Retail News CRM

Author: Mei Ling Tan

  • Asian duty-free market buoyant

    Asian duty-free market buoyant

    The Asian duty-free market is growing at five times the global growth rate.

    New data released by the travel retail trade association TFWA (Tax Free World Association) shows that sales in the first quarter of 2016 rose by 5 per cent in Asia-Pacific. Global growth was just under 1 per cent.

    The TFWA is optimistic that the duty-free sector “faces a bright future” at a time when other sectors of the international retail market are struggling.

    Global duty-free sales are estimated at US$62 billion according to duty free and travel retail specialist Generation Research. The market has been growing steadily for the past six years, and while it suffered a decline in 2015, the figures for the first quarter of 2016 show the business is back on its upward trajectory.

    The fragrance and cosmetics category is the main driver of growth globally and its sales were up 7.8 per cent in the first quarter, while sales of wines and spirits were up by 4 per cent. Sales on board ferries grew by 6.5 per cent, while airport sales remained stable.

    TFWA president Erik Juul-Mortensen said the figures allowed the sector to be cautiously optimistic and tips further growth from the booming air travel market.

    The trade association Airports Council International predicts passenger numbers worldwide will more than double from 2015, when the number of air travellers reached 7.2 billion, to just over 19 billion in 2035 – a compound annual growth of 5 per cent.

    The World Tourism Organisation’s says international tourist arrivals were up 4 per cent in 2015 to reach a record of 1.2 billion, 50 million more than in 2014. The latest figures for the first half of this year show that tourism got off to a strong start in 2016, with international arrivals up 4 per cent compared with the same period last year.

    “This can only be good news for our industry, and all the indicators would suggest that we have plenty to be upbeat about,” said Juul-Mortensen. “This is a great sector to be in, and with growth rates that have been, in many years, the envy of many high street retailers, duty free and travel retail presents a wealth of opportunities.”

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  • ICT vendors must prepare for China’s 13th Plan

    ICT vendors must prepare for China’s 13th Plan

    As China moves to implement its 13th Five-Year Plan, ICT vendors need to reassess their positions to take advantage of the major business opportunities it will offer, according to IDC.

    China’s 13th Five-Year Plan, and the decisions and policies introduced at the Third Plenary Session of the 18th Central Committee of the Communist Party of China will serve as the roadmap and action plan for the country’s economic development over the next five to ten years.

    Based on these two guiding documents and amid a challenging macroeconomic environment, the Chinese government has rolled out a host of policies and initiatives to advance the cause. These efforts will bring huge opportunities and become the cornerstone of China’s IT market in coming years, IDC predicts.

    IDC sees six areas that will be the foundation for China’s economic development as follows:

    1. Some 165 major projects to maintain economic growth – IDC estimates that total investment in these 165 projects will exceed 6 trillion yuan ($900 billion), generating over 500 billion yuan ($ 75 billion) in ICT business opportunities, with 300 billion yuan ($45 billion) alone in the rollout of 5G.

    2. Innovation to advance economic restructuring – The Chinese government has established innovation and entrepreneurship as two of its top policy initiatives to facilitate economic restructuring. IDC believes that such government-led endeavors will generate immense business opportunities for ICT vendors in ICT infrastructure; cloud computing and big data; mergers and acquisitions of startups; and the transition of traditional industries to digital.

    3. Policies to improve public well-being – In 2016, the State Council issued a joint initiative to promote Internet+Government services and kicked off 80 pilot cities with the One Window One Network plan that introduced interregional sharing of electronic certificates and public service information across government offices.

    For ICT vendors, the main business opportunities will be ICT infrastructure, cloud computing and services, big data platforms, smart community, and mobile apps, which are seen as the basis for the digital transformation of government.

    4. The Belt and Road Initiative to facilitate globalization – Initially introduced in 2013, this initiative has connected 18 of China’s provinces with nearly 40 countries along its route across Asia and Europe. For ICT vendors, IDC predicts the initiative to  give rise to abundant business opportunities as Chinese companies venturing abroad upgrade their IT systems, countries along the route construct their IT infrastructures, and China develops its own big data platforms for the initiative.

