Indonesia e-commerce firm Bukalapak to stop selling physical goods – report

0
2K

Indonesian e-commerce firm Bukalapak said on Tuesday that it would stop selling physical items on its marketplace soon, Reuters reported.

The announcement came amid tough competition from TikTok’s Tokopedia and Sea Ltd’s Shopee in Southeast Asia’s largest economy.

Bukalapak, which went public in 2021, said in a statement that it later would only sell virtual products ranging from mobile phone credits to streaming vouchers.

“Bukalapak will undergo a transformation in an effort to increase focus on virtual products … we fully understand that these changes will impact the sellers and we are committed to making this transition as smooth as possible,” the company said.

Customers have until Feb 9 to make last orders for certain items, Bukalapak added.

Over the three years since its listing, Bukalapak has faced fierce competition from Indonesia’s e-commerce market leader Shopee, which is owned by Southeast Asian technology firm Sea, and from Tokopedia, according to the report.

Tokopedia, another homegrown e-commerce company, is now majority owned by ByteDance’s TikTok, which acquired 75.01 percent of the shares from local tech conglomerate GoTo early last year, the report added.

Bukalapak reported a loss of 593.23 billion rupiah ($36.62 million) in the first nine months of 2024, according to its latest financial results.

 

#Bukalapak #Ecommerce #VirtualProducts #SoutheastAsia #Competition

Sponsored
Search
Sponsored
Categories
Read More
Shopping
Nokia Zeno Xtreme 2024 Specs: 200MP Cameras, 8200mAh Battery!
Let us introduce you to an upcoming premium Nokia smartphone with fantastic 200MP cameras and an...
By Ifvex 2025-02-06 16:31:18 0 1K
Networking
GoTo CEO Patrick Walujo commits to long haul as profitability edges close
The CEO’s extended tenure reflects confidence in GoTo’s growth trajectory amid fierce...
By Ifvex 2025-01-08 14:02:18 0 2K
Networking
Klook secures $100M in funding led by Vitruvian Partners
Klook, a Hong Kong-based platform for experiences and travel services, has on Tuesday announced...
By Ifvex 2025-02-12 11:22:51 0 547
Food
Air Fryer Baked Sweet Potato
The air fryer makes quick work of baking sweet potatoes. Not only is the inside light and fluffy,...
By Recipes 2025-02-06 05:42:26 0 792
Networking
AWS launches infrastructure region in Thailand
Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company , has on Wednesday announced the...
By Ifvex 2025-01-08 12:51:49 0 2K