Four years ago, e-commerce barely figured into its bottom line. Today, it accounts for more than a quarter of the group’s revenues, which have grown by 60 percent during that same period.
Others are taking notice. Last year, Alibaba paid $250 million for a 10 percent stake in SingPost. Alibaba and SingPost are now in discussions to form a joint venture focused on e-commerce logistics in Southeast Asia.
SingPost began using the Internet as a laboratory in the early 2000s. It dabbled in various parts of the supply chain, first delivering goods from American shops to Singaporean homes. It then tried selling products on its own homegrown platform. It even dipped into the luxury goods market, starting a website called Clout Shoppe.
Then, two years ago, SingPost made its biggest digital push, creating SP eCommerce to tap into the Internet retail boom in Asia. Today, it counts nearly 1,000 companies as clients, including Philips, Uniqlo, Deckers and Muji.
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