Year-end Sale % OFF 
Abstract
Data on real-time marketing performance from micro, small and medium enterprises (MSMEs) selling their products in marketplace e-commerce corporations (MECCs) is a big challenge for researchers studying the performance of MECCs capital structure. This article explores the use of Google Trends to determine the impact of Foreign Direct Investment (FDI) on MECCs’ performance. The findings of the trend analysis are explained using the N-OLI framework. It is found that there was a sharp trend decrease in MECCs with partial FDI (Tokopedia and Bukalapak) and full domestic investment (Blibli).On the other hand, there was a sharp increase in MECCs full FDI (Shopee). Other MECCs with full FDI, namely Lazada, has experienced a decrease but it is not as consistent as that of partial FDI. An increase trend in Shopee has negative correlation with a decline trend in Bukalapak. However, after being grouped, partial FDI has a significantly higher mean score compared to full FDI, and MECCs without FDI has the lowest mean score. This finding shows that in the case of Indonesia, FDI plays a role in encouraging the success of MSMEs, especially in MECCs, which have a combination of FDI and domestic investment.
Highlights
Indonesia has a very large e-commerce market with a size of $13 billion in 2018
Data from the five marketplace e-commerce corporations (MECCs) show that the first five keywords are related to the used keywords which pertain to economic activity
Since Shopee is the only MECC with an upward trend, Shopee search volume index (SVI) is regressed by the other four MECC SVI
Summary
Indonesia has a very large e-commerce market with a size of $13 billion in 2018. the country has brought up 50 percent of online sale annually during the past two years (Bisara, 2019). Google and Temasek estimated that the Indonesian e-commerce market will be able to reach $53 billion by 2025 (Bisara, 2019). This is proven that, as much as 93 percent of respondents stated that they had bought clothes online in 2018. Google and Temasek’s researches revealed that 65 percent of respondents believe that they will do more online purchases over time. This is consistent with the fact that 49 percent of Indonesians currently have bank accounts required for online transactions
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