ANALYSIS OF BUSINESS IMPLEMENTATION ON SHOPEEPAY DIGITAL WALLET USING BUSINESS MODEL CANVAS (BMC) AND SWOT ANALYSIS

Abstract


INTRODUCTION
E-payment, or electronic payment, is a type of payment used when shopping.Established on data from Bank Indonesia contained in the SPIP (Payment System and Infrastructure Statistics of Indonesia) report, the value of electronic money shopping transactions per month in August 2022 was Rp. 37,832 billion, which experienced an increase of 52.8% from August 2021.
The financial industry has revolutionized and changed into an ergonomic method of utility, accessibility, convenience, and cost.E-payment is one of the growth factors of financial services.E-Payment or Electronic payments include Bank transfers, e-wallets, QR codes, Paypal, and Credit Cards.However, researchers examine more deeply electronic payments using e-wallets (Triantono & Aryusmar, 2019).
An E-wallet is a modern payment system that uses electronic or online devices, making it easier for people to sort electronic transactions.According to (Rahmadhani et al., 2022).Meanwhile, according to (Rahmatika & Fajar, 2019) electronic money is a category of payment mechanisms used in making payment transactions that can be done electronically in payment activities between the seller and the owner of electronic money.
Populix data shows that ShopeePay is ranked 4th with a total of 76%.A business can be said to be good if it has many customers and runs the business well.Good corporate governance is seen in the state of a company's business model (Hermiyetti & Manik, 2013).According to ShopeePay marketing director Cindy Candiawan, the company focuses on developing strategic partnerships with various industries.Besides that, we continue to look for ways to increase the convenience and comfort of transactions for users.ShopeePay was released in 2020.
ShopeePay is an electronic money service feature that can be used as a payment method online at the Shopee app or offline at ShopeePay (Windiarti & Pratama, 2022) Merchants and keeps a refund that use to pay for the following order.ShopeePay is part of SeaMoney, the Sea Group's digital financial service.A company can outperform its competitors in the market if it includes a competitive strategy, including marketing and functional strategies tailored to the target market (Kunle et al., 2017).
In complement to the marketing strategy, knowledge of the company's economic model guides other growth strategies.A business model is a primary idea of how an organization or business can create, deliver, and maintain value for its activities.Therefore, ShopeePay must build a suitable competitive strategy.Previous research papers were used in this study.The results of the latest document will be the reference for this survey (Alda & Wulandari, 2020).A business model means understanding all the elements contained within the organization.BMC analysis makes it easier for a person or an organization to design a business model.
In research, (Mahendra, 2022) the development of the Betta Fish Gantra business using the SWOT and BMC methodologies.In another study, the BMC and SWOT Analysis methodologies were used to formulate business development strategies for the coffee shop to increase competitiveness with the many coffee shops in Surabaya (Hambali & Andarini, 2021).

RESEARCH METHODS
This research uses a qualitative descriptive method with a Business Model Canvas approach that uses secondary data, namely data collection through literature studies, journals, books, and websites that are trusted.Qualitative methods include gathering factual and detailed information, identifying problems, comparing or evaluating, identifying what other people are having issues with, and learning from their experiences to conclude (Basya et al., 2020).
The technique utilized in this research is the business model canvas analysis.According to (Suyanto et al., 2022) business model canvas contains nine business buildings, each containing essential elements explaining how a company or organization can generate profits while benefiting its stakeholders.Organizations need to clearly describe what their business model looks like through a business model-based (Zhang & Wen, 2015) framework that can complete it easier for companies to explain the structure of their business model.The first step in this research is mapping the current canvas business model of ShopeePay.In the business model canvas, observations and considerations formulate a business strategy.This map seeks to identify the nine elements of BMC. b.Analysis of ShopeePay BMC The following is the extraction of BMC elements from ShopeePay, into nine elements in Figure 2.
Customer segment is a business that selects the most potential customer segments for business activities to be conducted with the right goals and according to the desired consumers.
(1) Customer segmentation on Shopeepay follows its e-commerce, namely by focusing on the millennial generation and generation Z target market with female gender dominance.
(2) Online shop lovers, (3) students, and office workers.b) Channel is a critical element related to the relationship between companies and consumers.
(1) Shopeepay issued a payment feature via Qris to merchants who were partners with Shopeepay, as was the case in the FnB industry, (2) Shopee mobile apps (3) google and app store, (4) social media (5) Website.Increase the use of digital products in society.
applications, so ShopeePay will have more ewallet competitors.

Channels
The ShopeePay application can be downloaded at the same time as the Shopee applications.

Internet and social network access restrictions
Social media is available on every gadget and accessible from anywhere.

Technological developments allow the use of media with multiple channels of marketing communication.
There is a chance of cybercrime in Indonesia.

