2023 Journal Mitra BukaLapak Study Case

International Journal of Current Science Research and Review
ISSN: 2581-8341
Volume 06 Issue 02 February 2023
DOI: 10.47191/ijcsrr/V6-i2-82, Impact Factor: 5.995
IJCSRR @ 2023 www.ijcsrr.org
Startup Company Strategy to be Sustainable through Financial Services

Product: Mitra Bukalapak Study Case
Muhammad Isnain Al Rizqi1, Hilman Palaon2, Yos Sunitiyoso3
1,2,3
School of Business and Management, Institut Teknologi Bandung
ABSTRACT: Mitra Bukalapak is a B2B platform that digitalises 13.1 million Warung or Kiosks to be able to sell physical, virtual,
and financial products. Today, this company is still having a negative contribution margin. Research has been conducted and shows
that non-T1 cities are having the highest Mitra Bukalapak agent growth. This due to the unbanked people are demanding to get a
certain service. A questionnaire has been sent to Mitra Bukalapak's agent and an in-depth interview with internal stakeholders has
been done to collect the data. The analysis of the data is conducted through qualitative and quantitative analysis and found 3 potential
business strategies for the company. VRIO framework is used to identify Mitra Bukalapak's competitive advantage internally.
External analysis is done through STP marketing strategy and 7P marketing mix analysis. As the result, developing a new product
portfolio can be one option. Tapping into a new market and concentrating on the high-growth market in T2 and T3 cities can be
another. Also boosting revenue from existing customers by giving a higher charged fee can increase the take rate. This study aims
to propose a strategy for Mitra Bukalapak to get a positive contribution margin specifically through its financial services product.
KEYWORDS: Financial services, Mitra Bukalapak, mom-and-pop store, MSMEs, Profitability.
INTRODUCTION
Bukalapak started to establish Mitra Bukalapak in 2017 when they see an opportunity to help the local mom-and-pop store to not
only sell a physical product but also a virtual product. The growth of this company significantly jumped when the Covid-19
pandemic happened. Many people are laid off and looking for opportunities to make money. Without a big capital, people can start
selling virtual goods like phone prepaid, electricity token, bills payment, and other products. These people are categorized as Micro
Small and Medium Enterprises (MSMEs).
Indonesia’s Gross Domestic Product (GDP) is mainly driven by these MSMEs. They are distributed in 4 different tier city areas
which are Tier 1, Tier 2, Tier 3, and Tier 4 cities (How Digitalization Is Transforming Indonesia's MSMEs, 2022). In 2022 there are
64Mn micro, small, and medium-sized enterprises throughout Indonesia, where 70% of the country’s Gross Domestic Product
(GDP) is generated from them and 97% of the workforce is employed. Sadly, Indonesia's demographic makes the financial inclusion
and literacy gap between urban and rural areas high. The people in rural areas are less inclusive of financial services. Mitra
Bukalapak saw this promising opportunity where there is a huge potential for serving these segments because these people are
untouched by the conventional financial system. Compared to other Southeast Asia countries, Indonesians are the top two lowest
nations that hold financial accounts. This number is increasing yearly, but it is still below the region's average number of 71%
(Global Financial Inclusion | DataBank, 2022.).
The market for serving financial services mainly in tier 2 and tier 3 cities in Indonesia is huge. According to the CLSA Ltd group's
"E-warung, Indonesia's New Digital Battleground" report published in September 2019, 70% of all retail sales in Indonesia are still
done offline and 65% of them are served by stalls. There are 64Mn micro, small, and medium-sized (MSMEs) throughout Indonesia,
where 70% of the country’s Gross Domestic Product (GDP) is generated and 97% of the workforce is employed. These segments
are targeted by Mitra Bukalapak and they show significant growth from 2019 to 2022 in this field.
But, Mitra Bukalapak's contribution margin is still negative. Figure 1 shows that the cost that the company burn in 2020-2021 is
higher than the revenue gained. Other than that the macroeconomic condition drives company strategy for the long run. The price
war between the player is inevitable, inflation, and the rise of commodity prices are some factors that are impacting the company's
cost. Meanwhile, the competition in the offline-to-online industry is very tight. Many companies try to imitate what Mitra Bukalapak
has and serve the same segments. It certainly increases the tension of the business competition. Here, Mitra Bukalapak should
understand its own competitive advantage to set a sustainable business strategy.
