Retail News CRM

Author: Mei Ling Tan

  • Pinduoduo sales beat expectations

    Pinduoduo sales beat expectations

    Pinduoduo, China’s largest e-commerce platform for agricultural products, has expanded its online grocery ordering service to most provinces since introducing it in the cities of Wuhan and Nanchang in August.

    Duo Duo Maicai, as the grocery feature is called, was introduced in response to the surging demand for buying groceries online following the onset of Covid-19 in the first quarter. The pandemic-related lockdowns forced many households to seek alternative ways to buy their food and essential supplies as brick-and-mortar shops were closed and movements severely restricted.

    But even after the coronavirus was brought under control and restrictions were lifted, a survey by GlobalData found that 56% of Chinese consumers were buying food and groceries online more frequently than before the lockdowns.

    By 2025, nearly half of China’s grocery shopping is expected to take place online, up from 20% currently, according to Goldman Sachs. The online grocery market is projected to reach 7 trillion yuan in five years, the bank said.

    “We are seeing sustained consumer behavior post-pandemic and expect a further shifting from wet markets to structured retail, together with multiple models and build-out of cold-chain logistics to drive ongoing online share gains in” the fresh and FMCG categories, Goldman Sachs said in a report.

    The boom in online grocery shopping in China is a marked change for a society where going to the local market is woven into the fabric of daily life for many households. But with an increasingly fast pace of life, especially in the bigger cities, more and more consumers are availing themselves of the option to buy their groceries online and picking them up the following day.

    Sensing a seismic shift in consumer preference, internet companies have poured resources into catering to this growing need. Other companies that have gone into the online grocery business include Alibaba, Meituan and Didi, the ride-hailing giant.

    “We believe that grocery shopping in China is undergoing similar structural changes in consumer behavior that we saw in other sectors a few years ago,” Chen Lei, Chief Executive Officer of Pinduoduo, said in the company’s post-results conference call on Thursday. “The presumption that most consumers still prefer to go to the wet markets or supermarkets for their daily essentials has been challenged over the past few months.”

    Pinduoduo reported its first quarterly profit since its IPO in 2018. The company has garnered 731.3 million active buyers in the space of five years, an unprecedented feat for an e-commerce company.

    With Duo Duo Maicai, consumers can place their orders before 11 pm each day and pick up their agriculture products the next day from 4 pm onwards at designated pick-up points. Duo Duo Maicai is available as a mini-program and on the main Pinduoduo app.

    This trend of “planned consumption” is driving a surge in agricultural sales, which are estimated to double this year to at least 250 billion yuan in GMV on Pinduoduo. The company said earlier this year that GMV from agriculture could surpass 1 trillion yuan in five years.

    Logistics

    To ensure that supply can keep up with this increased online demand requires a sophisticated supply chain. China’s agricultural supply chain is characterized by small farms, multiple distribution layers, and wastage at various stages. As a result, distribution costs for agricultural products typically account for 40% of the total cost (60% for fresh produce), compared with about 10% in developed economies.

    To improve the supply chain efficiency, Pinduoduo has invested in optimizing key areas including logistics, warehousing and delivery. The company has developed a nationwide and regional agricultural logistics system to cater to the different needs of consumers.

    In the fast-changing consumer and e-commerce industries in China, companies must stay nimble and cater to their users to survive.

    Comparing the shift in grocery shopping habits to the apparel industry five to seven years ago, Chen said: “No one could have imagined then that a significant number of consumers would use online shopping to choose, try out, and return clothes.”

    “But that’s exactly what we are seeing today.”

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  • Airasia.com Super Sale returns with a flurry of bargain offers

    Airasia.com Super Sale returns with a flurry of bargain offers

    airasia.com has launched a second Super Sale via its ‘super app’, offering a range of deals starting from as low as RM1.99 (US$0.48) from 16 to 22 November

    The airasia.com Super Sale made its debut last month, superseding the hugely popular AirAsia Free Seats sale.

    The airasia.com super app offers a range of products and services, including fresh produce, groceries, food deliveries, travel & lifestyle products, Muslim-friendly services, and health & wellness packages.

    airasia.com can be accessed via website or mobile app and customers can use BigPay Checkout for a seamless payment experience across all product lines.

