Qoo10 is a joint-venture program between Korea’s marketplace Gmarket and eBay, and it’s now active in six markets: Singapore, Japan, Indonesia, Malaysia, China, and Hong Kong. Qoo10 is progressing quite well in Indonesia, ranking 173rd most visited website according to Alexa.
Qoo10 is a B2C and C2C marketplace platform. It accepts payment via credit card, bank transfer, PayPal, its own currency called Q-Money while offering escrow service for its C2C merchants.
The site takes commission fees between seven to 12 percent from item sales, and also lets merchants sell products to Qoo10’s sites in other countries.
Steady progress in 18 months
How well is Qoo10 doing so far? Indonesia’s marketing manager Melina Tio gave us an overview about the company’s figures:
- About 400,000 registered members and 10,000 sellers.
- There are 200,000 daily unique visitors, recording 700,000 daily page views.
- Over 500,000 merchandises available.
- The site processes 5,500 to 10,000 transactions every day, with daily GMV between $75,000 to $150,000.
Getting lucky on Qoo10
The numbers above are quite impressive, considering that the site was only launched in April last year.
Qoo10 offers a lot of ways for Indonesians to buy its products, including daily deals, group buying, auctions, and Lucky Lounge. The latter is a feature in which users who win a lottery drawing can buy a specific product at a low price. Each lottery submission costs one stamp, which can be earned by shopping or playing games on Qoo10.
Right now there are 21,000 bids lodged in for a Sony Xperia Z Ultra (priced at only IDR 10,000 ($1) for lucky users), each bid needs one stamp. This means that users need to visit Qoo10 for three to six days to earn a stamp without making any purchases. This feature alone definitely can attempt a lot of Indonesians into making regular visits.
With all the features Qoo10 offers, the site looks a bit cluttery, but it seems Indonesians and Singaporeans like it nevertheless. Yeah, you read that right – while 85 percent of buyers come from Indonesia (60 percent from Jabodetabek area), Singaporeans account for 15 percent of the total number of buyers.
Approaching villages in Indonesia
Qoo10 recently announced its cooperation with Indonesia’s Ministry of Small and Medium Enterprises and Cooperatives (MSMEC) to support the OVOP (One Village One Product) program. Through the OVOP project, individuals and SMEs from underdeveloped regions in Indonesia will be trained on how to strengthen their businesses using Qoo10’s online platform.
These products will be sold both locally and internationally by Qoo10. Sellers from villages need only to deliver the products to Qoo10’s warehouse whenever there’s demand, and Qoo10 will do the rest. One percent of total OVOP product sales will be donated to MSMEC.
Tio explains that the team is looking to tie in more partnerships with big local brands as well as merchants in city outskirts. In the future Qoo10 will look to offer fresh food and groceries too, which is a very popular category in South Korea as well as Singapore.
The company also has its own chat app called QTalk. It plans to integrate it more with Qoo10’s platform as medium through which buyers and merchants can commicate.
(Editing by Josh Horwitz)