Qishin Tariq · · 1 min readNew ecommerce firm launches in Malaysia, plans regional expansion
Malaysia-based Shoppymore, a new ecommerce platform, has joined the crowded market, aiming to hit 10 million ringgit (US$2.3 million) in revenue by the end of the year.
Shoppymore founder and group CEO Datuk Seri Dr Barani Karuna Karan / Photo credit: Shoppymore
Shoppymore has onboarded 100 sellers in its first year of operations and aims to increase this number tenfold in 2022 to hit its US$2.3 million revenue target.
The company claims to currently have a daily transaction value of about US$11,460.
Shoppymore founder Datuk Seri Dr Barani Karuna Karan said that the firm plans to expand to India, Indonesia, and the Philippines, with a focus on exporting Malaysia-made products.
Among the sellers listed on the platform was direct selling company Destina 1 International Sdn Bhd, where the Shoppymore founder serves as group executive chairperson.
The region’s ecommerce space has gotten increasingly crowded, with TikTok Shop officially entering Thailand, Vietnam, and Malaysia in February. TikTok is reportedly working on functions to enable cross-border ecommerce for merchants in selected Southeast Asian countries.
Currency converted from Malaysian ringgit to US dollar: US$1 = 4.36 ringgit.
See also: Explaining TikTok’s ecommerce bet in Southeast Asia
Editing by Miguel Cordon and Jaclyn Tiu
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