Google Highlights Rise in Digital Finance Search to Online Shopping Behavior

Google has just released the third edition of "Google Year in Search 2020" for the Indonesian market. Broadly speaking, this report describes the findings based on Google Trends in a number of regions in the world, including Indonesia.

What's interesting, this time Google Trends has seen a significant increase as a result of the Covid-19 pandemic that has occurred since early 2020. Then, this report also records the average time spent on online per day around 3,6 hours before the pandemic. During Covid-19, internet consumption increased to 4,3 hours per day.

There are seven verticals discussed in this report, three of which feature other interesting findings around digital adoption, including Finance, Media and Entertainment, and Shopping.

The pandemic drives investment interest

Google reports that Indonesians are starting to be proactive in managing their finances during the pandemic. This trend is reflected in a significant increase in searches for financial services and investments.

For example related to online banking, keywords "open an account online" up 140%, followed by "savings online" by 70%, and "how to register mobile banking" about 20%. Then, there is also a search for information on "emergency funds" and "saving tips" with an increase of 140% each.

In addition, searches with the keyword "delayed installments" also experienced a high spike along with the number of MSME businesses affected by Covid-19. MSME actors are trying to find information on how to restructure loans during the pandemic.

"MSME players are also looking for various ways to manage their finances better, including making loans to boost their business," said Google Indonesia Managing Director Randy Jusuf. This was followed by an increase in searches for "SME loans" by 300%.

In terms of investment services, many people search for the keywords "buy gold online" (85%), "deposit interest" (10%), Pawnshops (13%), "stocks" (25%), "mutual funds" ( 210%), and "JCI" (90%).

Podcast and quota streaming

Entertainment is an activity that many Indonesians enjoy during the pandemic, especially because of the social restrictions situation in a number of areas, Work From Home (WFH), and home learning. According to Google Trends, there are four categories of entertainment content with the highest searches, namely "music" (240%), "Gaming" (210%), "workout" (200%), and "podcast"105%.

In addition, Covid-19 has also changed the way Indonesians consume the internet, there is a change in the amount of quota usage per day. This finding does not only occur in big cities, but other small towns.

In the keyword "internet quota", there was an 18% increase with high searches coming from a number of provinces outside Java, such as West Papua, Aceh, Bengkulu, Riau, and North Sulawesi. Then, the keyword "learning quota" also experienced a similar increase, especially in West Sulawesi, Riau, West Sumatra, Southeast Sulawesi, and Central Sulawesi.

As for the search with the keyword "quota streaming"rocketed up to 150% in many provinces, including South Kalimantan, North Sulawesi, Bengkulu, Aceh, and the Special Region of Yogyakarta (DIY).

Generation boomers shop online

Google also noted how the Covid-19 pandemic changed consumer behavior to shop online throughout 2002. Search for information about "cashless" up 160%, followed by "free shipping" (30%), and "pay later" (95%).

"Not only millennials, generation X and boomers now start shopping online. Especially the Z generation who are considered as digital natives, they are improving spending power-him," said Randy.

In fact, this trend does not only occur from the buyer's side, but also from the seller's side. Google reports that there is a great growth of interest in Indonesia to start an online business. This is reflected in the increase in searches with the keyword "list" seller" by 55% and "selling online" by 40%.

More than that, Indonesian people are now starting to rely on the Google Search feature to find guarantees or certainty about what they want to do in the future.