DIGIVESTASI - PT Bukalapak.com Tbk. (BUKA) has announced the discontinuation of physical product sales on its e-commerce platform. This announcement had an immediate impact on BUKA’s stock performance, which opened sharply lower this morning. According to data from the Indonesia Stock Exchange (IDX) as of 9:00 AM WIB, BUKA shares were priced at IDR 117 per share, down 4.10% from the previous day’s closing price.

A total of 43.84 million BUKA shares were traded this morning, with a total transaction value of IDR 5.19 billion. The average transaction price was IDR 118.43 per share, with the lowest price at IDR 116 and the highest at IDR 119 per share. BUKA’s current market capitalization is recorded at IDR 12.07 trillion. Since its IPO, at an initial price of IDR 850 per share, BUKA’s share value has plunged 85.65%, closing yesterday at IDR 122 per share.

This business transformation marks a significant shift in Bukalapak’s operational model, as the platform transitions fully to virtual product sales such as gaming services, investments, and various retail services. Bukalapak explained that this decision was based on an evaluation of the prospects of several business segments, with a focus on core areas like Mitra Bukalapak.

The shift will affect merchants who have relied on the platform to sell physical products. Bukalapak has assured that it will support this transition by preparing a balance refund scheme, providing transaction data, and sales history for both merchants and buyers.

However, this restructuring will also result in planned layoffs during Q4 2024 and Q1 2025. Bukalapak’s CEO, Willix Halim, stated that this decision was made after various efforts to sustain the business segments that have been unprofitable for the past three years.

“We aim to sharpen our focus on core businesses to ensure efficiency and deliver optimal value to stakeholders and shareholders,” said Willix Halim. The management emphasized that operations in the core business segments will continue as usual without significant changes.

Moving forward, Bukalapak plans to strengthen its core business segments with a leaner organizational structure to enhance competitiveness and corporate performance.

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