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Tag: marketplace

  • Paris Court Upholds Shein’s Marketplace Despite Pressure From French Government

    Paris Court Upholds Shein’s Marketplace Despite Pressure From French Government

    Shein, a Chinese online retailer popular for its fast-fashion offerings, emerged victorious after the Court of Appeal in Paris dismissed France’s plea for the suspension of the platform. The court’s decision came in the aftermath of a controversy where the sale of child-like sex dolls and illegal weapons on Shein’s marketplace was uncovered, leading to governmental legal intervention.

    Previously, the French authorities had demanded a complete prohibition of Shein’s operations. However, this was later reduced to the demand for a suspension of its marketplace operations. A lower court had already rejected the government’s request in December, but the decision was appealed. Shein, which boasts millions of customers worldwide due to its low-cost clothing, gadgets, and accessories, has been facing criticism in France since the damning findings were disclosed in November.

    Shein operates as a multifaceted platform, selling its own branded products while also providing a marketplace for third-party sellers to offer a wide variety of items, ranging from kitchen appliances to smartphones. In response to the investigation, the company temporarily halted its marketplace operations in France, resuming only after the December court ruling.

    The Court’s Decision

    The appeals court upheld the earlier verdict, dismissing the additional demands presented by the French State. Furthermore, the court reiterated that Shein is prohibited from listing such controversial products on its platform without implementing adequate age-verification measures.

    Reacting to the court ruling, the French government pledged to be “extremely vigilant” in ensuring that Shein adheres to the court-imposed conditions.

    Shein’s Response

    In response to the court’s ruling and the controversy, Shein has announced the rollout of age-verification measures. It has also ceased to permit third-party sellers to list sex dolls on its platform across all markets.

    The company released a statement following Thursday’s verdict, stating, “Over the last several months, we have continued to significantly reinforce our controls for both sellers and products on our marketplace, to ensure that our consumers in France can enjoy a safe and enjoyable online shopping experience.”

    The statement also mentioned that Shein has been in constant communication with French and European authorities and is actively engaging with the European Commission regarding the implementation of stricter age-verification measures.

    Future Challenges

    Despite the favorable court ruling, the fast-fashion giant is not out of the woods yet. Shein is currently under investigation by the European Union for potential violations related to illegal products and the potentially addictive design of the platform.

    Furthermore, Shein is likely to face continued scrutiny from the French government. The country’s minister for small and medium-sized businesses has indicated that online retailers like Shein will face a “year of resistance”, suggesting that the platform enjoys an unfair competitive advantage over European retailers.

    Questions & Answers

    What was the controversy that led to the French government’s request for a ban on Shein?
    The company was found to be selling child-like sex dolls and illegal weapons on its platform, which led to the call for a ban on Shein’s operations in France.

    What are the implications of the recent court ruling for Shein?
    The court dismissed the French government’s request for a suspension of Shein’s marketplace. However, it mandated strict age-verification measures for certain products.

    What measures has Shein taken following the controversy?
    Shein has stopped allowing third-party sellers to list sex dolls on its platform. It is also implementing age-verification measures and enhancing controls for sellers and products on its marketplace.

  • Marketplace Battle Heats Up: Trust, Convenience and Choice Key as Pricing Pressures Grow

    Marketplace Battle Heats Up: Trust, Convenience and Choice Key as Pricing Pressures Grow

    An exclusive Australian study by global ecommerce accelerator, Pattern, has shown that product range, convenience, and trustworthiness will be critical battlegrounds for online marketplaces in 2025.

    With international tariffs reshaping marketplace business models, platforms like Temu and Shein, once known for ultra-cheap products, are now raising their prices. In some markets, the cost of goods such as health and beauty products has surged by 51%.

    “The days of marketplaces winning Australian consumers with ultra-cheap pricing alone are over. Although leading platforms like Amazon will continue to attract shoppers with competitive pricing, consumers are now making purchasing decisions based on factors like credibility, product variety and ease-of-shopping,” said Merline McGregor, Managing Director for Pattern Australia.

