09 Nov 2017

MR No.: 048/17

Singapore, Thursday, 9 November 2017

  1. International Enterprise (IE) Singapore brought together Shopmatic1, Red Dot Payment2, and iCommerce Asia3 to capture the growing e-commerce market in Southeast Asia through integrating their e-commerce solutions. The group has secured its first S$100,000 deal in Southeast Asia, with more in discussions. This is part of IE Singapore’s continued efforts to develop a network of Singapore e-commerce companies across the value chain to offer complementary services.

  2. Southeast Asia’s e-commerce market is growing at 17% per year and projected to be valued at S$120 billion by 2025 4. With rising competition, e-commerce companies need to offer strong and unique value propositions to stay in the game. IE Singapore’s partnership brings together different companies offering complementary solutions, overcoming their individual capability gaps to capture opportunities in this region.

  3. The combined solution will help companies looking to take their businesses online in Southeast Asia. As a group, the three companies’ complementary offerings are:

    • Shopmatic – provides the e-commerce platform, including website building, product management, social and marketplace integration, analytics, maintenance and support;

    • Red Dot Payment – provides digital payment solutions for domestic and international consumers on this platform;

    • iCommerce Asia – provides logistics and supply chain management solutions, completing the last mile delivery.

  4. Said Mr Lee Yee Fung, Group Director, Lifestyle Business Group, IE Singapore, “The e-commerce landscape today is highly competitive, where the concept of ‘platform business models ’ is increasingly common. Singapore companies need to adopt new business models5 to compete effectively. The e-commerce alliance allows companies with different strengths and specialised solutions to come together flexibly to provide comprehensive solutions to customers.”

  5. Mr Anurag Avula, Chief Executive Officer (CEO), Shopmatic, said, “Customers have shared that there are many individual solutions available in the market but it takes up more resources to engage different vendors for a complete online solution. This alliance that IE Singapore initiated allows Shopmatic to enter markets in Southeast Asia by partnering Red Dot Payment and iCommerce Asia. The comprehensive solution enables us to deliver value to our prospective customers in new geographies. With support from IE Singapore, we look forward to more players coming on board to enhance our value and drive differentiation overseas.”

  6. Beyond this partnership, IE Singapore is looking to encourage more companies with different e-commerce solutions to come forth and form different alliances flexibly to respond to the fast changing competitive landscape. For example, IE Singapore is concurrently working with Shopmatic and Octopus Retail Management6 to develop an integrated O2O7 e-commerce solution targeting O2O retailers in India.

  7. To facilitate more partnerships and projects, IE Singapore will organise a series of roundtables this month to better understand challenges SMEs face for regional e-commerce projects. The agency’s business missions to India, Indonesia, Korea, Latin America and Vietnam in 2018 aims to help Singapore companies deepen their understanding of the local e-commerce landscapes and develop complementary capabilities to capture opportunities.

  8. This alliance announcement comes on the back of another announced last week, where IE Singapore facilitated a partnership between Surbana Jurong (SJ) and two SMEs, iFocus Pte Ltd (a hardware company) and S3 Innovate Pte Ltd (a data visualisation company) to clinch their first lift monitoring project in Guangzhou city.

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Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is required. In addition, unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore.

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Ms Cheryl HOW

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Email: cheryl_how@iesingapore.gov.sg

About International Enterprise Singapore

IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global.

We attract and anchor global trading companies in Singapore by promoting our unique advantages as a global trading hub. Today, Singapore is home to a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.

Through our network of over 35 overseas centres and comprehensive assistance programmes, we partner Singapore companies to strengthen their global competitiveness.

IE Singapore will merge with SPRING Singapore to form Enterprise Singapore in Q2 2018. Enterprise Singapore will enable the growth of Singapore companies through an integrated support network to build business capabilities and access overseas markets.

Visit www.iesingapore.gov.sg for more information.

[1] Shopmatic provides the entire ecosystem for online sellers - from creating storefronts, with integrated payment gateways, to logistics.

[2] Red Dot Payment is an e-commerce enabler, offering global and local payment modes, hospitality-specific solutions and bespoke integration services.

[3] iCommerce Asia is an e-commerce enabler that offers integrated omnichannel solutions including third party logistics and e-commerce-focused value-added services like digital productions and content management.

[4] Source: Euromonitor International

[5] A platform business model creates value by facilitating exchanges between two or more interdependent groups.

[6] Octopus Retail Management is a retail management solutions company that offers a complete Omni channel front and back end solutions for merchants in the retail and food and beverage industry.

[7] O2O stands for online-to-offline commerce, where consumers who are shopping online are also driven to make a purchase offline.