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Category: E-Tailing

Retail News Asia is committed to providing both local and global retailers with the latest E-Commerce & Etail news throughout the Asian market. This on a daily base.

  • Flipkart invests US$54 million into Myntra

    Flipkart invests US$54 million into Myntra

    Myntra has secured a US$54 million investment from parent company Flipkart amid its tough competition with Reliance’s Ajio and Tata Cliq.

    This is Flipkart’s second investment in Myntra following $105 million in March last year.

    The new investment came as Walmart, Flipkart’s largest shareholder, committed $600 million to the India-headquartered parent company as part of a $1 billion funding round.

    Last July, Myntra commenced a restructuring program that included prioritising private labels over a wide range of in-house brands.

    Myntra currently has more than 420 global brands on its platform, up from 280 two years ago.

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  • Buy2sell Vietnam earns positive reviews from global partners

    Buy2sell Vietnam earns positive reviews from global partners

    Buy2sell Vietnam has received commendable reviews from international partners like Mykitkat, Leifredy, Kate of Tokyo, DrLoule, and Nunalin.

    In the dynamic realm of international commerce, Buy2sell Vietnam has emerged as one of the leading companies in importing and distributing goods and as a beacon of excellence garnering customer and supplier praise worldwide.

    In this narrative of success, the company has received many commendable reviews from esteemed international partners, including brands such as Mykitkat, Leifredy, Kate of Tokyo, DrLoule, and Nunalin.

    Mykitkat’s representative said that the firm had found an unparalleled partner in Buy2sell Vietnam. Its commitment to efficiency and market expertise has elevated the brand’s presence in Vietnam.

    “The transparent and trustworthy collaboration has expanded our reach and created a foundation for mutual success.”

    Another partner, Leifredy, has reviewed Buy2sell Vietnam as one of its privilege partners.

    “Their strategic market insights and commitment to excellence have significantly boosted our brand’s presence in the Vietnamese market. The efficiency of their distribution channels has broadened our reach and established a foundation of trust,” said Michael, CEO of Leifredy.

    Kate of Tokyo’s review of Buy2sell said it was the partner’s market expertise and dedication to innovation that seamlessly aligned with the brand’s vision.

    Lucy, Sales Director of Kate of Tokyo, and CEO Suyokama both said that Buy2sell’s efficient distribution networks have propelled their products into the hearts of Vietnamese consumers.

    They are not just a distributor but a true partner in the brand’s journey of success in Vietnam.

    “The efficiency of Buy2sell’s distribution channels has not only elevated Nunalin’s brand presence but has also played a pivotal role in meeting the diverse needs of the Vietnamese market. Buy2Sell is our great partnership,” said Shane, founder of Nualin.

    Lastly, there is DrLoule. They said that Buy2sell’s efficient distribution networks have expanded their reach and solidified their presence in the Vietnamese market.

    Collectively, these positive reviews from renowned international brands paint a vivid tapestry of success for Buy2sell Vietnam.

    The reviews from Mykitkat, Leifredy, Kate of Tokyo, and Nunalin stand as testimonials to the company’s unwavering commitment.

    “The trust and support from international partners underscore Buy2sell’s effectiveness in bridging the gap between suppliers and consumers, creating more success in the competitive world of international trade for Vietnam and Asia,” said Buy2sell Vietnam’s representative.

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  • Carousell co-founder Lucas Ngoo to step down this month

    Carousell co-founder Lucas Ngoo to step down this month

    Lucas Ngoo, the co-founder of Singapore-based online marketplace Carousell, says he will step down from managing the company’s operations.

    “After 11.5 remarkable years, I have made the personal decision to take a break and step back from day-to-day management of Carousell at the end of the month,” Ngoo wrote in a LinkedIn post.

    He added he still has a full interest in the firm and will act as a co-founder and board director, as well as an advisor when needed.

    He also shared his plans to learn more about new areas including innovation, AI in biotech/healthcare, climate tech/energy transition and web3 during the break.

    Siu Rui Quek, Marcus Tan, and Ngoo founded Carousell as an e-commerce platform for preloved goods in May 2012. Ngoo was also chief technology officer until Igor Volynskiy took over the role in September 2019.

    The company accelerated its Southeast Asian expansion in recent years with the acquisitions of sneaker marketplace Ox Street in 2021 and fashion reseller channel Refash and electronics recommerce platform Laku6 in 2022.