    Convenience Drives Loyalty

    Australians are increasingly choosing marketplaces that offer greater convenience. Amazon continues to set the benchmark, with 57% of shoppers rating it as the most convenient platform for purchasing goods, driven by its streamlined ordering process, fast shipping options, and integrated returns experience. 

    While Shein and Temu have experienced rapid growth in overall shopper awareness, their convenience ratings are significantly lower at 14% and 27%, respectively. This gap highlights a critical challenge for emerging platforms: while aggressive marketing and discounting can attract first-time buyers, delivering a seamless, reliable shopping experience is crucial to securing repeat business.

    “Convenience is more than just speed of delivery, it’s about every touchpoint of the shopping experience, extending from intuitive search functions to reliable customer service and simple returns,” said McGregor. “Australian brands selling on marketplaces that deliver frictionless shopping experiences are more likely to secure both the first purchase and increase their chances of building customer loyalty.”

    Trustworthiness and Reliability Build Customer Relationships

    As price advantages decline, product quality and reliable return processes are key differentiators for marketplaces. Amazon leads in both areas, with 60% of Australian shoppers trusting it for product quality and 53% for reliable returns.

    eBay also performs strongly, earning trust from 42% of shoppers, while Kogan lags at 16% and MyDeal at just 9%. Chinese marketplaces, Temu and Shein face even greater challenges, with only 12% and 11% of consumers expressing confidence in the quality of the products they sell. 

    “In an increasingly competitive and regulated environment, trust is not an aspiration. Marketplaces must consistently deliver quality products, backed by hassle-free returns to build enduring customer relationships,” said McGregor. “We’ve seen a positive improvement in returns processes for all marketplaces, with only 3% of Australian consumers stating they do not trust any marketplace for reliable returns. This is a huge drop from 18% in 2024 and shows that all platforms are prioritising improving the customer experience in this critical area.”

    Amazon, eBay and Temu Win with Product Variety 

    Amazon is recognised by 60% of shoppers as having the widest variety of inventory in Australia across categories such as electronics, home & kitchen and sporting goods. eBay also retains a strong position, with 45% of consumers recognising its broad range, particularly in the second-hand and collectible markets.

    Only 32% of shoppers believe Temu offers the widest product range, yet the number of consumers visiting the platform for its vast product range has surged 87% since 2024.

    “A broad and evolving product range is proving key for marketplaces to retain and grow their shopper base. Consumers are moving towards platforms that offer a one-stop-shop experience, and marketplaces that can deliver this effectively across multiple categories have a clear competitive edge,” concluded McGregor. 

    For more information and to download the full report please click here: ‘2025 Marketplace Consumer Report’

    About Pattern Inc

    Pattern is the category leader in global ecommerce and marketplace acceleration. It is the number one reseller on Amazon globally, selling over $3 billion of product each year into 60 countries. Since 2013, Pattern has profitably grown to over 2,000 employees operating from 24 global locations – including Melbourne, Sydney and the Gold Coast – to help leading brands achieve accelerated growth on D2C websites and global ecommerce marketplaces. Pattern is also present on Tmall, JD.com, eBay and other ecommerce marketplaces. We act as the authorised Amazon seller to more than 300 brands globally, buying their stock to sell on the marketplace and taking care of every aspect of their Amazon presence. For more information, visit https://au.pattern.com/

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  • Industry-First Marketplace Research Reveals only 7% of Australian Shoppers Trust Temu on Product Quality, while Amazon leads for Convenience, Range, and Returns

    Industry-First Marketplace Research Reveals only 7% of Australian Shoppers Trust Temu on Product Quality, while Amazon leads for Convenience, Range, and Returns

    An industry-first study by global ecommerce accelerator, Pattern, has shown that despite their surging popularity, Australian consumers hold negative views on the quality of the products sold on emerging marketplaces Temu and Shein.

    The major Australian marketplace shopper study uncovered Australian consumers’ perceptions of the seven largest marketplace platforms: Amazon, eBay, Catch, Kogan, Temu, MyDeal, and Shein.

    Temu was ranked as the lowest marketplace in perceived product quality at only 7%, followed by Shein, with just 8% of shoppers expressing trust in its product quality. This contrasts with a majority of shoppers saying that they trusted the quality of the products sold on Amazon.

