Report: Indonesia Leads the Way for Online Spending

The Straits Times are reporting on a study conducted by Singapore-based venture firm Momentum Works, which found that Indonesia was the biggest online spender in South-East Asia in 2022, accounting for 52-percent of the region’s gross merchandise value (GMV), which refers to the value of goods sold via e-commerce platforms.

The amount was calculated based on the spendings of Malaysia, the Philippines, Singapore, Thailand and Vietnam. The total GMV in 2022 was reported to be USD 99.5-billion with Indonesia recording USD 51.9-billion, which is nearly thirteen times more than that of Singapore.

Momentum Works conducted its research using a variety of methods, including the analysis of publicly available data and gathering information from contacts in the e-commerce industry, say The Straits Times.

The firm found that Shopee was the largest e-commerce player in South-East Asia, clocking close to half of the total GMV in 2022 at USD 47.9-billion, followed by Lazada at USD 20.1-billion, Tokopedia at USD 18.4-billion and TikTok Shop at USD 4.4-billion.

The Straits Times say that the report made a special mention of TikTok Shop, noting how the app and its parent company ByteDance have been putting in efforts to expand into the region.

Momentum Works said that the app is reportedly targeting to more than triple its regional GMV, but whether it can actually achieve that is uncertain. In 2021, TikTok’s GMV in South-East Asia was USD 600-million. This grew by USD 3.8-billion to USD 4.4-billion in 2022.

According to The Straits Times the report is the first instalment of Momentum Works’ E-commerce in South-East Asia series and it showed that GMV in the region totalled USD 99.5-billion in 2022, up from USD 87.1-billion in 2021 and USD 54.8-billion in 2020.

Source: The Straits Times

Photo by Campaign Creators on Unsplash

Latest Article
Christmas and New Year Holidays, KAI Prepares 44.7 Million Tickets
PT Kereta Api Indonesia Group has allocated 44,754,280 train tickets to accommodate the surge in passengers...
Ministry Urges Tourism Collaboration for Year-end Holidays
Antara News is reporting that Indonesia’s Tourism Minister, Widiyanti Putri Wardhana, has called for...
AirAsia to Reduce Ticket Prices for Christmas and New Year
In a written statement released on Sunday (1/12/24,) AirAsia’s CEO, Veranita Yosephine announced...
Indonesia Game Festival 2024 Powers Economic Growth
  The Indonesia Game Festival 2024 is set to energize the nation’s gaming industry while driving...
President: Education Is Government's Top Priority
According to the website of The President of The Republic of Indonesia, President Prabowo Subianto, who...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.