This is an interesting post that first appeared on TechNode.
According to Ms. Emmy Teo, CEO of Fashory, the opportunity today lies in being able to show consumers where to buy the things they are interested in, especially if something catches their eye on a TV show. As an example, Fashory has been able to increase traffic and conversions dramatically using a combination of a push and pull strategy, to post content within communities of their target customers, and at the same time, leading interested customers to their WeChat account.
Secondly, marketers should understand the different social networks out there and that each one of them fulfils a different purpose for their target consumers.
Lastly, videos are now a crucial factor to attracting followers. Yoli, an online platform for English learning, regularly posts videos on Weibo to get the attention of their target users. This channel feeds Yoli’s customer conversion funnel, and eventually allows users to convert by registering on their WeChat account.
An article published on Tech In Asia on a few key takeaways from developments in the Southeast Asian ecommerce industry.
Consolidation will rise in the B2C ecommerce space: A few instances of acquisitions include Luxola’s sale to LVMH and Lazada’s acquisition of Lamido.
Digital agencies will adapt or go extinct: Agencies have been looking to develop their presence in the ecommerce space. An example is Publicis’ acquisition of BysoftChina, a Shanghai-based ecommerce agency.
The marketplace space gets overcrowded: A range of foreign and domestic competitors have flooded the marketplace space, in hopes of carving out a niche for themselves in a market that is still wide open.
Once the major driver of sales growth, China and Hong Kong now pose the biggest drag on profits at Prada SpA, causing the company’s share price to drop by almost 50 percent over the last year.
Prada’s net profit fell by 25 percent in the first half due to slumping sales in China and Hong Kong. Local media in China also reported that Prada was discounting at its stores, a practice that is typically avoided by high-end luxury brands to avoid tarnishing its brand image.
According to CFO, Donatello Galli, the company expects to cut expenses and slow store openings. At the same time however, the company is working on a new line of handbags which it hopes to attract growth and higher margins.
According to CBRE’s latest report on the retail real estate sector, Tokyo is the world’s hottest city for new retailer expansion, attracting 63 new retail brands, followed by Singapore with 58.
Domestic demand in Tokyo is expected to grow via the government’s initiative to attract more tourists to the country. In Singapore, food and beverage operators were among the most active in snapping up new real estate leases.
On a related note, retailers still substantial growth opportunities in the Asia Pacific region as 41% of American retailers continue to focus on the Asia region, while 79% of Asian retailers continue to target their own regions for further business expansion.
E-commerce giant Alibaba is rolling out a new initiative to promote its Taobao marketplace this weekend by inviting the public to try on stylish wardrobes in minibuses provided by Uber that serve as “mobile dressing rooms”.
The minibuses can be summoned via Uber’s app and will operate in Guangzhou, Chengdu and Hangzhou this weekend. The objective is to see how customers interact through this new experience, before rolling out the program to other cities in the future.
Next March, Otte, a small boutique chain in New York City, will open up a store in Shanghai — its first outside of the East Coast of the U.S. The reason? Over 50 percent of Otte’s online customers are Chinese, residing in either the U.S. or in China.
The success of Otte with its Chinese customers speaks to the importance of social media for fashion brands. Since starting their Weibo account from 4 years ago, Otte’s following is now comparable to other bigger ecommerce sites, such as, Shopbop and Revolve.
From red wine in plastic bottles and lunchtime sushi to trendy manbags and adjustable wrenches, Japanese males appear mesmerized by the price tag of 100yen offered on an array of goods at booming discount retailers.
In recent years, an increasing number of 100yen shops have been set up in the Tokyo business district, catering primarily to corporate working professionals. According to Kazuya Kido, president of CanDo, one of Japan’s largest 100yen stores, women account for 70 percent of customers. However, many products sold at CanDo’s stores are now aimed at men, as the stigma of visiting a 100yen shop has subsided over the years.