    “Temu and Shein have burst onto the Australian ecommerce landscape, attracting large numbers of younger shoppers. However, these platforms still have to play a lot of catch-up to win over Australian consumers, who didn’t rate them highly for product quality, returns, and convenience,” said Merline McGregor, General Manager of Pattern Australia.

    “With a transparent product rating and review system built into its platform that educates and builds shopper trust, Amazon has become the most trusted marketplace in Australia in relation to the quality of products it sells. This is an area where Amazon leads the sector at 58%, with eBay trailing at 39%, followed by Catch (25%), Kogan (19%) and MyDeal (11%).”

    Marketplaces attract shoppers as cost-of-living pressures bite

    As cost-of-living pressures rise, Australian consumers are increasingly turning to marketplaces to research, compare, and purchase. A large majority of Australians shopped on a marketplace in 2023, with a staggering 94% planning to buy from platforms like Amazon, Catch, and eBay over the coming year.

    “With strained household budgets, marketplaces are attracting an increasing number of shoppers with their easy-to-use price comparison functionalities and sales events. With its globally recognised Prime Day event gaining popularity in Australia, Amazon has become the leading marketplace for value-for-money purchases, attracting 48% shoppers, followed by eBay at 41% and Catch at 27%,” said McGregor.

    Not only are marketplaces attracting higher volumes of shoppers, but they are more likely to secure high income shoppers in 2024. Today, over 80% of $200K earning households shop on Amazon. Even newer marketplaces like Shein attract high income consumers, with 34% of those in the $160-$199k household income bracket buying from the platform in the past 12 months.

    Amazon wins for convenience and returns

    Amazon outperforms all other marketplaces in relation to ease-of-use shopping, with 56% of consumers highlighting it was the most convenient platform to buy from, compared with eBay (46%) and Catch (23%).

    This can be attributed to Amazon’s Prime membership benefits, where shoppers get free, fast shipping and the platform’s advanced search and recommendation algorithms that personalise the shopping experience.

    Given the sophisticated supply chain infrastructure it has established in Australia, 49% of shoppers also said Amazon has the most reliable returns process – significantly more compared to any other single marketplace.

    Brands need to be present on platforms with biggest product ranges

    Just over 60% of Australian shoppers believe Amazon has the widest product range, followed by eBay at 52%. All other platforms lagged – Catch, 20%, Temu, 17%, Kogan 14%, Shein, 11% and MyDeal 8%. Offering the most product variety and options also buys marketplaces the highest web clicks, with Amazon averaging 75.2 million monthly site visits and eBay 50.9 million.

    “It’s no surprise there’s a direct correlation between marketplaces perceived to have the best product ranges and those platforms, like Amazon, that attract the highest volumes of web traffic. Brands need to be present where their shoppers are. While the larger marketplaces may have more competition, they also have the biggest audiences of potential shoppers to target,” concluded McGregor.

    For more information and to download the full report please click here: ‘Australian Marketplace Consumer Trends Report – 2024’ 

    Research Methodology

    Pattern worked with OnePoll to survey 1,000 Australian consumers. Responses were collected online, and the survey was restricted to adults who had shopped online in the previous 12 months ensuring there was a representative sample of age, gender and location achieved.

    About Pattern Inc

    Pattern is the category leader in global ecommerce and marketplace acceleration. Since 2013, Pattern has profitably grown to more than 1,100 employees operating from 22 global locations – including Melbourne, Sydney and the Gold Coast – to help leading brands achieve accelerated growth on D2C websites and global marketplaces. As well as being one of the largest Amazon sellers in the world, we are also present on Tmall, JD.com, eBay and other marketplaces. ​​We act as the authorised Amazon seller to more than ​2​00 brands​ globally​, buying their stock to sell on the marketplace and taking care of every aspect of their Amazon presence. In 2018, Pattern acquired Practicology, a global digital consultancy and agency with a presence and strong client base in Australia. For more information, visit https://au.pattern.com/ .