    Throughout the airasia.com Super Sale period, shoppers can enjoy up to -50% off from selected merchants on airasia Fresh with a RM1 delivery fee. They can also get 50% off from selected merchants via airasia Food, the online food ordering platform which runs on a zero-commission model.

    Other deals include Buy 1 Free 1 for selected skincare, cosmetics, accessories and more on airasia Shop; -50% off with an additional -5% discount with the promo code ‘SUPER5’ for Unlimited Deals; -10% off Aqiqah Abroad and Aqiqah Makkah on Ikhlas; an aesthetics bundle from RM299 (US$73) on airasia Health and many more.

    airasia.com CEO Karen Chan said: “Since the launch of airasia.com as an Asean super app in October, we have continued to expand our market reach and diversify our product range across the region. We have recently launched the AirAsia Unlimited Pass in the Philippines, Thailand and Indonesia, and introduced airasia Health in Malaysia – a platform that provides end-to-end medical services.

    “We are also working on expanding our eCommerce presence within Asean through strategic partnerships and collaborations with technology providers, merchants and vendors.

    “The airasia.com Super Sale this time offers even more exciting deals as we have included more products and merchants. Through the Super Sale we are able to help further revive the many businesses that have been affected by the effects of the pandemic. We hope everyone will have an enjoyable time shopping and finding the best deals for travel, activities, food, rewards and more,” she added.

    On top of the discounts, shoppers can also earn 3x BIG Points when they pay with the AirAsia credit card during the airasia.com Super Sale. BIG members also have the option of paying using BIG Points.

  • AirAsia X makes creditor status concession to Malaysia Airports

    AirAsia X makes creditor status concession to Malaysia Airports

    AirAsia X has agreed to classify Malaysia Airports as a secured creditor, as it seeks to expedite its massive debt restructuring program.

    “After consultation, AirAsia X has accommodated [Malaysia Airports] and made certain clarifications and revised the scheme under two separate classes ’A’ and ‘B’,” says the carrier in a statement.

    “Class A shall consist of creditors who are considered critical or essential and who may have secured and/or other rights. Class B shall consist of creditors who do not fall within Class A.”

    In a separate stock exchange filing, AAX states that Malaysia Airports’ legal challenge contended that as a secured creditor it has the right to detain aircraft, parts, accessories, vehicles, and other equipment.

    AAX adds that it makes the status change “in the interest of time,” a reference that it hopes to come to an agreement with creditors in the first quarter of 2021. Announced on 6 October, AAX’s proposal calls for restructuring MYR63.5 billion into an “acknowledgment of indebtedness” for up to MYR200 million payable over the next five years at a 2% interest rate.

    Following the airline’s proposed debt restructuring on 6 October, Malaysia Airports filed a legal challenge protesting its being lumped in with unsecured creditors. Malaysia Airports is also suing AAX for MYR78.2 million ($19 million) in unpaid passenger service charges (PSC) – the subject of a long-running dispute between the two parties.

    The airline also notes that Malaysia Airports has threatened to take legal action against its directors in their personal capacity over the PSC issue, which it claims is “intimidatory in nature.”

    “AirAsia X also wishes to report that major creditors have all demonstrated great maturity, professionalism, constructive engagement and commercial realism in dealing with the debt restructuring exercise,” it says.

    “Though the process is on-going and a common consensus remains to be reached, AirAsia X looks forward to being able to present the revised scheme for all creditors to vote on early in the first quarter of 2021.”

    Assuming 75% of creditors go along with AirAsia X’s proposal and other approvals are obtained, AirAsia X basically aims to start afresh in 2021, initially operating a pair of A330s, and working up to a full network by the end of next year.

    Creditor BOC Aviation has also opposed the restructuring via legal means, with a challenge in the High Court of Malaya on 14 October. In September, before AAX announced its restructuring, the lessor filed a claim against the carrier for nearly $23 million in a London court.

    AAX, lossmaking even before 2020’s coronavirus pandemic, faces an existential crisis owing to the collapse in international air traffic to and from Malaysia this year. In the second quarter, operating losses widened to MYR323 million on revenues of MYR91.4 million, which were down 91% from a year earlier. Its cash and cash equivalents at 30 June stood at MYR212 million, down 31% from three months earlier.

