (ended Jun-2024) record-high revenue; FY2025 (ended Jun-2025) revenue ¥192.6B (≈US$1.25B), vs ¥187.4B FY2024 (WSJ income statement data, secondary aggregator): https://www.wsj.com/market-data/quotes/JP/4385/financials/annual/income-statement ; https://www.investing.com/news/stock-market-news/earnings-call-mercari-reports-recordhigh-revenue-in-fy24-eyes-growth-93CH-3576137 - Cross-border (Mercari global shopping to Taiwan etc.) transaction value >¥90B (≈US$600M) (Chinese/Taiwanese secondary): https://lifenews.com.tw/487122 - Positioning: Japan's #1 C2C resale app; commission-based marketplace; strong secondhand/goods verticals; expanding into cross-border and fintech (Mercari Wallet, Merpay). - 2025 dynamics: fee-structure moves; overseas (US) GMV +15% with active users returning to growth (Mercari Q4 2026 report — ⚠️ FY2026 data, secondary): https://www.valueaddedresource.net/mercari-q4-2026-earnings/

5) ZOZOTOWN — ZOZO, Inc. - Ranking basis: GMV + revenue (company reports). - Key metrics: FY2025 (ended Mar-2025) record GMV and record EBITDA; revenue ~¥185–190B range per aggregators (exact figure not captured in snippet — verify in ZOZO IR): https://za.investing.com/news/stock-market-news/earnings-call-transcript-zozos-q4-fy-2025-sees-record-gmv-ebitda-growth-93CH-4242673 ; https://corp.zozo.com/en/ir/files/pdf/cca5911ef7aa8716036a7a341e9e379413910b54.pdf ; https://www.tipranks.com/stocks/jp:3092/revenue - Positioning: Japan's #1 online fashion mall (D2C-heavy; ZOZOTOWN), private brands ZOZO/Multi-Size; ZOZOSUIT/measurement tech; beauty expansion (acquired fragrance platform COLORIA for ¥4.95B, April 2026): https://finance.biggo.com/news/JP_3092.T_2026-04-30 - 2025 dynamics: record results; first mid-term plan targeting ¥90B adjusted EBITA by FY2030.

Japan ranking derivation note

Rakuten is ranked #1 on disclosed GMV (¥6.35T FY2025) — the only Japan platform with a large, official GMV number found. Amazon Japan is #2 on estimated sales growth (no official Japan revenue found); ⚠️ conflicting claims about whether Amazon overtook Rakuten in 2025. Yahoo Shopping (LY Corp) is #3 by ecosystem standing + group revenue (no GMV found). Mercari (#4) and ZOZO (#5) ranked by revenue/GMV as the largest specialist platforms. Temu/AliExpress growing cross-border but not yet in top-5 standing.

B) SOUTH KOREA

Market context

• Official market size: Statistics Korea — 2024 online shopping transaction value +5.8% YoY to a record (Yonhap; press release "Online Shopping in December 2024"): https://sri.kostat.go.kr/board.es?mid=a20101000000&bid=11722&list_no=434943&act=view&mainXml=Y ; https://en.yna.co.kr/view/AEN20250204001900320
• ⚠️ Secondary: one Chinese report cites "Statista: 2025 Korea e-commerce market US$1.38 trillion" (clearly a methodology mismatch — likely includes broader digital commerce; flag and ignore): http://report.cei.cn/gwty/1852_2.html

Top 5 comparison table

Ranking note: #1–#2 depends on metric — Coupang by revenue, Naver by transaction value (Naver Shopping is an open-market/aggregation model with much higher GMV-style transaction volume than Coupang's retail revenue). KED Global (Jan 2025) described the two as "in a dead heat for Korea's e-commerce market lead." AliExpress–Gmarket JV, 11Street and Temu round out top 5 by users/standing; Kakao Commerce (KakaoTalk Shopping) is an alternative #5 candidate — flagged because no transaction figure was captured.