    Media Contact

    Corinne Nolte

    Mulberry Marketing Communications

    [email protected]

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  • Digital Marketplaces to Grow in 2023 Despite Economic Slowdown

    Digital Marketplaces to Grow in 2023 Despite Economic Slowdown

    Digital marketplaces continue to gain significant momentum in Australia,  with 88% of shoppers buying from a digital marketplace in the past year, and 92% of consumers planning to shop on marketplaces like eBay, Amazon and Catch in the year ahead.

    The findings were revealed as part of global ecommerce accelerator, Pattern’s fifth annual ‘Marketplace Consumer Trends Report – 2023,’ which researched Australian shoppers’ changing ecommerce habits and the latest digital marketplace trends.

    “Digital marketplaces are this year on a continued growth path and are becoming increasingly accepted and adopted as a shopping channel of choice by Australian consumers,” said Merline McGregor, General Manager, Pattern Australia. “However, with cost of living pressures and an uncertain economic outlook, our report highlights how consumer behaviour is set to again evolve in the year ahead.”

    Consumer Behaviour 

    Pattern research shows that 73% of consumers are set to spend more or the same online overall in 2023, and for the leading global digital marketplace Amazon specifically, 84% of consumers expected to spend more or the same on this platform in 2023.

    “Given the rapid increases in the cost of living and interest rate pressures facing consumers in Australia, it could be expected that a majority of shoppers would be looking to reduce their ecommerce spend in the year ahead. However, our research found a large portion of consumers said they had no plans to change their shopping habits in 2023,” said Merline.

    Not only are digital marketplaces attracting higher volumes of shoppers, but the demographic mix and way that shoppers use these channels is also evolving. High income earners are most likely to shop on Amazon today (36% vs 21% average), while eBay attracts larger volumes of male shoppers – with 69% of men purchasing from eBay vs 55% of females. 

    Marketplace Performance

    Looking at the past year, 62% of consumers bought from eBay, with 65% planning to buy from the platform in 2023. Running just behind, 52% of consumers bought from Amazon over the past 12 months, with 59% intending to buy from Amazon this year. Amazon (with 43% of shoppers having access to Amazon Prime) was recorded as the second most visited marketplace, with an anticipated 12% increase in purchases in 2023 compared to last year.

    In terms of website traffic, Amazon overtook eBay in average monthly website visits (58.3M Amazon visits vs 57.6M eBay visits), from December 2022 to February 2023, according to SimilarWeb data, with Catch trailing down the line at 9.9M visits over the same period.

    Pattern’s research asked shoppers what they were likely to buy in 2023 and through which marketplace they were likely to make a purchase. These results indicated that:

    • Amazon’s key shopper categories include Books & eBooks and Home & Kitchen products.
    • eBay scored highest in Electronics & Computer Equipment, followed by Home & Kitchen.
    • Catch saw an equal share in Clothing, Shoes & Accessories, Toys, Kids & Baby products and Home & Kitchen.
    • Kogan consumers are looking for Electronics and Home & Kitchen products on the platform.

    Research also showed that shoppers are most likely to visit a brand’s own D2C (direct-to-consumer) website when it comes to Clothing, Shoes & Accessories, Skincare & Make-up and Food goods.

    “As consumer confidence increases on digital marketplaces, so does their desire to cross-shop and discover new categories. Likewise, as brands begin to include marketplaces in their growth strategy, consumers are met with more choice as the platforms add new products to cater towards a wider variety of consumer interests,” said Merline.

    Marketplaces Continue to Serve as Product Discovery & Research Hubs 

    Marketplaces are increasingly becoming a product discovery hub for many online shoppers. Outside of Google (57% of shoppers), the next most popular channel to research products online is via digital marketplaces, where 23% of shoppers use platforms like eBay and Amazon to search for their goods.

    Of those shoppers using Amazon, 62% indicated that they discovered a new brand on the platform. Interestingly, 42% of consumers who discovered a new brand or product on Amazon also went on to visit the retailer’s D2C website.

    While eBay remains the dominant marketplace in Australia, it is being overtaken by Amazon in consumer search behaviour. Recent data from Power Retail suggests that Amazon has increased in popularity as a customer research tool by 71% (12% of product searches in January 2023 vs 7% in January 2022). This compares to eBay who’s popularity has decreased by 17% over the same period.