    The airline operates 41 A330s, of which 18 are leased. It also has orders for 116 Airbus jets comprising 76 A330neos, 10 A350-900s, and 30 A321XLRs.

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  • Bossini tells landlords it close stores if rents not reduced

    Bossini tells landlords it close stores if rents not reduced

    Local clothing chain Bossini said it has suffered a loss of more than HK$367 million in its last financial year and warned that it may have to close some of its stores in the city unless landlords agree to provide more “reasonable” rent relief and reduction.

    The clothing chain’s reported loss is almost three times more than the loss it incurred in the previous fiscal year.

    It said the economy of its core markets, such as Hong Kong, had been hampered by the Sino-US trade tensions, social unrest last year, and the ongoing Covid-19 pandemic which affected local and tourist consumption in the SAR.

    It also laid the blame on the fact that several landlords have been unwilling to reduce rents despite the harsh business environment.

    “Social distancing, lockdowns, curfews and changing quarantine requirements have created immense challenges for our retail operations,” the company said on its outlook.

    “As the overall shop rental expenses remain at a very unreasonable level, we are renegotiating with landlords across all our core markets, particularly in Hong Kong and Macau, to seek rent relief and reduction.”

    “Where landlords are reluctant to respond reasonably to our requests, we will go ahead and close those shops.”

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  • Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Motor Co may sell its 34% stake in Mitsubishi Motors Corp in what would be a fundamental change in a three-way alliance that also includes France’s Renault SA, Bloomberg News reported, citing unidentified sources.

    Nissan is considering looking for potential buyers, which could include other shareholders such as trading firm Mitsubishi Corp, as it is worried it may struggle to recover from a downturn caused by the coronavirus pandemic, Bloomberg said.

    “There are no plans to change the capital structure with Mitsubishi,” Nissan told Reuters in an emailed statement.

    Nissan, which has 34% stake in Mitsubishi Motors, is worried it may struggle to recover from a downturn caused by the coronavirus pandemic

    Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28% to 340 billion yen (2.5 billion pounds), helped by a rebound in demand, especially in China.

    Mitsubishi Motors, Japan’s No.6 automaker, expects to post an operating loss of 140 billion yen for the business year.

    Both companies are cutting production levels and costs in a bid to return to profitability.

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  • UOB to Allow Partial Remote Work Post-Covid

    UOB to Allow Partial Remote Work Post-Covid

    The bank plans to give the majority of its 26,000-strong workforce the choice to work remotely two days a week once COVID-19 restrictions are lifted.

    UOB made the announcement on Friday, following a six-month review of work patterns, workspaces and workforce technology tools, which revealed that 65 percent of the bank’s roles, all of which are non-customer facing, were suited to remote work.

    The bank also cited broader community sentiment where 80 percent of people across ASEAN said they wanted some form of flexible work arrangement from their employer.

    At the same time, UOB will accelerate its infrastructure improvement plan across the region, which enables more agile team-based work and deeper collaboration across different functions.

    Two days of remote working per week ensures «the right balance between professional fulfillment of the individual and their mental well-being, as employees need to maintain a sense of connection with colleagues and the company, UOB said in the announcement.

    We believe that the future of the workplace is a hybrid one where employees choose how to manage their work commitments based on the space and place they can be most effective. Working from home during COVID-19 has been instructive due to the speed and intensity of the change but we must look beyond the present and define a future of work that is more sustainable,»  Dean Tong, UOB’s head of group human resources, said.

    Last week, we reported that Standard Chartered is planning to permanently offer flexible work options to around 90 percent of its 85,000-strong staff by 2023, as well as near-home workspaces for staff – in addition to offices, and work-from-home arrangements

  • Masan injects $215.7 mln into VinMart controlling unit

    Masan injects $215.7 mln into VinMart controlling unit

    Conglomerate Masan Group will invest VND5 trillion ($215.7 million) in the subsidiary that controls its VinMart retail chain to help expand it.

    The investment would quadruple the charter capital of The Sherpa to VND6.5 trillion, it said in a statement.

    Through the company, Masan indirectly owns 71 percent of VinCommerce, which operates VinMart+ convenience stores and VinMart supermarkets.