    5. Expanding Free Trade Zones – The first Free Trade Zone (FTZ) was established in Shanghai in 2013. In 2014, the second batch of FTZs was established in Tianjin, Guangdong, and Fujian. In 2016, Liaoning, Zhejiang, Henan, Chongqing, Sichuan, and Shanxi provinces were approved to set up FTZs. Currently, 11 FTZs have been established across China. Collectively, they support the Belt and Road Initiative in promoting globalization and the smooth development of China’s economy.

    According to IDC, ICT vendors should focus on developing smart parks, smart transportation, smart logistics, and other smart city projects, in addition to utilizing the cloud platform infrastructure to support the digital transformation of FTZ regions.

    6.China as an internet powerhouse – China’s national IT development strategy was first introduced in 2006 and has acted as the basis of many of China’s IT development policies since then. In 2016, the Chinese government introduced an outline that standardizes and guides the next 10 years of China’s IT development.

    To remain competitive in this market, multinationals will have to radically transform many things, including their domestic business models, strategic investment, technology transfer, equity transfer, and joint investment strategy.

    “ICT vendors should capitalize on China’s supportive policies and economic environment, making use of ICT technologies and displaying their strengths to discover the opportunities being brought by Digital Transformation,” IDC China VP and chief analyst Lianfeng Wu said.

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  • Nokia to transform Globe’s fixed, wireless networks

    Nokia to transform Globe’s fixed, wireless networks

    The Philippines’ Globe Telecom has contracted Nokia to transform the operator’s fixed and mobile networks into a flexible cloud-based infrastructure ready for 5G and the IoT.

    Globe has signed two frame agreements  with the vendor – one covering wireless networks and the other for IP, optical and SDN technologies – to set the stage for the upgrade.

    Under the collaboration, Nokia will deploy its 4.5G Pro technology including 5G-ready base stations and small cells, in the Visayas and Mindanao regions. Some of the areas in these regions will be receiving broadband for the first time as a result of the deployment.

    Nokia will also set Globe up to support mobile edge computing and advanced carrier aggregation technologies on its network.

    The fixed agreement will involve the deployment of IP, optical and carrier SDN technologies across the Philippines, allowing the operator to deliver coverage to more regions, and to provide flexible data services over Nokia’s SDN platform to enterprise customers nationwide.

    “As the Philippines’ leading fixed and mobile service provider, we are devoted to improving people’s connected lives day-by-day. With Nokia’s innovative technologies, we are confident to lead the 5G and cloud network evolution,” Globe CEO Ernest Cu said.

    Last week, Globe’s rival PLDT announced that its wireless division Smart achieved data speeds of 1.4Gbps over LTE-A during a trial conducted with Huawei. The trial used five-carrier aggregation technology to achieve the blazing fast speeds.

    “It will take time for carrier aggregation on five frequencies to be deployed, largely because capable handsets are not yet commercially available. But the excellent results of these tests have encouraged us to roll out LTE-A using two or three component carriers which can already be utilized by several handset models in the market,” PLDT and Smart CTO Joachim Horn said.

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  • Dtac, True slam new computer crime bill

    Dtac, True slam new computer crime bill

    Legal representatives from both TrueMove and Dtac have slammed the new computer misuse act for moving the burden of proof to ISPs to prove their innocence while True said that the Single Gateway government mass surveillance program was still alive and well.

    Speaking at a recent seminar entitled Online life: which way shall we go, Akarawit Jongsawasdiworakul from Dtac’s legal division said that unlike the US’ common carrier law, Thailand’s computer misuse act article 15 puts telcos at risk of criminal prosecution for the actions of their subscribers as service providers face the same criminal liability as their users for, say, an illegal posting.

    Dtac has to invest significant resources into monitoring its users to stay safe legally, resources that could have better been invested in 5G, he said.

    Unlike most aiding and abetting clauses in Thai law in which the aider gets two-thirds of the punishment, the computer misuse act doles out the same punishment to the service provider as it does to the criminal using it.

    However, the latest draft amendment is much worse. In trying to fix that glaring problem, the new version lays out a system where authorities can issue orders to service providers to block the offending post. The law then goes on to say that if the service provider can prove they complied with the order, then they are exempted from any punishment.

