Reported 1 day ago
Indonesian e-commerce platform Bukalapak plans to cease sales of physical goods in response to escalating competition from rivals like TikTok's Tokopedia and Shopee. The company, which went public in 2021, will transition to selling only virtual products, such as mobile credits and streaming vouchers, with a final order deadline for physical items set for February 9, 2025. Bukalapak's stock has dropped 4.1% as it navigates this business shift while facing significant market pressure, reporting a loss of over $36 million in 2024.
Source: YAHOO