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Shopee
Shopee Pte. Ltd., trading as Shopee, is a Singaporean multinational technology company that specialises in e-commerce and operates mainly in Southeast Asia.
As of 2023, Shopee is recognized as the largest e-commerce platform in Southeast Asia, with a total gross merchandise volume (GMV) of $47.9 billion. This figure represents nearly half of the total GMV of Southeast Asian market. The platform also facilitates online buying and selling for consumers and sellers in East Asia and Latin America.
Shopee was established in Singapore in February 2015 as a mobile-focused marketplace that enables users to browse, shop, and sell products. The platform integrates logistical and payment support to facilitate transactions and is designed to operate with minimal physical assets.
To enhance its competitive stance against other e-commerce companies, Shopee also launched a website. A notable feature of Shopee is its escrow service, Shopee Guarantee, which withholds payments from sellers until the buyers confirm receipt of their orders, thus securing transactions.
In 2016, the company launched its seller education platform called Shopee University, which aims to help train local entrepreneurs and businesses in setting up their online businesses. In 2017, Shopee launched Shopee Mall with 200 brands in Singapore and the Philippines. On 3 September 2019, Shopee officially opened its six-story regional headquarters at Singapore Science Park. The new building spans 244,000 square feet (22,700 m2) of space, which can accommodate 3,000 employees and is six times larger than Shopee's previous headquarters at Ascent Building. The building was leased by WeWork before it was relinquished to Shopee.
Shopee has yet to turn profitable despite increasing its gross profit margin year-on-year in the first half of 2022 which is attributed to faster growth in transaction-based fees and advertising income. Coupled with rising inflation and interest rates as well as setbacks in its internationalisation plans, Shopee laid off staff across multiple markets in June 2022, including employees from Indonesia, Thailand, and Vietnam. ShopeePay and ShopeeFood were also reported to be facing cuts.
On 15 September 2022, Sea's CEO, Forrest Li, issued a memo to all employees detailing cost-cutting measures aimed at achieving "self-sufficiency" for the company. These measures involved restrictions on business expenses and a temporary suspension of compensation for Shopee's top executives. Another round of job cuts was also announced, which affected employees in Singapore, Indonesia, and China. In the fourth quarter of 2022, Shopee achieved a positive adjusted EBITDA for the first time, amounting to $196.1 million, indicating improvements in revenue and operating costs.
Shopee started as a consumer-to-consumer (C2C) marketplace but it pivoted into a C2C and business-to-consumer (B2C) hybrid model. The company partners with over 70 courier service providers across markets it serves to provide logistical support for users. In Singapore, Shopee collaborates with logistics startup Ninja Van for item pickup and delivery. Other delivery partners in the region include Pos Malaysia and Pos Indonesia. Shopee also partnered with Delhivery and Ecom Express for deliveries in India before it exited the domestic market. In its early phases of growth, Shopee offered subsidies and free shipping to its users although delivery services were still expensive in the areas it serves.
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Shopee
Shopee Pte. Ltd., trading as Shopee, is a Singaporean multinational technology company that specialises in e-commerce and operates mainly in Southeast Asia.
As of 2023, Shopee is recognized as the largest e-commerce platform in Southeast Asia, with a total gross merchandise volume (GMV) of $47.9 billion. This figure represents nearly half of the total GMV of Southeast Asian market. The platform also facilitates online buying and selling for consumers and sellers in East Asia and Latin America.
Shopee was established in Singapore in February 2015 as a mobile-focused marketplace that enables users to browse, shop, and sell products. The platform integrates logistical and payment support to facilitate transactions and is designed to operate with minimal physical assets.
To enhance its competitive stance against other e-commerce companies, Shopee also launched a website. A notable feature of Shopee is its escrow service, Shopee Guarantee, which withholds payments from sellers until the buyers confirm receipt of their orders, thus securing transactions.
In 2016, the company launched its seller education platform called Shopee University, which aims to help train local entrepreneurs and businesses in setting up their online businesses. In 2017, Shopee launched Shopee Mall with 200 brands in Singapore and the Philippines. On 3 September 2019, Shopee officially opened its six-story regional headquarters at Singapore Science Park. The new building spans 244,000 square feet (22,700 m2) of space, which can accommodate 3,000 employees and is six times larger than Shopee's previous headquarters at Ascent Building. The building was leased by WeWork before it was relinquished to Shopee.
Shopee has yet to turn profitable despite increasing its gross profit margin year-on-year in the first half of 2022 which is attributed to faster growth in transaction-based fees and advertising income. Coupled with rising inflation and interest rates as well as setbacks in its internationalisation plans, Shopee laid off staff across multiple markets in June 2022, including employees from Indonesia, Thailand, and Vietnam. ShopeePay and ShopeeFood were also reported to be facing cuts.
On 15 September 2022, Sea's CEO, Forrest Li, issued a memo to all employees detailing cost-cutting measures aimed at achieving "self-sufficiency" for the company. These measures involved restrictions on business expenses and a temporary suspension of compensation for Shopee's top executives. Another round of job cuts was also announced, which affected employees in Singapore, Indonesia, and China. In the fourth quarter of 2022, Shopee achieved a positive adjusted EBITDA for the first time, amounting to $196.1 million, indicating improvements in revenue and operating costs.
Shopee started as a consumer-to-consumer (C2C) marketplace but it pivoted into a C2C and business-to-consumer (B2C) hybrid model. The company partners with over 70 courier service providers across markets it serves to provide logistical support for users. In Singapore, Shopee collaborates with logistics startup Ninja Van for item pickup and delivery. Other delivery partners in the region include Pos Malaysia and Pos Indonesia. Shopee also partnered with Delhivery and Ecom Express for deliveries in India before it exited the domestic market. In its early phases of growth, Shopee offered subsidies and free shipping to its users although delivery services were still expensive in the areas it serves.