    Akarawit said that the computer misuse act shifts the burden of proof. Instead of the prosecution proving guilt, the service providers will now have to prove their innocence to a court.

    He also noted that under the current law, censorship orders must be only via a court order. The new version only needs an order from a “the official in charge” without any judicial oversight.

    Suporn Hornchaiya from True’s legal division, added that the definition of service provider is so vague that anyone with an unsecured WiFi hotspot would be subjected to the full force of the law.

    Suporn said that today authorities use article 20 to block websites, not just those which are a threat to national security or good morals which are allowed under the law, but also use it to block gambling websites and copyright infringement sites which is not allowed under the law. He noted that courts regularly grant blocking orders for the latter.

    Suporn said True has in the past appealed a court order, but the appeal was not accepted as the courts said that True was not an affected party to the blocking order.

  • Oysho lingerie arrives in Indonesia

    Oysho lingerie arrives in Indonesia

    Spanish lingerie brand Oysho, owned by Inditex, continues its international expansion with the opening of its first store in Indonesia.

    In Jakarta’s centre, the 300 sqm shop is in Plaza Indonesia, a shopping centre that is also home to other Inditex brands such as Zara, as well as luxury labels including Burberry, Chanel, Hermes and Louis Vuitton.

    oysho-store

    Since launching in 2001, Oysho has expanded its presence to 44 countries with more than 600 stores. The brand specialises in lingerie, sleepwear, loungewear and footwear. It generated 229 million euros (about US$252 million) in the first quarter of this year, representing an 8 per cent increase year-on-year.

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  • ITU pushes G.fast speeds to 2Gbps

    ITU pushes G.fast speeds to 2Gbps

    ITU standards experts have doubled the access speeds achievable with the G.fast standard, achieving the capability of enabling data rates of up to 2Gbps over traditional copper telephone last mile connections.

    The new standard has achieved first-stage approval, and is expected to see final approval by the end of the year, the ITU said.

    The third amendment of the G.fast standard doubles the aggregate net data rate achievable to 2Gbps using spectrum up to 212 MHz.

    According to the ITU, the update tot he standard maintains spectral compatibility with VDSL2, offering operators the ability to switch customers between the connection technologies as their demand fluctuates.

    “The amendment extends G.fast’s application to coaxial cable, enabling the coexistence of G.fast and satellite signals in coaxial cable infrastructure,” the ITU said in its announcement.

    “The amendment also specifies a mechanism for dynamic time assessment, functionality that enables upstream or downstream transmission to exploit G.fast’s full aggregate net data rate.”

    In addition, the ITU has completed and achieved first-stage approval for standards detailing commonalties in SDN and automatically switched optical networks, tools to meet the expected synchronization demands of 5G systems, and the characteristics of next-generation optical fiber.

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  • Yaok offers online service for luxury boutiques

    Yaok offers online service for luxury boutiques

    Chinese company Yaok has built an online reservation service for offline brand boutiques to tackle the online/offline conflict.

    It is the result of 10 years of market research the preparation, including five years of in-depth communication with more than 100 luxury brands.

    Founder/CEO Steven Yao says that many luxury brands, including Chanel and Dior, have realised the importance of the internet, but while finding online partners still have concerns about brand image.

    “Everyone is looking for an online solution, especially one that’s appealing to Chinese consumers,” he says. “Unfortunately, current Chinese online players can’t fulfill luxury-brand needs because of false brand perception, unfit target audience, and lack of control on product authenticity.

    “Some chose to set up their own eCommerce platforms, but found it difficult to attract traffic with one single brand.”

    Through Yaok, a brand can have its own official reservation platform, giving it absolute control in managing its image, product inventory, order status and customer database. It also allows instant communication between brand and customer.

    According to the China’s Fortune Character Institute, 73 per cent of Chinese consumers have a shopping list before overseas travel, 45 per cent of which cannot be fulfilled because of such factors as lack of desired size or model, resulting in loss of sales and unsatisfying customer experiences.

    Agreements in place

    Yaok lets customers reserve products in advance and have VIP services in store. Already the company has global or regional collaboration agreements with most international luxury brands.

    Yao says that when the platform officially launches at the end of next month, products from 80 per cent of luxury brands will be available. Users will be able to make VIP reservations in nine countries and regions.

