In late 2015, a founder of an e-commerce operations company I was advising confidently declared: "The future of e-commerce is in Qoo10. It's more engaging for consumers, and our sales there are much higher than on any other platform." At the time, his optimism was well placed. Daily deals platforms like Groupon were faltering, the future of Singapore e-commerce early entrant Lazada was uncertain amid rumours of a potential Alibaba acquisition, and upstart Shopee - launched earlier that year was little more than a Carousell copycat.
Qoo10, the daddy among them, was founded in 2010 - Lazada came along two years later when the Singapore e-commerce industry was in its early stages. And yet, five years later, it still stood out. It was cool, innovative and ambitious, even building its own logistics arm, Qxpress, signalling a long-term commitment to Singapore's emerging e-commerce market.
The firm had quickly become a darling on the scene, appealing to both buyers and sellers with a user-friendly platform, aggressive marketing, an efficient loyalty programme and a focus on low prices and variety.
But ever since Shopee and Lazada started firing up their growth engines, Qoo10's glory days were over. The hammer in the coffin was the Singapore High Court ordering Qoo10's liquidation early in November, highlighting a stark reality: Once a promising player in Singapore's e-commerce scene, Qoo10 now joins the list of fallen early movers.
It is the end of an era and a cautionary tale. But it is also a reminder of the dynamic, ever-changing nature of the e-commerce industry in Singapore.
BRIGHT BEGINNINGS
When Qoo10 was founded, it was well positioned to capitalise on Singapore's nascent e-commerce opportunities. At the time, Amazon and eBay dominated the West, while Alibaba's Taobao was already fairly established in China. These platforms gained some traction in Singapore with cross-border shoppers.
This story is from the December 04, 2024 edition of The Straits Times.
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This story is from the December 04, 2024 edition of The Straits Times.
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