Platform detail

1) Coupang — Coupang, Inc. - Ranking basis: revenue (official company results; Korea + Taiwan/Fartech consolidated). - Key metrics: FY2024 net revenue US$30.87B, +24% YoY; operating profit US$436M (Korea JoongAng Daily / KED Global / Korea Times): https://koreajoongangdaily.joins.com/news/2025-02-26/business/industry/Coupang-sees-24-revenue-boost-reports-436M-operating-profit-for-2024/2250363 ; http://www.kedglobal.com/earnings/newsView/ked202502260008 ; https://www.koreatimes.co.kr/www/tech/2025/02/129_393010.html - In won: 2024 revenue ~₩41T (+29% per Chinese media — ⚠️ conflicts with the +24% US-reported figure; likely includes Fartech/Taiwan in one, or FX effect): https://finance.eastmoney.com/a/202502263330006931.html - FY2025: record annual net revenue US$34.5B (~₩49T); Q4 2025 operating profit -97% YoY after a customer-data breach (UPI; 100EC; DigitalToday): https://www.upi.com/Top_News/World-News/2026/02/27/Coupang-posts-record-sales-Q4-profit-tumbles-97/3151772239820/ ; https://imgs-b2b.100ec.cn/detail--6657128.html ; https://www.digitaltoday.co.kr/cn/view/29188/coupang-q4-operating-profit-falls-97-percent-annual-revenue-49-trillion-won - Korea-only performance: Coupang Korea operating profit +98% (2024) (BusinessKorea): https://www.businesskorea.co.kr/news/articleView.html?idxno=267570 - Users: ~32M monthly active users (Dec 2025, app data — secondary): https://www.amz123.com/t/RTgFCgOE ; monthly transactions ₩3.23T Dec-2024, #1 (BusinessKorea): https://slv.businesskorea.co.kr/news/articleView.html?idxno=240180 - Positioning: self-operated retail + Rocket Delivery (fast fulfillment) + Rocket Growth marketplace + Fulfillment Services; fresh/grocery (Rocket Fresh); now Taiwan expansion. - 2025 dynamics: record revenue but data-breach crisis (Q4 2025) hit Q4 profit and users; Naver gained e-commerce users after the breach (UPI): https://www.upi.com/Top_News/World-News/2026/03/09/e-commerce-market-shift-coupang/6581773114452/ ; CEO public apology (Hani, KR): http://china.hani.co.kr/arti/economy/16560.html ; Coupang still holds ground despite breach (Korea Herald): https://m.koreaherald.com/article/10711744

2) Naver Shopping / Naver commerce — Naver Corp - Ranking basis: transaction value + revenue (Naver reports commerce revenue; GMV-style transaction volume widely cited). - Key metrics: 2025 group annual revenue ₩12T+ (≈US$9.1B), record; commerce revenue share >30% of group revenue, a first; shopping app MAU at record (DigitalToday; Pulse; KBS): https://www.digitaltoday.co.kr/en/view/48297/naver-commerce-revenue-share-and-user-growth-drivers ; https://pulse.mk.co.kr/news/english/11955546 ; https://www.upi.com/Top_News/World-News/2026/02/06/biz-internet-giant-naver-annual-revenue/9721770429652/ ; https://world.kbs.co.kr/service/news_view.htm?Seq_Code=199371 - 2024: annual revenue first surpassed ₩10T (Pulse, Jan 2025): https://pulse.mk.co.kr/m/news/english/11235149 - ⚠️ No single official "Naver Shopping GMV" number captured in snippets — the KED "dead heat" piece (Jan 2025) and Chinese coverage (Coupang & Naver both record sales, vying for leadership) support #2 standing: https://www.kedglobal.com/e-commerce/newsView/ked202501210003 ; https://www.amz123.com/t/4YvjESwd - Positioning: search+shopping aggregation (open market model), Naver Pay, brand stores, AI shopping (Naver Plus Store); strongest in discovery commerce. AI shopping app topped new installs in Korea (Pulse): https://pulse.mk.co.kr/news/english/11284782 - 2025 dynamics: AI-driven commerce; Naver–Kurly tie-up to counter Coupang (KED, Apr 2025): http://www.kedglobal.com/us/e-commerce/newsView/ked202504200001 ; gained users post-Coupang breach (UPI).