    Masan acquired VinCommerce from Vietnam’s largest private company, Vingroup, in January this year.

    Masan earlier announced it plans to have over 300 VinMart supermarkets and nearly 10,000 VinMart+ convenience stores by 2025, up from 122 and 2,524 at the end of September.

    Masan closed 433 VinMart and VinMart+ stores in the first nine months of this year to cut losses and forecast VinCommerce to break even this quarter.

  • US doubles purchase of Vietnamese mangoes

    US doubles purchase of Vietnamese mangoes

    The U.S. has imported double the quantity of Vietnamese mangoes in Jan-August 2020, showing potential for further growth in this market.

    The value of mango imports rose 99.9 percent year-on-year to $2.79 million, according to a report by the Agency of Foreign Trade under the Ministry of Industry and Trade, citing U.S. official figures.

    The average import price was $2,064.8 per tonne, up 6.7 percent year-on-year. Most of the imports were of fresh and frozen fruit.

    In terms of volume, Vietnam was the 12th largest mango import market for the U.S. in the said period, accounting for 0.3 percent of the total.

    The Agency of Foreign Trade said the large demand for mango, especially fresh fruit, in the U.S. is an opportunity for Vietnamese companies to expand.

    However, they need to ensure all strict standards on farming, packaging, and origin tracing are met, it added.

    Vietnam exported its first batch of mango to the U.S. in April last year.

    The surge in Vietnam’s mango exports to the U.S. is a rare bright spot in the nation’s plunging fruits exports scenario, primarily as a result of the Covid-19 pandemic.

    In the first nine months, fruit export value fell 19.1 percent year-on-year to $1.7 billion, with shipment figures of lychees, durians, and bananas plummeting, the agency said.

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  • Government greenlights Long Thanh International Airport

    Government greenlights Long Thanh International Airport

    The first phase of the Long Thanh International Airport project, costing over $4.6 billion, has been approved by the government. The decision approving the airport, designed to become an important regional international air transit hub, was signed Wednesday by Deputy Prime Minister Trinh Dinh Dung.

    The first phase will have one 4km long runway with a width of 75 meters and a system of taxiways and apron, and a 373,000 sq.m passenger terminal designed to serve 25 million passengers and 1.2 million tons of cargo per year. The work is expected to be completed in 2025.

    The work will be divided into four sub-projects: the headquarters of state management agencies, flight management services, essential airport facilities, and other items.

    Essential airport facilities will include buildings, airport apron, passenger terminals, and cargo terminals. This task has been assigned to the Airport Corporation of Vietnam (ACV), which operates 21 airports in the country. ACV will raise its own capital for the construction, the decision says.

    The Long Thanh International Airport will apply modern and open technologies so that they can be easily updated with the most advanced construction, management and operational technologies in accordance with international standards.

    The project’s investment plan was approved by the National Assembly in mid-2017. The parliament also issued a resolution on compensation, support and resettlement for land clearance to build the airport.

    Early last month, the government had directed Dong Nai Province to urgently hand over building sites so that construction can begin early next year.

    The airport will have three phases that are expected to be completed in 2040. By then, it will have four runways, four-passenger terminals and auxiliaries to accommodate 100 million passengers and 5 million tons of cargo every year.

    Lying 40 kilometers east of HCMC, the airport is expected to take up the overflow from the largest existing airport in the country, the Tan Son Nhat International Airport.

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  • Japanese supermarket Meidi-Ya opening flagship in Singapore

    Japanese supermarket Meidi-Ya opening flagship in Singapore

    Japanese supermarket Meidi-ya will be opening its second outlet at Millenia Walk on November 25, 2020, with a grand opening on November 28, 2020.

    The two-story flagship outlet spans 24,000 square feet. The first floor will comprise a bakery and food hall. The Japanese supermarket will be located on the second floor.

    Meidi-ya at Millenia Walk also has a wine and liquor store which is already open to the public. It boasts 700 kinds of liquor from various countries. Its sake selection alone has 270 types, including Dassai sake imported from Yamaguchi.

    There are several notable features in this Meidi-ya outlet. It will have a Japanese Cafe and Bar on the first floor which seats 88. It serves popular Japanese dishes and beverages.

