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Tag: ecommerce

  • JD.com first-quarter revenue exceeds expectation

    JD.com first-quarter revenue exceeds expectation

    China’s JD.com’s first-quarter revenue beat Wall Street estimates as growth remained robust in the domestic e-commerce sector following the Covid-19 pandemic.

    The Beijing-based company has joined rivals Pinduoduo and Alibaba Group in racking up double-digit sales growth during the pandemic, as people flocked to e-commerce websites to shop for everything from groceries to luxury goods.

    Net revenue at JD.com, China’s largest e-commerce company by revenue, rose 39 percent to US$31.57 billion in the quarter ended March 31, topping analysts average estimate of $29.8 billion, according to IBES data from Refinitiv.

    Sales in its product segment, which includes online retail sales, rose nearly 35 percent to $27.2 billion in the quarter.

    Popular brands like Starbucks and sports-retailer Decathlon, along with luxury fashion brands such as Marni and John Lobb, launched flagship stores in the quarter on JD.com’s e-commerce platform, which, along with those of rivals, has seen strong demand during and after the pandemic.

    JD.com’s earnings beat comes on the heels of a major regulatory crackdown on Alibaba Group.

    In April, Chinese anti-monopoly authorities fined the e-commerce giant a record $2.75 billion for engaging in a practice known as “choose one from two,” wherein platforms penalize merchants for listing products on multiple sites.

    Despite how that penalty targeted a rival, the uncertain regulatory environment has dampened investor sentiment across China’s internet sector.

    US-listed shares of JD have dropped about 13 percent since news of the fine on Alibaba was announced.

    Concurrent with the fine on Alibaba, JD withdrew its initial public offering application for its fintech subsidiary JD Digits from the Shanghai Stock exchange.

    However, the company’s logistics division is set to raise up to $3.4 billion in an upcoming Hong Kong IPO.

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  • Lazada to play key role in the next Great Singapore Sale

    Lazada to play key role in the next Great Singapore Sale

    The Great Singapore Sale (GSS) will take an omnichannel format this year, with Lazada as its official e-commerce platform – a move that its organizers said is timely as the country returns to stricter Covid-19 measures and shoppers are encouraged to stay home.

    The GSS will run from June 6 to July 7 and will showcase products across different categories such as groceries, technology, health and beauty, and sporting goods.

    According to the Singapore Retailers Association (SRA), small and medium-sized enterprises (SME) can benefit from Lazada’s technology infrastructure, payments gateway, and delivery solutions from its logistics partners, eliminating costly challenges retailers face when selling online.

    In addition, a new key feature will let shoppers will be able to pick up their purchases at the Lazada seller’s physical store, allowing retailers to utilize a “hybrid” model with both online and offline outlets.

    Each retailer will also have a dedicated account manager to help them navigate features such as live streams, games, and flash sales.

    SRA President, R Dhinakaran, said that as an incentive for trying out the platform, retailers do not have to pay commission for the first three months of using Lazada.

    “The attractive ‘0% commission’ offer for the first three months extended by Lazada for all new LazMall sellers is our way to incentivize retailers, especially SMEs, to go online and try out the Lazada e-commerce platform to generate sales, build on their brand awareness and learn new marketing tools, such as LazLive to engage shoppers online interactively,” said Dhinakaran.

    “The Great Singapore Sale is a national institution and sentimental for Singaporeans and those who remember flying into the country to enjoy the sales,” said James Chang, CEO at Lazada Singapore.

    “By supporting sellers with the tools they need to move their businesses online, we’re helping them be prepared for the future – both during the pandemic and beyond.”

    The 27-year-old shopping affair first went online last year as one of the main events in the Singapore Tourism Board’s SingapoRediscovers campaign. SRA’s eGSS GoSpree platform hosted the eGSS 2020, which combined retailers’ products and guided shoppers to the merchants’ e-commerce sites to make purchases.

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  • Vietnamese lychee to be sold online for first time

    Vietnamese lychee to be sold online for first time

    Lychees grown in Hai Duong Province will be sold on e-commerce platforms Voso, Sendo, Lazada, and China’s Alibaba on Saturday, according to the Vietnam Trade Promotion Agency.

    It would be the first time that the fruits are sold online, and the agency said the biggest hurdle to this is farmers’ lack of knowledge of e-commerce, online marketing, selling and customer support, and quality control.

