Lamseen – The Indonesian government, through the Ministry of Trade, is actively encouraging the modernization of retail in the digital age. This push comes as consumer behavior shifts towards purchasing retail products, particularly through e-commerce market platforms.
The e-commerce market itself is projected to reach a sales potential of USD 1.4 trillion. Equivalent to IDR 21,945 trillion (at an exchange rate of IDR 15,675 per USD), over the next three years. According to Kasan, Head of the Trade Policy Agency at the Ministry of Trade. This situation presents both challenges and opportunities for retail businesses to remain competitive.
Kasan emphasized that in the post-pandemic global economy, digital transformation is no longer optional but essential. Various sectors, including modern retail, must continue to adapt and innovate to take advantage of the current market conditions.
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According to Bank Indonesia, retail sales have shown signs of recovery post-pandemic. As reflected in the Real Sales Index (RSI) for July 2024, which is estimated to reach 212, representing a 4.3 percent annual growth (YoY).
“The increase in retail sales has been driven by food, beverages, and tobacco, as well as the clothing sub-group. Additionally, the Consumer Confidence Index (CCI) for July 2024 stood at 123.4, slightly down from 123.5 last year,” he explained.
“Despite this slight decrease, the figure still reflects an optimistic outlook on future economic conditions. Given the strong consumer spending potential and promising retail sales prospects, efforts to boost the modern retail sector are necessary,” Kasan added.
Meanwhile, Pande Nyoman Laksmi Kusumawati, Director of Trade, Investment, and International Economic Cooperation, predicts that e-commerce will become the fastest-growing retail channel. E-commerce is expected to contribute 24 percent of retail sales by 2027, up from 21 percent in 2023.
“Retail with e-commerce market channels is projected to see strong sales growth, reaching USD 1.4 trillion between 2022-2027. This growth is expected to be driven by emerging markets, which could contribute around 64 percent,” Laksmi explained.
“In addition, electronic wallets continue to be a preferred payment method, with usage expected to increase from 49 percent in 2022 to 54 percent by 2026,” she concluded.
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