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It can be a big headache if you want to create you own ecommerce system. As far as the expertise of two or three persons, it's hard to be. You might be able to do it but it's still imposible to compete with big ecommerce platform such as lazada and shopee. In order to achieve that level, you should have thousands of product with cheap and affordable price.
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E-COMMERCE has made quite a mark in the retail scene. As brick-and-mortar businesses face the challenge of slower sales and the need to adapt, the fast growing digital retail segment, it seems, is also faced with increasing competition as e-commerce evolves.
Newly launched e-commerce operator Fingo says there is a new business model in town and this is expected to eventually catch on with merchants and consumers.
Its chief executive officer Dong Fang says that Fingo is a social e-commerce platform, a concept made popular in China thanks to companies such as Nasdaq-listed Yunji and Beidian. These social-based e-commerce platforms operate on the new retail management model known as the S2B2C (supply-to-business-to-customer) model.
Like Yunji, Fingo is a membership-based e-commerce platform. Through the platform, merchants are able to reach out to an ever growing network of consumers, which enables them to gather data and feedback that would give them a better idea of what customers are looking for, says Dong. Consumers or members, on the other hand, are encouraged to grow the network by sharing product links and related content with new users. They assist in the buying and selling of products and are then rewarded with points and coupons when others use their referral links.
Dong explains that this model combines social media and e-commerce elements. While it is an e-commerce platform, it uses the group-sharing and marketing model to market products and merchants on the site.
Fingo works with established names in the consumer products industry from China as well as emerging local brands.
Dong says there is an untapped potential in South-East Asia for this new model and he is confident that it can compete with established e-commerce players as it addresses a new segment of consumers who are essentially social media savvy and are more drawn to the opinion of trend setters.
He has a clear ambition: to be the dominant e-commerce and marketing platform for SMEs in the region.
Read more at https://www.thestar.com.my/business/smebiz/2019/09/30/making-e-commerce-social#Q7was87q6moc6Yo3.99
Fingo (M) Sdn Bhd has launched Fingo, an innovative e-commerce platform that incorporates social e-commerce business models in Malaysia.
Fingo Malaysia chief executive officer Lee Chee Sing said unlike other e-commerce platforms that depended on their applications to secure customers, Fingo leveraged on major social platforms – WhatsApp, Facebook and Instagram – to connect with its customers.
“We use Big Data technology to select suppliers and brand owners of products to socialise and interact with Fingo members.
“Based on members’ experience in using the products, members then can invite other people in their respective contact list to utilise the items by joining Fingo, ” he said in a press conference after the launch of Fingo.
Lee said Fingo customers would be able to deal directly with suppliers or brand owners without going through middle man or resellers.
Fingo, which operates in three languages – Mandarin, English and Bahasa Malaysia – has over 200, 000 registered active shoppers in the country to-date, and it hopes to reach 500, 000 shoppers by year-end.
Lee said the major products featured on the platform included cosmetics, household items, personal care and soon, daily living products. It also aims to be listed among the top three e-commerce platforms in Malaysia within three years.
On expansion, he said the company targeted to have a presence in Thailand, Vietnam and Indonesia in its next development phase by next year at the earliest, followed by the Philippines and Taiwan.
Meanwhile, Deputy International Trade and Industry Minister Ong Kian Ming, who officiated at the launch of Fingo Malaysia mobile app, said the participation of Fingo in the Malaysian e-commerce circuit was timely as it gave more variety of goods and services to online consumers nationwide.
“Besides, this is an opportunity for Malaysian small and medium enterprises to promote and export their products to a wider customer base within Asean and Taiwan, ” he said.
Ong also quoted the e-Conomy SEA 2018 report by Google and Temasek which cited that South-East Asia is one of the fastest-growing Internet regions in the world.
“This indicates that Malaysia and the rest of South-East Asia is well-positioned in offering massive opportunities in mobile e-commerce, ” he said, adding the Asean Internet economy was estimated to reach US$200bil by 2025.
Fingo is founded by a group of former top executives from China’s e-commerce Alibaba Group, led by CEO Dong Fang who has 13 years of experience in various capacities and division within the Alibaba Group. — Bernama
Read more at https://www.thestar.com.my/business/business-news/2019/07/31/fingo-launches-innovative-social-e-commerce-platform-in-malaysia#5gxlozPbeVGBfgHS.99
Fingo is led by former top executives of Alibaba to establish a legitimate capital investment for e-Commerce platform investment using community resource distribution. Fingo offers high quality goods from Taobao's flagship stores and stores. Fingo is most attractive at the expense of joining entrepreneurs and acquiring entrepreneurial opportunities with Fingo.
Here's a screenshot I took when I visited Fingo's HQ in Kuala Lumpur on Friday several weeks ago. She joined Fingo during the pre-launch 4 months ago. If the cumulative income of RM115 thousand is divided into four months, that means almost RM30 thousand a month. This revenue is growing with the increasing popularity of Internet users in Southeast Asia. Of course, it's a fun thing for us to try too!
The commission will be paid through the bank account provided in the Fingo account. Payments are in accordance with the instructions given by the members and will be processed on Tuesday. The commission will be received one or two days after Tuesday (Wednesday or Thursday) by bank. The bank charges a 1% transaction fee on every commission payment.
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