    It has collaborated with the northern province’s Departments of Agriculture and Rural Development and Industry and Trade to provide training to lychee farmers and traders in setting up and operating stores on the four e-commerce platforms.

    Hai Duong harvested 43,000 tons of lychee last year and exported half of it, including 1,600 tons to Japan, Australia, and the U.S. It expects to harvest 55,000 tons this year, and export half to China.

    In nearby Bac Giang Province, the director of the Department of Industry and Trade, Tran Quang Tan, estimated 180,000 tons of lychees would be harvested this year, with half of it exported to China, 10 percent to Japan, and another 10 percent to the U.S., the EU, and Australia.

    The harvest will take two months starting May end.

    Around 300 Chinese merchants have registered to visit Vietnam to buy lychees in Bac Giang.

    Local authorities will arrange transportation for them at the border, test them for Covid-19 and quarantine them for 14 days.

    The northern provinces of Bac Giang and Hai Duong are Vietnam’s lychee growing hubs, with the former having the largest area for lychee cultivation, which was 28,000 hectares last year, according to Bac Giang Portal. Hai Duong province came in second with 10,000 hectares.

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  • Disputes keep pace with e-commerce growth

    Disputes keep pace with e-commerce growth

    As Vietnam’s digital economy grows, so does the incidence of disputes between online sellers and buyers. The e-commerce market grew by 16 percent to $14 billion in 2020 and is expected to be worth $52 billion by 2025, according to a report by Google. The number of disputes is also growing rapidly, with 24.4 percent of sellers embroiled in disputes last year,a survey by the Central Institute for Economic Management (CIEM) found.

    The Vietnam E-Commerce and Digital Economy Agency said it handled over 250 cases of e-commerce violations last year like unregistered websites, selling low-quality products, and assuming false business identities to cheat consumers.

    Besides, e-commerce platforms took down over 17,400 online stores and 34,600 products in the first five months of 2020, according to the agency.

    Nguyen Anh Duong, head of the general research department at CIEM, said though e-commerce platforms have procedures for receiving customer complaints and settling disputes, they can only handle sellers’ violations by closing the stores and cannot to make them compensate customers they cheated.

    Experts said the demand for an online dispute resolution (ODR) system in e-commerce is growing since many enterprises and individuals do business online.

    But Vietnam lacks a clear legal framework for the ODR, and experts said it is needed immediately so that an ODR system could be deployed.

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  • How operators can accelerate industry transformation in an e-commerce cloud-network era

    How operators can accelerate industry transformation in an e-commerce cloud-network era

    The fourth industrial revolution, led by enabling technologies such as IoT, AI, cloud computing, and big data, serves as the impetus for enterprises to migrate their services to the cloud. Fueled by countries’ tech imperative and national strategy to digitalize economies and societies, enterprise cloud adoption is poised to grow, with IDC predicting that 85% of enterprises will have deployed new digital infrastructure in the cloud by 2025.

    As cloud applications evolve and become increasingly distributed, enterprises will strategically upgrade from single cloud to multi-cloud and hybrid cloud (private cloud + public cloud). Consequently, enterprise network requirements will have to change, evolving from traditional “fast cloud, slow network” to intelligent cloud-networks with integrated cloud-network scheduling to facilitate e-commerce. In addition, enterprises will have to move away from “good cloud, poor network” to deliver consistent experience to users.

    Faced with increased competition from OTT cloud providers, operators must upgrade existing cloud network operation systems and leverage network advantages to chart growth in the cloud era.

    Key challenges operators face when upgrading to cloud-network operation

    Compared with OTT cloud providers, operators face greater challenges when upgrading to cloud-network operations. For a start, the current experience offered by the operator’s private line products leaves much to be desired when matched against user-centric products offered by OTT cloud providers. While OTT cloud providers offer cloud features such as real-time provisioning, pay-per-use, online subscription, and network visualization, network-centric operators must evolve from manual processing based on tickets to automate processing to reduce long service provisioning, amongst other upgrades.

    Given their larger and more complex network layers, operators also tend to encounter more technical issues when ensuring quality-guaranteed virtual networks. Finally, operators have to overcome a lack of integrating standards and specifications, interface customization among systems, and excessive BSS, OSS, and controller vendors – all of which add complexity to system integrations and delay service rollouts.

