E-commerce Transactions Are Predicted to Reach IDR 572 Trillion in 2023

Online shopping

Digitalization, which is increasingly expanding to various aspects of life, also influences the shopping style of the Indonesian people. Digital transactions, such as online shopping, increase every day. Bank Indonesia (BI) projects that e-commerce transactions will reach IDR 572 trillion in 2023.

Governor of Bank Indonesia Perry Warjiyo at the Bank Indonesia Annual Meeting, Monday (30/11), reported, “The digital financial economy will increase rapidly in 2023, e-commerce transactions will reach IDR 572 trillion, electronic money IDR 508 trillion and digital banking more than IDR 67 thousand”

Perry said that even though the economy in 2023 is projected to be full of challenges, people’s consumption power is predicted to be quite high.

He continued, external stability and transactions will run in balance followed by a surplus capital account from foreign investment which is expected to also increase.

In line with this, Bank Indonesia previously reported that records of local market or e-commerce transactions had increased in Semester I/2022.

“In terms of volume, it increased by 39.9 percent on an annual basis to reach 1.74 million transactions,” wrote BI in the September 2022 edition of the Financial Stability Study Book, quoted on Wednesday (30/11/2022).

To maintain this moment, Perry Wijayanto explained that synergy and innovation are the main keys to maintaining the stability and resilience of the national economy.

“Synergy and innovation are keywords for national economic resilience and revival. It needs to be strengthened to face global turmoil and next year’s revival,” explained Perry.

Later, Bank Indonesia will continue to build close cooperation and coordination with the government and KSSK in an effort to maintain Indonesia’s economic resilience.