    The Hokkaido Dosanko Plaza will feature products like snacks, ice cream, and bento sets imported from Hokkaido. These products come with the label Dosanko to signify that they originate from Hokkaido.

    This is what the Hokkaido Dosanko Plaza at the Great World City outlet looks like.

    The Gokoku Japanese Bakery hails from Kobe. This will be its third outlet in Singapore — the other two being in Great World City and Jurong Point.

    The bakery offers rather hearty bread with a Japanese twist like Potato Mentaiko, Peanut Shio Butter Pan, Matcha Cream Pan, and Malt Kurumi Bun.

    Meidi-ya at Millenia Walk will also have a Food Hall which offers a variety of authentic Japanese food both cooked and raw (sashimi). The sashimi in particular are directly brought in by Nakajima Suisan, Japan’s largest fish supplier.

    Meidi-ya at Millenia Walk is located at 9 Raffles Boulevard, Millenia Walk #01-65, #01-51 to 56, #02-26 to 36. It opens daily from 10am – 10pm.

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  • Printemps to close seven luxury stores in aftermatch of virus

    Printemps to close seven luxury stores in aftermatch of virus

    French division retailer chain Printemps, a magnet for overseas consumers looking for high-end items in Paris, will close some of its operations in France because it struggles to address the coronavirus pandemic, the CGT union stated.

    Retailers have been hit laborious by government-enforced lockdowns to curb the virus and people who rely upon vacationer flows have struggled to get well as a result of worldwide journey stays restricted.

    Printemps, which sells make-up and garments for high-end manufacturers like Burberry and Gucci, and is owned by Qatari buyers, is especially uncovered to vacationer flows, particularly at its Paris Haussmann flagship retailer.

    Four of the group’s 19 division stores underneath the “Printemps” banner will probably be shut down, together with one in the northern metropolis of Le Havre and in Strasbourg in the east of the nation, in accordance to the corporate’s discussions with unions, the CGT stated.

    One of the Printemps’ offshoots in a Paris mall has additionally been earmarked for closure, and three of the broader group’s sportswear Citadium stores will close.

    Some 450 jobs, or roughly 15 percent of all Printemps staff, at the moment are in danger, the CGT stated, together with store assistants and workers on the firm’s headquarters.

    Printemps couldn’t instantly be reached for remark. Le Monde newspaper quoted a spokeswoman who stated the measures have been geared toward stemming operational losses.

    Many French retailers have been already struggling earlier than the pandemic hit, due to transport strikes earlier this 12 months that hit footfall in stores, and a wave of anti-government protests final 12 months that compelled them to close on some weekends.

    They are additionally dealing with elevated competitors from on-line rivals.

    Luxury manufacturers have managed to offset some of the aches by means of their retailer networks abroad, together with within China, the place demand for high-end items stays robust.

    Printemps, based in 1865, is one of the oldest division stores in France together

  • Foreign streaming firms earn $43 mln in Vietnam, pay no tax

    Foreign streaming firms earn $43 mln in Vietnam, pay no tax

    Foreign streaming companies like Netflix and Apple TV have earned combined revenues of nearly VND1 trillion ($43 million) so far but have not paid any tax on them.

    Minister of Information and Communications Nguyen Manh Hung said the figure was arrived at from the fact they have one million subscribers.

    “Vietnamese companies have to abide by tax and content regulations while foreign firms do not pay tax and do not follow the laws, which is unfair competition,” he said at a National Assembly Q&A session Tuesday.

    There are 35 local TV and Internet streaming companies with 14 million subscribers.

    Some foreign companies have flouted regulations related to the history and sovereignty of the country, violence, drug use, and sex, Hung said.

    U.S.-owned Netflix said in a statement last month it was working with Vietnamese authorities to set up a mechanism for tax collection.

    The Cybersecurity Law requires all foreign businesses which earn an income from online activities in Vietnam to store their data in the country, but Netflix is unwilling to place its servers locally or open an office in Vietnam.

    Other Southeast Asian countries have also been making moves to tax Netflix and other Internet giants. Indonesia imposed a 10 percent value-added tax on sales on technology firms including Amazon, Netflix, Spotify, and Google in July, while Singapore has since January required subscribers to Netflix and other overseas digital services to pay a 7 percent goods and services tax.

