Indonesia’s increasing income and wealth, looseness, and flexibility of financial policy contribute to the growth of personal loans.
The E-commerce market has seen significant growth in the Southeast Asian region, despite companies capitalizing on the growth facing significant challenges.
Ramadan is Indonesia’s largest festivity and thus it brings out more opportunities for brands and businesses to connect with the right audience. Due to rapid digital adoption and increased digitalization, new users are seen enjoying online shopping in Indonesia last year making the brand’s online-offline shopping experience smooth. The E-commerce transactions have grown to 2.1X for FMCG products mainly in non-metro areas during 2021.
The COVID-19 pandemic has turned out to be a boom for E-commerce in Southeast Asia, including Indonesia with an increase in transactions by 23 %, and gross merchandise value projected at the US $32 billion. The pandemic has also prompted many micro, small and medium businesses to shift to online platforms. The number of brands using online platforms has risen to 10.2 million during the pandemic.