Analysing the leading e-commerce shopping apps and websites in Singapore as of Q2 2019

The end of H1 2019 marks an important milestone for e-commerce in Singapore as we draw closer to Google & Temasek’s SG$27 billion predictions on the size of the country’s internet economy by the year 2025.

In the same report, Google stated that e-commerce is the most ‘dynamic sector’ in the internet economy, with an expected 18 per cent CAGR growth in less than seven years.

This study was conducted to keep track of the latest developments of the internet economy’s most ‘dynamic sector’ in Singapore and across Southeast Asia’s largest digital markets.

The rapid growing e-commerce companies such as Lazada, Qoo10, Shopee, and Taobao have been deploying strategies to build stronger improvements to provide reliable services for Singapore value-driven shoppers.

Also Read: How analysis paralysis can ruin your productivity and how to stop it

Together with AppAnnie, we have updated our quarterly study Map of E-commerce to picture the most significant developments in e-commerce shopping app via the average of Monthly Active Users (MAU) and downloads.

In addition to this, we also analysed the total average visits (desktop & mobile web) garnered by the top e-commerce platforms in Singapore utilising data by SimilarWeb in Q2 2019.

 

Lazada recorded the highest MAU (mobile app) and the highest total visits (desktop and mobile web) on its website in Q2 2019

According to App Annie Intelligence, Lazada is the most actively used mobile app in Singapore, Q2 2019.

To date, the Alibaba-backed e-commerce company is also the most actively used app in H1 2019 as Lazada ranked 1^st in MAU in the previous quarter as well.

Among the many initiatives, the company implemented that perhaps attributed to its growth was through its “shoppertainment” initiative.

The campaign was launched in conjunction with the company’s rebranding campaign which aimed to uplift the shopper’s experience & empower its sellers in areas such as branding, marketing & sales.

This also benefited Lazada from its website standpoint as it rose to 1^st place as the most visited e-commerce platform in Singapore, garnering an average of 7.5 million visitors in Q2 2019.

From the regional point of view, Lazada’s mobile app is the second-highest most actively used shopping app & is the 2^nd most downloaded e-commerce shopping app in Q2 2019.

While in terms of total visits, Lazada is the second-highest most visited e-commerce website, garnering an average of 174 million visitors (desktop & mobile web) in the same period.

Shopee was the most downloaded mobile e-commerce shopping app in Singapore and garnered more than 2.8 million average visitors

The SEA-backed e-commerce platform was probably the most successful in acquiring new consumers as Shopee was the most downloaded mobile e-commerce shopping application in Singapore in Q2 2019.

The e-commerce company also saw improvements on its website as Shopee saw an increase in traffic by 11 per cent when compared to the previous quarter, garnering more than 2.8 million average visitors in Q2 2019 in Singapore alone.

Also Read: Hong Kong e-commerce analysis shows Alibaba is king of the hill

Among the many initiatives that most likely led to a high number of downloads was the introduction of various entertainment and engagement features in its recent sales event which recently saw an increase in sales up to 75 per cent in its Shopee LIVE initiative.

Shopee’s high number of total downloads was probably driven by marketing initiatives to promote its 7.7 Orange Madness sale which took place on July 2019.

Other incremental updated that possibly assisted in the high number of downloads was the introduction of additional features on its app such as a live streaming feature called “Shopee Live” that enabled sellers to engage with customers in an interactive and attractive manner.

In SEA, the Singapore-based e-commerce company is ranked 1^st as the most actively used mobile e-commerce app & garnered the highest number of total downloads.

In terms of the number of total visits, Shopee is also the most visited e-commerce platform, recorded an average of 200 million visitors on its website.

Qoo10 remained the best Singapore-focused e-commerce platform, recording the second-highest in MAU and is the third most downloaded app in the country

The Singapore-focused e-commerce company remains a strong competitor as one of the top three most actively used app.

The company recorded the second-highest monthly active users, although it only ranked the third most downloaded app – combined iOS and Google Play.

Qoo10 performed consistently against the industry’s unicorns since Q1 2019 and remains as the 2^nd most actively used app in Singapore for H1 2019. The e-commerce company obtained more than 7.1 million average visitors

Additionally, Qoo10 was in a further push of its growth by deepening its localisation strategy to improve consumer’s affinity towards the e-commerce platform.

Commenting on the localisation strategy of Qoo10 Sarah Cheah, an associate professor at the National University of Singapore’s Business School said “They (Qoo10) started off as a local player, they had a certain advantage in familiarity with local consumers and preferences”

Taobao is the most actively used mobile e-commerce shopping app that isn’t tailored for the Singaporean market

Contrasting the localisation strategy of players such as Qoo10, Lazada & Shopee, international mobile e-commerce shopping apps such as Taobao, AliExpress & Amazon were actively used in the Lion City as well.

Currently, the Chinese & American apps rank at 4^th, 7^th & 8^th place respectively.

Apps by Alibaba such as Taobao & AliExpress remained prominent among Singaporean consumers, probably due to the increased popularity of Chinese products and Chinese language proficiency in the country.

