TikTok has completed its deal to take over Indonesia’s largest e-commerce platform, marking a return of the social media giant’s online shopping business in the country. 

Chinese-owned TikTok will buy 75% of Tokopedia for $840m from Indonesian tech giant GoTo

GoTo CEO Patrick Walujo said: “Today marks the completion of a partnership with TikTok that will continue to bring benefits to Indonesia and its micro, small and medium enterprises. It is also a big step forward for GoTo Group.”

The move comes after the Indonesian government forced the social media platform to close down its TikTok Shop e-commerce service in the country. 

Indonesia banned online shopping on social media platforms in September last year over concerns about user data and smaller merchants missing out. 

The e-commerce market in Indonesia is continuing to grow at a rapid pace. The value of e-commerce sales in the country is expected to hit $44bn in 2024, according to Indonesia’s central bank. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Despite the predicted rise in e-commerce sales, the value of e-commerce deals in the country peaked in 2021, according to GlobalData’s deal database.

In 2021, the value of e-commerce deals in Indonesia reached $15.5bn, considerably more than the previous year which totalled $3.2bn.

In 2023 so far, the value of e-commerce deals has grown even smaller than 2020, with a total of 2.8bn.

According to GlobalData forecasts, the global e-commerce market grew from $2.5tn in 2016 to $5.9trn in 2022 at a compound annual growth rate of 15%.

By 2027, GlobalData expects the e-commerce market to be worth $9.3tn.