A $3B ecommerce giant lands in Southeast Asia

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Hello readers,

Have you ever asked yourself why online shopping feels kinda exhausting?” This could be due to my shopping behavior as I usually do a lot of research for bigger purchases.

Case in point is my robot cleaner, which my parents lovingly called “doggy.” I spent days trawling Amazon, Shopee, and Lazada to find the best deal, collecting vouchers and strategically stacking them to get an even better price.

So here’s a PSA if you’re anything like me: We will soon have another platform to compare price with. Momo, one of the largest ecommerce platforms in Taiwan, is coming to Southeast Asia and going head to head with Shopee to gobble up a slice of the ecommerce pie.

Today we look at,

• Momo’s expansion into Southeast Asia
• India’s first unicorn this year
• Other newsy highlights such as the arrival of driverless cars on China’s highways and the impending exit of Vision Fund’s managing partner

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PREMIUM SUMMARY

Mo’ places to shop

Amazon, Shopee, or Lazada might be the common online shopping haunt for Southeast Asians, but 50% of Taiwan’s population turn to local TV and online retailer Momo instead. If you’re feeling FOMO, don’t worry – Momo is coming to our part of the world.

• Over 11 million users: Momo’s home shopping TV channel was a hit when the company launched in 2004. But as consumers shifted to online shopping, Momo pivoted to focus on its ecommerce business. The move proved to be successful as the company recorded over a billion in annual sales in 2019.
• Here comes the giant: The ecommerce market is getting increasingly competitive in Taiwan. It doesn’t help that Shopee is rapidly gaining ground in the island as the latter moves from a customer-to-customer toward a hybrid business-to-consumer model. Shopee’s B2C featureShopee 24h became the most popular platform for shopping after just one year.
• Thailand as a launchpad: Momo is entering Southeast Asia for growth opportunities, making Thailand as its first stop. The company plans to tap into its expertise in home shopping networks – a channel that remains popular in the country – to reach potential users who might not yet be active on ecommerce platforms.

Read more: Why Shopee’s Taiwanese archrival is plotting a Southeast Asia expansion

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STARTUP SPOTLIGHT

India’s first unicorn this year

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I want my own J.A.R.V.I.S.

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