Retail News CRM

Author: Mei Ling Tan

  • ShopBack launches cashback reward platform in Vietnam

    ShopBack launches cashback reward platform in Vietnam

    ShopBack’s website and mobile app made their official debut in Vietnam on Saturday, bringing about a smarter way for local online shoppers to “shop, save and discover”. Online shoppers in Vietnam can now earn up to 25 percent cash back from ShopBack Vietnam’s roster of over 150 merchants. These include international and regional brands like Lazada, Shopee, Watsons, Booking.com, Klook and 7-Eleven, as well as local brands Tiki, Sendo, Juno, G Kitchen, Vascara, and Fahasa.

    Founded in 2014, ShopBack, a leading rewards and discovery platform, now serves over 20 million users in nine markets across Asia Pacific. Besides Vietnam, it is also present in Singapore, Malaysia, the Philippines, Indonesia, Taiwan, Thailand, Australia, and South Korea.

    ShopBack rewards users with cashback across a wide range of categories including general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery.

    “At ShopBack, one of our six core values is ‘Never Ending Customer Obsession’, and we hope to bring the high-quality ShopBack experience that our users know and love to consumers in Vietnam,” said Josephine Chow, head of expansion at ShopBack.

    Chow added that the increasing number of internet users, rising internet penetration, and a steady increase of the e-commerce share of total retail sales in Vietnam make it a core and high-potential market for the company.

    ShopBack Vietnam was launched in Beta at the end of 2019, and since has acquired over 150 merchants and around 800,000 users. The firm has seen consistent month-on-month growth of over 150 percent in sales and over 150 percent in orders this year. To date, VND4 billion ($172 million) has been given out to ShopBack users in Vietnam.

    Jacky Ha, commercial director, ShopBack Vietnam, said: “With a strong and clear value proposition – to simplify the shopping experience and help users save time and money – ShopBack is well-positioned to attract consumers in Vietnam, especially those looking to cut costs and maximize savings during this challenging period.”

    Ha cited a survey conducted by McKinsey that stated Vietnamese are feeling the impact of Covid-19 on their livelihoods, with some 70 percent expecting to be more careful with their spending going forward.

    “In fact, ShopBack Vietnam has been very well received since its beta launch late last year. We are thrilled to be officially launching ShopBack Vietnam and excited for what’s in store next,” Ha added.

    As part of its 8.8 launch campaign on August 8, 2020, ShopBack Vietnam will be teaming up with selected merchant partners like Lazada, G-kitchen, Watsons, Shopee, Booking.com, and Klook etc. to offer deals exclusive to ShopBack users.

    During the campaign, ShopBack users can earn up to 100 percent cashback during two flash sales. In line with the official launch, ShopBack Vietnam has rolled out new features including a new ‘Coupon’ icon on its homepage, whereby users can click to view a consolidated list of promo codes.

  • OCBC Partners Asset Manager for New Fund

    OCBC Partners Asset Manager for New Fund

    The co-branded solution to address investor needs during times of stress and uncertainty and has a built-in dollar-cost averaging feature. French asset manager Amundi and OCBC Bank on Wednesday announced the launch of the Amundi-OCBC Momentum Fund – a mixed-asset product that invests in global bonds and equity ETFs.

    According to its prospectus, the Momentum Fund lets the portfolio manager initiate dollar-cost averaging for the investor. The fund leverages the cost-averaging effect when it systematically allocates assets from an initial pool of fixed income securities to equity ETFs, which helps to average out the costs of investing into equities and position the fund for a potential equity market recovery. Investors are also paid a quarterly dividend of up to 3 percent per annum.

    The fund is the first co-branded tie-up between the two partners, though OCBC has been distributing four other products from Amundi, according to the bank’s website.

    Investors should stay invested in the market and not wait for blue skies. They should manage risk by investing carefully and staying diversified across asset classes and by taking on risk gradually over time through regular investments – in other words – dollar-cost averaging. This can benefit investors by potentially lowering the average cost per unit of an investment, especially during times of volatility, Tan Siew Lee, OCBC’s head of wealth management, Singapore, said about the new fund.

