Indonesian e-commerce firm Bukalapak announced its decision to cease selling physical goods on its marketplace, opting instead to focus solely on virtual products. This strategic shift was attributed to intense competition from rivals, specifically naming Sea's Shopee and ByteDance's TikTok's Tokopedia.
Bukalapak, which went public in 2021, reported a loss of 593.23 billion rupiah, equivalent to $36.62 million, in the first nine months of 2024. The company stated that customers have until February 9 to place final orders for physical items, with the transformation aimed at increasing focus on virtual products.
This development underscores Shopee's strengthening competitive position in Southeast Asia's largest economy. The reduction of a direct competitor in the physical goods segment is expected to further consolidate Shopee's market leadership and growth opportunities in Indonesia.
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