    However, in December 2022, Carousell announced the layoffs of 110 employees, about 10 per cent of its workforce amid the uncertain macroeconomic environment. It also moved into a cheaper office as part of cost-cutting measures.

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  • Cross-border e-commerce Vietnam’s next big thing in exports

    Cross-border e-commerce Vietnam’s next big thing in exports

    According to U.S. e-commerce giant Amazon, cross-border e-commerce is expected to be the fifth-highest value export of Vietnam by 2027, with a value of US$12 billion.

    “2023 Performance Report: Empowering Small and Medium-sized Enterprises in Vietnam” published by the firm’s Amazon Global Selling Vietnam, a unit that supports sellers, said by 2027 cross-border e-commerce exports could reach $5 billion under “normal” circumstances and $12 billion in the best-case scenario if small, medium- and micro-sized businesses get support from the government.

    In the latter case, cross-border e-commerce will account for the country’s fifth biggest exports.

    Amazon Global Selling said online exports of Vietnamese goods could thrive since more and more global consumers are shifting from offline.

    Last year Vietnam’s exports were worth nearly $356 billion, according to the General Statistics Office.

    The top exports items, all exceeding $20 billion, are electronics – computers, phones and components, machinery – equipment, textiles, and agriculture – forestry – fisheries.

    Vietnamese retailers sold over 17 million products on Amazon last year, up 50% from 2022, according to the e-commerce platform.

    The number of sellers increased by 40% and those with revenues exceeding $100,000 increased by 70%.

    The top five product categories were household appliances, kitchen tools, health-personal care, clothing, and beauty products.

    These reflect Vietnam’s long experience in manufacturing and exporting products such as furniture, home decor and apparel.

    “The growth of emerging sectors such as health and personal care and beauty products contributes to the increasing diversity of Vietnam’s online exports,” the report said.

    According to a study by the technology advisory firm Access Partnership, the main export markets were Southeast Asia and China.

    In the next five years the U.S. and Europe are likely be priority markets as consumers in those regions are growing increasingly fond of Vietnamese goods on online platforms, the study said.

    “E-commerce is one of the next major trends for businesses who are looking to expand globally,” Gijae Seong, head of Amazon Global Selling Vietnam, said.

    The challenge for these businesses is whether they could quickly leverage this trend, grasp global consumer demand and build long-term development plans, he said.

    Access Partnership said Vietnamese businesses face challenges in online transactions like high customs duties and post-clearance costs.

    It said businesses need more legal and financial support to capitalize on the opportunities for e-commerce exports.

    So measures like establishing cross-border e-commerce zones and providing grants for exports and e-commerce businesses would play a crucial role, it added.

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  • Meet Rufus, Amazon’s new AI shopping assistant

    Meet Rufus, Amazon’s new AI shopping assistant

    Amazon is among the companies that has iterated a lot when it comes to artificial intelligence. The US-based giant continues to develop new AI tools, especially now that AI is the main buzzword in the tech world.

    The latest AI-powered feature introduced by Amazon is Rufus, an AI assistant that’s supposed to help users with their shopping sprees. As the biggest retailer in the United States, it’s only fitting for Amazon to launch such a product.

    According to Amazon, Rufus has been trained on its product catalog, customer reviews, community Q&As, as well as information from the web. The AI shopping assistant has been specifically designed to answer customer questions on a wide range of shopping needs and products. Rufus can even provide comparisons and make recommendations based on conversational context.

    Rufus is now available in beta, but Amazon will be starting to roll it out to customers in waves, beginning with a small subset of customers in the United States via the mobile app. Rufus will eventually be rolled out to the rest of the US customers in the coming weeks, Amazon says.

    If you’re interested in checking this one out, here are some of Rufus’ key features:

    • Learn what to look for while shopping product categories
    • Shop by occasion or purpose
    • Get help comparing product categories
    • Find the best recommendations
    • Ask questions about a specific product while on a product detail page

    To start using Rufus, simply start typing or speaking your question into the search bar in Amazon’s mobile app and the shopping assistant chat dialog box will pop up at the bottom of the screen. Keep in mind that this is only available for select customers in the US while it’s in beta.

