Society Increasingly Dependent on GOTO Ecosystem Services

english.jpnn.com, JAKARTA - The business growth space of PT GoTo Gojek Tokopedia Tbk (GOTO) is still wide. Viral due to the large number of people uploading proof of transactions in high value on the Gojek application that is happening lately only represents consumers of big cities from the largest digital ecosystem company in Indonesia.

“In tier-1 cities, GOTO services have arguably become people’s daily lives,” said Sucor Sekuritas CEO, Bernadus Wijaya, in responding to the crowded actions of netizens in the viral trend of uploading evidence of total expenditure transactions on the Gojek application, one of which is celebrity Amanda Manopo with a total expenditure of Rp253.774 million for the transaction period from November 2, 2021 to November 2, 2022.

Besides Amanda there are many more people in general doing the same thing posts so that they are trending on Twitter. They realize that the services of the GOTO ecosystem have become part of their daily lives so that they record high average transactions.

Bernad said, what is reflected in social media is that only the consumer community in big cities. Not yet to tier-2 cities and beyond which is the space for GOTO's future expansion and growth. “Because the penetration is not too high outside the big city,” Bernad continued.

Tier-2 cities and beyond are one of the big spaces for transaction growth in the GOTO ecosystem as digital access is evenly distributed to all regions in Indonesia.

In the current economic situation, one of which is an increase in inflation so that it is followed by a policy of increasing interest rates, Bernad assessed, some GOTO services, especially from the on-demand business, will be more resilient. “Because it already has stickiness for its users,” Bernad said.

While related to its stock price, Bernad sees that technically GOTO is already oversold so there is an opportunity for a rebound. “In the medium term, the overall movement of technology stocks is under pressure due to high interest rate hikes,” Bernad disclosed.

Meanwhile, the Associate Director of Research Pilarmas Investindo, Maximilianus Nicodemus, explained, the high number of individual transactions on the Gojek application and other GOTO ecosystem platforms seemed to confirm the research conducted by RedSeer as published when GOTO conducted its IPO. “In total, GOTO services account for two-thirds of all total public expenditure,” he said.