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Q1 MSMEs Index 2021: Online Businesses Shows Significant Signs of Recovery

JAKARTA, Indonesia, May 11, 2021 /PRNewswire/ -- Following the current trend of digital marketing for micro, small and medium enterprises (MSMEs) in Indonesia, PT Bank Rakyat Indonesia Tbk (BRI) (IDX:BBRI) announces an increase in the online MSMEs sectors of up to 34.1% in Q1 2021. The massive improvement of MSMEs sectors in Indonesia is reflected in the BRI Micro & SME Index (BMSI) Q1 2021.

Q1 MSMEs Index 2021: Online Businesses Shows Significant Signs of Recovery
Q1 MSMEs Index 2021: Online Businesses Shows Significant Signs of Recovery

The index stated that only 26.5 percent of offline MSMEs has improved their business compared to the figures in Q4 2020. The survey of BMSI also found that offline MSMEs have been hard-hit in the last three months, amounting to a decrease of more than 3.9 percent higher than online businesses at 40.7 percent. 

Digital marketing plays a vital role in development of online MSMEs sectors, followed by a significant economic growth despite the COVID-19 pandemic. The digital sales strategy has encouraged MSMEs players to add more value of their products and services than entrepreneurs with direct (offline) marketing strategy, according to BRI Corporate Secretary, Aestika Oryza Gunarto.

"In general, the online sales activity of MSME players is higher than those that are offline. As a result, most business sectors such as agriculture, processing and mining industries, have reached optimistic BMSI result or above the threshold figure of 100," said Gunarto.

The readings above 100 indicates an optimistic estimation of the economy for businesses in these sectors. The BMSI figure also shows that entrepreneurs implementing online marketing and business activities have achieved better than those who rely their strategies solely on offline sales.

Manufacturing and agriculture are two main sectors that experience the highest growth with regard to online MSMEs, amounting to over 100 thresholds in the Q1 2021. Process manufacturing takes place at 101.8 in the BMSI for online MSMEs, while the agricultural sector is at the level of 101.2.

Gunarto added, "MSMEs players applying online marketing strategy are realising more optimistic results, at least in the next three months. Digitalisation has provided excellent performances of the overall economic growth and sales increases, mostly driven by online marketing strategy."

The data from current MSMEs' Business Activity Index (BAI) also presents good business performances in Indonesia, from 81.5 in Q4 2020 to 93.0 in Q1 2021. The increase in this segment is mainly attributed to community and operating activities, such as production process, harvesting season, and relaxation in loan-to-value (LTV) ratio on property.  

The index figure brought along increasing optimism for MSME players to grow bigger in Q2 2021, with the Business Activity Expectations Index (IEAB) on the BMSI rising from 105.4 to 128.0. MSME players reflect frankly on the improving business performances of the overall macroeconomic condition, amounting to an increase of Business Sentiment Index (BSI) from 90.2 in Q4 2020 to 115.5 in Q1 2021.   

For more information, visit www.bri.co.id

 



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