TikTok Shop Lost, Compas.co.id See Potential Switch To Other E-commerce Platforms
JAKARTA - Following the Regulation of the Minister of Trade (Permendag) No. 31 of 2023 concerning Provisions for Business Licensing, Advertising, Development, and Supervision of Business Actors in Trade Through Electronic Systems (PMSE), TikTok Shop officially closed its sales service on October 4, 2023.
After the closure, Compas.co.id conducted searches on TikTok Shop and e-commerce platforms such as Shopee, Tokopedia, and Blibli to find out FMCG market data in Indonesia for the period September 1 - October 1, 2023.
Based on data compiled by Compas.co.id, the sales value that occurred on TikTok Shop amounted to IDR 1.33 trillion.
Of the total transactions, the selling value that occurred in the beauty care category was IDR 722 billion, food and beverages amounted to IDR 272 billion, baby mothers amounted to IDR 204 billion, health amounted to IDR 132 billion, and house supplies amounted to IDR 1 billion.
In addition, Compas.co.id also explored that in the period 1 September - 1 October 2023 there were 17,000+ sellers, 3900+ FMCG brands and 118,000+ product listings in the category of beauty care, food and beverages, baby mothers, health, and home supplies that will be affected by the closing of the TikTok Shop.
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The sales value that occurred in Shopee amounted to IDR 3.1 trillion with a total transaction amount of 92.4 million, Tokopedia achieved a sales value of IDR 622.3 billion with a total transaction amount of 10.5 million. Meanwhile, Blibli achieved a sales value of IDR 84.8 billion with a total transaction of 1.7 million.
"Based on data from Compas.co.id, there are thousands of FMCG businesses and brands affected after the closing of TikTok Shop. On the other hand, Compas.co.id sees quite good potential on e-commerce platforms such as Shopee, Tokopedia, and Blibli," said Hanindi Narendrata Rahiesa as CEO & Co-Founder of Compas.co.id.
According to Hani, with the right data and solutions, the transfer and utilization of e-commerce platforms such as Shopee, Tokopedia, and Blibli can be an active and competitive solution to regain opportunities and maximize the value and number of sales transactions.