    The bank noted the benefits of a multi-asset strategy in an uncertain economic environment, as it provides relative stability over equities. The fund has a target allocation of 50 percent global bonds and 50 percent global equity ETFs, with a maximum of 25 percent into non-investment grade bonds.

    DBS Bank also recently launched a multi-asset fund with Schroders that includes a unique decumulation share class targeted at retiree investors, with exposure to a range of investment growth themes across Asia.

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  • Samsung tops Vietnamese smartphone market

    Samsung tops Vietnamese smartphone market

    Samsung increased its market share to 33 percent in the second quarter to become the largest smartphone brand in Vietnam. Despite the impact of the Covid-19 pandemic, the South Korean firm increased its sales by 4 percent year-on-year, Singaporean technology market analysis firm Canalys said in a recent report.

    China’s Oppo and Vivo followed with 17 percent and 12 percent share of the market, respectively. But their sales trends diverged wildly, with Oppo’s falling by 26 percent and Vivo’s increasing by 246 percent. VinSmart, a subsidiary of Vietnam’s largest listed company, Vingroup, was fourth with an 11 percent market share. It had launched its first product at the end of 2018, and produced its first 5G smartphones in collaboration with U.S. chip giant Qualcomm last month. VinSmart is focusing on the low-end segment with 12 offerings all priced at below VND5 million ($212).

    China’s Realme was in fifth place with a market share of 9 percent after growing at 63 percent. According to We Are Social, a social media marketing and advertising agency, around 75 million people, or almost 80 percent of the country’s population, use smartphones.

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  • The world’s last Blockbuster can now be rented for a sleepover on an Airbnb

    The world’s last Blockbuster can now be rented for a sleepover on an Airbnb

    The manager of the world’s last Blockbuster video rental outlet Sandi Harding is listing the store on vacation rental marketplace Airbnb as an accommodation venue for three nights only.

    The Oregon store will be available for a “90s-themed stay” on September 18, 19 and 20 as a chance to relive the Friday night tradition of video watching during the era. It is open to guests residing in the surrounding Deschutes County, a community that has supported the business ever since the demise of VHS technology.

    Residents of the country will have the opportunity to book a “slumber party” at the Blockbuster store from August 17 at a cost of US$4, just a penny more than the rental cost of a movie. Guests will sleep on a futon under 90s-era blankets set up in front of a large TV. The store shelves will be fully stocked with the store’s complement of movies on tape.

    While the atmosphere of the sleepover in the world’s last Blockbuster store may hearken back 20 years, in at least one respect the mood must necessarily be overshadowed by the 2020 reality of the coronavirus pandemic – guests will need to follow Covid-19 precautions, and overnighters must come from the same family unit to avoid potential cross-infection. The store will be cleaned and prepared in accordance with CDC guidelines and consistent with the Airbnb enhanced cleaning protocol.

    Oregon’s Blockbuster store has been in continuous operation since 2004.

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  • Ikea Thailand and Greyhound collaborate on designer homewares range

    Ikea Thailand and Greyhound collaborate on designer homewares range

    Ikea Thailand has launched a limited collection with local retailer Greyhound Original, which operates fashion shops and restaurants in Southeast Asia.

    Called “Sammankoppla”, which means interconnect or unify, the Ikea x Greyhound collection offers furniture and home accessories for small-space living.

    “Since multi-function and creativity is key in order to enable both a small-space living solution and an expressive design piece, we turned to Greyhound Original,” says Michael Nikolic, creative leader at Ikea Sweden.

    Designed by two Thai fashion designers from Greyhound,  Bhanu Inkawat, and Vitchukorn Chokedeetaweeanan, the Sammankoppla collection features bold patterns found in traditional Thai weaving.

    “Incorporating recycled materials that have their own history adds to this, with sustainability and creative re-purposing processes being key to the Sammankoppla collection,” said Clotilde Passalacqua, interior design manager at Ikea UK and Ireland.

    The Ikea x Greyhound collection includes a geometric cushion, a reusable carrier bag with “a unique twist on Ikea’s Frakta bag” and jug-shaped light.

    Launched in 1980 with a tagline “Basic with a twist”, Greyhound has marked its footprint in overseas markets including Hong Kong, Shanghai and London.