    Recommendations for operators to build competitive cloud-networks

    COVID-19 has fast-tracked enterprise cloud adoption by two to three years and accelerated digtialization across industries. China’s online education industry, for instance, has reported growth as online learning products garnered more than 300 million users when schools shuttered for months. In the wake of COVID-19, many provinces started to embrace a digital-first approach, with cloudification leading change across industries.

    For instance, China Telecom Ningxia became the first operator to adopt an intelligent cloud-network to achieve multi-cloud interoperability in the healthcare sector. Tapping on this capability, many small and medium-sized hospitals in Ningxia now rely on technologies such as medical imaging cloud to leverage resources in larger-sized hospitals to provide telemedicine consultations.

    For operators to seize growth in a rapidly-evolving cloud environment, Guo Dazheng, president of NCE Data Communication Domain at Huawei recommends the following:

    1. Improve cloud-network operations in three areas

    Firstly, operators seeking to develop cloud-network services should deliver integrated cloud-network scheduling capable of producing networks as responsive as clouds. Secondly, operators should fully exploit the wide coverage of operator networks to provide cloud access connections with guaranteed SLAs and deliver consistent cloud and network experience. Thirdly, operators can offer enterprise users one-stop subscription of cloud-network products and comprehensive e-commerce service experience.

    1. Upgrade cloud-network IT architecture across three layers

    To drive comprehensive service automation and e-commerce operations on the cloud-network, while also maximizing the network operation and localization service advantages of operators, systematic technology transformation must occur at three layers: the network infrastructure layer; network management and control layer; and network operation layer.

    At the network infrastructure layer, protocols should be simplified. As such, complex protocols in traditional network should be replaced by an intelligent cloud-network that offers two simplified alternatives – the EVPN and SRv6. As a next-generation SDN network enabling protocol, SRv6 helps intelligent management and control systems achieve centralized path computation and cross-domain one-hop through while avoiding VPN concatenation.

    At the intelligent management and control layer, network-as-a-service (NaaS) should be deployed to counter complex integration in conventional NMSs. Utilizing NaaS technology, the intelligent cloud-network provides tenant-level service-oriented interfaces for the OSS, while shielding technical details relating to the network. As a result, tenant network provisioning and adjustment can be completed with fewer parameters to significantly simplify OSS integration.

    Finally, the network operation layer should integrate conventional OSS and BSS functions, as well as multi-cloud integration aggregation, cloud access connection, and other tenant portals related to cloud-network products. This architecture invokes the network service capabilities of the intelligent management and control layer through service-oriented interfaces, while one-stop subscriptions to cloud-network products provide tenants with an ideal e-commerce shopping experience. Long service provisioning timelines characteristic of traditional operations that are ticket-driven and laden with manual workloads will also be significantly reduced.

    1. Integrate cloud-network operation systems as a collective industry effort

    In the absence of unified architectural standards, the industry currently faces complicated OSS/BSS integrations and long integration testing times. To address this, Huawei is committed to building an integration lab capable of connecting OSS/BSS vendors, operators, and scientific research institutes. This integration lab is a one-stop portal where all users can gain OSS/BSS integration experience, study the intelligent cloud-network solution and OSS/BSS success cases, or apply for resources for interconnection testing to achieve win-win for all stakeholders in the OSS/BSS value chain. With an OSS/BSS integration ecosystem and streamlined OSS/BSS service processes, more operators can replicate China Telecom Ningxia’s success in efficiently developing network convergence capabilities for intelligent cloud-network projects.

    Toward next-generation intelligent cloud-networks

    Though still in its infancy stage, intelligent cloud-network IT architecture is an important enabler as operators look to power emerging technologies across industries.

    Moving forward, Huawei looks forward to working closely with operators, OSS/BSS partners, and industry alliances to deliver integrated cloud-network scheduling and consistent cloud-network experience. Doing so will not only drive meaningful change across thousands of industries but also ease operators’ transition from traditional ICT services to future-proof DICT services.

     

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  • Online supermarket concept Supie to launch in Auckland

    Online supermarket concept Supie to launch in Auckland

    Online supermarket Supie is set to open its virtual doors in Auckland next month, aiming to change the way Kiwis shop for groceries.

