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Here’s what you should know today.

1. Migme prepares scenario to sell the company

As migme struggles to secure new investors, the company is extending the deadline for its search to April 17, 2017 as part of transparency requirement at the Australian Stock Exchange (ASX).

The company is looking for an investment of AU$6 million (US$4.5 million) convertible note. Its stock price has slipped to 4.4 cents and the company had requested ASX to suspend its share transactions.

According to its Q4 2016 financial report, by the end of December 2016 migme only had US$400,000 left in its account, and was in the process to reduce operational costs by refocussing the organization –and quite possibly by laying off employees.

Read the rest of the story here.

2. Zalora to stock Abercrombie & Fitch in Asia 

American retailer Abercrombie & Fitch has entered into a wholesale agreement with Zalora. Starting next week, the fashion ecommerce will stock Abercrombie & Fitch in Asia.

“This partnership will provide Abercrombie & Fitch access to more than 600 million of Zalora’s online customers,” said Fran Horowitz, CEO of A&F.

The deal puts authentic Abercrombie & Fitch products into 11 Asian markets including Hong Kong, Singapore, Indonesia, Malaysia, Brunei, the Philippines and Taiwan.

“We are looking forward to partnering with Zalora to build on our strong base of loyal customers across Southeast Asia. We work hard to connect with customers wherever, whenever, and however they prefer to shop and we continue to invest in relationships and innovation to support that.” added Horowitz.

Read the rest of the story here.

3. Recommended Reading: Marketers Direct Mobile Ad Efforts Towards Social in APAC

Consumer’s preference for mobile in Asia Pacific is having a big impact on ad spending in the region, with paid social campaigns on popular platforms like Facebook shifting increasingly toward mobile channels.

A survey conducted by Hakuhodo in August 2016 found that more than half of respondents accessed social media using their device. The findings align with eMarketer’s November 2016 forecast predicting that more than 90% of Facebook users in Asia-Pacific will log on to the site via their mobile device this year.

This growing preference for mobile access to social networks in Asia-Pacific hasn’t been lost on the region’s advertisers. According to January 2017 data compiled by Nanigans, mobile’s share of Facebook ad spending in Q4 2016 in Asia-Pacific was 88%, at least 10 percentage points higher than any other geographic region worldwide.

Read the rest of the story here.

 

Here are some key headlines to start your day:

 

1. Thai SMEs urged to forge partnerships with Hong Kong

Ecommerce allows anyone to have access to a global market. The key advantage of Hong Kong in terms of geography, logistics and supply chains, as a distribution hub for Thai SMEs, is its willingness to open to new ideas. Read the rest of the story here.

 

2. India’s biggest tax reform in decades embraces tech and opens the door for startups

The GST will collapse all of these smaller taxes and present a single rate for all goods and taxes. Its three components are the central government’s GST, the state’s GST, and inter-state GST. Together, they make up the overall GST. Essentially, it will treat India like a single market. Read the rest of the story here.

 

3. After migme acquisition, Shopdeca and Sportdeca will remain focused on Indonesian market

Sportdeca and Shopdeca’s businesses will remain focus in Indonesia. It is true that there are other markets where migme users are bigger, such as in India, but we need to be able to prove that Shopdeca and Sportdeca’s businesses can work in Indonesia, says Shopdeca CEO Andreas Thamrin. Read the rest of the story here.

 

Been busy? Here is a quick roundup of news you should know from this weekend.

1. Thailand Post Launches Four New Services, Embraces The Digital Age

Thailand Post introduces Prompt Post, Messenger Post, the THP card and cross-border delivery service. Read more about it here.

 

2. Digital Media Company Migme Raises $6.2M in Funding

The fresh funds will be used to finance expenditures and attain cash flow positive operations by 2017. Read more about it here.

 

3. Food Panda Is Pulling Out of Indonesia

The business is reportedly up for acquisition, for less than $1 million. However, the online food delivery company still plans to stay in Southeast Asia. Read more about it here.

 

4. Rakuten Acquires Bitcoin Wallet Startup, Bitnet

Rakuten will leverage the acquisition and launch a ‘bitcoin lab’. The transaction financial figures were undisclosed. Read more about it here.

 

5. Worldwide Retail Ecommerce Sales Will Reach $1.915T This Year

daily news

Double Digit growth will continue through 2020, with the bulk of retail ecommerce coming from China, where sales are expected to represent 47% of all such sales worldwide. Read more about it here.

Singapore-based social app Migme has raised $1.5 million from Chinese photo sharing company Meitu at an issue price of $0.47 Migme per share into the Australian Securities Exchange (ASX). Meitu then becomes a major shareholder following the investment reports Deal Street Asia.

Earlier this March, Meitu invested $5 million in the social media tech company gaining just about 5% ownership. After this investment, its stake increase to 5.71%. ASX’s recognizes a firm as a substantial shareholder in another if it has more than 5% voting rights in the company.

With over 32 million monthly active users across Indonesia, Philippines and India, the strategic partnership is set to allow Meitu, whose 900 million users are predominantly from China, to leverage off Migme’s Southeast Asian audience base.

Listed on the ASX in 2014, Migme delivers social entertainment services through mobile apps Migme and LoveByte, artist management website Alivenotdead, Indonesian social news website Hipwee and fashion store Shopedeca, and ecommerce site SoldThe company has also announced the launch of the Migshop store in June, in a move to increase user engagement and revenue of its ecommerce offering.

Migme has offices in Malaysia, Indonesia, Taiwan and Hong Kong. In a report released earlier this year, the company revealed it raised its revenue by 525% year-on-year to $8.7 million, cutting losses to $14.7 million. It’s user pool also grew by 220%.

A version of this appeared in Deal Street Asia on July 7. Read the full article here.

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.