    “These findings demonstrate the ongoing appeal of marketplaces as product discovery platforms, whereby consumers are utilising the wide breadth of product diversity on marketplaces to fine-tune their search for particular items. Digital marketplaces appeal to shoppers trying new brands online through building purchaser trust through customer data, including real-world product reviews and informative answers to product page questions,” ended Merline.

    Download the full ‘Australian Marketplace Consumer Trends  Report – 2023’ report HERE

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  • Hey Bud Skincare Partners with Pattern to Grow Sales through Online Marketplaces

    Hey Bud Skincare Partners with Pattern to Grow Sales through Online Marketplaces

    Booming Australian hemp skincare brand Hey Bud aims to grow online sales by 40% through new marketplace & eCommerce strategy

    Hey Bud, Australia’s #1 Hemp skincare brand has partnered with the category leader for global eCommerce acceleration Pattern Australia, to optimise its eCommerce operations and grow sales through online marketplaces.

    Founded as an online-only business, Hey Bud has rapidly grown to become one of the country’s most popular skincare brands. The company is aiming to grow overall online sales by 40% in two years through selling on online marketplaces.

    “Since our original product line – The Hydrating Clay Mask – sold out instantly in 2020, Hey Bud has rapidly expanded to become one of the most popular skincare brands in Australia, with a growing international audience. Today, we distribute our 8-piece product line from 3PL fulfilment centres in Australia, the US, New Zealand, and the UK, to consumers across the globe,” said Alex Roslaniec, Co-Founder of Hey Bud Skincare.

    Hey Bud’s sales and advertising model traditionally focused heavily on leveraging micro-influencers on social media, coupled with online advertising on Facebook and Instagram, with additional revenue streams flowing from its VIP Facebook group. However, since the recent IOS 14-15 privacy and security updates to iPhones, customer tracking and targeted advertising via social media became more difficult and less effective.

    Following a recent round of external funding to accelerate international business growth, Hey Bud has turned to Pattern to help diversify its sales channels and expand its customer base through online marketplaces like Amazon.com.

    “It’s been an amazing experience watching our brand grow and be loved by so many customers in Australia and internationally. While our social media following and our partnerships with micro-influencers have helped us reach where we are today, it was time to diversify our sales channels and route-to-market to fuel our next phase of growth. Digital marketplaces will enable Hey Bud to reach a new range of customers in Australia and internationally given our growing influence and popularity amongst consumers,” said Alex.

    Pattern will manage all end-to-end eCommerce processes for Hey Bud, including marketplace storefront set-up, product page management, and fulfilment and logistics operations to ship products from its own warehouse to Amazon, as well as implementing an overarching eCommerce and marketplace strategy.

    The strategy will first focus on the initial launch of Hey Bud on Amazon Australia, working also to oversee and perfect Hey Bud’s product creation and branding, content and marketing design, and listing optimisation.

    Additionally, Pattern will leverage its extensive experience in marketplaces to maximise growth for Hey Bud by:

    • Increasing Hey Bud’s product visibility on all marketplaces
    • Maximising marketplace conversion rates for Hey Bud
    • Managing marketplace customer support
    • Implementing various marketing campaigns for Amazon Australia
    • Aligning Hey Bud’s promotional activities on Amazon with the wider market
    • Ensuring continual stock in Amazon warehouse is available for fast delivery of customer orders via in-house proprietary forecasting & replenishment tools
    • Identifying new marketplace & growth opportunities for Hey Bud

    “Hey Bud has rapidly grown to become a much-loved Australian skincare brand. We are very excited to begin work and help Hey Bud diversify its sales model through new online marketplace activity,” said Merline McGregor, General Manager, at Pattern Australia.

    “We are partnering with Hey Bud to grow their Amazon channel through streamlined sales, customer reviews and optimised listing management, then using this same strategy to help them break into other digital marketplaces like eBay and Catch, and beauty marketplaces like Cult Beauty and Macy’s,” ended Merline.

