Recovery through MSME Business Growth in Indonesia
GoTo Financial: Driving Econ
The introduction of a comprehensive range of financial solutions by GoTo Financial, the financial services platform of GoTo, and home to Indonesia’s leading e-payments platform GoPay and GoPay Later, support businesses of all sizes and from all sectors to strengthen and grow which research shows fosters national economic recovery during this post pandemic period.
According to the latest research findings from the Lembaga Demografi, Faculty of Economics and Business, Universitas Indonesia (LD FEB UI)
GoTo Financial is contributing to economic recovery through its full range of technical and non-technical business solutions which include payments, management, customer engagement and operational efficiency, to capacity building, and also network and business community expansion. This impact is expected to continuously grow as GoTo Financial's MSME partners’ turnover is estimated to increase by 37% or equivalent to IDR 53.2 trillion by the end of 2021, compared to the previous year.
A key contributor to GoTo Financial impact is the platform’s ability to drive the national “Go Digital” initiative which emphasizes the importance for MSMEs to be adaptive and use the power of digital to reach a greater number of consumers, especially during pandemic. Here the LDUI research shows that nearly half (49%) of MSME respondents in the survey are first time online entrepreneurs..
To maintain the highest level of support to MSMEs and to continue driving economic recovery through MSME business growth, GoTo Financial has updated features across its range of services. At Moka, the cloud based multi-platform that provides offline store features and a real time merchant dashboard to monitor transactions, businesses can now quickly and easily create their own online store that is fully integrated with social media platforms including Instagram Shop, Facebook Shop, and Google Shopping. The feature, called GoStore, requires no technical expertise and has recorded a fourfold increase in users since being introduced in Q2 2021.
Midtrans, Indonesia’s leading payment gateway, enables businesses to easily meet their customers’ growing demand for more payment options. By joining Midtrans, businesses of all sizes and from all sectors can offer their customers over 24 different types of payment options, including GoPay and other e-payments, credit cards, debit cards, and also convenient payment links, which enable offline stores and social media sellers to accept cashless payments via chat applications and email.
No matter the size of business, customer engagement is critically important and the Selly app, available for download on Android or iPhone, is a multifunctional keyboard that is packed with features that support online-selling activities such as sending invoices, checking shipping costs, text templating, and much more. Selly enables online sellers to have an automated transaction process with customers freeing up time and costs and keeping customers happy. Reflecting its impact, Selly saw MSME merchants' registration nearly double since the start of the pandemic.
Monica Christa CEO of BLP Beauty, an Indonesian beauty brand, highlighted the importance of going digital and having access to the tools to make business management easier,
“In this day and age, investing in digital platforms is a critical step for all business owners as the automation provided by the right digital products and solutions save time and resources. Interestingly, even though we at BLP Beauty have developed our own website, we still take advantage of the benefits of using GoStore from Moka as it enables us to easily add new online sales channels.”
Complementing the tech-based solutions, GoTo Financial has also developed non-tech based solutions through the establishment of the GoTo Financial Retail Community (KONTAG). KONTAG is a dedicated community for retail MSMEs that will provide essential training sessions and serve as a networking hub for merchants to share and exchange ideas. The KONTAG initiative is part of the Business Partner Academy (KAMUS) and supports MSME capacity building of business skills.
Highlighting the importance of providing the right financial solutions to help businesses grow, Andre Soelistyo, GoTo Group and GoTo Financial CEO, said “We sincerely care for and want only the best for all of our business partners. We hope that in partnership with the GoTo Financial ecosystem, businesses will be able to find the solutions they need to thrive as Indonesia moves towards economic recovery following the pandemic. By providing both tech based and not tech based solutions, and making a concentrated effort to cover all stages of the business process, we believe we have something for everyone to grow.“