E-COMMERCE
E-COMMERCE
Singapore ‘ global leader ’ in online marketplace adoption : Stripe
MULTI-SIDED marketplaces have transformed consumer life in Singapore , revealed new research released by technology company Stripe .
More than three-quarters ( 77 %) of Singaporeans visited an e-commerce marketplace in the past year . Singaporeans were also the biggest users of food delivery ( 52 %) and ridesharing ( 52 %) platforms of all of the nine countries surveyed , while their use of hotel and hospitality ( 46 %) and restaurant reservation ( 21 %) marketplaces was second only to Hong Kong .
The study , conducted by research firm Nielsen , showed that almost all ( 90 %) uses of ridesharing marketplaces in the past year happened on mobile devices . The trend is also reflected in the use of other marketplaces . For example , 72 % of visits to food delivery marketplaces in Singapore took place on mobile , compared with the total average of all the other countries surveyed ( 60 %).
For many , a big part of the experience came down to having fast , secure and frictionless payments , according to Stripe . More than half of Singaporeans ( 65 %) will abandon a website if it takes too long to enter their payment information at checkout and 73 % said that it is important to not have to enter their credit card details every time they make a purchase . Ninety-six percent also want to know their details are safe .
The study also shows that marketplaces are not just transforming how consumers buy online , but also driving change in the overall economy . Nearly a quarter ( 22 %) of Singaporeans who visited an e-commerce marketplace in the past year did so to both buy and sell items .
A majority of Singaporeans ( 87 %) said they believe that online marketplaces are beneficial to the economy . Of those , most said they believe that marketplaces give consumers more choice ( 83 %), increase competition between businesses ( 60 %), and help small businesses reach more consumers ( 60 %).
“ We ’ re starting to see the real transformative impact of the Internet with the growth of these multi-sided marketplaces . These marketplaces aren ’ t
China ’ s Secoo gains US $ 175 million from partnership with L Catterton Asia , JD . com
PRIVATE EQUITY FUND L Catterton Asia and e-commerce company JD . com last month announced a strategic partnership with Chinese online luxury fashion retailer Secoo Holding . Through the partnership , L Catterton Asia and JD will invest US $ 175 million in Secoo .
Secoo said its integrated online and offline shopping platform offers more than 300,000 stock keeping units ( SKUs ) covering more than 3,000 global and domestic brands .
By partnering with L Catterton Asia , Secoo will be able to leverage the firm ’ s global fashion and retail expertise to further expand within the luxury market . The partnership will provide the e-tailer the opportunity to collaborate with existing
L Catterton portfolio companies . The transaction will also enable Secoo to continue enhancing shareholder value and strengthen its leading position in the rapidly growing Chinese luxury e-commerce market , the company said .
Ravi Thakran , chairman and managing partner of L Catterton Asia , said : “ We believe that Secoo is one of the strongest high-end platforms for the Chinese consumers . We look forward to working together with Richard and his outstanding team to take Secoo to the next level and continuously build the platform for highend consumers .”
Richard Li , chairman and CEO of Secoo , expressed excitement about this strategic partnership . “ Secoo is poised just changing the way we travel , shop and commute , they are fundamentally changing the Internet economy , creating new commercial experiences that cannot exist in the offline world and driving the next wave of growth online ,” said Piruze Sabuncu , head of South-east Asia and Hong Kong , Stripe . ra
By using technology to facilitate online transactions between multiple third-party buyers and sellers , online marketplaces are providing consumers with greater convenience in their daily lives .
to gain invaluable name recognition and further boost the company ’ s reputation in the international luxury consumer space . Secoo will be able to leverage L Catterton and JD ’ s operational expertise and vast resources to expand and deepen our market presence not only in China , but also across the globe ,” he said .
Shengli Hu , president of JD Fashion & Lifestyle , added : “ This partnership will help us enhance our luxury capabilities and provide the best possible luxury shopping experience to consumers in China . Chinese consumers are increasingly discerning about their luxury purchases . As we look to continue to meet this demand , we see many potential areas for future collaboration with Secoo .” ra
32 Retail Asia August 2018