Singapore – Singapore-based e-commerce enabler Shopmatic has revealed that it is eyeing further expansion in Southeast Asia.
Shopmatic, which offers various solutions for SMEs to establish their online store, is currently serving SEA markets Singapore and Malaysia, with a presence in Hong Kong, and India.
In the nine months into 2020, the company has reported a revenue of over S$7M, between the period of April to December, exceeding its targets by 40%.
According to a press release, Shopmatic has witnessed great demand from customers in its markets, a testament to the digital wave which has been accelerated due to the effects of COVID-19. This led the company to introduce new solutions in response.
In April 2020, Shopmatic focused its efforts on providing managed solutions through one of its locally acquired companies, multichannel e-commerce solution CombineSell, in an aim to help move Singapore SMEs online by providing them an opportunity to outsource their digital team. A month after, Shopmatic launched a special solution for grocery or ‘kirana’ stores to go online and found great adoption from businesses across India and Singapore.
Speaking on what 2021 holds for Shopmatic, Co-founder and CEO Anurag Avula, said, “We are very happy that we were able to close 2020 on a hugely positive note and are now able to step into 2021 with even more aggressive plans to digitize local businesses and entrepreneurs in Singapore, India, Malaysia & Hong Kong.”
Avula added, “We continue to make significant investments behind key resources to be able to drive our organization to the next level and expand footprint into new markets in South East Asia. At Shopmatic, our focus is to build a sustainable & profitable business and we are delighted that we’ve been able to reach this significant milestone a year ahead of plan.”
The company revealed that it is in advanced discussions with several investors for a Series B fund raise. Just very recently, Shopmatic has launched a whole new range of solutions allowing SMEs to choose from four different ways to run e-commerce via Shopmatic Chat, Shopmatic Social, Shopmatic Webstore, and Shopmatic Marketplaces.