No Bukalapak, Here Are 5 Indonesian E-commerce Sites with the Highest GMV

Momentum Works, a Singapore-based company, mapped the e-commerce landscape based on gross merchandise value (GMV), or the total value of goods sold within a specific period.

According to a Katadata report, the Southeast Asian e-commerce market continues to show rapid growth, with a total GMV reaching US$114.6 billion, or approximately Rp1.857 trillion (using an exchange rate of Rp16,205 per US$), in 2023.

Indonesia's e-commerce GMV reached US$53.8 billion. This value is contributed by the top five e-commerce platforms:

* Shopee leads with a 40% market share and a GMV of US$21.52 billion (Rp348.6 trillion)
* Tokopedia (30% market share) with a GMV of US$16.14 billion (Rp261.5 trillion)
* TikTok Shop (11% market share) with a GMV of US$5.92 billion (Rp95.9 trillion)
* Lazada (9% market share) with a GMV of US$4.84 billion (Rp78.4 trillion)
* Blibli (4% market share) with a GMV of US$2.15 billion (Rp34.8 trillion).

Bukalapak Shuts Down E-commerce Services

Following Bukalapak's closure of its e-commerce services, the competitive landscape of online marketplaces in Indonesia is now dominated by five major players.

Nailul Huda, an economic observer and Director of the Digital Economy Center of Economic and Law Studies (CELIOS), explains that the competition among these five e-commerce platforms is divided into three layers.

"Indonesia's e-commerce market is indeed comprised of three major layers with significant distances between them," Nailul told Katadata on Friday (January 10, 2025).

First, the dominant platforms: Shopee and Tokopedia-TikTok. The merger of Tokopedia and TikTok Shop intensifies competition, with both focusing on innovations such as live shopping and employing "money-burning" strategies.

"They are still burning money to attract more consumers. Undeniably, our consumers are still price-oriented," said Nailul.

Second, the mid-tier platforms: Lazada and Blibli. Before merging with Tokopedia, TikTok Shop was at this level along with Lazada, Blibli, and Bukalapak. After Bukalapak's closure, only Lazada and Blibli remain in this layer.

"What happened to Bukalapak further indicates that the innovation and money-burning strategies employed by e-commerce companies (almost across all digital industries) can be a tool for survival," he said.

Third, small and local platforms such as Orami. This last layer consists of small, local e-commerce platforms serving specific market segments.

(Read Katadata: [5 E-Commerce Jadi Pemain Utama Usai Bukalapak Tutup Warung](https://katadata.co.id/digital/e-commerce/6780dafa3d007/5-e-commerce-jadi-pemain-utama-usai-bukalapak-tutup-warung))