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  • China’s retail sales fall as consumers adopt caution

    China’s retail sales fall as consumers adopt caution

    China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus.

    Meanwhile, the recovery in the factory sector struggled to gain momentum.

    Asian markets pulled back on Friday following the disappointing set of economic indicators, which raised concerns about the fragility of China’s emergence from coronavirus.

    China’s recovery had been gathering pace after the pandemic paralyzed huge swathes of the economy as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound.

    However, the data from the National Bureau of Statistics on Friday showed weaker-than-expected year-on-year industrial output growth and retail sales extending declines into a seventh straight month in July. That was slightly offset by firmer property investment, which showed a recent stimulus was supporting construction activity.

    “Looking ahead, we expect a renewed acceleration in infrastructure investment in the coming months as planned government bond issuance continues to ramp-up,” said Martin Rasmussen, China Economist at Capital Economics.

    “This should drive a further rebound in industry and construction, helping to absorb labor market slack, indirectly shore up consumption and keep the economic recovery on track.”

    Industrial output grew 4.8 percent in July from a year earlier, in line with June’s growth but less than forecasts for a 5.1-per-cent rise.

    Retail sales dropped 1.1 percent year on year, missing predictions for a 0.1-per-cent rise and following a 1.8-percent fall in June.

    The decline in retail sales was broad-based with garments, cosmetics, home appliances and furniture all worsening from June.

    A key exception was auto sales, which surged 12.3 percent, turning around an 8.2-per-cent fall in June.

    China’s economy returned to growth in the second quarter after a deep slump at the start of the year, but unexpected weakness in domestic consumption weighed on momentum.

  • Balenciaga faces backlash over Chinese Valentines Day-exclusive mockery

    Balenciaga faces backlash over Chinese Valentines Day-exclusive mockery

    Luxury label Balenciaga has drawn widespread scorn in China over promotional material for a new handbag range.

    In celebration of yet another Chinese Valentines Day (QiXi), Kering-owned Balenciaga has released four limited-edition bags of its Hourglass collection on Tmall.

    Graffitied on the bag are Chinese phrases such as “He loves me”, “I love you”, “You love me” and “I love me”. Each of these bags sell for US$2000.

    The campaign is stylised with an amateur Photoshop aesthetic – ones referenced to the Chinese “senior pictures” (similar to the likes of India’s infamous WhatsApp ‘Good Morning’ images), where a stock image is paired with a bold Microsoft Art text. The Balenciaga QiXi campaign features models in front of a stock image backdrop with pixelated Valentines images Photoshopped on top.

    The dated image has received backlash online with netizens calling the brand out for its gaudy – and even insulting – designs. A hashtag shortly surfaced not long after its debut, with #BalenciagaChineseValentinesCampaignisTacky (self-translation), drawing more than 220,000 discussions and 180 million views on Weibo. Another hashtag trending on social media was #BalenciagaInsultsChina.

    The Balenciaga backlash is yet another example of failure by a Western brand designing limited-edition exclusives, specifically geared towards the Chinese market, but getting the pitch and tone all wrong.

    With the continuing focus on China and desperate attempts to win more of their wallet share, many local consumers are shifting their spending towards domestic labels with ‘more authentic’ intentions.

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  • South Korean bakery franchise Tous Les Jours for sale

    South Korean bakery franchise Tous Les Jours for sale

    South Korean food and entertainment conglomerate CJ Group has announced it plans to sell its retail bakery franchise Tous Les Jours.

    CJ Group has chosen accounting firm Deloitte Anjin to manage the sale process and at the same time launched a review of options to boost the chain’s competitiveness.

    Tous Les Jours is South Korean’s second-largest bakery chain between its archrival, SPC Group-owned Paris Baguette. Both chains have expanded overseas into markets including Mainland China, Malaysia, and Vietnam, with Paris Baguette’s footprint spreading as far as the US and even its namesake city Paris.

    CJ Group has sent background documents about the business to private-equity companies located domestically and offshore to gauge interest in the business.

    Tous Les Jours operates about 13,000 stores across South Korea.

    Market analysts say that in looking to sell the chain, CJ Group’s CJ Foodville is looking to use the proceeds to expand its food-service business amid the Covid-19 crisis.