    He estimates that 500,000 shoppers, all with a net wealth exceeding $2 million, will use Yaok to buy luxury goods globally. Its prestige service is either by invitation only or for current brand VIPs. Applications can be submitted via Yaok app or WeChat, but acceptance is not guaranteed.

    Yaok has completed two rounds of fundraising, with Feng Ye as angel investor.

    Yao was the first CEO for the Hurun Report, the magazine known for its “China Rich List”. Other core Yaok members have also worked in brand houses like Giorgio Armani or Louis Vuitton for more than 10 years.

    Yaok is affiliated to the Fortune Character group, founded in 2008, which specialises in researching the luxury market.

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  • Estee Lauder buys out Becca Cosmetics

    Estee Lauder buys out Becca Cosmetics

    Estee Lauder has signed an agreement to acquire Becca Cosmetics, a high-growth makeup brand offering complexion and color products that flatter a wide range of skin tones and enhance women’s features.

    Now the beauty giant says it wants to speed up the Becca Cosmetics’ brands rollout in Asia and further abroad.

    While the majority of the brand’s sales are in North America, it is currently engaged in a strategic global expansion with Sephora across Southeast Asia, Europe and the Middle East. Becca Cosmetics has a strong social media presence, with more than 1 million Instagram followers, and an engaged consumer base of all ages and backgrounds.

    Launched in 2001, Becca Cosmetics has experienced exceptional growth for years, with a curated product line-up including primers, concealers, foundations, blushes and highlighters that use “the beauty of light” to enhance the complexion. Most of the brand’s foundations are available in up to 20 shades, with half designed for medium to deep tones and half designed for light to medium tones.

    Since 2011, Becca has been led by president and CEO Robert DeBaker, and CFO/COO James MacPherson. It has been part of Luxury Brand Partners’ portfolio since 2012. The brand has a robust presence in specialty multi retailers Sephora and Ulta in North America, and is also sold in select department stores, as well as through BeccaCosmetics.com.

    “Becca Cosmetics is a wonderful addition to our portfolio of prestige beauty brands,” said Fabrizio Freda, president and CEO of The Estee Lauder. “Its unique focus on complexion products that flatter a wide range of skin tones, combined with its sophisticated yet accessible consumer and digital engagement across channels has inspired a devoted fan base. We see terrific growth opportunities for Becca as it expands globally and continues to cultivate its online and digital expertise.”

    “The Estee Lauder Companies is the ideal home for Becca,” said DeBaker. “The company has the scale and vision to help elevate Becca to its next phase of growth while encouraging us to continue to build our unique brand equity. We believe that beauty products should reflect a diverse range of skin tones and help all women create a naturally beautiful, yet individual look – and ELC is incredibly supportive of our mission.”

    Estee Lauder is one of the world’s leading manufacturers and marketers of skin care, makeup, fragrance and hair care products, its brands sold in more than 150 countries and including Estee Lauder, Aramis, Clinique, Lab Series, Origins, Tommy Hilfiger, Mac, Bobbi Brown, Donna Karan New York, Aveda, Jo Malone London, Michael Kors, Tom Ford, Smashbox, Ermenegildo Zegna, Tory Burch, Glamglow and By Kilian.

    Terms of the deal were not disclosed. The acquisition is expected to close in November.

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  • Singapore, Manila rise in retail rent rankings

    Singapore, Manila rise in retail rent rankings

    The data may be a little dated, but Asian cities are holding their own in the retail rent rankings.

    New York’s Fifth Avenue still tops the list with an average rent of US$3500 per sqft per year. Hong Kong’s Causeway Bay is cemented in second place at $2399 and the Champs Elysee in Paris a distant third at $1372.

    (It should be noted, the list ranks the single most most expensive shopping strip in each country, not overall.)

    Data released by Cushman Wakefield this month – albeit more than a year out of date – shows the Philippines making the biggest gain: retail rental rates in Manila’s Bonifacio Global City High St were a mere US$56.40 per sqft per annum, but that is enough to make Manila 51st on the top 65 list – up eight places.

    Singapore’s Orchard Rd ranked 14th – up two places – at $336.80 and Taipei’s ZhongXiao East Rd 20th, up three places, at $273.20.

