SGSHOP EYES 500,000 SHOPPERS BY 2020
Firm to invest RM10m in Malaysian ops
SINGAPORE-based online shopping portal SGShop is confident of drawing 500,000 online purchasers from Malaysia by 2020.
The company is ready to allocate RM10 million to expand its business in the country over the next five years.
SGShop, which offers various products from China manufacturers ranging from clothing, electrical appliances to premium goods, has been in operations for six years.
Founder Lai Xin said although SGShop is relatively young, online retail commerce is gaining momentum and has a promising outlook.
There has been a rising trend of online shopping in the Asian markets. “Our recent market study on online retailing business for the Asian market shows Malaysia ranks among the top three nations with a high number of online transaction activities, besides Singapore and Thailand,” he said.
Lai said given the encouraging trend, the company is expanding its Malaysian business, which has been in operations since 2014 in Johor, with the opening of SGShop Malaysia’s new office in Medini Iskandar, here.
“We started our operations from a small shoplot in Bukit Indah and our new office in Medini Iskandar will help the company boost its online shopping platform further,” said Lai at the launch of the new office here yesterday.
He said the five-year RM10 million expansion plan is expected to help increase Malaysian subscribers for its portal by tenfold to 500,000 subscribers by 2020.
SGShop Malaysia director Lua Cheong Hong said: “We hope our subcribers will increase as shoppers need only to view products via SGShop website or from mobile apps,” he said.