Gojek and Tokopedia Transaction Volumes Decline Through Q3 2023: What are the Causes?

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Cindy Mutia Annur 01/11/2023 16:23 WIB

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The transaction value of GoTo's business segments, namely Gojek and Tokopedia, has decreased since the beginning of this year until Q3 2023. What is the cause?

GoTo Business Segment Gross Transaction Value January-September (2022-2023)

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GoTo Business Segment Gross Transaction Value January-September (2022-2023)

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PT GoTo Gojek Tokopedia Tbk (GOTO) recorded a total gross transaction value (GTV) of Rp443.5 trillion from the beginning of the year to the end of Q3 2023.

This represents a 1.76% year-on-year (YoY) decrease compared to the same period last year (Rp451.47 trillion).

Transactions in GoTo's e-commerce segment, Tokopedia, decreased by 9.31% YoY to Rp183.5 trillion during January-September 2023.

Similarly, transactions in the on-demand segment, Gojek, fell by 8.47% YoY to Rp40.38 trillion.

According to management, the decline in GoTo's transaction value, including Gojek and Tokopedia, is due to a reduction in product incentives and marketing, resulting in a decrease in the number of consumers.

"The decrease in GTV is due to a reduction in unprofitable consumers as a result of significant incentive reductions over the past year," GoTo management stated in a press release on Monday, October 30, 2023.

Despite this, GoTo stated it will strategically invest in e-commerce growth to maintain market share, including targeted incentive and promotional spending.

"GoTo Gojek Tokopedia is also strengthening its leadership in the food delivery and ride-hailing segments by increasing incentive and promotional spending," they said.

Meanwhile, transactions from the financial technology (fintech) sector, GoPay, increased by 5.6% YoY to Rp276.51 trillion during January-September 2023.

GoPay's transactions remained the main contributor to GoTo's overall transactions in the first nine months of this year.

In the same period, other segments recorded transactions worth Rp1.22 trillion, up 113.46% YoY, and intercompany elimination losses increased by 1.14% YoY to minus Rp58.1 trillion.

Editor : Adi Ahdiat

"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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Gojek and Tokopedia Transaction Volumes Decline Through Q3 2023: What are the Causes?

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