3) AliExpress Korea + Gmarket (Shinsegae–Alibaba JV) - Ranking basis: users + cross-border transaction; JV combines Gmarket (domestic) with AliExpress Korea (cross-border). - Key metrics: KFTC conditionally approved the Shinsegae–Alibaba JV Sep 18, 2025; JV launched Oct 2025 (Reuters; Yonhap; KBS; KoreaBizWire): https://www.reuters.com/sustainability/boards-policy-regulation/south-korea-conditionally-approves-aliexpress-shinsegae-unit-joint-venture-2025-09-18/ ; https://m-en.yna.co.kr/view/AEN20250918007500320 ; http://koreabizwire.com/koreas-e-commerce-enters-three-way-battle-as-shinsegae-alibaba-jv-wins-approval/333389 - Gmarket "reboot" on Alibaba's AI/e-commerce network (Korea Times, Oct 2025): https://www.koreatimes.co.kr/business/companies/20251021/gmarket-banks-on-alibabas-ai-e-commerce-network-for-reboot - Positioning: cross-border price leader (AliExpress) + legacy open market (Gmarket); aims to counter Coupang/Naver duopoly; "three-way battle" (KoreaBizWire). - 2025 dynamics: cross-border "three dragons" (AliExpress, Temu, Shein) combined Korean user base surpassed local fashion platforms (Ebrun English, Dec 2025): https://english.ebrun.com/20251222/632017.shtml ; Chinese firms challenging Coupang's grip (Aju Press, Sep 2025): https://m.ajupress.com/view/20250910152017939

4) 11Street — 11Street (SK Square) - Ranking basis: users/traffic (no revenue/GMV captured). - Key metrics: "users of 11th Street increase rapidly" while Coupang holds ground (MK, 2025 — ⚠️ qualitative, secondary): https://www.mk.co.kr/en/business/11482513 - Positioning: long-standing #2/#3 domestic open marketplace (general merchandise); owned by SK Square. - 2025 dynamics: benefits from market fragmentation and AliExpress localization; ⚠️ exact market share not captured — treat standing as approximate.

5) Temu — PDD Holdings - Ranking basis: new installs/users (fastest-growing cross-border). - Key metrics: #1 new-install app in Korea (Dec 2025, app-data — secondary): https://www.amz123.com/t/RTgFCgOE ; part of "three dragons" whose combined users surpass local fashion platforms (Ebrun): https://english.ebrun.com/20251222/632017.shtml - Positioning: ultra-low-price cross-border; aggressive ad spend; 2025 push into local Korean logistics/sellers. - 2025 dynamics: rapid MAU growth; regulatory scrutiny (data); ⚠️ no official GMV/revenue figure captured for Korea.

Alternative #5: Kakao Commerce (KakaoTalk Shopping, Kakao Corp) — top-5 by ecosystem (KakaoTalk distribution) though no transaction figure captured; Kakao platform business grew with advertising (Kakao Q2 2024, Korea Times): https://mm.koreatimes.co.kr/www/tech/2024/08/133_380184.html

Korea ranking derivation note

Ranked primarily on revenue (Coupang official; Naver group revenue) and transaction-value standing (KED "dead heat" framing; Naver commerce revenue >30% of group). Ranks 3–5 rely on users/new-installs and strategic standing (JV approvals) rather than GMV, because no official GMV/revenue figures for AliExpress Korea, 11Street or Temu-Korea were found in search results. Flag: Coupang 2024 growth is reported as both +24% (USD, company) and +29% (₩, Chinese media).