A similar story can be seen in the American e-commerce giant, Amazon. The data by App Annie Intelligence suggests that Singaporeans are more engaged on Amazon’s platform as compared to the localised Amazon Prime Now.

Also Read: An industry insiders analysis of Indonesias adtech industry in 2019

This suggests that consumers remained highly interested in products from the United States as compared to products available on its Singapore-localised Amazon Prime Now app.

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A thorough insurance plan is the only protection against unexpected accidents for your startup

A startup needs to be handled with care. While in the middle of the opening, or even working on current concepts, one small mistake can lead to a total meltdown.

Accidents occur, and preventing them is essential, but there is no way to stop some occurrences. You must cover the business property and even go beyond when it comes to liability for your customers.

Also Read: What role does big data play in the insurance industry?

Most startups that fall because of an unsatisfactory insurance policy are surprised when the moment arrives that there is a sum they have to cover themselves.

Do not be that startup.

Every business has certain risks

Startups in any field will have risks which need covering. Depending on the type of business, large machinery will need covered, or protecting customers from accidents on the business’ property. It is entirely dependent on the startup.

Be sure to know the risks in your business, no matter how unlikely they are to occur. Know what is working for one business may not help with the needs of your company.

Anyone who steps on the property, especially visiting clients have the potential to suffer an injury, and the company will be held accountable.

The responsibility a business has to its employees is also essential when it comes to what aspects need to be covered if the company has them.

Your company becomes liable for the employees as soon as they are hired. So, be sure to have your policy in place before adding employees, since the premiums will change drastically.

Liability does not only extend to bodily harm but breaching private data is a risk in most businesses. When you hold client information, their data is protected under the law, so the startup is liable for any web hacks.

Also Read: Implications and solutions for Big Data in insurance

This was not such a big issue in the past, but now since most businesses have an online presence, it is becoming an insurable aspect of a business.

There is more than one type of insurance

Having thorough coverage of the startup reflects your knowledge of the different types of small business insurance. Specific insurances will only cover certain circumstances, and the number of people or vehicles are variant, as well.

There is a general liability and professional liability. These two insurances are not interchangeable.

General liability will cover losses from theft, damage, and be a broad coverage amount for bodily injury. Professional liability is the company’s protection against being sued or servicing people because of errors and omissions.

It is always smart to protect the business you run, even if you do not think of the option of ever being sued.

Policy and claims loopholes are everywhere

Claim amounts do not always align with what is covered in your policy. Always look for the small details, so no price gap will come from the pockets of the startup.

There is gap insurance, which is an extra precaution covering any amount after your liability coverage.

Some insurances have specific items they cover. Even if you think something is covered, always double-check within the policy.

Also Read: Can your data actually be anonymous?

This is true for every aspect of happenstance that could occur. For example, if the company’s area has large amounts of hurricanes, water damage needs special insurance care.

Any coverage dispute is a hassle

Even if you have a good case, and you are sure your startup will win the dispute with the insurance process, it is still long and tedious.

Avoid even getting to this point by having a perfect amount of insurance for your scaling business. The dispute will take a lot of time to be settled and will be an added hassle for running a business.

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It is essential that companies adopt new performance appraisal strategies to meet their business requirements in the current scenario

Employee performance appraisals are very integral to organisations to increase employee productivity and business results.

Although employee performance appraisals are very crucial, they are rarely done the right way. It is essential that companies adopt new performance appraisal strategies to meet their business requirements in the current scenario.

At times, performance appraisals do not give the strategic outcome of the business. 

This is because they are often very past-oriented and do the minimal towards improving employee competencies. In addition to that, performance appraisals are confined to a standard procedure to evaluate employee competencies.

Let us begin by defining performance appraisals. Performance appraisals are usually an annual process that mostly seeks to evaluate an employee’s performance against a set of objectives.  

Also Read: How to be an effective manager in 2019

Performance appraisals help in evaluating an employee’s skills and competencies and determine salary revisions and promotions.

However, conventional methods of conducting appraisals have limitations in terms of following an operational framework evaluating an employee’s performance in the past rather than discussing what is needed in the future. In this article, let us discuss some of the ways in which we can improve the way performance appraisals are conducted: 

Set clear goals and objectives 

One of the reasons why performance appraisals don’t work sometimes is because they are contingent upon goals that are not set.

When you are conducting performance appraisals, including SMART goals can do wonders because they serve as guidelines for employees so that they know what is expected out of them. Employees will be able to prioritise their tasks accordingly and can make their own decisions based on the requirements. 

Moreover, setting SMART goals ensures the smooth flow of performance appraisals. This is because clear goals set the groundwork for managers and employees, and they will be able to work based on mutual understanding and review performance objectively.

Lastly, it is always beneficial when you tie your employee goals with business objectives because then employees will have something to strive for. The focus here is not just performance reviews but achieving the strategic outcome of the business. 

Continuous feedback 

Feedback is vital to every business. Feedback needs to be continuous and ongoing because that way, managers will be able to handle the team properly.

