- While Indonesian e-commerce giants struggled in 2023, smaller rival Blibli’s shares defied the trend.
- Blibli took a conservative approach focused on profitability.
- Blibli leverages its niche e-commerce focus to achieve surprising stock resilience.
Blibli’s resilient performance
While Indonesian e-commerce giants GoTo and Bukalapak saw their stocks struggle in 2023, smaller rival Blibli’s shares defied the trend, rising 2.6% over the year.
The company, 83% owned by the conglomerate Djarum Group, took a more conservative growth approach focused on profitability.
Blibli expanded its offline stores to 166 by the end of 2023 while beginning construction on a 100,000 sqm warehouse to boost fulfillment capacity by 40-50%.
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Niche focus
These initiatives aim to bolster Blibli’s niche in electronics and omnichannel strategy. The 2022 merger with travel platform Tiket also boosted revenues.
Tiket holds strong growth potential as the 2nd largest Indonesian OTA after Traveloka.
Analysts note Blibli prioritizes monetization over growth, contrasting with GoTo and Bukalapak. But some believe 2023 share performance reflects Djarum’s backing rather than fundamentals.
Minimal trading volume and economic uncertainty better explain rivals’ stock declines.
Profitability growth
Nonetheless, Blibli seeks to achieve profitability through margin growth, cost efficiency, and ecosystem synergies.
With measured expansion and travel upside, Blibli wants to leverage its niche focus to stand out in Indonesia’s competitive commerce landscape.
Though dependent on Djarum’s continued backing, Blibli stock has shown surprising 2023 resilience.