    For more information on how retail brands can grow their market share through online marketplaces, please visit: www.pattern.com/au

     

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  • Yarra Valley Smaller Wineries Association launches online marketplace

    Yarra Valley Smaller Wineries Association launches online marketplace

    The Yarra Valley Smaller Wineries Association has introduced an online marketplace where Aussie consumers can access more than 100 handcrafted drops from its portfolio of 21 members.

    A first for a wine association in the country, the new marketplace helps boutique wineries, which have been struggling during extended lockdowns, to promote themselves through e-commerce and reach lesser-known areas in the region.

    “When people think of the Yarra Valley, they may instinctively want to visit or purchase wines from the Coldstream, or ‘Golden Mile’,” said Daniel Tokar, president of Yarra Valley Small Wineries Association.

    “However, what some people don’t realize is that there are several sub-regions in the Valley that contain smaller producers who make some of the best wines in Australia.”

    The new marketplace offers a selection of sparkling, white, rose, and red wines from Yarra Valley Smaller Winery members, together with international varietals including Colombard, Graciano, Barbera, Sangiovese, and Fiano.

    “Our Association banded together originally to promote why our premium products stand up to larger, commercial operations, highlighting the unique creations being produced by boutique wineries in the Valley,” Tokar added.

    “With this new platform, we hope to further encourage wine-drinkers across the country to expand their horizons and try something new outside of their comfort zone.”

  • Ikea launching online marketplace for second-hand goods

    Ikea launching online marketplace for second-hand goods

    It might not be as good as picking up those meatballs on your way home, but IKEA is launching an online marketplace for Aussies to buy and sell second-hand products.

    The new ‘As-is’ scheme will be piloted, allowing their members to browse second-hand IKEA products online and reserve items they’d like to buy before then heading to the store to collect. It sounds like a real game-changer.

    According to Mellisa Hamilton, IKEA Australia’s Sustainability Manager, the company are aiming to have the marketplace ready early in 2022. It will initially be available only to members but will likely be opened up to everyone else later.

    Hamilton believed that a change in mindset in Aussie consumers was key to any success of the marketplace. “I think people will look at (used) items and (consider) maybe they’re not perfect anymore, but ask are they less valuable? Are they less useful? I think the shift of people understanding, I don’t need new all the time, and there’s nothing wrong with the item …,” she explained.

    “And this is the thing that we’ve also received from our consumer insights is that they feel to make an individual action to support the people and the planet it tends to be more expensive and at a premium,” Hamilton added.

    “But I think in terms of this action or this initiative is actually more looking at why pay full price for something new when I could get something just as functional just as beautiful.

    Maybe it’s not directly out of a box, or maybe it’s barely been used, but you could get it at a cheaper price. So I think if we’re looking at that affordability piece and how we can also impact the planet this is probably a really good action that anybody can take.”

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  • Online marketplace YesAsia launching Hong Kong IPO

    Online marketplace YesAsia launching Hong Kong IPO

    Online marketplace YesAsia is set to raise US$17 million in an IPO launch in Hong Kong.

    The company aims to offer 39,540,00 new shares, 90 percent of which will be available for placing with institutional and professional investors while 10 percent will be available for subscription by the public in Hong Kong.

    Founded in 1988, YesAsia offers Asian fashion & lifestyle, beauty, and entertainment products to global customers. The company launched its key opinion leader initiative in 2018, and subsequently its YesStyle Influencer Program in 2019.

    Revenues generated from its influencer marketing initiatives accounted for 1.2 percent, 7.9 percent, and 17.4 percent of the total revenue of YesStyle for the three years ended last December, respectively.

    “We had been able to achieve above-industry revenue growth during the Track Record Period even in the midst of the Covid-19 pandemic, mainly due to our continuous effort in strengthening our marketing strategy to support customer retention and acquisition as well as long-term ecosystem development,” said Lau Kwok Chu, founder and executive director and CEO at YesAsia.

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  • Digital mutant orchids go on sale at cryptocurrency marketplace

    Digital mutant orchids go on sale at cryptocurrency marketplace

    Vietnam’s so-called mutant orchids are being turned into unique digital assets and being sold for up to thousands of dollars online.

