As Indonesia’s largest commerce businesses approach IPO scale and considering the dominance of Shopee, Tokopedia, Bukalapak, and Lazada, there can be few opportunities left in the e-commerce space.
However, even as the pandemic shifts online purchase behaviour to overdrive, our estimates put total e-commerce as a percentage of retail sales in Indonesia at just over 10 per cent.
Compared to more developed markets like China, with ~25 per cent e-commerce penetration, there is still room for multiples times of growth.