    The membership-based supermarket will house more than 2500 products sourced from local growers and food producers. Supie also offers sustainable delivery where all packaging is recyclable or reusable. The brand implements zero-waste ordering methods which ensure its customers receive the freshest produce.

    “The majority of the time, when you order your product is still in the ground,” the company says on its website.

    Founded by Sarah Balle, Supie is expected to compete directly with traditional supermarkets, providing a smart and more accessible solution for Kiwis during the post-Covid era.

    “We’re a small team of passionate Kiwis with big ambitions to make a true impact,” said Saral Balle. “We believe food is the most powerful force for change.”

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  • Angry Indian traders counter Amazon summit with own event

    Angry Indian traders counter Amazon summit with own event

    Thousands of Indian small businesses will organize an event this week in protest at the business practices of foreign e-tailers like Amazon.com taking a dig at the U.S. group’s summit with their own event.

    Starting Thursday, Amazon is organizing a virtual summit in India named “Smbhav,” which phonetically means “possible” in Hindi, to showcase opportunities offered by the U.S. firm to get small businesses to expand and sell online.

    Trader groups representing 600,000 sellers said in a statement they will at the same time launch a summit titled “Asmbhav,” or “impossible,” including an award ceremony to pin the blame on those who they think have hurt their businesses.

    Amazon did not immediately respond to a request for comment. Indian traders, who are a crucial part of Prime Minister Narendra Modi’s support base, have long alleged that Amazon and Walmart Inc’s Flipkart benefit a few big sellers and that the companies engage in predatory pricing that harms their businesses. The companies say they comply with all laws.

    A Reuters special report published in February revealed Amazon has for years given preferential treatment to a small group of sellers on its Indian platform and used them to circumvent the country’s strict foreign investment regulations.

    Amazon has said it “does not give preferential treatment to any seller on its marketplace.”

    The Smbhav event will include more than 70 speakers and aims to allow small businesses to learn how to grow their businesses in India – a key growth market for Amazon.

    The event “puts forth how Amazon and our partner’s leverage digitization, technology & our ecosystem to drive infinite possibilities for a Digital India,” its website said.

    In a statement, trader groups including the All India Mobile Retailers Association said the Amazon event was positioning it as a friend and guide to small sellers, but argued small traders had been harmed by discriminatory practices of foreign e-commerce firms.

    The latest dispute comes as India also considers revising foreign investment rules for e-commerce which could force companies like Amazon to rework the relationships it has with big sellers.

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  • Alibaba fined US$2.75bn for anti-monopoly violations by Chinese regulators

    Alibaba fined US$2.75bn for anti-monopoly violations by Chinese regulators

    Chinese regulators have fined Alibaba 18 billion yuan ($2.75 billion) – around 4 percent of its revenues in 2019 – for violating anti-monopoly rules and abusing its dominant market position.

    The State Administration for Market Regulation (SAMR) said that after an investigation launched in December, it had determined that Alibaba Group had been “abusing market dominance” since 2015 by preventing its merchants from using other online e-commerce platforms.

    It said the practice violates China’s anti-monopoly law by hindering the free circulation of goods and infringing on the business interests of merchants.

    The SAMR ordered Alibaba to make “thorough rectifications” to strengthen internal compliance and protect consumer rights.

    The company said in a statement posted on its official Weibo account that it “accepted” the decision and would resolutely implement SAMR’s rulings. It said it would also work to improve corporate compliance.

    The practice of preventing merchants from listing on rival platforms is a long-standing one. The market regulator spelled out in rules issued on February that it was illegal.

    Alibaba has also been under heavy scrutiny since its founder Jack Ma criticized China’s regulatory system in October.

    Ant Group, Alibaba’s fintech arm, also saw its $37 billion listing plans dramatically suspended by authorities in November.

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  • Shopee’s rise sends rivals scrambling in Southeast Asian internet battle

    Shopee’s rise sends rivals scrambling in Southeast Asian internet battle

    In front of an open-air Jakarta restaurant, delivery drivers clad in the orange colours of Southeast Asia tech group Sea Ltd wait for orders next to the green-jacketed riders of market leaders Gojek and Grab, in what has become the latest battleground for tech supremacy in Southeast Asia.

    The humble noodles eatery signed up for Sea’s nascent ShopeeFood service a month ago, but “immediately, there were orders everyday,” said manager M.A Rasyid.