1618 *Corresponding Author: Muhammad Isnain Al Rizqi Volume 06 Issue 02 February 2023
Available at: www.ijcsrr.org
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ISSN: 2581-8341
Refers to the previous study by Srinivas, K.T. (2013) about how MSMEs' role in inclusive growth in a developing country, Mitra
Bukalapak has a promising target market. That is why this study aims to identify the competitive advantage of Mitra Bukalapak and
develop a business strategy to accelerate the profitability of the company through its financial services product.
Figure 1. Mitra Bukalapak 2021 financial performance
RESEARCH METHODOLOGY
To give a recommendation to the business issue explained in the previous chapter the author needs several steps in order to complete
the research. Modifying from Porter’s Generic Model, in figure 2, the conceptual framework explained how this research started
with problem identification from the company. The author then used interviews with internal and external stakeholders and sent a
questionnaire to the Mitra Bukalapak agent as the primary data. The questionnaire is used to get quantitative data for the analysis
and the interview is set to be the qualitative data source. Quantitative analysis believes that it is critical to articulate one's hypotheses
and then test them using actual data to determine if they are supported (Johnson & Christensen, 2013, 31). The goal of qualitative
research is to better comprehend Mitra Bukalapak agents’ behaviour towards using the application on a daily basis while quantitative
research is to validate the hypothesis. Utilizing descriptive data, the qualitative analysis looks for trends, themes, and holistic
characteristics while also recognizing differences (Johnson & Christensen, 2013, 34). Those two types of analysis were then
formulated using the descriptive statistics method. A descriptive statistic has reduced the intricacies of the data to a small,
manageable collection of numbers by abstracting away from minutiae (and noise) in order to convey the essential overall features
of the data. (Sharma & Podesva, 2013, 288-315).
The quantitative method was done by sending questionnaires to 300 Mitra agents. These Mitra agents were chosen from more than
1,000 Mitra agents with criteria are transacting local remittances more than 10 times per month in the last 3 months, having monthly
financial services TPV is more than 10Mn in the last 3 months, using at least 3 different financial services product in Mitra
Bukalapak, and actively join Mitra Juwara community. Applying Slovin’s formula of
𝑁
𝑛=
1 + 𝑁𝑒 2
with
n = sample size
N = the number of population
e = margin of error
author is using 8% standard error to get 101 as the minimum sample size. Qualitatively, the data collection was also conducted by
using in-depth interviews method to 3 strategic decision-makers of Mitra Bukalapak. The resource-based approach alludes to the
VRIO framework, which identifies certain resources as essential to better company performance (Rothaermel, 2019). Other than
that, the STP (Segmenting, Targeting, and Positioning) analysis model outlines how Mitra Bukalapak markets itself. STP has
demonstrated its ability to efficiently draft a communication strategy for Mitra Bukalapak regarding its goods and services to its
consumers as part of the marketing process.
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A company in an overall cost leadership position must achieve competitive parity on the basis of differences from rivals in order to
provide above-average performance (Dess et al., 2015, 150). A business is profitable when the value of its product or service is
greater than the overall cost of producing it (Dess et al., 2015, 134).
Figure 2. Research Design Diagram
A company can only achieve and maintain a competitive advantage if it possesses resources, which comprise all assets as well as
all capabilities and competencies that a company may use to develop and implement strategy and should meet all VRIO requirements
(Rothaermel, Strategic Management 4th edition, 2019). To evaluate the competitive advantage of Mitra Bukalapak resources on
competition, the VRIO framework and STP marketing strategy are used. Marketing Mix 7P are utilized to identify external factors
impacting the business. Every business, but notably tech company, has to pay attention to the extra components as a result of the
marketing mix's expansion from 4P at the beginning to 7P in the digital era. The specifics of marketing mix using the 7Ps are
Product, Promotion, Price, Place, People, Process and Physical evidence. All these frameworks and analyses are used to formulate
proposed business and strategy from the collected data.
RESULT AND DISCUSSION