  • Shopify has your back if you want to try the AI magic with a new image editor

    Shopify has your back if you want to try the AI magic with a new image editor

    Back in ancient times, supermarkets used to hand out paper brochures with the week’s top offers. Naturally, you didn’t pay much attention to the product image – you focused on the price.

    It’s only after you try to sell something online – and you need a cool product photo – that you realize there’s a thing called “product photography” and the eggs, ham or pineapple images didn’t just materialize out of thin air on the brochure’s pages.

    See, the better photo an offer has, the higher the chances for a successful deal.

    That’s why Shopify introduces a new tool to help out all who are selling products online. It’s an AI image editor that should aid users in creating more appealing and attractive images for their offers.

    Moving beyond the product-on-a-rug aesthetic can be challenging, and you’ll be surprised to see just how much money big companies spend on setting up dedicated product photography studios with expensive backdrops. Not to mention the cameras, lenses and manpower a brand has to invest in.

    Most people don’t have anything close to that, most people just have their iPhones and their bedrooms.

    The way Shopify’s AI editor will operate is you’ll upload an image of your product, and suggest certain edits that can be made to it. For example, if you have a picture of a pair of headphones, and you want to look like they are in the sky, you can upload the image and ask the AI to generate a background of the sky. Just like other image generators, this tool has different visual styles.

  • Nvidia chief visits China for first time in years

    Nvidia chief visits China for first time in years

    Jensen Huang, President and CEO of California-based artificial intelligence chip designer Nvidia, recently visited China for the first time in years, to attend the company’s new year party with local employees.

    Last week, Huang traveled to Beijing, Shanghai, and Shenzhen in Guangdong province in a low-key manner, according to a report by China Daily, which cited sources with knowledge of the matter.

    Social media videos captured Huang dressed in a traditional outfit, dancing at Nvidia’s new year party in Shanghai.

    Huang’s trip did not include meetings with government officials, as it was primarily focused on spending time with Nvidia’s employees in China, Yicai Global reported.

    Major Chinese cloud companies are favoring domestic chips, like those from Huawei, over Nvidia’s less advanced AI chips. This development is linked to U.S. restrictions on exporting Nvidia’s most advanced AI chips to China.

    In October, the U.S. revised export controls on advanced AI chips to China. As a result, Nvidia’s RTX 4090 chipset, a top-performing graphics card in the consumer market, is now banned from export to China.

    “Huang’s trip may have been in response to US government restrictions on Nvidia’s exports of chips to China. Nvidia may need to seek cooperation with local Chinese players to ensure that its products have access to the Chinese market,” Zhang Xiaorong, director of the Beijing-based Cutting-Edge Technology Research Institute said.

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  • eBay fined $3M for harassment involving sending live cockroaches to Massachusetts couple

    eBay fined $3M for harassment involving sending live cockroaches to Massachusetts couple

    eBay has agreed to pay a $3 million penalty following a harassment campaign conducted by its employees involving the sending of live cockroaches to a Massachusetts couple.

    The U.S. Justice Department announced the fine last Thursday, attributing responsibility to eBay for the harassment campaign its employees executed against David and Ina Steiner, in 2019.

    This involved stalking the Steiners and sending them various disturbing items, including live cockroaches, a pig mask covered in fake blood, and a funeral wreath.

    It started with Ina Steiner publishing an article about eBay suing Amazon for poaching their sellers in 2019, which prompted Devin Wenig, then CEO of eBay, to express his desire to “take down” Ina Steiner in text messages to some company executives.

    Subsequently, Jim Baugh, who was eBay’s Senior Director of Safety and Security at the time, together with six other security employees, initiated a campaign of harassment against the couple.

    In addition to the $3 million fine, eBay must organize staff training and improve its corporate culture to prevent similar incidents.

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  • Alibaba injects US$634 million into Lazada

    Alibaba injects US$634 million into Lazada

    Chinese technology giant Alibaba Group Holding has invested another US$634 million in its e-commerce subsidiary Lazada amid intensifying competition.

    The injection – the group’s third this year – takes its investment in Lazada to more than $1.8 billion.

    Since taking the controlling stake in 2016, Alibaba has poured about $7.4 million into the Singapore-based e-commerce unit.

    This latest move reflects the increasingly fierce competition from major rivals TikTok and Shopee in the Southeast Asian market.