    Riding on the success of a cash-generating gaming business, U.S.-listed Sea has invested heavily in its Shopee e-commerce brand and successfully taken on Alibaba’s Lazada and other rivals in recent years. Its share price has risen five-fold over the past year, giving Singapore-based Sea a market value of $111 billion.

    Now it is muscling into food delivery and financial services in Indonesia, the world’s fourth-most-populous country, posing a new threat to regional rivals including ride-hailing and delivery unicorns Grab and GoJek.

    At stake is a slice of the more than 400 million internet users in Southeast Asia’s digital economy, which is estimated to triple to $309 billion by 2025, according to a study by Google, Temasek and Bain & Company.

    Tech behemoths, including Tencent, a major investor in Sea, Alibaba, Google and Softbank Group Corp, are big backers of regional champions.

    Sources say Sea’s aggressive expansion is one driver of merger discussions between Gojek and e-commerce platform Tokopedia. The Indonesian firms aim to create an $18 billion powerhouse to fight off Sea and regional giant Grab.

    Meanwhile, Grab and others, including travel app Traveloka and Indonesian e-commerce unicorn Bukalapak, are rushing for public listings, hoping to ride the coattails of Sea’s stock rally while defending their turf, according to Reuters interviews with over a dozen people.

    “Sea is like Thanos, massive and powerful, and able to take down half of the world, or in this case half the startups,” Willson Cuaca, co-founder of East Ventures and an early backer of Tokopedia, joked as he compared Sea to the powerful villain in the Marvel film series.

    “Like the Avengers, companies need to band together if they want to ensure their survival and to win the war.”

    Sea’s stock rally reflects a scarcity of options for investors seeking exposure to the booming Southeast Asia internet sector. It went public in 2017 and has raised some $7 billion in share and debt sales, with early investor Tencent now holding a stake of about 20%.

    That investor appetite, combined with a need to raise cash to match Sea’s muscle, is forcing rivals to seek listings as quickly as they can, bankers and executives familiar with the matter say.

    Sources say the Gojek-Tokopedia merger, which is likely to be finalised within weeks, will be followed by a Jakarta listing in the second half of 2021, then a mega IPO in the United States targeted for 2022.

    Grab and Traveloka, for their part, aim to accelerate the process by merging with special purpose acquisition companies, sources said. Bukalapak is planning the same, after a 2021 Jakarta IPO.

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  • Hong Kong e-commerce scene ready for growth in 2021

    Hong Kong e-commerce scene ready for growth in 2021

    E-commerce businesses in Hong Kong are set to recapture their growth hit by the COVID-19 pandemic, with supply chain and logistics issues and a decline in sales, Paypal’s new study showed.

    Despite the obstacles brought by COVID-19, two-thirds (61%) of businesses surveyed are anticipating a recovery at the end of 2020, along with the measures to address the financial pressure and customer relationship challenges.

    The study also found 86% of respondents believing to improve their e-commerce experience for consumers to boost their competitiveness in this time.

    The PayPal Hong Kong Merchant Survey was conducted in August to understand the impact of the pandemic on e-commerce businesses and their thoughts on recovery. 86% of respondents seek capitalization on the opportunity of improving online shopping experiences to boost competitiveness.

    While online shopping amplified, 27% of respondents reported tough challenges amidst the pandemic – mainly growing concerned on their sustainability.

    Since January 2020, 86% of businesses claimed to have supply chain and logistics problems, while 52% reported decrease in sales as their main challenge. Such are creating dual pressure on businesses in addition to the increasing operational costs.

    These issues are also causing failing customer relationships in Hong Kong businesses, including rising complaints, damaged company reputation, and loss of regular customers.

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  • 4 important things to do when starting an ecommerce business

    4 important things to do when starting an ecommerce business

    Creating a new ecommerce store is no longer an arduous task, as the processes to bring a store online have become more streamlined.

    You now have a variety of ecommerce out-of-the-box web builders pre-built with store pages, user login areas, payment systems, and promotional options. In most cases all you need to do is add your brand’s logo, upload your items on relevant pages, add a description, photo, and then set your price—you are ready to go!

    Although the process is easier than ever before, there is still a list of important prerequisites you need to research and implement before you launch your new site and create a new buzz in your chosen marketplace.