As a result, there is a 105 sample size with 66% of respondents having business in Tier 1 cities (Jabodetabek, Bandung, Semarang,
Surabaya, etc), while the remaining respondents are coming from Tier 2 (Malang, Kudus, Banjarmasin, etc) and Tier 3 (Bulukumba,
Blitar, Ampana, etc) cities.
Figure 3. Mitra Bukalapak area distribution

*
1620 Corresponding Author: Muhammad Isnain Al Rizqi Volume 06 Issue 02 February 2023
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ISSN: 2581-8341
These respondents are also divided into multiple types of mom-and-pop stores, but most of them (60.6%) is a grocery store. While
the rest are specific digital product stores (26.9%), do not have a store or individual sellers (6.7%), or another type of store (5.9%).
Mitra Bukalapak agent is mainly driven by middle age adults (35-55 years old) at 59.2% and young adults (20-35) at 38%. Interesting
that 2.9% of Mitra are still young, even under 20 years old. Rendy explained this fact that some students at school use Mitra
Bukalapak to sell phone credit and game vouchers to their friends as their additional pocket money from their parents. 67.6% of
Mitra Bukalapak agents are satisfied with the Mitra Bukalapak application because it has more complete features than other players
in the industry.
Figure 4 shows that most financial service products used are Kirim Uang or local remittances (79.2%). While the other product is
less used in Mitra Bukalapak daily basis. Rendy explained that for financial services products like Kirim Uang, these Mitra agents
can run up their admin fee much higher than groceries or virtual product transactions to their customers. He added especially in the
T2 and T3 areas, for each Kirim Uang transaction, the Mitra agent will ask for Rp 10,000 to Rp 20,000 admin fee to the customer.
While for virtual products and groceries, they might only mark up Rp 1,000 to Rp 2,000. This is because there are many mom-and-
pop stores in their area and they still need to compete with convenience stores like Indomaret and Alfamart.
Figure 4. Mitra Bukalapak Agent’s Financial Services Most Used Product
In figure 5, T2 and T3 have shown high progress in terms of transaction and TPV compared to the previous year. In 2021 T2
accounted for 205% growth of transactions, while T3 rose 196% in transactions. This number is slightly lower than the T1
achievement, but T2 and T3 TPV has been exceptionally growing more than T1.
Figure 5. Mitra Bukalapak Kirim Uang Growth per City Tier in 2021
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Figure 6 shows the most demanded product, 54.3% of total respondents asking for cashout or withdrawal products in the application.
Mitra Bukalapak agent also demanded the easiness of balance top-ups (51.4%) by asking the Bukalapak sales agent to be a top-up
channel. But developing a new financial services product has a drawback. One of them is to build a financial services product for
the company should have a license, whether they apply for themselves or they can connect with others who already have it.
Unfortunately working with regulations in Indonesia is not easy. Applying for a license can take years or more and it can be a waste
of time from the business perspective. In the interview session Maria Angelica, AVP of Fintech Bukalapak explain, “Cash
withdrawal has a very high demand. However, the regulations are quite strict and are still in the grey area”.
Using the 7P marketing mix analysis, the author found Mitra Bukalapak has the potential to expand its business, especially its
financial services product. The details of the 7P analysis are as follows:
Product
Mitra Bukalapak is classified as the most complete product among all the competitors. Mainly for the financial services product, it
serves the warung the owner for the underbanked user. The financial services product in Mitra Bukalapak is local remittance, QRIS
payment method, cash loan, gold investment, digital banking, and also microinsurance for all Mitra Bukalapak agents.
Promotion
The promotion in the online marketing platform is their main resource of them. Mitra Bukalapak uses the key opinion leader with
the fanbase as middle to low-class people, such as Caca Handika, a dangdut singer.
Price
these warung owners are highly sensitive to price change. This becomes a thought rivalry for Mitra Bukalapak since they need to
achieve profitability soon. While the other is still doing a price war.
Place
The place is not a concern for a digital platform. An individual can sell a virtual product and use financial services products in Mitra
Bukalapak.
People
Mitra Bukalapak aims to create opportunities to level the playing field for all. These visions are well presented in the company's
core values for every people in the company.
Process
Each product in Mitra Bukalapak has a different process system. Financial services products are mainly provided by the company
partnership and aggregated by them. In Mitra Bukalapak, service is served to the user and lets them provide a financial solution to
their customers.
Physical Evidence
According to Dave Chaffey (2016), the physical manifestation of a product and how it is acquired and utilized are referred to as the
physical evidence variable in the marketing mix. Many Warung’s owners are happy with the apps based on feedback gathered by
the author through social listening on the Mitra Bukalapak Instagram account.
Other than the 7P analysis, to identify the competitive advantage, the author is using the VRIO framework to emphasise the
importance of valuable, rare, and inimitable organizations (VRIO) (Barney, 2002). Looking at the demand of online to offline
market in Indonesia, these Mitra Bukalapak businesses are very valuable, because it has big growth in the future. Compared to other
players in the industry, Bukalapak has a big resource to fund Mitra Bukalapak businesses and it is inimitable. While entering the
market it needs a high capital and not many players are willing to take the risk to develop as many products as Mitra Bukalapak.
The big capital from the IPO last year and how their huge community-based in Indonesia is a sustainable competitive advantage.
The summary of VRIO is in table 1.
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Table 1. Mitra Bukalapak competitive advantage using VRIO framework

