Qoo10’s share of Singapore’s online shopping market more than quadrupled to He is now in the process of combining local Qoo10 sites from Malaysia to Hong Kong into a single marketplace and plans to invest heavily in the cross-border logistics unit, Qxpress, which has operations in eight countries and 11 delivery processing centres. He knows it will be increasingly difficult to compete head-to-head with Lazada and Shopee and expects blockchain will give him an edge. Tencent-backed Sea bled roughly the same amount every three months last year to expand Shopee. As more of the tokens circulate, Mr Ku says their value will appreciate – giving merchants another way to profit. Learn more Already a subscriber?
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That, he says, should attract even more sellers. But no company kprean gone all-in like Qoo10, which cannot match the billions of dollars Alibaba and Tencent are pouring into the region.
Tencent-backed Sea bled roughly the same amount every three months last year to expand Shopee. Qoo10 caught on quickly, enticing consumers with products previously difficult to get online – Korean cosmetics, Australian bath towels and Indonesian batik dresses. Blockchain also enhances trust among participants because they can trace transactions more easily from start to finish.
Consuming good content is clearly your thing. Back inwhen he was 34, he started a South Korean Web store called Gmarket.
Until we resolve the issues, subscribers need not log in to access ST Digital articles. Qoo10 chief executive Ku Young Bae keeps a low profile q0100 has no social media presence, but he has built up Singapore’s biggest e-commerce company and fended off giant rivals like Alibaba, Amazon and Tencent. So far, the response has been positive. Early on, Mr Ku bet people would be willing to buy clothing online without trying it on first and began selling stylish fast-fashion garments.
Mr Tan says the fact that Qoo10 has manged to remain No. Mr Ku says blockchain makes it cheaper to run an online marketplace that lets him remove the fees he currently charges merchants to sell products on the site. Mr Ku is not the first to try applying blockchain to e-commerce.
Qoo10 founder once worked in the middle of the desert – and he hated it
Now he is keen to expand beyond his home base into South-east Asia. But a log-in is still required for our PDFs.
The non-branded clothes sold so well that Gmarket was soon South Korea’s No. He is also creating a payment system based on the technology that will help attract new shoppers in a region where cash still predominates.
In January, his Qoo10 online mall started a separate marketplace called QuuBe using the distributed ledger technology best known for making bitcoin possible.
It has held on to its leading position without throwing money around, and it is now keen to expand beyond its home base into South-east Asia.
Qoosg – SG No.1 Shopping Destination.
At the time, nine-year-old Amazon had a third-party marketplace called ZShop that let sellers hawk used merchandise; Alibaba was a business-to-business outfit just starting Taobao, an eBay-like site where consumers barter. The e-commerce company’s share of Singapore’s online shopping market more than quadrupled to He is now in the process of combining local Qoo10 sites from Malaysia to Hong Kong into a single marketplace and plans to invest heavily in the cross-border logistics unit, Qxpress, which has operations in eight countries and 11 delivery processing centres.
The korea automates certain kkrean transactions and processes that typically require humans.
He is convinced that blockchain will give him the necessary edge to compete. He keeps a low profile and has no social media presence. I let my work do the talking. Mr Ku has long been an e-commerce pioneer.
Today, Amazon, Alibaba and Walmart all have third-party marketplaces. Got a news tip? You’ve reached your 5 free content limit korsan the month. In the last decade, Mr Ku Young Bae – a serial entrepreneur and South Korean transplant – has built Singapore’s biggest e-commerce company and fended off giant rivals like Alibaba, Amazon and Tencent.