    1.           Choosing the right ecommerce website builder

    Most pre-packaged ecommerce stores are brilliant to put it simply. The architecture behind them is so good that even the lesser tech savvy of us out there can figure out how to create a fully operational store. However, that does not mean to say that you should just go out there and pick the first one you like the look of. And there are some good reasons why you need to choose the right one for your ecommerce project you need to take heed of.

    Although many ecommerce web builders are easy to set up, you may find that some features are not free. You should compare ecommerce platforms, use demos available, and take a close look at the monthly costs versus free tools that come with the package.

    The best ecommerce website builders, like Wix for example, offer free web hosting, 24/7 support, domain security via 128-bit SSL encryption HTTPS, and you can get a personalized business email with a custom domain name. You can even use the Wix business name generator and once you are happy with the name, you can then choose your domain name.

    Other sites may not offer the little things that matter, and save you time, which just complicates things and adds additional costs. Therefore, in the case of Wix, you are getting an all-in-one solution under one roof.

    2.           Create Social Media Profiles

    Social media is not just a way to promote your site, but it is also a way to build a brand presence. As long as you offer a top-quality service, you should get great reviews, and it also gives you a chance to connect personally with your customers via the comments section and personal messenger tools.

     

    Another reason social media is important is because each platform helps you to connect with different audience types, i.e., personalities, demographics, and those with varying buyer behaviors. Facebook, Instagram, Twitter, and Pinterest all have unique audiences and statistics.

    “Did you know? Shopping is a top priority for 48% of Pinterest users and Pinterest is most popular with women—especially moms (Source: blog.hootsuite.com)”

    It is these crucial facts about certain social media platforms that will determine whether your ecommerce product will fit or attract those using these platforms!

    3.           Use Consistent Marketing Messages

    Marketing is a strange game, and for those new to it, rookie mistakes are inevitable no matter how much you read up on the subject. That is, unless you have a marketing degree or experience in the field.

    Now marketing a product all seems straightforward, and in many respects it is. You are selling a product; it has unique selling points, and you need to highlight them. However, here is where it gets tricky causing your business to trip even when they have the best intentions in mind.

    Today we have little choice but to use multiple advertising and social media platforms. The problem is that messages across these platforms often get mixed up. Even large corporations are still guilty of sending out different brand/marketing messages across their digital and offline marketing platforms. By doing so, this only serves to confuse customers and tarnish your brand reputation.

    Therefore, the message here is clear—always remain consistent across every platform you use to project your brand name, be it Facebook, Google Ads, guest post blogging, or offline magazine/newspaper ads. And more importantly, ensure these messages match exactly what your website ‘says’, ‘displays’, and ‘offers’.

    4.           Customer Support

    The very last point to make is probably the most important for long-term success. Yet, we left it until the end because you need to get the above 3 points spot on before your customer services kick into action.

    In the past, ecommerce was great. You could set up a store, visitors come, they buy, and you kick back and enjoy the ride as your automated emails and online sales systems do all the hard work for you.

    Now while that worked in the past to some extent- having no live support, email support, after care, pre-sales care, and out of business hours support like chat bots used by Cebu Pacific. Without these vital customer care components in place, you could lose your clientele to your competition that have more efficient customer care solutions.

    Therefore, make sure you research customer services, how to scale your customer support, and how to reward as well as continue to retain your loyal customers. You should also look at how companies lost their reputation and ended up sinking ships because they implemented poor customer support solutions.

     

     

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  • Buying Art Online Goes Mainstream

    Buying Art Online Goes Mainstream

    While overall art sales contracted in 2020 amid the Covid-19 pandemic, online sales doubled in value. Aggregate online sales reached a record high of $12.4 billion, doubling in value from 2019, while the share of online art sales grew from 9 percent of total sales by value in 2019 to 25 percent in 2020, according to the fifth Global Art Market Report, published by Art Basel and UBS.

    This was the first time the share of e-commerce in the art market exceeded that of general retail. This growth also came despite a 22 percent dip in sales of art and antiques globally, which stood at $50.1 billion in 2020

    According to Christl Novakovic, CEO UBS Europe SE, head wealth management Europe and chair of the UBS Art board, called 2020 a «turning point for digital innovation in the art market, which traditionally relies on discretionary purchasing, travel and personal contact.