Valuable Rare Inimitable Organized Impact on
to exploit Competitive
Advantage
Have a big capital to fund the businesses Yes Yes Yes Yes Sustainable competitive
advantage
Have a complete feature in a single Yes Yes No Yes Temporary competitive

application advantage
User-based Yes Yes Yes Yes Sustainable competitive

advantage
A good customer experience Yes No No Yes Competitive parity
These 7P marketing and the VRIO framework analysis result is to answer the first objective of this study which is the identification
of Mitra Bukalapak's competitive advantage. The next step is to understand deeper on its market more to find potential new revenue
added for the company. Using the STP marketing analysis the author can demonstrate their ability to efficiently draft a
communication strategy for a business regarding its goods and services to its consumers as part of the marketing process. The STP
analysis is below:
Segmenting
Financial services product in Mitra Bukalapak is segmented into the underbanked user. The segment of Mitra Bukalapak in detail
are:
Type Variable Mitra Bukalapak segment
Geographic Area Tier 1 and 2 cities. Tier 1 in the suburb area
Demographic Gender Male and female
Age 20 - 55 years old
Occupation 1. Kios owner

2. Housewife
3. Unemployed
Physiographic Social class Middle to low class
Income 3-10 mio per month
Targeting
After looking at the quantitative and quantitative research results, the target of Mitra Bukalapak would be:
Type Variable Mitra Bukalapak target
Geographic Area Tier 2 cities and tier 3 cities
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Demographics Gender Male and Female
Age 30 - 55 years old
Occupation 1. Grocery store owner