    Last year, CJ Foodville sold its coffee chain brand Twosome Place to a Hong Kong-based private-equity fund for US$168.8 million.

  • Asos upgrades sales and profit outlook as returns drop

    Asos upgrades sales and profit outlook as returns drop

    British online fashion retailer Asos forecast full-year sales and profit significantly ahead of market expectations, saying it was benefiting from stronger than anticipated underlying demand and fewer products being returned by shoppers.

    Shares in Asos surged 8.5 percent on Wednesday morning UK time, extending gains this year to 36 percent after it said revenue growth for its 2019-20 year was now expected to be between 17 and 19 percent.

    It forecast pretax profit in the region of $170-$196 million, up from $43.2 million in 2018-19.

    Several British clothing retailers, including Next and Superdry , have recently reported better-than-expected trading as Britain emerged from coronavirus lockdown.

    Asos, whose fast fashion is popular with shoppers in their twenties, said it had expected to see return levels normalize once lockdown measures eased and customers were able to ship returns and felt more comfortable doing so.

    However, it said returns were not increasing at the rate it had anticipated due to strong demand during the lockdown for activewear and a shift to more deliberate

    It said this reflected robust demand for “lockdown” categories, such as activewear, and a prolonged shift in customer behavior towards more intentional purchasing across all ranges.

    German online fashion retailer Zalando said on Tuesday it had also benefitted from a decline in returns, though it assumes the fall will be temporary

    “Looking forward, the consumer and economic outlook remains uncertain and it is unclear how long the current favorable shopping behavior will persist,” Asos said.

    Last month Asos said it would repay the money it claimed under Britain’s scheme to furlough workers during the crisis.

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  • Leaked White House document shows how U.S. plans to hurt TikTok financially

    Leaked White House document shows how U.S. plans to hurt TikTok financially

    With short-form video app TikTok about to be banned in the U.S. starting in the middle of next month, a Harris Poll that was shared with USA Today found that 64% of adult Americans are against the presidential executive order that will end the app’s presence in the states. The order was signed by U.S. President Donald Trump because the app’s parent company, ByteDance, is a Chinese company. Many U.S. lawmakers and members of the Trump administration believe that Chinese manufacturers use backdoors embedded in their products to capture data from consumers and companies and send it to the Communist Chinese government.

    While a majority of those adults polled are against Trump’s executive order, 57% of tall Americans agreed with the move by the president to kick TikTok out of the states. However, those answering the poll were 18 years of age or older while most TikTok users are younger. The app has been installed two billion times from the App Store and the Google Play Store. Content includes lip-syncing, dancing, pranks, protests, singing, and more. During the pandemic, TikTok picked up interest from those who were stuck at home.

    Microsoft has reportedly been looking at buying the North America, Australia, and New Zealand operations of TikTok although company founder Bill Gates has stated his reservations. Twitter has supposedly has had preliminary meetings with TikTok to form some sort of combination. However, this would be quite a longshot considering that the estimated valuation of TikTok is well above the $30 billion that Twitter is worth. But even if a deal with a U.S. firm is completed, the Harris Poll found that 62% of Americans would continue to believe that the app would pose a national security threat because of its ties to China. The rest of the poll saw 67% of Americans worried that the Chinese are using personal data collected by TikTok, a sentiment agreed to by 59% of TikTok users.

    A document from the White House indicates how the U.S. plans to impact TikTok’s operations in the country. One way that this could happen is by disrupting the app’s operations and sources of funding. A source inside the White House verified the authenticity of the document which said, “Prohibited transactions may include, for example, agreements to make the TikTok app available on app stores … purchasing advertising on TikTok, and accepting terms of service to download the TikTok app onto a user device.” Industry analysts say that if the ban prevents TikTok from appearing in the App Store and the Google Play Store, the result would sharply damper the growth of the app.

    Also facing a ban in the U.S. is messaging, social media, and mobile payment app WeChat. The latter, launched by Tencent in 2011, has over one billion users and many Chinese consumers rely on the app every single day. Trump also signed an executive order that will ban U.S. firms from doing business with WeChat. The White House document seen by Reuters is not clear on whether WeChat will indeed be banned in the states.

