Shopee

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Shopee headquarters in Singapore Science Park

Shopee Pte Ltd (/ʃɒpiː/ SHO-pee) is a Singaporean multinational technology company which focuses mainly on e-commerce. Headquartered under Sea Group (previously known as Garena),[1] Shopee was first launched in Singapore in 2015, and later expanded its reach to Malaysia, Thailand, Taiwan, Indonesia, Vietnam, the Philippines, Brazil, and Mexico.[2][3][4]

It currently serves consumers in Southeast and East Asia, as well as South America and Mexico, who want to purchase and sell their goods online as of 2021.[5] Shopee was called one of the "5 disruptive ecommerce startups we saw in 2015" by Tech In Asia for its technical advancement and mass scale, thanks to the mobile and social elements integrated into the model.[6]

History

In 2015, Shopee launched in Singapore as a social-first, mobile-centric marketplace where users can browse, shop and sell.[7] Integrated with logistical and payment support, the asset-light platform claims to make online shopping easy and secure for both sellers and buyers.[8][9]

The app-based platform launched a website in order compete with other e-commerce websites in the region like Lazada, Tokopedia and AliExpress. To differentiate itself, Shopee offers online shopping security through its own escrow service called "Shopee Guarantee",[2] where it withholds payment to sellers until buyers have received their orders.[10]

On 3 September 2019, Shopee officially opened its new six-storey regional headquarters at Singapore Science Park. The new building has Template:Convert of space, which can accommodate 3,000 employees and is six times larger than the previous headquarters at Ascent Building. The building was previously tenanted by WeWork in Singapore. The co-working space giant that has presence at more than 700 locations globally as of 2020. The lease was subsequently relinquished to Shopee as a result of its rapid expansion. By doing so, it strengthens its push into the digital economy.[11][12]

Business model

Shopee first started as primarily a consumer-to-consumer (C2C) marketplace but has since moved into both a C2C and business-to-consumer (B2C) hybrid model.[13]

Shopee partners with over 70 courier service providers across its markets to provide logistical support for its users.[14] In Singapore, it collaborated with logistics startup NinjaVan for item pickup and delivery.[15] Other delivery partners in the region include Chunghwa Post from Taiwan and Pos Indonesia.[16]

Market share

As of 2019, the platform recorded 200 million downloads. Shopee also saw gross orders jumping 92.7% to 246.3 million in Q2 2019, compared to 127.8 million a year ago. Its gross merchandise value also surged 72.7% to US$3.8bil in 2Q19 from US$2.2bil a year ago. [17]

According to iPrice's 21 2019 e-commerce report, Shopee was the top Shopping App by Monthly Active Users, Total Downloads and Websites with the Most Visits, ahead of its competitors, Lazada and Tokopedia. [18]

These GMV claims have also led to backlash by Alibaba-backed competitor, Lazada. The former CEO, Max Bittner asserted that GMV numbers can be easily inflated "by subsidy schemes and history shows that GMV falls away as unhealthy subsidies are removed."[19]

Nonetheless, in Malaysia, Shopee became the 3rd most visited e-commerce portal in Q4 2017, replacing Lelong and "overtook Lazada to rank as the best app on both Google Play and iOS App stores."[20]

Similarly among consumers in Indonesia, a survey conducted in December 2017 by theAsianparent revealed that "for Indonesian mothers, Shopee is a first choice shopping platform (73%), followed by Tokopedia (54%), Lazada (51%) and Instagram (50%)."[21]

New launches

In 2016, Shopee launched an initiative called "Shopee University", a series of workshops and tutorials to aid local entrepreneurs and businesses in setting up their online businesses in the Philippines.[22]

In 2017, Shopee launched Shopee Mall with 200 brands in Singapore and the Philippines.The dedicated portal features thousands of products sold by leading brands and retailers in the region. Shopee Mall was created to offer a more diverse online shopping experience, and to better cater to larger brands looking to pursue an omni-channel approach.[23] [24] [25]

In 2018, Shopee launched the China Marketplace portal that offers shoppers easy access to products from Chinese merchants, without any shipping and agent fees in Singapore and the Philippines. This portal directly competes with Lazada's Taobao Collection option.[26] [27]

Brand ambassadors

In 2018, Shopee appointed Blackpink as its first-ever regional brand ambassador, as part of its partnership with YG Group. Bambam of Got7 was also appointed as the brand ambassador in Thailand in October of the same year. [28]

In 2019, Shopee secured a partnership with global football icon Cristiano Ronaldo as its regional brand ambassador. The partnership was announced in line with Shopee's signature annual shopping event, 9.9 Super Shopping Day. [29]

In the Philippines, Shopee has spawned seven local brand ambassadors: actress Anne Curtis, singer Jose Mari Chan, television personality Sarah Geronimo, boxer and Senator Manny Pacquiao, influencer Alysza Aldam, television personality Kris Aquino, and television host and comedian Willie Revillame. In 2020, television personality Aquino became the new endorser of Shopee for the 11.11 Christmas Sale, after Chan, who was endorser for the 11.11-12.12 Christmas Sale in 2018 and the 9.9 Super Shopping Day in 2020.[30] Chan later joined Aquino in the 12.12 Christmas Sale in 2020.[31] In February 2021, television host and comedian Revillame was named as Shopee's new endorser for 3.3-4.4 Mega Shopping Sale.[32] Revillame's show Wowowin is a partner of Shopee for their Monthly Double-digit Shopping Sale promotions in 2020 even before Revillame was named as Shopee's endorser in 2021.

