Tokopedia Transactions Decline After Discount Cuts; How Are GoTo's Other Businesses Doing?

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Cindy Mutia Annur 25/08/2023 14:10 WIB

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GoTo's Tokopedia e-commerce business transactions recorded an 8.2% year-on-year (YoY) decrease to Rp121.48 trillion in the first half of 2023. According to GoTo, one of the contributing factors is th

GoTo Transaction Value by Business Segment, First Half (2022-2023)

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GoTo Transaction Value by Business Segment, First Half (2022-2023)

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PT GoTo Gojek Tokopedia Tbk (GOTO) recorded a total gross transaction value (GTV) of Rp292.27 trillion in the first half of 2023. This represents a 0.58% year-on-year (YoY) increase.

However, the transaction value of GoTo's e-commerce segment, Tokopedia, decreased by 8.2% YoY to Rp121.48 trillion in the first half of 2023. According to GoTo, one reason for the decline in Tokopedia's transactions is a reduction in discounts.

“(The decrease) is due to a decrease in transactions from unprofitable consumers as a result of reduced blanket incentives,” GoTo stated in a press release on Tuesday, August 15, 2023. These incentives include promotions and discounts.

GoTo also attributed the decline in e-commerce transactions to seasonal factors such as an increase in public holidays, and the closure of some Tokopedia Mitra businesses (offline stores) announced last March.

The decline in GoTo's transactions in the first half of 2023 also affected its on-demand services, Gojek. Gojek transactions decreased by 6.64% YoY to Rp26.98 trillion in the first half of the year.

“(The decrease) is due to the rationalization of incentives for profitable consumers,” GoTo stated.

On the other hand, transactions from the financial technology (fintech) sector, GoPay, increased by 10.46% YoY in the first half of 2023 to Rp182 trillion. GoPay transactions remain the largest contributor to GoTo's overall business transactions.

Other segments had a transaction value of Rp1.02 trillion, a 191.42% YoY increase in the first half of 2023. Meanwhile, intercompany elimination transactions recorded a 9.06% YoY increase in losses, reaching minus Rp39.22 trillion.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Tokopedia Transactions Decline After Discount Cuts; How Are GoTo's Other Businesses Doing?

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