    The Ginza in Tokyo,  Japan, ranks a modest eighth at $881.90 in a virtual tie with Myeongdong in Seoul, Korea at $881.80.  The Ginza has fallen from sixth in last year’s survey, while Myeongdong has dropped from eighth.

    Cushman & Wakefield stresses that the global rankings focus on high street locations. This excludes mall rental rates – and in cities like Manila, Bangkok and Kuala Lumpur, malls dominate the premium retail landscape, not high street strips.

    Vietnam’s Ho Chi Minh City CBD retail rents are more expensive than in Bangkok at $150.50 for 32nd place, and $125.40 for 35th respectively. Bukit Bintang in Kuala Lumpur, Malaysia, ranked 40th (up one place) at $111.

  • Bangladesh’s oldest cellco set to lose license

    Bangladesh’s oldest cellco set to lose license

    Bangladesh’s oldest mobile operator Citycell is on track to losing its license after failing to pay its required license and related fees.

    The CDMA-based Citycell had its spectrum revoked last week, and now the Bangladesh Telecommunication Regulatory Commission (BTRC) is seeking permission from the government to revoke the operator’s license.

    Citycell owes dues of 4.77 billion taka ($60.8 million), which include unpaid spectrum renewal fees, license fees, late fees and value-added tax.

    The Supreme Court had ordered Citycell to pay two thirds of the amount owed by October 19, but the operator only managed to pay 1.3 billion taka, and its spectrum was accordingly revoked the next day.

    The BTRC has been advising Citycell customers since the end of July to switch to another operator in preparation for the shutdown.

    Citycell commenced operations in 1993, but found itself relegated to a niche player as GSM outmatched CDMA by popularity. At its peak in 2011 the operator had around 1.9 million customers.

    Singtel is the largest shareholder in Citycell with a 44.54% share, while Far East Telecom has 17.51% of the company. These shareholders have been attempting to sell Citycell’s license for several years but have not found any buyers.

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  • iPhone 7 debut in South Korea hurts Samsung

    Apple Inc’s iPhone 7 went on sale in South Korea yesterday, seeking to fill a void left by archrival Samsung Electronics Co on its home turf following a damaging recall fiasco over the Note 7 smartphone.

    The South Korean electronics giant discontinued the Note 7 — one of its key iPhone challengers — on Tuesday last week following reports that replacements for combustible models were also catching fire.

    The decision is set to cost Samsung billions of US dollars in lost profits and there are already signs that Apple is reaping some of the benefits.

    Samsung shares fell nearly 2 percent yesterday as iPhone 7 hit stores across the nation.

    An official at mobile carrier Korea Telecom said the first batch of 50,000 iPhone 7s it put up for preorder a week ago sold out in 15 minutes.

    “I would attribute part of that to the Note 7 effect,” said the official, who declined to be identified because he was not authorized to talk to the media.

    Customer defection is one of Samsung’s biggest concerns, especially as the Note 7 was specifically aimed at taking on the iPhone in the premium handset market.

    In the hope of retaining customer loyalty, Samsung had offered Note 7 users a 70,000 won (US$60) phone bill credit if they swapped their faulty phones for another Samsung handset.

    The half-dozen customers buying the new iPhone at a Korea Telecom store in central Seoul yesterday were all long-time Apple users who had preordered their handsets.

    Office worker Lee Kyung-hee, 34, said she had moved fast when the preorder service opened, fearing a surge of interest from unhappy Note 7 owners.

    “I set an alarm and was very quick,” Lee said.

    In South Korea, retail prices for the iPhone 7 and 7 Plus start from 869,000 won and 1.02 million won respectively for the basic 32GB models.

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  • Starbucks plans to double its stores in China to 5000 by 2021, opening a new one every day

    Starbucks plans to double its stores in China to 5000 by 2021, opening a new one every day

    Starbucks announced that it plans to double the number of its stores in China from more than 2,300 to 5,000 by 2021. According to CNN, Starbucks says that it will open more than one new store a day for the next five years.