C) AUSTRALIA / NEW ZEALAND

Market context (Australia)

• Australia Post (official-ish national postal data): Australians spent A$82.6B online in 2025, record; +14% YoY (Eightx analysis of AusPost data); Q3 2025 alone a record A$20.7B: https://www.parcelandpostaltechnologyinternational.com/news/e-commerce/australian-online-spending-reaches-a82-6bn-in-2025.html ; https://www.retailbiz.com.au/latest-news/australia-post-aussies-spend-82-6-billion-in-online-shopping/ ; https://www.parcelandpostaltechnologyinternational.com/news/e-commerce/australians-spend-record-a20-7bn-on-online-shopping-in-q3.html ; https://eightx.co/blog/australian-online-retail-spend-2026
• Online share of retail debated (12.7% vs other measures — Eightx): https://eightx.co/blog/au-online-retail-share-2026

Top 5 comparison table (Australia; NZ noted below)

Ranking note: Roy Morgan shopper-count data is the most comparable public metric across Australian platforms (Amazon/Temu/Shein/others). Revenue ranking for Amazon (A$7.7B) and Kogan (A$931M) comes from company/local filings via media. Catch closed Jan 2025 (ex-#4/#5), so 2025 top-5 excludes it; eBay's inclusion at #3 is by legacy standing (⚠️ no 2024–25 figure found in searches).

Platform detail

1) Amazon Australia — Amazon.com, Inc. - Ranking basis: revenue (Amazon Commercial Services Pty Ltd filings, via media). - Key metrics: 2024 revenue A$7.7B (≈US$5.0B); e-commerce business +23% YoY; Prime subscription revenue +39% (Chinese media citing local filings — secondary but filing-based): https://www.chwang.com/news/189643563084 ; https://www.ennews.com/news-93329.html ; https://www.amz123.com/t/244lzj1k - "Racks up another A$1B in sales locally" (The Nightly): https://thenightly.com.au/business/online-retail-behemoth-amazon-racks-up-another-1b-in-sales-in-australia-c-22198124 - Shoppers: gained close to 1M shoppers in the year to Sep 2025 (Roy Morgan): https://www.roymorgan.com/findings/10016-amazon-temu-and-shein-growth-story-continues-september-2025 - Positioning: marketplace + 1P retail; Fulfilment by Amazon; Prime; fastest-growing large platform; "Amazon, Temu, Shein dominate as local retailers decline" (RetailAsia): https://retailasia.com/news/amazon-temu-and-shein-dominate-in-australia-local-retailers-decline - 2025 dynamics: continued share gains; marketplace shake-up (Catch closure) benefiting Amazon (Pattern): https://au.pattern.com/blog/australian-marketplace-shake-up-amazon-thrives-catch-closes-and-chinese-platforms-face-challenges/

2) Temu — PDD Holdings - Ranking basis: shoppers (Roy Morgan). - Key metrics: gained close to 1M shoppers in the year to Sep 2025 (Roy Morgan, Sep 2025): https://www.roymorgan.com/findings/10016-amazon-temu-and-shein-growth-story-continues-september-2025 ; still "headline disruptors in 2025" (Roy Morgan, Mar 2026): https://www.roymorgan.com/findings/10158-amazon-temu-and-shein-growth-story-continues-march-2026 - Positioning: ultra-low-price cross-border; huge ad spend; pressure on local retailers and on Temu/Shein rivals (Catch closure partly attributed). - 2025 dynamics: ⚠️ GST/de minimis and marketplace policy changes ("Chinese platforms face challenges" — Pattern): https://au.pattern.com/blog/australian-marketplace-shake-up-amazon-thrives-catch-closes-and-chinese-platforms-face-challenges/

3) eBay Australia — eBay Inc. - Ranking basis: ⚠️ users/traffic — legacy #2 marketplace; no 2024–25 revenue/market-share figure captured in searches. Include by standing but flag data gap. - Positioning: C2C/B2C marketplace; strong in secondhand, auto parts, collectibles. - 2025 dynamics: faces Temu/Shein/Amazon pressure; ⚠️ verify via Roy Morgan or IBISWorld before final report.

