MITRA BUKALAPAK STRATEGY TO BE SUSTAINABLE THROUGH FINANCIAL SERVICES PRODUCT

• Main Author: Isnain Al Rizqi, Muhammad
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/71683
• Institution: Institut Teknologi Bandung

Mitra Bukalapak established in 2017 as the subsidiary of Bukalapak. Mitra Bukalapak is a B2B platform that digitalises 13.1 million Warung or Kiosk to be able to sell physical, virtual, financial, and logistic products. Overall Mitra Bukalapak product has the majority of market share in the offline to online market in Indonesia at 42%. Last year, more than 70% of Indonesia’s retail sales were traditional mom-and-pop store. Mitra Bukalapak financial services products are QRIS payment to let customers pay using an e-wallet or mobile banking in Warung, local remittance, e-money topup, digital bank application and payment, and gold investment. Financial services product has proven helps a company to be more sustainable, for example Google, Amazon, GoTo, and Grab. This type of product is helping Mitra Bukalapak agent to have access to financial inclusion, so does for their customer. More than 70% of MSMEs do not have access to credit and more than 50% of Indonesian have no bank account. A research conducted shows that outside T1 cities are having the highest Mitra Bukalapak agent growth. The low financial inclusion index in those area is assumed as the biggest factor. The unbanked people are demanding to get a certain service and Mitra Bukalapak agent are having a probability to provide it. And it resulted in the demand to have a financial services product is high. With the current situation, Bukalapak can start to identify a potential new revenue generator for the company from Mitra Bukalapak. A questionnaire has been sent to 105 Mitra Bukalapak agent and 3 in-depth interview to internal stakeholder has been done to start collecting data. VRIO framework also used to identify Mitra Bukalapak competitive advantage compared to other company. The analysis for the data is conducted through qualitative and quantitative analysis and found 3 potential business strategy for the company. External analysis is done through STP marketing strategy, 7P marketing mix, and Porter Five Forces analysis. As the result, developing a new product portfolio can be one option. Tapping into a new market and concentrating on the high growth market in T2 and T3 cities can be another. Also boosting the existing customers to transact more with a higher charged fee can increase the take rate. With that potential, Mitra Bukalapak can seen financial services product as their path to profitability.