    To oversee this task (which Starbucks also hinted at in January), the company promoted Belinda Wong to Starbucks China CEO. According to the company’s official statement, Wong will also be in change of “digital and e-commerce opportunities across China,” as well as the opening of Starbucks’ first international Roastery and Reserve Tasting Room in Shanghai in 2017.

    belinda_wang.jpgAs Starbucks China’s former president, Wong led a team that drove the company’s growth in China from 400 stores in 2011 to more than 2,300 stories currently, operating in over 100 cities.

    The 45-year-old Starbucks Coffee Company opened its first store in China 17 years ago. In an interview with CNN, Starbucks CEO Howard Schultz discussed the initial road bumps the company encountered in the tea-obsessed country. “We had to educate and teach many Chinese about what coffee was — the coffee ritual, what a latte was… So in the early years, we did not make money,” Schultz said.

    Since then, excluding some meat scandals, Starbucks China’s business has been doing quite well. The South China Morning Post reports that “Starbucks’ second-quarter sales rose 18% in China, a faster pace than the company’s worldwide revenue increase of 9% over the same period.” Starbucks’s growth is even more impressive given that China’s economic growth was just 6.7% this quarter (again).

    Compared to Starbucks, other Western brands have not fared so well in China. Disappointed with its poor profits and earnings for the third quarter this year, the CEO of Yum Brands, which owns KFC and Pizza Hut, has pointed blame at the South China Sea ruling. This rise and fall of Western food brands is also apparent in retail brands.

    Hopefully customers will show as much loyalty to the company as one “Starbucks uncle” during the recent flooding in Hong Kong.

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  • Alibaba Group promises to redefine retail as it sets the clock ticking for Singles Day shopping festival

    Alibaba Group promises to redefine retail as it sets the clock ticking for Singles Day shopping festival

    Alibaba Group has started the clock on the Global Shopping Festival it will hold on November 11, which is known as Singles Day in the Chinese market where it dominates online shopping.

    The retailer, which trades through marketplace sites including Alibaba.com and TMall, has unveiled its plans for a festival that’s set to include a countdown gala, an eight-hour live streamed fashion show, virtual reality shopping, interactive games and more.

    These are all innovations aimed at enabling almost 100,000 merchants to build their brands, as well as engage with and sell to the hundreds of millions of Chinese consumers it predicts will shop on its marketplaces during the festival.

    Last year’s event, saw goods worth £9.3bn sold via the group’s websites.

    The press launch alone was attended by brands from Macy’s and Costco through to Swisse and eMart. There, Daniel Zhang, chief executive officer of Alibaba Group, said, “11.11 Shopping Festival has become the global retail benchmark over the past seven years, and we have raised the bar again this year to redefine the retail experience for consumers together with our merchants from around the world.”

    Zhang continued, “11.11 has evolved far beyond a 24-hours sales event. From today through November 11, consumers will discover, explore, play, watch, comment, share, recommend and shop across our entire ecosystem with our merchants both online and offline. Leveraging our robust infrastructure, global merchants have been empowered with unprecedented capability to seamlessly engage and serve customers through new technology and new environments.”

    Highlights of the Global Shopping Festival will include a Tmall eight-hour fashion show in Shanghai in which 50 international brands and 160 models will take part. It will be streamed live via Tmall and Taobao mobile apps that viewers can use to pre-order items as they appear on the catwalk.

    Shoppers will be able to use virtual reality to buy, as Alibaba pilots Buy+, billed as the world’s first complete virtual reality (VR) shopping experience. Those who use it will be virtually transported to select retail stores internationally, where they can experience the entire shopping process from product selection to payment, all via VR.

    In the run-up to the event, more than 600 international brands are streaming live broadcasts on Tmall to tell consumers about their brand and the deals and products they’ll be offering on 11.11.

    Katy Perry will headline the 11.11 Global Shopping Festival Gala on November 10.

    The event will link online and offline: Alibaba believes the future of commerce is not online only but will integrate the online and offline experience. A location-based augmented reality mobile, to be released two weeks ahead of the festival, will enable consumers to follow the Tmall Cat across the online and offline retail ecosystem: offline partners include shopping malls in Beijing and Shenzen, Shanghai Disneyland, KFC and Starbucks. Alibaba is also working with more than a million offline shops to present consumers with a joined-up experience.

    The retailer also promises each consumer a personalised shopping experience, thanks to the use of big data that will drive tailored product recommendations, search results, and user-generated content.