4) Kogan.com — Kogan.com Ltd (ASX: KGN) - Ranking basis: revenue (ASX annual results). - Key metrics: FY2025 (ended Jun-2025) revenue ~A$931M (≈US$600M) — ⚠️ one Chinese source mislabels currency as "9.31亿欧元"; treat as A$931M: https://www.yilantop.com/news/78967 ; https://www.chwang.com/news/201100679599 ; aggregator income statement: https://stockanalysis.com/quote/asx/KGN/financials/ - Positioning: largest listed Australian pure-play online retailer (electronics, appliances, private labels, Kogan Mobile/First); marketplace + 1P hybrid. - 2025 dynamics: turnaround/earnings recovery narrative (Morningstar "undervalued winner"): https://www.morningstar.com.au/stocks/undervalued-aussie-e-commerce-winner

5) Shein — Shein Group - Ranking basis: shoppers (Roy Morgan). - Key metrics: gained 500k+ shoppers in the year to Sep 2025 (Roy Morgan): https://www.roymorgan.com/findings/10016-amazon-temu-and-shein-growth-story-continues-september-2025 ; headline disruptor through 2025 (Mar 2026 update): https://www.roymorgan.com/findings/10158-amazon-temu-and-shein-growth-story-continues-march-2026 - Positioning: ultra-fast-fashion cross-border; app-first; strong Gen-Z penetration. - 2025 dynamics: regulatory/data-localization scrutiny; "pull in millions more Aussies" (Ragtrader): https://www.ragtrader.com.au/news/amazon-shein-pull-in-millions-more-aussies

Notable casualties / dynamics (Australia 2025) - Catch (Wesfarmers) closed Jan 2025 — 190 jobs; "A$230M experiment" (SMH; Brisbane Times; AFR): https://www.smh.com.au/business/companies/online-retailer-catch-com-au-to-shut-down-190-jobs-to-go-20250121-p5l618.html ; https://www.brisbanetimes.com.au/business/companies/the-230m-experiment-that-wesfarmers-would-rather-forget-20250121-p5l630.html ; https://afr-prod.ffxblue.com.au/companies/retail/wesfarmers-to-shut-catch-amid-stiff-competition-from-temu-amazon-20250121-p5l60u - MyDeal (Woolworths) also closed (Ragtrader): https://www.ragtrader.com.au/insights/catch-and-mydeal-closures-signal-a-shift-in-australian-retail - TikTok Shop: not yet live in Australia as of mid-2025 ("still waiting" — Marketing Interactive; mumbrella reports "prepares to launch"): https://www.marketing-interactive.com/tiktok-shop-is-booming-globally-so-why-is-australia-still-waiting ; https://mumbrella.com.au/australian-brands-face-a-new-era-as-tiktok-shop-prepares-to-launch-875404 - The Iconic (fashion) and others: no figures captured — verify before final report if included.

NEW ZEALAND (within ANZ section)

• Trade Me remains NZ's largest marketplace; owner took a NZ$138M marketplace write-down on slowing sales/growth (2025): https://dailytelegraph.co.nz/money/trade-me-takes-138m-marketplace-write-down-as-sales-and-growth-slow/ ; https://www.newstalkzb.co.nz/on-air/heather-du-plessis-allan-drive/audio/bodo-lang-massey-university-marketing-professor-on-trade-me-marketplace-being-hit-with-138m-write-down/
• Secondhand economy record growth per Trade Me survey (Mar 2025): https://b2bnews.co.nz/news/trade-me-survey-reveals-record-growth-in-second-hand-economy/
• Amazon, Temu and Shein "tighten their grip on ANZ's marketplace sector" (NZBusiness): https://nzbusiness.co.nz/business/amazon-temu-and-shein-tighten-their-grip-on-anzs-marketplace-sector
• NZ consumer behavior: 82% of Kiwis shop online (IAB NZ 2025 Commerce Report): https://www.iab.org.nz/news-resources/2025-pureprofile-commerce-report-1
• ⚠️ NZ platform revenue/GMV figures (Trade Me revenue, Amazon NZ, The Market/Warehouse) were not captured in searches — recommend follow-up research or rely on Euromonitor/Statista studies: https://www.statista.com/study/136030/e-commerce-in-new-zealand/ ; https://lp.euromonitor.com/retail-e-commerce-in-new-zealand/report
• ⚠️ Kogan flagged NZ weakness in FY25 earnings (Morningstar) — Kogan's ANZ footprint includes NZ: https://kessler-prod.reta52d8.eas.morningstar.com/company-reports/1324723-kogan-earnings-australian-advancements-in-sales-and-earnings-overshadowed-by-new-zealand