2. Pulsa outlet owner
Physiographic Social class Middle to low class
Income 3-10 mio per month
Behavioral Needs People who seek for expanding its business and
looking new income generator.
Positioning
The placement of financial services products in Mitra Bukalapak, per the research findings, is assisting MSMEs in leveraging their
company through technology and expanding the capacity of mom-and-pop shops to provide financial services to their customers,
especially for non-Tier 1 cities.
Combining the VRIO and STP analysis resulted in Mitra Bukalapak having a sustainable competitive advantage and a clear user
segment to be able to win the competition. The segment profile is niche and is identified for the upcoming marketing approach by
the company. According to Rendy, Mitra Bukalapak Community Manager, “The profile with the most potential is Bukalapak
Partners who already had a small Kios or stalls because their sustainability is also high. They are not going away in a few weeks or
months and they already have a customer base, also their transaction is the highest.”
Figure 6. Mitra Bukalapak Agent’s Top Demanded Products
In Figure 7, as of September 2022 there are 5.2 million active Mitra with Rp 13.7 million total transactions processing value (TPV)
per month. With these transaction frequencies, Mitra Bukalapak has been growing 131% revenue from Rp 206 Billion in 3Q 2021
to Rp 477 Billion in the same quarter in 2022. The level of financial inclusion in rural areas is still lower than in urban areas.
Financial inclusion in rural areas shown in figure 8 is lower than 4.04% than in the urban area. But compared to 2019, the gap
between rural and urban areas was higher than in 2022 with a 15.11% gap (Bank of Indonesia, 2022). This is aligned with the
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previous research of Yusnita & Abdi (2018) that income level has a significant impact on the financial literacy index of a person.
These T2 and T3 cities have a lower income level compared to T1 cities.
Figure 7. Mitra Bukalapak's growth in Q3 2021-2022
Rendy also stated that financial services products are highly demanded by Mitra and it has huge potential. This is because fewer
people in T2 and T3 are using mobile or internet banking, and many of them still use cash money for transactions. Another factor
that has a significant impact is education level (Suryani & Ramadhan, 2017), and it is shown in the research data that T2 and T3
have lower financial literacy. On the other hand, Anita Marla, the Business Lead of BukaTabungan said,” The potential is huge.
Because the need for savings and financial services is actually high, but Mitra Bukalapak agents find it complicated when they have
to go to the bank, while other associations are sometimes not properly managed.” In line with her statement, she also mentioned
that further many new products of BukaTabungan will be added for Mitra. This result is corresponding with the first objective on
how financial services products can help the company to achieve a positive contribution margin. The company should offer
economies of scale that lower costs and utilize scope economies to improve the value or increase value while decreasing cost
(Rothaermel, 2020, 294-295)
Table 2. Indonesia Financial Inclusion Index Data 2019 - 2022

Areas 2019 2022
Urban 41.4% 50.52%
Literacy Rural 34.53% 48.43%
Gap 6.88% 2.10%
Urban 83.60% 86.73%
Inclusion Rural 68.49% 82.69%
Gap 15.11% 4.04%
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To be profitable the company has 2 options, whether will go with cost reduction or increase its revenue. Higher revenue can be
achieved by opening the product to a new market or by developing a new product as an additional revenue generator. With the
existing product, the company can also increase revenue by having a new business model with its customer. Mitra Bukalapak is
charged an admin fee for each transaction. With the current scheme, Mitra Bukalapak earned Rp 477 Billion in 3Q22 boosted
significantly by 131% from 3Q21 with Rp 206 Billion. Although it increased, its contribution margin is still -0.28% of its Total
Processing Value (TPV). The current scheme should be adjusted to obtain a better contribution margin.
The author uses the Van Westendorp price sensitivity model, a data-driven pricing model that assesses customers' willingness to
pay using survey data, to analyze a potential new revenue scheme for the company (P.H., 1976). The result is in the table 3.
Table 3. Result data of price modelling

Very cheap Cheap Expensive Very Expensive
Rp1,500 98 88 28 12
Rp2,000 2 14 34 24
Rp2,500 0 1 24 15
Rp3,000 0 2 5 10
Rp4,000 2 0 0 0
Rp5,000 3 0 14 44
Price Very cheap Cheap Expensive Very Expensive

