E-COMMERCE
E-COMMERCE
Singapore‘ global leader’ in online marketplace adoption: Stripe
MULTI-SIDED marketplaces have transformed consumer life in Singapore, revealed new research released by technology company Stripe.
More than three-quarters( 77 %) of Singaporeans visited an e-commerce marketplace in the past year. Singaporeans were also the biggest users of food delivery( 52 %) and ridesharing( 52 %) platforms of all of the nine countries surveyed, while their use of hotel and hospitality( 46 %) and restaurant reservation( 21 %) marketplaces was second only to Hong Kong.
The study, conducted by research firm Nielsen, showed that almost all( 90 %) uses of ridesharing marketplaces in the past year happened on mobile devices. The trend is also reflected in the use of other marketplaces. For example, 72 % of visits to food delivery marketplaces in Singapore took place on mobile, compared with the total average of all the other countries surveyed( 60 %).
For many, a big part of the experience came down to having fast, secure and frictionless payments, according to Stripe. More than half of Singaporeans( 65 %) will abandon a website if it takes too long to enter their payment information at checkout and 73 % said that it is important to not have to enter their credit card details every time they make a purchase. Ninety-six percent also want to know their details are safe.
The study also shows that marketplaces are not just transforming how consumers buy online, but also driving change in the overall economy. Nearly a quarter( 22 %) of Singaporeans who visited an e-commerce marketplace in the past year did so to both buy and sell items.
A majority of Singaporeans( 87 %) said they believe that online marketplaces are beneficial to the economy. Of those, most said they believe that marketplaces give consumers more choice( 83 %), increase competition between businesses( 60 %), and help small businesses reach more consumers( 60 %).
“ We’ re starting to see the real transformative impact of the Internet with the growth of these multi-sided marketplaces. These marketplaces aren’ t
China’ s Secoo gains US $ 175 million from partnership with L Catterton Asia, JD. com
PRIVATE EQUITY FUND L Catterton Asia and e-commerce company JD. com last month announced a strategic partnership with Chinese online luxury fashion retailer Secoo Holding. Through the partnership, L Catterton Asia and JD will invest US $ 175 million in Secoo.
Secoo said its integrated online and offline shopping platform offers more than 300,000 stock keeping units( SKUs) covering more than 3,000 global and domestic brands.
By partnering with L Catterton Asia, Secoo will be able to leverage the firm’ s global fashion and retail expertise to further expand within the luxury market. The partnership will provide the e-tailer the opportunity to collaborate with existing
L Catterton portfolio companies. The transaction will also enable Secoo to continue enhancing shareholder value and strengthen its leading position in the rapidly growing Chinese luxury e-commerce market, the company said.
Ravi Thakran, chairman and managing partner of L Catterton Asia, said:“ We believe that Secoo is one of the strongest high-end platforms for the Chinese consumers. We look forward to working together with Richard and his outstanding team to take Secoo to the next level and continuously build the platform for highend consumers.”
Richard Li, chairman and CEO of Secoo, expressed excitement about this strategic partnership.“ Secoo is poised just changing the way we travel, shop and commute, they are fundamentally changing the Internet economy, creating new commercial experiences that cannot exist in the offline world and driving the next wave of growth online,” said Piruze Sabuncu, head of South-east Asia and Hong Kong, Stripe. ra
By using technology to facilitate online transactions between multiple third-party buyers and sellers, online marketplaces are providing consumers with greater convenience in their daily lives.
to gain invaluable name recognition and further boost the company’ s reputation in the international luxury consumer space. Secoo will be able to leverage L Catterton and JD’ s operational expertise and vast resources to expand and deepen our market presence not only in China, but also across the globe,” he said.
Shengli Hu, president of JD Fashion & Lifestyle, added:“ This partnership will help us enhance our luxury capabilities and provide the best possible luxury shopping experience to consumers in China. Chinese consumers are increasingly discerning about their luxury purchases. As we look to continue to meet this demand, we see many potential areas for future collaboration with Secoo.” ra
32 Retail Asia August 2018