Social media marketing performance comparison of E-wallet providers in Indonesia

The rapid evolution of industries, driven by technology and information, requires companies to innovate and adapt quickly. One such evolving industry is digital wallets (E-wallets), which have become popular in Indonesia due to their simplicity and practicality. E-wallets dominate the payment landscape in Indonesia, with an 81% usage rate in 2022, according to East Ventures. This growth has led to increased competition, pushing companies to innovate and improve services. Social media, particularly Instagram, has emerged as a key tool for enhancing brand awareness. The International Data Corporation predicts a significant increase in e-wallet users in Southeast Asia by 2025, indicating further growth and competition in Indonesia. This study analyzes the Instagram accounts of five E-Wallet companies to understand their social media strategies and engagement levels. Findings suggest that follower count does not solely determine engagement levels. Dana, with the highest number of followers, has the lowest engagement rate at 0.12%, indicating a need for improved content strategy. In contrast, GoPay achieves an impressive 0.40% engagement rate with fewer followers, suggesting content resonance. OVO maintains a respectable 0.20% engagement rate despite a high follower count. ShopeePay lags with a 0.04% engagement rate, indicating a potential content-audience disconnect. Recommendations include Dana improving content strategy, ShopeePay reassessing its approach, and all e-wallet providers regularly reviewing strategies for high Instagram engagement.