    The U.S. ban on TikTok would take effect starting on September 16th, the same date that any WeChat ban would also begin. James Lewis, a cybersecurity expert with the Washington-based Center for Strategic and International Studies, said, “That kills TikTok in the U.S. If they want to grow, these rules are a huge obstacle.” Lewis did note that the U.S. government might not be able to prevent American TikTok fans from downloading the app from a foreign website. TikTok has 100 million users in the U.S. and has stated that data from its U.S. subscribers is stored on servers in the U.S. and Singapore and that such information would not be given to the Chinese government.

    TikTok says that it plans to continue honoring ad campaigns although some corporations say that they have made plans to advertise on other apps if TikTok is shut down in America.

  • World-first Sour Patch Kids store launches in New York City

    World-first Sour Patch Kids store launches in New York City

    Soft-candy brand Sour Patch Kids has launched a world-first store in New York City selling confectionery and a raft of themed products.

    Located between New York University’s Washington Square campus and the SoHo Shopping district, Bond Street and Broadway, the Kids’ permanent home features a wide selection of the brand’s merchandise, including mugs, t-shirts, socks, and beach totes.

    “We created this new experience for our fans to engage with the Sour Patch Kids brand on a whole new level, but of course understand that these are uncertain times,” said Danielle Freid, the brand’s manager.

    “With this store as our new permanent home, we want our fans to know that the Kids aren’t going anywhere. We welcome visitors to join us for a colorful, flavourful experience whenever they’re ready to explore the city again,” he said.

    Operated by specialty candy retailer It’sugar, the store also houses a Sour Patch Kids Sweets Bar where customers can find a selection of desserts, including ice creams, smoothies, and cookies.

    The Kids’ store also features a create-your-own candy mix station and a full-size Instagrammable Yellow Cab for customers to take photos with.

    “The concept behind this store is about bringing the beloved Sour Patch Kids brand to life through exclusive products and unique experiences,” said Jeff Rubin, CEO of It’sugar.

    As New York City just begins to reopen, to ensure visitors’ safety, the Sour Patch Kids’ customers are required to follow social distancing and wear face coverings. The Sweets Bar features only a to-go menu until indoor dining is allowed.

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  • DBS Brings Automated Supplier Financing to Construction Sector

    DBS Brings Automated Supplier Financing to Construction Sector

    The solution aims to improve productivity and remove inefficiencies in the sector’s procurement and payment processes.DBS Bank has partnered with Singapore fintech Doxa to pioneer a procure-to-pay solution for Singapore’s construction sector, according to an announcement on Thursday.

    DBS worked with the main contractor Tiong Seng Group and its supplier network to validate the construction industry’s process flows and develop a solution to eliminate manual administrative processes that plague the industry. The solution, Doxa Connex, digitalizes and automates the majority of the manual procurement and payment processes and documentation, which could lead to a reduction in administrative fees and processing costs of at least 50 percent, the statement said.

    «Covid-19 has accelerated the need for many industries to turn to digital solutions to continue operating safely even amid manpower constraints, and the construction sector is no exception. Proactive and timely digital transformation will put construction companies in good stead for recovery and growth when economic activity picks up and demand for construction services resumes,» Chew Chong Lim, DBS managing director, and global head of real estate, institutional banking, said.

    The construction sector accounts for more than 4 percent of Singapore’s gross domestic product but has been slow to embrace technology along the construction value chain. The announcement cited a recent study by Autodesk and IDC that said only 2 percent of construction firms have automated most of their manual processes.

    Tiong Seng is keenly aware of the need to embrace Integrated Digital Delivery (IDD) in the entire value chain of the built environment sector. We have thus made digitalization one of our core drivers for industry transformation, John Keung, Chairman of Tiong Seng Contractors, said about the launch of Doxa Connex.

  • Vietnamese rice now more pricey than Thailand’s

    Vietnamese rice now more pricey than Thailand’s

    With the Thai baht weakening, Vietnamese rice is fetching 3 percent higher prices in global markets than varieties from Thailand.