ANZ ranking derivation note

Australia ranked on Roy Morgan shopper counts (most comparable cross-platform public metric: Amazon/Temu each +~1M, Shein +500k in the year to Sep 2025) plus filing-based revenue (Amazon A$7.7B 2024; Kogan ~A$931M FY2025). Catch (closed 2025) and MyDeal (closed) drop out of the 2025 list. eBay kept at #3 on legacy standing — ⚠️ no 2024–25 figure found; consider dropping or verifying. NZ handled as a subsection: Trade Me #1 by standing; Amazon NZ, Temu, Shein growing; ⚠️ revenue data gap.

Cross-cutting flags & data-vintage notes

1. Vintage: "FY2025" means different things per company — Rakuten (calendar 2025), Mercari (ended Jun-2025), ZOZO (ended Mar-2025), LY Corp (ended Mar-2025), Coupang (calendar 2025), Naver (calendar 2025), Kogan (ended Jun-2025), Amazon AU (2024 filings). Do not mix as if same period.
2. Conflicts flagged: Amazon Japan #1 vs Rakuten #1 (2025); Coupang 2024 growth +24% (USD, official) vs +29% (₩, media); Kogan FY25 revenue currency mislabel; "US$1.38T Korea e-commerce" (methodology mismatch, exclude); Japan market size differs between METI (official) and US$206.8B secondary estimate.
3. Data gaps to close before final report: Japan METI exact FY2024 yen figure (open the METI PDF); Yahoo Shopping GMV (not disclosed); ZOZO exact FY2025 revenue; Naver Shopping official transaction value; Korea figures for 11Street/Temu/Kakao Commerce; eBay AU 2024–25 figures; NZ platform revenue figures (Trade Me, Amazon NZ, The Market).
4. Where to get missing figures (suggested): company IR/filings (Coupang 10-K, Naver IR, LY Corp IR, ZOZO IR, Mercari IR, Kogan ASX announcements, Amazon 10-K), METI press release PDF (Aug 26 2025), Statistics Korea monthly "Online Shopping" releases, Roy Morgan reports, Australia Post eCommerce Industry Report.

Sources (master list)

Japan - METI FY2024 E-Commerce Market Survey: https://www.meti.go.jp/english/press/2025/0826_003.html - GlobeNewswire/ResearchAndMarkets Japan B2C databook (Jan 2026): https://www.globenewswire.com/news-release/2026/01/07/3214301/28124/en/japan-b2c-ecommerce-databook-market-report-202-a-337-98-billion-industry-by-2029-rakuten-amazon-japan-and-line-yahoo-lead-as-temu-and-aliexpress-increase-cross-border-competition.html - Rakuten FY2025 results (secondary): https://imgs-b2b.100ec.cn/detail--6657399.html ; https://www.chwang.com/news/203124666073 ; https://www.amz123.com/t/c6miQrBD - Rakuten H1 2026 GMV (netshop.impress): https://netshop.impress.co.jp/index.php/e/2026/08/17/16561 - Rakuten Q2 FY2025 main KPIs (official PDF): https://global.rakuten.com/corp/investors/assets/doc/documents/25Q2MAINPPT_S_E.pdf - Rakuten FY2024 results (official): https://global.rakuten.com/corp/news/press/2025/0214_01.html - Rakuten Ichiba international expansion (official): https://global.rakuten.com/corp/news/press/2025/0930_03.html - Amazon Japan +12% 2025 (secondary): https://www.chwang.com/news/202474068763 ; https://www.amz123.com/kx/p3gJYTqa - Amazon Japan #1 claim (secondary): https://www.pai.com.cn/p/01jkj692nvwg661f5apyvs5z48 - LY Corp results: https://hk.marketscreener.com/news/ly-results-for-the-three-months-ended-june-30-2025-fy2025-1q-140120250801528167-ce7c5edadb8bf023 ; https://sa.marketscreener.com/news/ly-integrated-report-year-ended-march-31-2024-integrated-report-fy2023-en-ce7d5ed8db8cf524 ; https://www.gurufocus.com/news/2492218/ly-corp-yahof-q1-2025-earnings-call-transcript-highlights-record-adjusted-ebitda-and-strategic-share-buyback - Mercari: https://www.wsj.com/market-data/quotes/JP/4385/financials/annual/income-statement ; https://www.investing.com/news/stock-market-news/earnings-call-mercari-reports-recordhigh-revenue-in-fy24-eyes-growth-93CH-3576137 ; https://lifenews.com.tw/487122 ; https://www.valueaddedresource.net/mercari-q4-2026-earnings/ - ZOZO: https://za.investing.com/news/stock-market-news/earnings-call-transcript-zozos-q4-fy-2025-sees-record-gmv-ebitda-growth-93CH-4242673 ; https://corp.zozo.com/en/ir/files/pdf/cca5911ef7aa8716036a7a341e9e379413910b54.pdf ; https://www.tipranks.com/stocks/jp:3092/revenue ; https://finance.biggo.com/news/JP_3092.T_2026-04-30

