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TikTok, Alibaba Push Indonesia’s Bukalapak Into Retreat

Indonesian e-commerce pioneer PT Bukalapak.com will stop selling physical goods, underscoring the cut-throat competition in a market where the likes of ByteDance Ltd.’s TikTok Shop and Sea Ltd.’s Shopee are vying for users.Bukalapak will focus on sales of virtual products like mobile credits and electricity tokens, it said in a statement. Buyers won’t be able to place orders for physical goods after Feb. 9 and purchases that haven’t been processed by early March will be canceled....

Read more at bloomberg.com

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