    Vietnam’s 5-percent broken rice has been priced at $468-472 per ton since August 8, $15 more than its Thai rivals. The prices have risen by 6.8 percent since the beginning of this month.

    Vietnam was the third-largest rice exporter last year behind India and Thailand. In the first seven months of this year, it exported $1.9 billion worth of grains, up 10.9 percent year-on-year, with the Philippines being the top buyer, according to the Ministry of Agriculture and Rural Development.

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  • ABN Amro Overhauls Corporate Bank

    ABN Amro Overhauls Corporate Bank

    Following a review by its new CEO, the bank will wind down all of its non-European corporate banking operations and stop providing trade and commodity finance.

    «We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest and grow,» CEO Robert Swaak, who was appointed in January, said in comments with the bank’s second-quarter results, published Thursday.

    Going forward, the bank’s Corporate & Institutional Banking (CIB) will focus on clients in Northwest Europe and Clearing and will exit all non-European corporate banking activities. Trade & Commodity Finance activities will be discontinued completely, and Natural Resources and Transportation & Logistics will be limited to Europe, while it will impose stricter lending criteria and credit limits, the bank said on Tuesday.

    Non-core activities, which comprise around 45 percent of CIB’s client loans, representing approximately 35 percent of CIB’s RWA and over 10 percent of total RWA, are expected to be wound down in the next three to four years and will affect around 800 full-time employees, of which 150 are in the Netherlands.

    A Netherlands-based spokesperson for ABN Amro said that the schedule of winding down for non-core activities has not been set and that it will differ based on business line and region. In Singapore, only its Clearing desk will remain.

    We can not yet say exactly how many jobs in Singapore are impacted. This will also be worked out in the coming period, the spokesperson said.

    The bank had one of the largest exposures of any bank to the collapse of Singapore oil trading company Hin Leong, at around $300 million. It also had a smaller exposure to Zenrock Commodities Trading, another scandal-hit Singapore oil trading firm.

  • Alibaba-backed Best to list delivery business in Hong Kong

    Alibaba-backed Best to list delivery business in Hong Kong

    Alibaba-backed Best Inc is seeking a Hong Kong listing for its express delivery and freight delivery businesses, keen to boost its valuation and establish an investor base closer to China, said three sources with knowledge of the matter.

    The plans by Best, which went public in New York in 2017 and has a market value of US$1.8 billion, are preliminary and the offering size and target valuation have yet to be determined, said the sources, speaking on condition of anonymity as the information was private.

    The Hangzhou-based company, which has been unhappy with its New York valuation, decided not to include smaller units such as its supply chain management and cloud businesses in the Hong Kong listing as seeking a valuation for just the two delivery units would be more straightforward, one of the sources said

    The two units brought in nearly $4 billion in revenue last year, around 80 percent of the company’s overall revenue.

    The move also comes amid escalating geopolitical tensions between the US and China and tightening scrutiny of US-listed Chinese firms. Those uncertainties have prompted a number of Chinese companies to seek a second listing in Hong Kong.

    Best has tapped Credit Suisse and JPMorgan to lead the listing process said the sources. One source said the float could take place as soon as this year.

    Best and the banks declined to comment.

    Alibaba Group Holding, Best’s biggest shareholder, has endorsed the listing plan and would also consider investing in the float, said one of the people.

    The e-commerce giant, which in June increased its stake in Best to 33 percent via a $150 million convertible bond, also declined to comment.

    Alibaba’s interest in the float would mark another effort to gain more say in the world’s biggest logistics market which is rapidly growing but remains highly fragmented.

    Alibaba also has stakes in four other Chinese couriers – STO Express Co, YTO Express Group Co, ZTO Express (Cayman) Inc and Yunda Holding Co

    Best, led by founder and CEO Johnny Chou, a former Google executive, posted a 20.5-per-cent drop in first-quarter revenue from a year earlier and a net loss of $108 million, hit hard by the fallout from the Covid-19 pandemic.

    Goldman Sachs is also an investor in Best, according to the Chinese company’s 2019 annual report.

    Best’s shares have fallen 18 percent so far this year. In contrast, the S&P/BNY Mellon China Select ADR Index, which tracks Chinese firms listed in New York, has gained 16 percent over the same period.

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