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E-COMMERCE - JAKARTA. Bank Indonesia (BI) has cut the estimated total value of e-commerce transactions throughout 2023.
In the BI 2023 Annual Meeting report, the institution estimated the total value of e-commerce transactions in 2023 to be IDR 474 trillion.
This value is smaller than BI's estimate at the beginning of 2023.
In January 2023, BI expressed optimism that the total value of e-commerce transactions in 2023 would be IDR 533 trillion or grow 12% YoY.
Therefore, referring to BI's latest estimate, there is a possibility of a decrease in the total value of e-commerce transactions by about 0.6% throughout 2023, compared to last year.
Nevertheless, BI is optimistic that e-commerce transactions will show increasingly sweet progress in the future.
In 2024, the monetary authority estimates the total value of e-commerce transactions to be IDR 487 trillion or up 2.8% YoY.
Then, the total value of e-commerce transactions will increase again by 3.3% YoY in 2025, to IDR 503 trillion.
This is in line with the increasing prevalence of technology, the acceleration of payment system digitalization, and the increasing acceptance and preference of the public to transact digitally.