    TikTok, owned by Chinese tech group ByteDance, has announced it would acquire a 75 percent share in Tokopedia, an e-commerce unit of Indonesia’s tech firm GoTo. This will allow it to re-enter the country’s online shopping market following the ban of e-commerce transactions on social media.

    Singaporean tech group Sea, which operates Shopee, has also announced plans to increase investment in its live commerce business, according to Nikkei.

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  • Indonesia’s GoTo in talks with TikTok over potential e-commerce partnership

    Indonesia’s GoTo in talks with TikTok over potential e-commerce partnership

    Indonesia’s biggest tech firm GoTo Gojek Tokopedia said on Friday it was in talks with short video app TikTok over a potential e-commerce partnership in the Southeast Asian country.

    No final deal has been reached, GoTo added in a statement. The company also said the discussions did not include a takeover plan or any sale of more than 50 per cent of its shares to any party.

    Indonesia in October banned online shopping on social media platforms to protect smaller merchants and users’ data, after which TikTok had to close its e-commerce service TikTok Shop. TikTok has 125 million users in the country.

    Indonesia’s small and medium enterprises minister Teten Masduki told Reuters in November that TikTok had spoken to five companies including GoTo, Bukalapak.com and Blibli about possible partnership.

    Bloomberg earlier this week said TikTok had struck an agreement to invest in a unit of GoTo, citing people familiar with the matter.

    Indonesia’s e-commerce market is expected to grow to around $160 billion by 2030 from $62 billion this year, according to a report on Southeast Asia’s internet economy by Google, Singapore state investor Temasek Holdings and consultancy Bain & Co.

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  • Lenskart builds SE Asia expansion

    Lenskart builds SE Asia expansion

    India-based eyewear retailer Lenskart plans to open stores in Thailand and the Philippines to expand in Southeast Asia.

    “We’re looking at opening 300 to 400 stores in southeast Asia in the next two years. Initially, we go slow, but we like to go deep,” Peyush Bansal, Lenskart cofounder and CEO said.

    “We’ve been in Singapore for the last three years, and we are going to Thailand this year. After a year in Thailand, we’ll go to the Philippines.”

    “There’s a lot to do in Asia now,” said Bansal. “In Singapore, we now have 70 stores. One in three people wear Lenskart glasses. It’s a smaller geography but the impact is bigger.”

    He noted that the brand is considering opening stores in Indonesia and Malaysia.

    In addition, the company is considering inorganic expansion opportunities as part of its regional expansion plans, following its acquisition of a majority stake in Japanese eyewear label Owndays last year.

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  • TikTok obtaining Indonesia e-commerce permit – state media

    TikTok obtaining Indonesia e-commerce permit – state media

    Short video app TikTok is in the process of obtaining an e-commerce permit from Indonesia’s government, state news agency Antara reported, citing the deputy trade minister.

    In September, Indonesia banned e-commerce transactions on social media, a major blow for TikTok, which had pledged to invest billions of dollars in Southeast Asia, including Indonesia, the region’s biggest economy.

    “Before, they (TikTok) were not compliant, they didn’t have the permit. Now they are taking care of it,” Deputy Trade Minister Jerry Sambuaga was quoted saying by Antara on Tuesday.

    He said a partnership with a local firm could be done providing it was in accordance with regulations.

    TikTok, owned by China’s ByteDance, has 125 million active monthly users in Indonesia, a country of more than 270 million people. It has been looking to translate the large user base into a major e-commerce revenue source.

    TikTok did not immediately respond to request for comment regarding the deputy minister’s remarks.

    Reuters reported earlier this month that TikTok was in talks on possible partnerships with several Indonesian e-commerce companies, including GoTo’s e-commerce unit Tokopedia, Bukalapak.com and Blibli.

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  • Alipay set to sell its stake in India’s Zomato for nearly $400 million

    Alipay set to sell its stake in India’s Zomato for nearly $400 million

    Chinese payments group Alipay plans to sell its 3.4 per cent stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal’s term sheet.

    Alipay, owned by Ant Group, will offload its entire 3.44 per cent stake in the deal, the term sheet seen by Reuters showed.

    Bank of America and Morgan Stanley are advisers on the deal, which is likely to be executed later this week on Indian exchanges, said the three sources, who declined to be named as the plan is private.

    Zomato, Bank of America and Morgan Stanley did not immediately respond to a request for comment. Alipay also did not respond outside regular business hours.

