Top Ecommerce Portals That Rule The Southeast Asian Market
The ceaseless growth rate of Asian countries has made the continent one of the most bankable and profitable market for digital marketplace. In fact, China has already topped the list of countries that have the biggest online retail marketplace. Interestingly, if the predictions are anything to go by, the current growth in the online marketplace in Southeast Asian countries is just the beginning of an extremely beneficial ecommerce era. This prediction has been based on the latest trend of online shopping which has been noticed to be on a surge in Southeast Asian countries. As the technology will advance, it is believed that theonline marketplaces will have more and more customers knocking on their doors.
With a market with such great prospects, many bigwigs of the ecommerce industry from the West are also trying to find a place in the Southeast Asian online market. However, the through understanding of the target audience is still giving the local ecommerce marketers an edge over their Western counterparts. Here is a list of top ecommerce platforms that are ruling Southeast Asia.
One of the leading ecommerce websites in Southeast Asia, Lazada caters to online customers located in Singapore, Philippines, Malaysia, Indonesia, Thailand, and Vietnam. As per the reports, the website records 50 million visits monthly and offers customers some interesting features such as customizable ‘shop front’. The website has wide range of products to offer, starting from electronics to fashion apparels. The website is owned by the Alibaba group. The annual sales of the website were recorded at $1.36 billion in 2016 from 6 markets in Southeast Asia. With such a huge footfall, sale of fake goods on the website by the vendor can prove to be a grave issue. Therefore, Lazada follows a no-tolerance policy towards the sale of cheap or fake products. The company has been very proactive in taking measure to bring down the instances of fake goods being sold on the website. For this, all the sellers on Lazada are registered are registered with the Bureau of Internal Revenue and Securities and Exchange Commission. In addition to this, vendors who are dealing withhealthcare or beauty products must submit their FDA permit to Lazada in order to sell their products. There are specialists deployed by Lazada who check and validate the authenticity of the products. If at all the product does not pass the test, it can lead to permanent or temporary shop deactivation of the vendor.
The website has its headquarters based in Jakarta. The website was founded by William Tanuwijaya and Leontinus Alpha Edison in 2009. In just 5 years, the company made the record of being the first Southeast Asian technology company to receive an investment of $100 million from Sequoia Capital and SoftBank Internet and Media Inc.The website recorded 4.9 million active product listings and sold more than 5 million products monthly by 2015.
The website was first launched in 2015 in Singapore. By the first half of 2017, the website recorded $3 billion annualized gross merchandize value in its 7 markets—Singapore, Vietnam, Thailand, Taiwan, Indonesia, Philippines, and Malaysia. There were several instances of counterfeit products being sold on the website. In response, Shopee issued a warning that only authentic and genuine products will be listed and sold on the website.
Based in Singapore, HipVan is an ecommerce portal that deals with high quality everyday living products. The website curates designsby working closely with design studios and independent designers and gives inspirational ideas to its customers in Singapore and other countries. It has been reported that HipVanhas about 90,000 customers and it eyes at taking over the furniture and lifestyle product market. It also aims at fighting Chinese products with compromised quality.
The company is based out of Singapore and their website is operation in multiple countries such as Indonesia, Malaysia, Hong Kong, and China. As per reports, Qoo10 holds more than one third or 32.6% of Singapore’s ecommerce market. This means it holds a better market share than the ecommerce giant Amazon, which only has about 11.5% of the total local digital market. Earlier known as Gmarket, the website was founded by South Korean Ku Young Bae. It was in 2009 that it renamed itself and ebay bought it for $1.2 billion. Qoo10 has the second largest market in Singapore after Japan. According to its claims, Qoo10 records a total of 3 million users and 600,000 daily concurrent users from the Southeast Asian region.