    On the digital goods marketplace OpenSea.io, hundreds of items are displayed when a user types the keyword “Orchidaceae.”

    These items are non-fungible tokens (NFTs) which are units of data stored on a digital ledger called a blockchain that certifies a digital asset to be unique.

    In other words, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain, and a person can now buy a digital orchid plant using cryptocurrency like Ethereum.

    “The Hong My Nhan has glossy wings, harmonious pink color. Usually, the sepals are a bit darker than the wings,” says the description of a piece of the orchid that costs $428.

    These products are not real orchids. Instead, the buyer will own a digital version of the plant which is guaranteed to be sold in a limited number.

    “Although the buyer won’t own the physical plant, he or she can still show off the orchid without having to take care of it,” said digital currency expert Phan Duc Nhat.

    A Phu Tho orchid with an asking price of around $100 will have a maximum of 2,000 NFTs, while the more luxurious Co Do orchid with the asking price of $12,500 will only have 100 NFTs.

    But so far the highest bid for such an NFT is only 0.2 Etherum, or more than $400.

    The rush for the so-called mutant orchids has flooded social media in Vietnam in recent months, with investors spending hundreds of million dong (VND100 million = $4,340) to own a physical plant, hoping to sell it for a profit later.

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  • DBS Launches Digital Bond Marketplace

    DBS Launches Digital Bond Marketplace

    The bank is launching a marketplace that for issuers to directly issue their own bonds connect with investors.

    DBS is launching the Fixed Income Exchange (FIX) to digitalize and make the bond issuance process more efficient, the bank announced on Tuesday in a statement.

    FIX allows issuers to directly issue bonds to the marketplace, and fully digitalizes and automates issuance-related documentation. It also supports issuers in generating digital bond-ready transactions, which can be listed and traded on the DBS Digital Exchange (DDEx).

    Keppel Corporation is the first corporate issuer on the platform, with a $1 billion Euro-Commercial Paper Programme.

    With FIX, DBS said it hopes to make capital markets access more time and cost-efficient, while also developing the breadth and depth of Asian bond markets at a faster pace.

    The time is ripe for traditional ways of bond origination to make way for a more digital approach, to do what has been aspired for so long – by taking the first step towards the creation of an independent platform that allows bond issuers efficient and effective direct access to the market place and bond investors, Clifford Lee, global head of fixed income at DBS, said in the announcement.

    Just last week, domestic rival UOB piloted the digital issuance of its latest bond offering on exchange-operated digital asset issuance platform Marketnode, a joint venture between Singapore Exchange and Temasek.

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  • Etsy to buy fashion reseller Depop in push for younger consumers

    Etsy to buy fashion reseller Depop in push for younger consumers

    Etsy said on Wednesday it would buy Generation-Z focused fashion resale company Depop for $1.63 billion, seeking to attract younger shoppers and bolster its position in a booming market in vintage or used clothing.

    After a pandemic-driven surge in sales over the last year, Etsy, among the world’s best-known e-commerce platforms for handmade goods and vintage items, estimates the U.S. second-hand clothing market alone will be worth $64 billion by 2024.

    Chief Executive Officer Josh Silverman said he saw Depop as “the resale home for Gen-Z consumers” and believed there was significant potential to scale up its business as he seeks to offset consumers’ return to the more traditional malls and retail stores over the next year.

    “This (Gen-Z) is an enormous demographic and it’s the trendsetter demographic,” he told analysts on a call to discuss the deal.

    London-based Depop, founded a decade ago by entrepreneur Simon Beckerman for readers of his magazine to purchase featured items, is known for its vintage and street-wear collections and has over 26 million users across more than 147 countries.

    About 90% of its users are under the age of 26 and it is the 10th most visited shopping site among Gen-Z consumers in the United States, according to the company.

    The resale boom has prompted companies including Gap Inc and Vera Bradley to partner with sector players Poshmark and ThredUp.

    Silverman expects Depop to increase Etsy’s footprint in apparel, a growing category as people return to work and school. In 2020, Etsy recorded about $1 billion in apparel gross merchandise sales and its overall revenue doubled.

