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In 2020, due to the circuit breaker measures as a result of COVID-19 pandemic in Singapore, the Great Singapore Sale was cancelled on 3 May and moved online from 24 August, making it the first online GSS in its 26 year run. [5] In 2021, the Great Singapore Sale [6] teamed up with online shopping platform Lazada [7] and transformed the retail scene.
Lazada Group (Chinese: 來贊達; t/a Lazada) is an international e-commerce company and one of the largest e-commerce operators in Southeast Asia, with over 10,000 third-party sellers as of November 2014, and 50 million annual active buyers as of September 2019. [3] [4] [5] [needs update]
That is why international investors such as JP Morgan, Kinnevik and Summit Partners invested millions of dollars in Lazada, seeing the huge potential in the Southeast Asian market. [ 8 ] In Thailand, WeLoveShopping was established in 2004 as a C2C online marketplace by Ascend Group , a spin-off of True Corporation and a subsidiary of C.P. Group .
Shopee was established in Singapore in February 2015 as a mobile-focused marketplace that enables users to browse, shop, and sell products. [9] The platform integrates logistical and payment support to facilitate transactions and is designed to operate with minimal physical assets.
Today, ShopBack averages an order every 2 seconds, with an annualised sales figure of over US$500 million and 5 million users in early 2018. [ 16 ] In April 2019, ShopBack announced that it has closed a US$45 million round led by new investors Rakuten Capital and EV Growth, bringing their total funding to US$85 million.
The figure includes consoles imported from the United States, Japan and Singapore. Lazada is currently the authorized distributor of the Xbox 360 in the Philippines, although other popular shops, like Toy Kingdom, [48] as well as smaller store chains, are also selling units. The lone package available during launch includes the Xbox 360 Premium ...
Bittner founded Lazada Group, the main online shopping destination in Southeast Asia, in 2012. He was the driving force behind the company, which quickly consolidated its position as the market leader in the region. Following its rapid growth, Alibaba group purchased a controlling stake in 2016.
The popularity of online shopping continues to erode sales of conventional retailers. For example, Best Buy, the largest retailer of electronics in the U.S. in August 2014 reported its tenth consecutive quarterly dip in sales, citing an increasing shift by consumers to online shopping. [51] Amazon.com has the largest market share in the United ...