STDM will promote TinyTrunk on its digital platforms, including lifestyle portal inSing.com. The startup hopes to capitalize on this opportunity to boost its user base and merchant sign-ups.
TinyTrunk also unveiled a ‘flea market’ feature that enables up to 5 friends to conveniently create an online store on the platform. The online store has a shopping cart that consolidates payments into one bill and splits it up for the store owners.
“Getting together with friends and setting up a co-owned stall at an offline flea market is a common behavior and we want to own that space online,” said Jon Yongfook Cockle, co-founder of 24-12, the Singapore-based parent company of TinyTrunk.
The platform has now secured over 400 merchants and 2,000 products since its launch in February 2012. That’s up from 164 shops in July.
In terms of transactions, it is currently selling “in the low-hundreths per month” with little marketing done so far. TinyTrunk collects a sales commission of between SGD1-3 per transaction. Jon is not looking to raise funds at this point.
TinyTrunk deviates from many of today’s ecommerce startups, like ShopSpot and Carousell, in one major way: It has stuck to a web-first mentality, although Jon promises that native app support will come soon.
He explained that ecommerce companies with both web and mobile components will usually see a 60/40 revenue split in favor of the web, so it doesn’t make sense to build an exclusively mobile platform.
“I think startups who are launching mobile-only e-commerce plays are doing so just for the sake of product differentiation, not necessarily for the sake of sales,” said Jon, who has, since the last time SGE profiled him, snagged a co-founder in Kelly Leong, who handles business partnerships.
STDM has been actively pursuing tech startups lately in concert with SingTel‘s strategy of building an ecosystem of services. In October, it unveiled partnerships with Perx, a mobile loyalty platform, and Reserveit.sg, a web and mobile service for making restaurant reservations.
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