    Zomato shares have surged more than 90 per cent this year, after falling by more than half in 2022 when tech stocks struggled around the world.

    Alipay “wants to cash out … the (market) timing is good,” said the first source, referring to the rapid rise in Zomato’s shares in recent months.

    The block deals are set to be executed at US$1.34 per share, a 2.2 per cent discount to Zomato’s close on Tuesday, the term sheet said.

    In October, Japan’s SoftBank sold a 1.1 per cent stake in Zomato, which is India’s biggest food delivery service. Demand for online ordering has rapidly grown in recent years, prompting companies like Zomato to aggressively expand.

    Alipay’s exit from Zomato comes as other Chinese investors have been paring their stakes in Indian companies. In August, China’s Antfin sold a 10.3 per cent stake in Indian financial giant Paytm.

    Tech stocks such as Zomato have staged a rebound after a drubbing last year amid a market meltdown, when investors also raised questions about sky-high valuations of some Indian startups that had made their stock market debut in recent years.

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  • Half of Vietnamese population shops online

    Half of Vietnamese population shops online

    More than half of Vietnam’s population shopped online last year as both supply and demand in the e-commerce sector continue to boom.

    Dang Anh Dung, deputy CEO of Lazada Vietnam, told the forum on e-commerce on Tuesday that a report by Google and Temaske & Bain said around 57 million Vietnamese made online purchases last year, most of them in Hanoi, Ho Chi Minh City and Da Nang City.

    The report also asserted that Vietnam’s young population is playing an important role in the digital economy.

    Around 43% of Lazada shoppers are Gen-Zers born in 1997 or later, said the deputy CEO of the digital shopping channel that has been called “The Amazon of Southeast Asia.”

    According to Dung, this demographic in Vietnam accesses the app every day.

    On average, each individual in this young Vietnamese population bracket buys products from seven different categories, Dung told the conference. “Young people are becoming more particular with their products. They seek values and will change brands if they receive low-quality items.”

    Tran Van Trong, general secretary of the Vietnam E-commerce Association (VECOM), said Vietnam is seeing a boom in e-commerce as the number of online shopper surges with improving shopping skills and increasing purchase value.

    The rise in demand has also prompted supply surges, he said. “Millions of people are now online sellers, and the majority of them do not even own a brick-and-mortar store.”

    Businesses are evolving fast to adapt to new ways of selling products, Tand said, adding that many retail firms are responding to the changing times by issuing new policies on online shopping.

    The government has also tightened e-commerce tax collection and is punishing those who sell counterfeit products, he pointed out.

    The Ministry of Industry and Trade recently reported that Vietnam’s e-commerce gross merchandise value is growing by 16-30% a year and could reach $20.5 billion this year.

    The Google report said that Vietnam’s digital economy could reach a total value of $30 billion this year, and $45 billion by 2025.

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  • Alibaba records “solid quarter” with revenue growing across segments

    Alibaba records “solid quarter” with revenue growing across segments

    Alibaba Group saw its revenue increase 9 percent year over year to US$30.81 billion for the quarter ended September 30.

    The company’s operating income soared 34 percent to $4.603 billion, with adjusted EBITA up 18 percent to $5.872 billion.

    Taobao and Tmall Group’s revenue was up 4 percent to $13.385 billion, as content and price-competitive strategy drove organic growth of users and order volume increased.

    Alibaba International Digital Commerce Group (AIDC), which operates Lazada, AliExpress, Trendyol, Daraz, Miravia and Alibaba.com, posted a 53 percent increase in revenue to $3.360 billion. AIDC recorded order growth of 28 percent thanks to a solid performance from all major retail platforms.

    Lazada recorded double-digit order growth, with losses per order narrowing both quarter over quarter and year over year.

    Other segments, namely Local Services Group, Cainiao Smart Logistics Network, Cloud Intelligence Group, and Digital Media and Entertainment Group, also saw revenue growths of between 2 and 25 percent.

    For the quarter, the company logged a net income of $3.659 billion, compared to net loss of $3.1 billion in the same quarter of 2022.

    Eddie Wu, CEO of Alibaba Group, said the group delivered a “solid quarter” due to its strategic reorganization.

    “Through a more flexible organizational governance mechanism, we aim to capture brand new opportunities from the ongoing AI technological transformation and create more value for our customers.”