    The retailer is also focusing on going global, and aims within 10 years to serve two billion consumers, while supporting 10m small businesses, brands and retailers. The 2016 11.11 Global Shopping Festival includes a ‘buy globally, sell globally’ initiative that focuses on making Alibaba a gateway for international brands and merchants to sell to consumers in China. Meanwhile, it is also piloting approaches to supporting global retailers and brands as they sell beyond China. It is taking its infrastructure, including logistics and payments to Hong Kong and Taiwan – the first steps in its expansion strategy.

     

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  • Retailers get boost with halal e-market

    Retailers get boost with halal e-market

    An e-commerce marketplace specialising in halal goods and services was launched here yesterday, giving small and medium-sized enterprises (SMEs) a leg up in an increasingly competitive environment.

    With nearly 60 merchants on board, including 55 SMEs, the launch of Aladdin Street gels with the Government’s push for retail firms to use e-commerce to reach out to more customers.

    The platform, which will eventually have offices in 30 countries, aims to promote halal products as a healthy, premium option even for non-Muslims.

    Aladdin Group, the company behind the e-marketplace, is headquartered in Kuala Lumpur, Malaysia.

    The businesses were screened for quality and compliance with halal standards by an in-house team, and operate in industries that range from food and beverage to cosmetics to fashion.

    Aladdin Group co-founder Sheikh Muszaphar Shukor cited a “growing acceptance” of the health benefits of halal products even in non-Muslim countries.

    But a lack of reliable marketing platforms means only a fraction of the demand can be met, he said.

    Noting that Singapore is one of the largest importers of halal products, he said: “Given the country’s good track record in governance and high standards of halal compliance, Aladdinstreet.com.sg will help these SMEs access this market to its fullest potential.”

    Ms Jacinta Ong, 40, who founded tea retailer Tea Ideas, sells her products through a blogshop and at roadshows in malls.

    She has not set up a permanent stall because of the high rental and manpower costs.

    “I think the right way forward is going online and collaborating with other retailers to harness demand in the halal market,” she said.

    Vielkaline founder Gavyn Lim, 38, said the platform would help him target big halal markets such as the Middle East.

    The firm sells alkaline ionised mineral water.

    “The entry barrier to putting my products up for sale at supermarkets is too high,” he said. “It is a lot cheaper to put them online.”

    The Singapore Chinese Chamber of Commerce and Industry (SCCCI) said yesterday that it is stepping up efforts to help local SMEs innovate and digitise their businesses.

    Last year, it took SMEs to Beijing and Shenzhen to learn about e-commerce business models in these Chinese cities and how they could penetrate the China market.

    This month, SCCCI organised a trip to Silicon Valley in the United States so SMEs could engage with businesses there to explore potential collaborations.

    It said it would continue to work with government agencies to help SMEs identify suitable partners to support innovation efforts.

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  • HSBC plans to inject $1 billion into Indonesia business

    HSBC plans to inject $1 billion into Indonesia business

    HSBC plans to inject $1 billion of additional capital into its combined Indonesian business with PT Bank Ekonomi Raharja, an official at the Indonesian financial regulator, Ariastiadi, said on Thursday.

    HSBC separately said it would integrate its Indonesian business with Bank Ekonomi, but a bank spokeswoman in Indonesia declined to comment on the planned capital injection.

    The move would help to resolve a long-running issue for HSBC in Indonesia, where the government has encouraged banks in the country to operate via a single locally incorporated entity.

    Since the 2008/09 global financial crisis, local regulators have encouraged banks in their jurisdictions to incorporate themselves locally in order to make them easier to police and to ring-fence them from external shocks.

    Before the integration, HSBC operated its own branch on top of having a controlling stake in Bank Ekonomi.

    HSBC last year offered to buy out the minority shareholders of Bank Ekonomi and delist the Indonesian lender from the Jakarta stock exchange.

    Under the integration process, all the assets and liabilities of HSBC Indonesia will be transferred to the combined entity, which will be called PT Bank HSBC Indonesia, said HSBC’s Indonesian legal consultant, Kemal Siregar.

    HSBC shares were down 1 percent in London by 0940 GMT, while the benchmark FTSE 100 index () remained flat.