This is a Projection of Indonesian E-commerce Growth according to Google

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Nabilah Muhamad 09/11/2023 14:00 WIB

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According to projections by Google, Temasek, and Bain & Company, Indonesia's e-commerce GMV is projected to reach US$62 billion in 2023, a slower growth rate compared to 2022.

Projected Gross Merchandise Value (GMV) of Indonesian E-commerce (2021-2030)

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Projected Gross Merchandise Value (GMV) of Indonesian E-commerce (2021-2030)

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According to projections by Google, Temasek, and Bain & Company in their *e-Conomy SEA 2023* report, the gross merchandise value (GMV) of Indonesia's e-commerce sector this year will reach US$62 billion.

This figure represents a 7% year-on-year (YoY) growth, a slowdown compared to 2022's 20% YoY growth.

Google, Temasek, and Bain & Company attribute the slower growth of Indonesia's e-commerce sector in 2023 to many companies changing their business strategies.

"E-commerce players, food delivery services, and online transportation services are reducing promotions and incentives to balance growth and profitability," stated the Google team in their report.

"The slowdown is due to price-sensitive consumers seeking alternative options. However, the number of retained consumers is substantial, offsetting the slower market growth with higher net revenue growth," they continued.

The Google team projects that Indonesia's e-commerce GMV could rise to US$82 billion in 2025, with a compound annual growth rate (CAGR) of 15%, and potentially reach US$160 billion by 2030.

However, they assess that Indonesia's digital economy still faces several challenges, one of which is related to regulations.

"On the one hand, the national standards and framework for digital payments (in Indonesia) have spurred a sharp increase in digital payment adoption," said the Google team.

"On the other hand, new rules prohibiting the e-commerce sale of imported products priced below US$100, implemented to support local merchants, may have a negative impact on the overall market," they added.

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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