From pawnshop to growth partner: Redefining pegadaian’s role in empowering msmes’ digital marketing

Abstract

Background: Micro, small, and medium enterprises (MSMEs) play a central role in Indonesia’s people’s economy, yet their ability to adopt digital marketing remains uneven due to financial and capability constraints. This study examines the conceptual relationship between inclusive financing and MSMEs’ digital marketing capability by repositioning Pegadaian from a transactional lender to a potential growth partner. Methods: This study employs a qualitative descriptive–analytical approach through a structured literature review and conceptual synthesis. Secondary sources published between 2020 and 2025, including peer-reviewed journal articles, government reports, financial authority publications, and institutional sources, were analyzed thematically based on four dimensions: inclusive financing, digital marketing capability, productive business upgrading, and the institutional role of Pegadaian. Findings: The analysis indicates that accessible financing can reduce financial constraints and create greater capacity for MSMEs to invest in digital marketing activities, including content development, online promotion, digital tools, and channel management. The findings further suggest that financing functions as an enabling resource rather than a direct creator of digital marketing capability. Capacity-building and digital support are important complementary mechanisms that help MSMEs convert financial resources into productive digital activities. Conclusion: Inclusive financing can support MSME digital transformation by creating financial capacity for digital marketing investment and capability development. Pegadaian therefore has potential to extend its role beyond short-term financing toward an integrated growth-partner model that combines financial access, capacity-building, and ecosystem support. Novelty/Originality of this article: This study integrates inclusive financing and MSMEs’ digital marketing capability within the people’s economy perspective and proposes a conceptual framework positioning Pegadaian as an institutional enabler connecting financial inclusion with digital economic participation.