    Neil Saunders, managing director at retail research firm GlobalData, said the deal should give Etsy a new growth avenue as it comes down from a pandemic-led high.

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  • 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.”

  • Ministry wants social networks used to sell goods treated as online marketplaces

    Ministry wants social networks used to sell goods treated as online marketplaces

    Social networks that enable trading of goods should be regulated like e-commerce trading platforms, a draft decree by the Ministry of Industry and Trade proposes.

    It seeks to expand the scope of online marketplace regulations to include social media that allows people to create pages to sell goods, enter into contracts with customers or post articles offering goods or services for sale.

    But Nguyen Quang Dong, director of the Institute for Policy Studies and Media Development, said there is no basis to treat social networks as e-commerce platforms.

    They do not have physical stores or goods, or an obligation to provide support in cases of complaints or fraud, and charge fees for advertising as opposed to sales, he pointed out.

    “Viewing social networks as e-commerce trading sites would be incorrect, they are closer to advertising services. It is necessary to clarify the nature of social networks, instead of trying to have overarching regulations governing everything.”

    Some European countries treat social networks as digital services, a concept with a wider scope than e-commerce platforms, and allows them to collect taxes based on this definition, he added.

    Another provision in this draft that raises concern among analysts is that only foreign investors considered by the ministry to be “reputable global technology companies in the field of e-commerce” will be allowed to enter the Vietnamese e-commerce market.

    It will periodically publish a list of eligible companies, according to the draft decree.

    Nguyen Thanh Ha, chairman of law firm SB Law, warned this would limit the entry of foreign capital.

    “The definition of ‘reputable global tech company’ is ambiguous and subjective, and it is difficult to identify the standards of that qualify a company, and makes it difficult for businesses to interpret.”

    Dong too said this provision is not feasible and should be deleted.

    Global data firm Statista estimated Vietnam’s e-commerce market to be worth $6 billion last year and projected it to grow to around $9 billion by 2025.

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  • Pomelo roams from fashion label to multi-brand environment

    Pomelo roams from fashion label to multi-brand environment

    Thai-based omnichannel fashion platform Pomelo has launched a redesigned version of its online platform which features multiple brands.

    Besides offering in-app exclusive live streaming, the new app houses more than 100 brands on its Thai version, including Vans, Converse, L’Occitane, and local brands such as Rally Movement and Matter Makers.

    But the company told Inside Retail Asia it will continue to design and release its own Pomelo range as well.

    Pomelo, which is building a footprint across Southeast Asia, plans to expand its expanded multibrand selection into other markets next year.

    The new app has a feature called Tap Try Buy, previously called Pomelo Pick Up, which allows customers to order items online through the app or website, select a store or partner location to try on their selected items, and only pay for only what they choose to keep. Tap Try Buy orders already make up almost half of the retailer’s online orders, a percentage that has grown during the Covid-19 crisis.

    Overseeing the new multi-brand direction is Alexandra Schonfrucht, newly appointed former Zalando and JD Sports executive, who is now Pomelo’s global head of third party brands.

    “We’re thrilled to welcome Alexandra to the Pomelo team as we enter this next phase of growth as a multi-brand platform,” said David Jou, CEO, and founder of Pomelo. “We’re continuing to build a diverse brand portfolio to provide the best omnichannel experience for our users.”

    The new app also incorporates Pomelo’s new branding elements including a refreshed logo.

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  • Online marketplace Tiki gets US$130 million funding

    Online marketplace Tiki gets US$130 million funding

    Vietnamese online marketplace Tiki has successfully raised US$130 million in its latest funding round led by Northstar Group.

    According to Deal Street Asia, the total value of the investment may increase by a further $20 million.

    Founded in 2003, Northstar Group is a Singapore-based private equity firm, currently investing US$3 billion in more than 30 companies across Southeast Asia.

    Recently, online marketplace Tiki and rival platform Sendo informed authorities of a proposed merger scheme amid intense competition in Vietnam’s e-commerce market, with two strong rivals Lazada and Shopee. However, neither company has commented further on the plan.

    Although Tiki has received large investment amounts, the company is locally referred to as a “money-burning machine”. It accumulated a loss of $60.9 million last year.

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