In August 2020, Phua Chu Kang, a classic role from a Singaporean sitcom that was played by Gurmit Singh was announced and signed as Shopee's first Singaporean brand ambassador.[33]

In Indonesia, Shopee has recruited 2 local brand ambassadors: late singer Didi Kempot and singer Nella Kharisma. In 2020, Korean boy group Stray Kids became the new endorser of Shopee Indonesia for the 11.11 Big Sale and 12.12 Birthday Sale. [34] [35]

IPO

Shopee's parent company, Sea Group, filed for an initial public offering on the New York Stock Exchange (NYSE) in October 2017 for US$2 billion.[36] Tencent is the main beneficiary of the Sea listing with a 39.7% share while Blue Dolphins Venture — an organization set up by founder Forrest Li — holds 15%. Li himself has 20%, and Chief Technology Officer, Gang Ye holds 10%.[36]

Awards

In 2015, Shopee was awarded the Singapore Startup Of The Year in the second edition of Vulcan Awards, presented by Singaporean digital publisher, Vulcan Post.[37]

See also

References

  1. "Garena Rebrands as Sea After Raising $550 Million in New Funding", 8 May 2017. 
  2. 2.0 2.1 [1], "Garena’s Shopee could be on its way to beating Carousell in Asia". Tech In Asia. 24 November 2015. Retrieved 10 December 2017
  3. [2], "Shopee launches online store in Brazil". Tech In Asia. 30 October 2019. Retrieved 17 December 2019
  4. [3], "Sea's Shopee to enter Mexico online market with app launch". The Business Times. 23 February 2021
  5. Econsultancy. Shopee: Localizing Ecommerce in Southeast Asia and Taiwan (en).
  6. Tech in Asia - Connecting Asia's startup ecosystem (en-US).
  7. [4], "Garena And Its Quest To Take Down Carousell With Newly Launched Shopee App". Vulcan Post. 3 August 2015. Retrieved 28 March 2018
  8. [5], "Safe, easy shopping with Shopee". The Straits Times. 9 September 2015. Retrieved 28 March 2018
  9. [6], "How Shopee plans to reign supreme in Southeast Asia’s fashion ecommerce scene". Tech In Asia. 06 November 2017. Retrieved 10 December 2017
  10. [7], "5 disruptive ecommerce startups we saw in 2015". Tech In Asia. 11 December 2015. Retrieved 21 March 2018
  11. Heng, Melissa (3 September 2019). Shopee opens new regional HQ in line with Singapore's push into digital economy.
  12. Grand Opening of Shopee Headquarters Building (3 September 2019).
  13. [8], "The Natural Progression of C2C Business Models, Garena Shopee’s Venture into B2C". ecommerce IQ. 22 May 2017. Retrieved 10 April 2018.
  14. [9], "Sea Limited Form F-1". U.S. Securities and Exchange Commission. 18 October 2017. Retrieved 10 December 2017
  15. [10], "CEO Chris Feng On Shopee's Rise In Southeast Asia, & Avoiding Carouhell". Vulcan Post. 16 December 2015. Retrieved 29 March 2018
  16. [11], "Bizzy acquires Alpha; Shopee partners Pos Indonesia". Deal Street Asia. 10 May 2017.
  17. e-commerce platform Shopee confident of sustaining strong growth (en) (2019-10-18).
  18. iPrice report has Shopee down as the most popular shopping platform in Southeast Asia (en-US).
  19. [12], "Lazada slams Sea's claim that Shopee is the top regional ecommerce player". Tech In Asia. 27 September 2017. Retrieved 28 March 2018
  20. [13], "Who leads e-commerce in Malaysia? Lazada or Shopee?" e27. 21 March 2018. Retrieved 2 April 2018
  21. [14], "Shopee found to be the most popular e-commerce site for Indonesian mothers". Marketing Interactive. 6 April 2018. Retrieved 10 April 2018
  22. [15], "Shopee teams up with Facebook to help leading retail brands strengthen their eCommerce presence". Manila Bulletin. 07 September 2017. Retrieved 10 December 2017
  23. [16], "Shopee opens online mall for consumers". Singapore Business Review. 18 July 2017. Retrieved on 10 December 2017
  24. "Online shopping easier with Shopee mall", Manila Standard. (in en) 
  25. Shopee officially launches Shopee Mall | AdoboTech (en-US) (2018-04-04).
  26. [17], "Shopee launches China Marketplace portal with free shipping to rival Lazada". Business Insider Singapore. 1 March 2018. Retrieved 21 March 2018
  27. Shopee-China-marketplace (en-US).
  28. Tan, Janice (2018-11-30). Shopee taps K-pop group BLACKPINK as first-ever regional brand ambassador (en-US).
  29. Cristiano Ronaldo signs on with Asian e-commerce platform Shopee (en-US) (2019-08-16).
  30. Shopee 11.11 Big Christmas Sale with Shopee's New Brand Ambassador: Kris Aquino!. YouTube (2020-10-21).
  31. Shopee 12.12 Big Christmas Sale Na!. YouTube (November 23, 2020).
  32. Wowowin: Willie Revillame, the newest Shopee Brand Ambassador!. YouTube (February 23, 2021).
  33. "Phua Chu Kang signed as Shopee's first Singaporean brand ambassador", Inside Retail, 23 August 2020. 
  34. Ini Dia Brand Ambassador Baru Shopee Sekaligus Guest Star Spesial di TV Show 11.11 Big Sale!. YouTube (2020-11-04).
  35. Shopee x Stray Kids - Shopee 12.12 Birthday Sale. YouTube (2020-11-17).
  36. 36.0 36.1 Southeast Asia games firm Sea, formerly Garena, files for $1 billion US IPO (24 September 2017).
  37. The Winners Of The 2015 Vulcan Awards: GrabTaxi, Airbnb, WhatsApp & More! (14 December 2015).