South Korea - Statistics Korea Dec 2024 online shopping: https://sri.kostat.go.kr/board.es?mid=a20101000000&bid=11722&list_no=434943&act=view&mainXml=Y ; Yonhap 2024 +5.8%: https://en.yna.co.kr/view/AEN20250204001900320 - Coupang 2024: https://koreajoongangdaily.joins.com/news/2025-02-26/business/industry/Coupang-sees-24-revenue-boost-reports-436M-operating-profit-for-2024/2250363 ; http://www.kedglobal.com/earnings/newsView/ked202502260008 ; https://www.koreatimes.co.kr/www/tech/2025/02/129_393010.html ; https://www.businesskorea.co.kr/news/articleView.html?idxno=267570 ; https://finance.eastmoney.com/a/202502263330006931.html - Coupang 2025: https://www.upi.com/Top_News/World-News/2026/02/27/Coupang-posts-record-sales-Q4-profit-tumbles-97/3151772239820/ ; https://imgs-b2b.100ec.cn/detail--6657128.html ; https://www.digitaltoday.co.kr/cn/view/29188/coupang-q4-operating-profit-falls-97-percent-annual-revenue-49-trillion-won ; breach fallout: https://www.upi.com/Top_News/World-News/2026/03/09/e-commerce-market-shift-coupang/6581773114452/ ; http://china.hani.co.kr/arti/economy/16560.html ; https://m.koreaherald.com/article/10711744 - Coupang users/transactions: https://www.amz123.com/t/RTgFCgOE ; https://slv.businesskorea.co.kr/news/articleView.html?idxno=240180 - Naver: https://pulse.mk.co.kr/m/news/english/11235149 ; https://pulse.mk.co.kr/news/english/11955546 ; https://www.digitaltoday.co.kr/en/view/48297/naver-commerce-revenue-share-and-user-growth-drivers ; https://www.upi.com/Top_News/World-News/2026/02/06/biz-internet-giant-naver-annual-revenue/9721770429652/ ; https://world.kbs.co.kr/service/news_view.htm?Seq_Code=199371 - Coupang–Naver dead heat: https://www.kedglobal.com/e-commerce/newsView/ked202501210003 ; https://www.amz123.com/t/4YvjESwd - Naver–Kurly: http://www.kedglobal.com/us/e-commerce/newsView/ked202504200001 ; Naver AI shopping app: https://pulse.mk.co.kr/news/english/11284782 - Shinsegae–Alibaba JV: https://www.reuters.com/sustainability/boards-policy-regulation/south-korea-conditionally-approves-aliexpress-shinsegae-unit-joint-venture-2025-09-18/ ; https://m-en.yna.co.kr/view/AEN20250918007500320 ; http://koreabizwire.com/koreas-e-commerce-enters-three-way-battle-as-shinsegae-alibaba-jv-wins-approval/333389 ; Gmarket reboot: https://www.koreatimes.co.kr/business/companies/20251021/gmarket-banks-on-alibabas-ai-e-commerce-network-for-reboot - Cross-border "three dragons": https://english.ebrun.com/20251222/632017.shtml ; https://m.ajupress.com/view/20250910152017939 - 11Street: https://www.mk.co.kr/en/business/11482513 ; Kakao: https://mm.koreatimes.co.kr/www/tech/2024/08/133_380184.html

