Escaping the exertions of internationalization was never an option for local startup ShopBack.
Its chief executive and co-founder, Henry Chan, said yesterday that the corporate’s long-term survival is determined by its ability and willingness to enterprise overseas.
“In today’s digital economy, geographical boundaries have change into less vital, which implies that if we would like to grow, it’s difficult to remain in a single market,” he said. “That’s why we knew from the very beginning that we had to think about expanding beyond Singapore’s shores and that we had to do it quickly. This is very important for us to remain competitive.”
The online cashback platform was launched overseas in February 2015, shortly after its launch in September 2014. Its first overseas market was Malaysia, followed by the Philippines in June of the identical 12 months. Early last 12 months, ShopBack entered India, followed by Indonesia and Taiwan.
The online platform generates monthly sales of greater than $22 million, 70 percent of which comes from outside Singapore, Chan noted. It offers consumers money back on online purchases by directing customers to merchants through its website.
The company, which employs about 100 people across the region, plans to open in Thailand this 12 months.
Still, challenges remain, including recruiting qualified staff, Chan said. “The key thing is to find talent with a strong cultural fit. People who want to grow at a dizzying pace with the company. With the right talent, we can then expand further and deeper into Southeast Asia and the Asia-Pacific region,” he said.
Source: The Straits Times
