Google: Indonesia's E-commerce Growth Strengthens in 2024

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Adi Ahdiat 13/11/2024 17:52 WIB

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According to research by Google, Temasek, and Bain & Company, Indonesia's e-commerce GMV is projected to grow by 11% year-on-year (YoY) in 2024, a significant increase compared to the 1% YoY growth in

Projected Gross Merchandise Value (GMV) of Indonesian E-commerce (2022-2024)

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Projected Gross Merchandise Value (GMV) of Indonesian E-commerce (2022-2024)

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Indonesia's e-commerce market in 2024 grew stronger than the previous year.

This is evident from the e-Conomy SEA 2024 research report released by Google, Temasek, and Bain & Company.

Google, Temasek, and Bain & Company measured the digital economy value in Southeast Asian countries based on gross merchandise value (GMV), which is the value of goods/services sold within a specific period.

In 2023, the GMV of e-commerce in Indonesia is estimated to reach US$59 billion, a 1% year-on-year (YoY) growth compared to the previous year.

Then, in 2024, the growth rate is projected to strengthen to 11% (YoY), with an estimated GMV reaching US$65 billion.

Along with the increased growth rate, Google, Temasek, and Bain & Company assess that e-commerce competition in Indonesia is becoming increasingly intense.

"A leading social media company acquired a popular local e-commerce platform to continue its business operations in Indonesia," they stated in their report.

"This move has intensified market competition, and led other platforms to review and strengthen their business growth strategies to maintain market share," they continued.

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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Google: Indonesia's E-commerce Growth Strengthens in 2024

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