Unicorns Battle in Warung Market
According to Hong Kong-based CLSA Ltd research titled "E-warung, Indonesia's New Digital Battleground", about 65-70 percent of Indonesia's retail sales took place in traditional stalls (warung), which will become the main battleground for e-payment and fintech.
Warung is said to be the main door in financial inclusion in Indonesia, where only 49 percent of the population aged 15 years and over have a bank account. Thus, CLSA predicts that startups and unicorns will try to integrate offline services in traditional stalls with their platforms, known as offline-to-online (O2O) integration. Gojek, Grab, e-commerce platforms, and financial technology (fintech) firms began to target this market.