PT Global Digital Niaga Tbk (Blibli) reported a 20% year-on-year increase in consolidated net revenues for Q1 2025, with growth across all business segments.

The take rate rose from 6.3% to 9.0%, supported by a 59% increase in gross profit before discount (GPBD).

The 1P Retail segment recorded a 207% surge in GPBD driven by higher-margin products and the acquisition of Dekoruma.

Operating expenses as a percentage of total payment volume (TPV) dropped to 7.3% from 7.7%, improving EBITDA performance.

In Q1 2025, the company opened 11 new consumer electronics stores and, by March, operated 215 electronics stores, 60 premium supermarkets, and 35 home and living centers.

The company also served over 56,500 institutional clients and operated 13 warehouses and 23 distribution centers.

🔗 Source: Blibli

🧠 Food for thought

1️⃣ Indonesia’s e-commerce shift from growth to profitability

Blibli’s latest results reflect a broader industry transition where Indonesian e-commerce companies are prioritizing profitability over pure growth.

While the company achieved 20% revenue growth, its margin improvement strategy is more telling, expanding take rates from 6.3% to 9.0% and focusing on higher-margin products, resulting in a remarkable 207% growth in 1P Retail gross profit 1.

This strategic pivot mirrors regional trends where investors increasingly emphasize sustainable business models over market share acquisition, following similar transitions seen in mature markets like South Korea’s Coupang and China’s e-commerce players 2.

Despite this progress, Blibli still faces profitability challenges with an overall negative EBITDA (-2.6% of TPV), highlighting how Indonesian e-commerce continues navigating the difficult transition from growth-at-all-costs to sustainable operations 3.

The company’s reduced EBITDA losses amid rising costs signal that the Indonesian e-commerce sector, projected to reach $194.20 billion by 2030, is maturing beyond its initial high-growth phase 1.

2️⃣ Omnichannel integration shapes Indonesia’s retail future

Blibli’s expanding physical footprint, adding 11 new electronics stores in Q1 for a total of 215 locations, demonstrates how Indonesia’s leading digital players are strategically embracing brick-and-mortar operations.