Australia / NZ - Australia Post 2025 spend A$82.6B: https://www.parcelandpostaltechnologyinternational.com/news/e-commerce/australian-online-spending-reaches-a82-6bn-in-2025.html ; https://www.retailbiz.com.au/latest-news/australia-post-aussies-spend-82-6-billion-in-online-shopping/ ; https://www.parcelandpostaltechnologyinternational.com/news/e-commerce/australians-spend-record-a20-7bn-on-online-shopping-in-q3.html ; https://eightx.co/blog/australian-online-retail-spend-2026 ; https://eightx.co/blog/au-online-retail-share-2026 - Roy Morgan (Sep 2025): https://www.roymorgan.com/findings/10016-amazon-temu-and-shein-growth-story-continues-september-2025 ; (Mar 2026): https://www.roymorgan.com/findings/10158-amazon-temu-and-shein-growth-story-continues-march-2026 - Amazon AU A$7.7B/2024: https://www.chwang.com/news/189643563084 ; https://www.ennews.com/news-93329.html ; https://www.amz123.com/t/244lzj1k ; The Nightly: https://thenightly.com.au/business/online-retail-behemoth-amazon-racks-up-another-1b-in-sales-in-australia-c-22198124 - Marketplaces/dominance: https://retailasia.com/news/amazon-temu-and-shein-dominate-in-australia-local-retailers-decline ; https://au.pattern.com/blog/australian-marketplace-shake-up-amazon-thrives-catch-closes-and-chinese-platforms-face-challenges/ - Catch closure: https://www.smh.com.au/business/companies/online-retailer-catch-com-au-to-shut-down-190-jobs-to-go-20250121-p5l618.html ; https://www.brisbanetimes.com.au/business/companies/the-230m-experiment-that-wesfarmers-would-rather-forget-20250121-p5l630.html ; https://afr-prod.ffxblue.com.au/companies/retail/wesfarmers-to-shut-catch-amid-stiff-competition-from-temu-amazon-20250121-p5l60u ; https://www.ragtrader.com.au/insights/catch-and-mydeal-closures-signal-a-shift-in-australian-retail - Kogan: https://www.yilantop.com/news/78967 ; https://www.chwang.com/news/201100679599 ; https://stockanalysis.com/quote/asx/KGN/financials/ ; https://www.morningstar.com.au/stocks/undervalued-aussie-e-commerce-winner - Shein/Temu shoppers: https://www.ragtrader.com.au/news/amazon-shein-pull-in-millions-more-aussies - TikTok Shop AU: https://www.marketing-interactive.com/tiktok-shop-is-booming-globally-so-why-is-australia-still-waiting ; https://mumbrella.com.au/australian-brands-face-a-new-era-as-tiktok-shop-prepares-to-launch-875404 - NZ: Trade Me write-down: https://dailytelegraph.co.nz/money/trade-me-takes-138m-marketplace-write-down-as-sales-and-growth-slow/ ; secondhand economy: https://b2bnews.co.nz/news/trade-me-survey-reveals-record-growth-in-second-hand-economy/ ; ANZ marketplace grip: https://nzbusiness.co.nz/business/amazon-temu-and-shein-tighten-their-grip-on-anzs-marketplace-sector ; IAB NZ commerce report: https://www.iab.org.nz/news-resources/2025-pureprofile-commerce-report-1 ; Statista NZ study: https://www.statista.com/study/136030/e-commerce-in-new-zealand/ ; Euromonitor NZ: https://lp.euromonitor.com/retail-e-commerce-in-new-zealand/report ; Kogan NZ weakness: https://kessler-prod.reta52d8.eas.morningstar.com/company-reports/1324723-kogan-earnings-australian-advancements-in-sales-and-earnings-overshadowed-by-new-zealand