Rp1,500 100% 100% 27% 11%
Rp2,000 7% 16% 59% 34%
Rp2,500 5% 3% 82% 49%
Rp3,000 5% 2% 87% 58%
Rp4,000 5% 0% 87% 58%
Rp5,000 3% 0% 100% 100%
Figure 9. Mitra Bukalapak Price Modelling Analysis
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In total 105 sample sizes were asked with 4 different price levels that are too cheap, cheap, expensive but not a deal, and too
expensive. The price asked started with Rp 1500 as the cheap price and Rp 5000 are too expensive. In principle, The "optimum
price point" (OPP) is the point where the "too costly" and "too inexpensive" lines converge. this is the best price since it reduces the
number of customers who are unhappy with the price of your goods in one direction or the other. Based on the analysis, the OPP
lies in Rp 1,900 or 27% of the low price. This result means that Mitra's current admin fee scheme can be raised by 27% without
concern for the user's unhappiness.
These 105 sample sizes are enough to validate the research data. Based on the Slovin formula the calculation of sample size is:
𝑁
𝑛=
1 + 𝑁𝑒 2
305
𝑛 =
1 + 305 (8%)2
305
𝑛=
1 + 305(0.0064)
305
𝑛=
2.952
𝑛 = 103.3
The total 103 of respondents are the minimum sample size. With this analysis, the second objective of accelerating the company’s
profitability is answered.
CONCLUSION
Mitra Bukalapak is winning market share in the online and offline industry with a 42% market share as of 2021. Through the internal
and external analysis, the author is proposing 3 business strategies for the company to accelerate company’s profitability through
its financial services products. The first strategy is to take more focus on non-tier 1 city areas, mainly in the T2 cities. These rising
urbanites cities are in a strong position for digitalization. The data analysis, interview results and STP marketing analysis show that
this area is the most growing and most potential to be tapped in.
The second business strategy that can be implemented by the company is to have a new revenue scheme in Mitra Bukalapak. The
price modelling result shows that the OPP is 27% of the initial fee charged to the Mitra agent today, which means the company can
raise the admin fee by at least 27% for financial services products. Increasing the admin fee for each transaction can potentially
boost the total revenue earned by the company and simultaneously enhance the company to get a faster positive contribution margin.
The last proposed strategy is developing a new financial services product for Mitra Bukalapak agents. The recommendation is to
extend Mitra Bukalapak agent to be a cash-out channel for their customer and leverage the Bukalapak field sales agent as a top-up
channel for Mitra Bukalapak agent. Cash withdrawal transaction in 2022 is increasing YoY 16.6% from Rp 154.5 Trillion in 2021
to Rp 180.2 Trillion in 2022 (Bank of Indonesia, 2022). Bukalapak can do it quickly by partnering up with a company that already
has Penyedia Jasa Keuangan (PJP) licence for the first phase. This helps Mitra to turn their cash money to be a balance for the next
transaction in Mitra Bukalapak. With more balance in their account, Mitra is expected to have more transactions as well.
By implementing these 3 strategies, Mitra Bukalapak can maintain its market position while keep running on its path to profitability.
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Cite this Article: Muhammad Isnain Al Rizqi, Hilman Palaon, Yos Sunitiyoso (2023). Startup Company Strategy to be
Sustainable through Financial Services Product: Mitra Bukalapak Study Case. International Journal of Current Science
Research and Review, 6(2), 1618-1628
Page No. 1618-1628

2023 Journal Mitra BukaLapak Study Case

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International Journal of Current Science Research and Review

Startup Company Strategy to be Sustainable through Financial Services

KEYWORDS: Financial services, Mitra Bukalapak, mom-and-pop store, MSMEs, Profitability.

Figure 1. Mitra Bukalapak 2021 financial performance

Figure 2. Research Design Diagram

RESULT AND DISCUSSION

Figure 3. Mitra Bukalapak area distribution

Figure 4. Mitra Bukalapak Agent’s Financial Services Most Used Product

Table 1. Mitra Bukalapak competitive advantage using VRIO framework

Have a complete feature in a single Yes Yes No Yes Temporary competitive

User-based Yes Yes Yes Yes Sustainable competitive

A good customer experience Yes No No Yes Competitive parity

Geographic Area Tier 1 and 2 cities. Tier 1 in the suburb area

Demographic Gender Male and female

Age 20 - 55 years old

Occupation 1. Kios owner

Physiographic Social class Middle to low class

Income 3-10 mio per month

Geographic Area Tier 2 cities and tier 3 cities

Demographics Gender Male and Female

Age 30 - 55 years old

Occupation 1. Grocery store owner

Physiographic Social class Middle to low class

Income 3-10 mio per month

Figure 6. Mitra Bukalapak Agent’s Top Demanded Products

Figure 7. Mitra Bukalapak's growth in Q3 2021-2022

Table 2. Indonesia Financial Inclusion Index Data 2019 - 2022

Urban 41.4% 50.52%

Literacy Rural 34.53% 48.43%

Gap 6.88% 2.10%

Urban 83.60% 86.73%

Inclusion Rural 68.49% 82.69%

Gap 15.11% 4.04%

Table 3. Result data of price modelling

Price Very cheap Cheap Expensive Very Expensive

Figure 9. Mitra Bukalapak Price Modelling Analysis

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