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

0
5K

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
Networking
Apple still barred from selling iPhone 16 in Indonesia despite investment deal, minister says – report
US-based tech giant Apple still cannot sell its iPhone 16 in Indonesia despite striking a deal to...
By Ifvex 2025-01-08 13:23:36 0 6K
Other
VinFast officially launches VF 6 in Indonesia
Vietnamese electric vehicle (EV) carmaker VinFast announced Tuesday the official launch of the VF...
By Ifvex 2025-05-06 06:49:00 0 507
Networking
Igloo, JMT Network Services team up to offer insurtech solutions for Thailand
Singapore-based insurtech Igloo and Thailand conglomerate Jaymart Group’s subsidiary JMT...
By Ifvex 2025-04-02 07:02:26 0 3K
Networking
MDEC partners Zhejiang University to spur AI, digital innovation economy
The Malaysia Digital Economy Corporation (MDEC) and Zhejiang University have recently signed a...
By Ifvex 2025-04-23 13:37:33 0 2K
Networking
How small businesses can compete with big brands using AI marketing
Small companies have always found it difficult to compete with large corporations that possess...
By Ifvex 2025-04-28 15:19:38 0 1K
Ifvex https://ifvex.com