Customer Relationship
ShopeePay has many relationships as we partner with specific events to make it easy for our customers to communicate with each other using ShopeePay.
The FAQ in the application needs to be fixed, so the relationship between the customer and ShopeePay online needs to be better.Empowering the SOE service network as a point of contact for ShopeePay transactions with consumers and convenient consumer behavior in all areas will create product opportunities and enable products to work with customers.Emarketplace and e-commerce to meet customer needs.

Value Propositions
WO Strategy: Use the development of technology and digital products for maintenance and usability.Use marketing and customer service activities (ShopeePay later and ShopeePay for loan).Add merchants to reduce costs to suboptimal processes, such as the FAQ in underperforming applications, ease information, and internet restrictions for accessing social media.3. Channels S-T Strategy: We use SOE partners to predict cybercrime because ShopeePay has many partners.4. Customer Relationship S-O Strategy: Use and develop collaborative partners with ShopeePay, where the partnership with several merchants, public companies, and Shopee E-commerce Exchange will allow ShopeePay to get ideas and innovation.From partners, as well as the opportunity to build new infrastructure.
W-T Strategy: Compared with competitors in the application development process, ShopeePay application development is equivalent to other competitors.Increase the reliability of the ShopeePay application system. 5. Revenue Streams S-O Strategy: Utilize technology to achieve cost-effective development by having partners subsidize application development costs.6. Key Resources S-T Strategy: Information technology manages the application development budget so that ShopeePay's finances are transparent.7. Key Activities W-T Strategy: Develop a form of cooperation with competitors so that application activities focus on developing the application itself and collaborating with competitors.8. Key Partners W-T Strategy: Combine other competitors' cooperative partners with the number of ShopeePay partners in the same e-wallet industry for mutual benefits.9. Cost structure S-O Strategy: Conduct customer surveys (individuals and companies) to get ideas on on-demand application development so that conducting research requires labor costs.

CONCLUSION
The results of this research show that the ShopeePay business model needs to be improved.A company's business model must be evaluated and followed by technological developments; Fintech is a dynamic industry as it keeps up with the evolution of technology.Therefore, it is necessary to change the elements contained in the nine elements of Canva's business model, such as the key partners, key activities, value proposition, customer relationships, channels, customer segments, cost structure, and revenue stream elements.
The strategy created from the SWOT analysis includes 17 suggested strategies to ShopeePay company, such as: (1) Developing application functionality, (2) Improved technology including digital products, (3) Authorizing the SOE service network such as ShopeePay touchpoints, (4 ) Lead customer surveys to get business ideas, (5) Use and develop partners, (6) Using technology to ensure profitable growth, (7) Researching consumer consumption behavior as a consideration in the development, (8) Using development technology and digital products for application maintenance, (9) Using events as a means of collecting customer information, (10) Using marketing activities and events to add partners, (11) Partnering with the government to predict cybercrime, (12) Building trust and communicating well with the development team, (13) Using electronic information technology in managing application development budgets, ( 14 Figure 1.Research Framework ) Comparing with competitors, (15) Discussing and planning development budget development, (16) Developing forms of cooperation with community participation, and (17) Complementary partnerships with other competitors.

Table 1
Most Used e-wallet Apps

Table 2 .
ShopeePay Current Business Model c) Customer relationships define a company's relationships with specific customer segments.The customer relationship process with the ShopeePay application through the FAQ section (Frequently Asked Questions), Shopee Customer Service, and Social media.(1)Customerservicefor ShopeePay, which can be contacted on various channels (e-mail, call center, Twitter, and Instagram) and operates 24 hours and seven days a week.(2)Shopeepayconsistentlydevelops features, services, and resources to provide the best transaction experience for users.One is by presenting the innovative Deals Around feature, ShopeePay's O2O (online-to-offline) innovation feature, which allows users to access discount vouchers and cashback according to the user's closest location.d)ValuePropositionthat is tailored to Customer Segments (CS).The implemented Value Proposition consists of (1) Security of all data collection and transactions, (2) Improving service responsiveness, (3) Improving customer experience, and (4) Providing the latest ShopeePay and ShopeePay loans.e)Keyactivitiesdescribe the most important things that a company needs to do to make its business model work.ShopeePay's key activities include (1) developing the app and (2) expanding business partners (attracting merchants).Application development efforts are discovered by the properties of the ShopeePay application.The expansion of ShopeePay merchant partners and app users continues to increase..SWOT Analysis of ShopeePay BMC The next step is to conduct a SWOT analysis on each BMC element.The results of the SWOT analysis of the ShopeePay e-wallet can be seen in Table3.
f) Key Resources are the essential assets that ShopeePay app has to achieve their business goals.Based on the observation of ShopeePay app, the fundamental app assets are (1) Smartphone connectivity, (2) App Analytics, (3) Smartphone Apps, (c ShopeePay canvas model can be seen in Table4, while improvements to ShopeePay's BMC can be seen in Figure4.From this research, several alternative strategies for BMC improvement and development of ShopeePay application operations have been obtained in each component of the canvas model activity block.