Singapore Migshop Launches

Source: e27

Singapore-based social entertainment platform migme has announced the launch of  its social ecommerce migshop store, according to this article on e27. Migshop will offer curated items from major Southeast Asian ecommerce platform Lazada and India-based online marketplace Snapdeal.

The store will only be accessible to users from Thailand and India for now, but plans to expand to Philippines and other markets in the region are in the works.

“The social key influencers framework plays a leading role in driving online shopping and purchasing behaviour and this has contributed to the rise of this business model in other Asian markets. Companies such as Mogujie and Meilishuo in China, which have a combined value of $3 billion, have had great success in this area. We are confident we can replicate this strategy in our key markets, where there are similar dynamics,” said migme CEO Steven Goh.

Along with the acquisition of Sold.sg (pay-to-bid business) in 2015 and Shopdeca (B2C ecommerce retailer) in April 2016, the launch of this new platform is expected to give migme’s social ecommerce presence a generous boost.

Social commerce in Southeast Asia

The emerging market of Southeast Asia both boast high numbers of social networking users, many of whom check their social network pages via mobile phones. PwC latest survey revealed that Thailand and Malaysia are on the top five countries where online shoppers purchased directly from social media channels. Additionally, the fact that more than 50% shoppers in Southeast Asian countries such as Malaysia, Singapore and Thailand are turning to social media to consult about their purchase is will only strengthen the influence of the platform in the future.

A version of this article appeared in e27 on June 22. Read the full article here.