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  • Avaloq Expands Cloud Service With U.S. Tie-Up

    Avaloq Expands Cloud Service With U.S. Tie-Up

    The banking software firm is adding Google to its offering of cloud services. Zurich-based Avaloq is partnering with Google Cloud, it said in a statement on Tuesday. The move means Avaloq’s bank clients can run the software on Google’s cloud computing service.

    The partnership complements an initial deal between Avaloq and IBM on a Swiss-based cloud service. The area represents an area of heated competition, with Swiss operators including Swisscom and Inventx offering solutions, in addition to foreign players like Microsoft and Cognizant as well as Google and IBM.

    Avaloq said the pandemic’s effect on digitization within firms spurred the move. «That includes financial services institutions, which are increasingly seeking to use critical IT infrastructure and platforms in a cloud-based environment,» Avaloq technology boss Thomas Beck said.

    The partnership means banks will be able to store their data close to home, the two firms said – a key factor in adhering to data requirements in Switzerland. Google notably works with Temenos, one of Avaloq’s biggest competitors. UBS and Credit Suisse works with Microsoft while rival software firm ERI Bancaire, like Avaloq, works with IBM.

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  • HAGL boss to sell 35 million shares to restructure loan

    HAGL boss to sell 35 million shares to restructure loan

    Chairman Doan Nguyen Duc of agricultural giant Hoang Anh Gia Lai (HAGL) will sell 35 million shares to restructure a company loan.

    The shares, registered under the ticker HAG, amount to a 3.8 percent stake in the agricultural firm, approximately. They will be sold via the put through option, according to filings with the Ho Chi Minh Stock Exchange (HoSE). They will be transferred to undisclosed buyers on November 12-13.

    Based on the current market price of HAG shares, the value of the deal is estimated at over VND157 billion ($6.77 million). If it goes through, Duc’s ownership will be reduced to 342 million shares, or 36.85 percent of Hoang Anh Gia Lai’s capital.

    The HAGL chairman had bought 50 million HAG shares through the put-through option on October 29. The order was executed at VND4,800 ($0.21) per share for a total value of VND240 billion.

    At the end of Wednesday’s trading session, HAG shares were trading at VND4,470, down 1.11 percent compared to the previous day.

    In the past three months, HAGL has recorded a net revenue of VND700 billion, up nearly 26 percent year on year, thanks to bigger fruit harvests. However, losses incurred in selling goods and a sharp decline in financial activities led to an after-tax loss of VND568 billion, the biggest quarterly loss in a year. It was also the company’s sixth consecutive loss-making quarter.

    HAGL’s cumulative revenue for the first nine months this year was VND2.17 trillion, up 47.3 percent over the same period last year, and the after-tax loss of over VND700 billion was down 14.9 percent.

    Fruit continued to account for the biggest proportion of its revenue structure at 80 percent, followed by services, rubber, and other products, according to the group’s latest financial statements.

    HAGL, once the leading real estate firm in Vietnam, has been growing fruits and vegetables since 2016. It mainly grows passion fruit, bananas, dragon fruit and chili. Its main markets are China and Thailand.

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  • Alibaba shoppers shatter Singles Day record

    Alibaba shoppers shatter Singles Day record

    Singles Day on Nov. 11 is an unofficial Chinese holiday. The holiday has surpassed Cyber Monday as the largest online shopping day of the year globally.

    What Happened: Alibaba Group Holding owns the trademark to Singles Day and is the largest participating retailer.

    Yahoo Finance reports that Alibaba has added three additional days to the 2020 Singles Day holiday shopping season. The added dates are Nov. 1, 2 and 3.

    Shoppers can also get an early look Saturday with a countdown gala.

    Alibaba had over 1.3 billion orders in the 24-hour event in 2019.

    Rival JD.com holds a similar Singles Day event. JD.com reported Singles Day sales of $29.2 billion in 2019 spread out over 11 days.

    An estimated 300 million new users are expected to participate in the shopping event in 2020. Alibaba segment Tmall Global is expected to add 2,600 new brands for the event including Prada, Cartier and Chloe.

    Alibaba adding several days could break records.

    A survey from AlixPartners suggests spending will rise, with 39% of consumers saying they would spend more than in 2019.

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