Mobile-first shopping and fashion discovery app, Goxip is in the midst of raising another round of funding to boost their growth in Southeast Asia. The app targets over a million downloads in 2016, both from its home market Hong Kong and the newly launched market, Malaysia. The next funding will be notably larger as the company plans to launches a marketplace and expanding to a new market.

Earlier this year, Goxip raised a seed round of $1.6 million, one of the largest in Southeast Asia, but the team anticipates the cash run to shorten as their growth speeds up.

“Our next phase is to develop a marketplace and execute that in the next two months, or less. We are looking to partner with local designers and retailers as well,” Juliette Gimenez, Goxip CEO and co-founder said during a press conference. “We don’t have a fixed runway for what we raised, but we may be utilising the funds to grow faster than we originally expected.”

Goxip is Raising Fund to Build a Marketplace


Goxip Marketplace

Goxip’s marketplace will be built for merchants and individuals to run their own online stores. They have also been eyeing Thailand and Indonesia as potentially new markets, but the team said 2016 will largely focus on growing its business in Hong Kong and Malaysia. The team is also aggressively hiring to pull off its growth plans.

The Hong Kong-based startup announced a $1.62 million seed funding in May, led by first-time tech startup investor, and socialite entrepreneur Chryseis Tan who committed $1.5 million for a 30% stake in the startup. Another $120,000 was contributed by Ardent Capital, which has a track record investing in ecommerce platforms around the region.

Chryseis Tan is also the daughter of Malaysian tycoon, Vincent Tan, who owns the conglomerate Berjaya Group operating various businesses in food and beverage, retail, automotive, property and gaming, has been a key mentor to the Goxip team.

A version of this first appeared in Deal Street Asia on July 28. Read the full article here

Media shy shopping app Sale Stock is making its mark in the online shopping sector reports Tech In Asia. The app is currently ranked at number 10 in Indonesia’s Play Store, which puts it up in the same league as ecommerce incumbents such as Lazada and Tokopedia, despite having launched less than a year ago.

Despite its success, Sale Stock is very understated because the founders, husband and wife duo Lingga Madu and Ariza Novianti, prefer to keep a low profile. The founding team is made up of three other co-founders, one a former engineer at Facebook.

Funding Situation

Sale Stock is listed as a company under Ardent Ventures, and thus is now managed under Wavemaker, as the two funds recently merged earlier this year. According to Tech In Asia’s speculations, Sinar Mas Digital Ventures (SMDV) could have a larger stake in Sale Stock as the startup has an office in SMDV’s space in downtown Jakarta.

The Sale Stock Philosophy

Sale Stock is strictly mobile only to leverage Indonesia’s growing mobile commerce sector, where mobile growth rate is at 55.5%, according to MasterCard’s Mobile Shopping Survey. The startup sells affordable, unbranded women’s fashion.

No dress, watch or shoe cost over $15.24 making Sale Stock affordable for everyone. The company’s ‘No Discount’ policy also means that prices remain consistently low so there is not a need to wait for sale season to purchase.

The company does not charge a delivery fee and accepts cash on delivery as a method of payment to appeal to Indonesia’s mass shoppers who have low credit card penetration. The startup’s supply chain and logistics is operated by aCommerce, also under Ardent/SMDV.

Because Sale Stock is not a C2C player like its closest competitors Shoppee or Carousell, and sells only its own inventory, the startup has managed to cultivate a niche of its own. Sale Stock’s main roadblock is a comparatively asset-heavy model as it curates its own inventory meaning that it needs to operate on a consistently large scale due to slim margins from low prices.

A version of this appeared in Tech In Asia on July 12. Read the full version here.

The ASEAN ecommerce Inflection Year 2015  is a report by aCommerce Founder and Group CEO Paul Srivorakul that includes details and demographics about the ASEAN market and  consumer behavior. It provides a much needed window into the fragmented ecosystem of ASEAN ecommerce. As we stand in 2016, the  landscape has remained consistent with insights from this report. Here’s what we think you’d like to know:

Thailand’s Consumer Demographic

Thailand's Consumer Demographic

Thailand’s Consumer Demographic

Indonesia’s Consumer Demographic

Indonesian ecommerce demographic

Indonesian ecommerce demographic

Retailers should not just focus on millennials

  • As consumers age, online prominence also increases
  • Focus on Customer Lifetime Value at the earliest stage, even at 65+
  • SEA online shoppers are driven by deals and promotions

ecommerce payment trends

  • Cash on Delivery (COD) & Card-Swipe-On-Delivery (CSOD) will grow
  • Over the next 5 years, 65% of transactions will start online and finish offline

Challenges for Retail players

  • Sales cannibalization of offline operations
  • Discounted prices and margin pressure
  • Overstated Offline store-opening opportunities
  • Profit focus can be a disadvantage

And lastly, some predictions for the next 5 years…

ASEAN ecommerce, ecommerceIQ, eIQ

ASEAN ecommerce predictions for the next 5 years

To access the full report, click here.