    The crisis also provided the impetus for change and restructuring, the most fundamental shift being the rollout of digital strategies and online sales, which had lagged behind other industries up to now, said Clare McAndrew, founder, Arts Economics, who authored the report.

    The report incorporated a survey of 2,569 high-net-worth (HNW) collectors, of which 66 percent felt the pandemic had increased their interest in collecting, while 32 percent reported it had significantly done so. Some 57 percent said they planned on purchasing more artwork in 2021.

    And while the pandemic prompted the cancellation of high-profile art fairs – where the largest deals traditionally are sealed – some 45 percent of collectors also said they made a purchase through an art fair’s online viewing room.

  • Alibaba has major ambitions for Vietnamese businesses

    Alibaba has major ambitions for Vietnamese businesses

    Chinese e-commerce giant Alibaba wants to have over 10,000 Vietnamese small and medium-sized enterprises selling on its platform by 2025.

    Its government relation and business development manager, Vu The Tung, who revealed this at a ceremony to sign a memorandum of understanding with the Vietnam Trade Promotion Agency on Tuesday, said his company would help Vietnamese businesses increase their exports by promoting their products.

    The two signatories have been running a training program since August last year to enhance Vietnamese businesses’ ability to participate in global e-commerce.

    Vu Thi Minh Thuy, manager of the agency’s information technology application center, said through the training program over 300 companies have been provided consultancy in online cross-border sales.

    Fifty agriculture, aquaculture, food processing, and packaging companies became ready to sell on Alibaba’s e-commerce platform after completing training in October, she said. The two sides hope to have 1,200 Vietnamese enterprises on the platform by the end of 2021.

    Deputy Minister of Industry and Trade Do Thang Hai, who hailed Alibaba’s support, said: “The Vietnam Trade Promotion Agency and Alibaba will continue to look for enterprises to take part in the training program, and create recognition for Vietnamese brands on Alibaba’s e-commerce platform. They are also planning to create an exclusive section for Vietnamese products on the Alibaba website.”

  • Alibaba told to divest media assets

    Alibaba told to divest media assets

    Beijing has reportedly told the Chinese e-commerce conglomerate Alibaba to divest its assets in the media sector out of concern over the company’s growing public influence. Its founder, Jack Ma, the ebullient and unconventional billionaire who officially retired from Alibaba in 2019 but remains a large shareholder, has been in authorities’ crosshairs in recent months.

    In November, Chinese regulators halted a colossal $34bn stock market listing by Ant Group, an Alibaba subsidiary for online payments. The following month, regulators opened an investigation into Alibaba business practices deemed anti-competitive. Now authorities have told the tech company to drastically reduce its presence in the media sector, citing people familiar with the matter.

    Alibaba’s highest-profile media assets include Hong Kong’s leading English-language daily, the South China Morning Post, and China’s Twitter-like social media platform Weibo, and online video platform Bilibili. Officials are worried that the company has too much influence over public opinion and were reportedly appalled about the extent of its media holdings, the Journal said.

    The government did not specify whether Alibaba was requested to completely withdraw from the media or divest part of its shares.

    On Friday, the Journal reported that Alibaba risks being levied with a record fine in China for anti-competitive practices, which could exceed the $975m paid by US chipmaker Qualcomm in 2015.

    According to the article, authorities accuse Alibaba of preventing merchants who sell goods on the platform from also selling on rival websites.

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  • Lazada Marketing Specialist Joins DBS

    Lazada Marketing Specialist Joins DBS

    In her new role, she will help the bank drive sustainability efforts, create social impact, and democratize banking services with digital innovation.

    Michelle Yip has joined DBS as executive director, group strategic marketing and communications, as per a report by Marketing Interactive.

    The marketing specialist was most recently the regional marketing EVP at e-commerce giant Lazada, which she joined in 2015 as a regional category director, later becoming senior vice president of customer experience and chief marketing officer. She was previously a senior marketing manager at Philips and held lead marketing roles at Samsung Electronics.

    At Lazada, Yip led the Alibaba-owned company’s marketing team across branding, social, public relations, online performance marketing, CRM, customer lifecycle management, and strategic partnerships.

    She also led COVID-19 related consumer engagement to support the community as an essential service provider and
    anchored Lazada’s position as a thought leader in the e-commerce space through identification and shaping of industry trends and directions, according to her LinkedIn profile.

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