Breakfast Meetup: Current State and Future Outlook of Retail and Fintech in Indonesia

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Current State and Future Outlook of Retail and Fintech in Indonesia_News

Get valuable insights into the current business and economic conditions in Indonesia and best practices for effective public relations campaigns.

Breakfast Meetup - Current State and Future Outlook of Retail and Fintech in Indonesia

The discussion revolved around the current business and economic conditions in Indonesia and best practices for startups to create effective public relations campaigns.

Indonesia remains an attractive place for investment in Southeast Asia. Sound economic policy and demographic bonus have contributed to a healthy, if not a spectacular growth of around 5% in the last few years. This has attracted several international and home-grown startups driven by the e-commerce sector and recently, the fintech sector. One key reason for the positivity is that Indonesia has a strong macro-economic outlook and favorable demographics.

To get more insights into the retail, service and fintech startup scene in Indonesia, PRecious Communications together with our partner BOI Research, conducted a breakfast meetup with several leaders in the sector. Organised at CoHive 101 (Graha XL), Mega Kuningan, Jakarta, on 5th March, the meetup provided valuable insights into the current business and economic conditions in Indonesia based on the economic outlook research report.

One of the biggest challenge that Indonesian startups face is to create brand awareness and grow their audience, especially since they are competing against larger and more established businesses. The meetup provided an avenue for Indonesia’s retail, service and fintech leaders to understand how public relations can help them with their marketing plan, and best practices to deliver effective public relations campaigns.

Download the full report on “The Current State and Future Outlook of Startups in Indonesia – A PRecious Communications and BOI Joint Research.”  The report focuses on issues in the Indonesian startup ecosystem, along with the challenges and opportunities the startups in Indonesia are facing.

 

Key Highlights from the Breakfast Meetup Discussion

  • Indonesia economic outlook shows a positive growth since the end of December 2018. This year (2019), the government is focussed on encouraging consumption in the lower middle class.
  • Population size and increase in middle-class income are the basis of growth for the retail industry in the future. The presidential election is also part of the consideration for these companies in expanding their business. In Indonesia, Java (68.8%) is still the most significant market for FMCG companies.
  • E-commerce industry shows positive growth potential with the most popular categories being fashion and electronic products. Indonesia’s e-commerce growth is the highest among Southeast Asian countries.
  • Indonesia has a large number of unbanked population with limited access to formal banking institutions. This provides a huge opportunity for the fintech industry to grow at a fast pace. The fintech startups with their superior products and services based on customer’s data are now challenging the established incumbent banks.
  • To reach out to the unbanked population of Indonesia and create awareness among the unbanked population, fintech startups need to have a well-defined communication strategy and work with experts in the field, instead of doing sales/marketing activities directly.
  • Public relations is about communicating messages through the media to the targeted audience to get the desired effect. In order to optimize public relations strategy, companies need to decide on the spokesperson to represent their company, know what they are going to communicate (message), identify the audience they are targeting, the media option to reach their targeted audience and the objective they are going to reach as a result.

For more information, please contact PRecious Communications Indonesia at indonesia@preciouscomms.com.

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