AsianFin -- Indonesian e-commerce pioneer PT Bukalapak.com has announced it will cease selling physical goods, highlighting the fierce competition in a market dominated by major players like ByteDance’s TikTok Shop and Sea’s Shopee.
The company plans to focus on selling virtual products, such as mobile credits and electricity tokens, and will stop accepting orders for physical goods after February 9. Orders not processed by early March will be canceled, according to a statement from Bukalapak.
Facing stiff competition from international rivals, Bukalapak has struggled to maintain its foothold in Indonesia, a rapidly growing market with a population of around 280 million. Since Bukalapak's 2021 IPO, the company has faced increasing pressure from competitors like Shopee, TikTok, and Alibaba’s Lazada, all vying for dominance in Southeast Asia's largest economy.
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