Constant feedback is pivotal because it motivates the employee to do his best to achieve the strategic outcomes of the business. Constant feedback is essential because it helps the employee understanding if he is proceeding on the right track. With continuous feedback, it is easier for managers to give constructive feedback. 

In addition to that, employees will be able to analyse their strengths and weaknesses and enhance themselves to suit the needs of the business.

Also Read: How technology can make the HR department more productive

But this will work only if the organisation has a positive culture where continuous feedback is given significant weight. It is always better to train your employees on how to give and receive feedback so that it eliminates the biases and fears that accompany performance appraisals.  

Not only that, including continuous feedback in performance appraisals will minimise the gaps and inaccuracies in employee performance. 

Automated performance reviews 

Isn’t it tiresome when your employees have worked tirelessly, and at the end of the year, they feel like they have not been evaluated properly? Moreover, performance appraisals that are conducted once a year tend to create anxiety among employees because they are not prepared for it.

Therefore, to eliminate that fear and anxiety, it is only better if performance reviews are conducted in a periodic fashion, let’s say on a monthly or a quarterly basis. Well then at least, your employees can view their progress and prepare themselves for the next appraisal cycle. 

This is only possible if you partner your performance appraisals with technology that can automate the process for you. Companies can invest in performance management software, that will help automate performance appraisals for them.

This is a good option because then companies will be able to nurture the performance of the employees with continuous development. Not only that, it saves a lot of time and money and minimises the administrative burdens of HR. So, no more excel sheets…YAYY… 

Employee self-development 

Performance appraisals are meaningful only when there is scope for employees to develop themselves and grow. There was a time when managers would go over the past performance records of the employees and send out appraisal letters.

But little do they realise that performance appraisals are not just meant to look at the performance of the employee objectively, but is tied to the strategic intention of the business. To fulfil this strategic outcome, it is essential that employees are improving themselves continually. 

We must realise that employee development is tied to the growth of the organisation. Your employee performance appraisals are meaningful only when you incorporate employee developmental plans.

This results in better employee productivity. What you could do is in terms of understanding the needs of the employee after the appraisal cycle. Managers can create developmental plans according to the specific professional requirements of the employees. 

Rewards and recognition 

Appraisals need to provide the opportunity for managers to recognise the employees for the work that they do. Managers must ensure that employees feel valued for their contributions.

Also Read: How OKR training for managers can create a more realistic approach to learning

After an appraisal, managers can offer rewards in terms of bonuses and salary hikes to the employees who have performed well. Managers can always show their recognition of employee’s work by sending them notes of appreciation and expressing gratitude.  

Now, this form of appreciation does not have to be necessarily financial, but if managers give their sincere acknowledgement of an employee’s work, then it becomes a huge step towards maintaining employee engagement.  

Conclusion 

When it comes to performance appraisals, obviously there is no one size that fits all, but you can use some of the above-mentioned strategies to effectively conduct performance appraisals and actively engage your employees.

The key here is to build that trust and transparency with your employees. So, what kind of strategies do you have in mind? 

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These vital business tools can serve as guides to improve the processes of starting your business

The business ecosystem has been bustling with new life as more people are increasingly empowered to start their businesses.

With mentoring and funding initiatives rolled out by various institutions, fuelled together by strong global government support, many new start-ups have entered the market in recent years.

However, as any experienced entrepreneur knows, the market is a brutal place that requires strategic thinking and tactical actions for survival.

While many entrepreneurs rely on supportive parties as lifelines for advice and funding, it is simply not sufficient in the long run. Being equipped with the right business tools gives businesses a weapon that can be used to gain clarity and direction for proper decision-making.

There are three business tools, underused by businesses today, that can serve as methods to improve business ideas and to enhance decision-making models.

Project Portfolio Matrix (PPM)

The PPM aims to classify different projects based on their contribution to strategic goals. Various factors are used to compare plans to one another for prioritisation, allowing for capacity management and more efficient resource allocation.

Some common PPM factors include Importance vs Feasibility, Value vs Cost, Net Present Value vs Technical Success.

By classifying projects based on two important factors, businesses can make better decisions on which projects they should take up, together with the required resources to be allocated.

A meaningful PPM is constructed through intentional steps of planning, organising, leading and controlling.

Also Read: 10 must have online tools for small business owners

Using PPM effectively can help a business in three ways:

Capacity Management: Prioritising important projects to achieve strategic goals

Resource Waste: Preventing excessive resource allocation to projects

Project Cannibalisation: Removing projects that do not align with strategic goals

This increases the effectiveness and efficiency of operations in achieving organisational goals.

Morphological box

The Morphological Box is a tool for generating creative solutions to existing products or problems. It breaks down a problem into different attributes, creating multiple options for each attribute to derive a large number of whole solutions for evaluation.

Understanding the different options for each attribute allows for more opportunities for solutions, making brainstorming more effective. It is instrumental when tackling complex problems that are too big for typical brainstorming tools.

Despite its simplicity, this is a tedious process meant to expand the number of solutions available for selection. Cross-functional teams with specialised expertise should be included in the process to give their expert opinions on relevant attributes to ensure the feasibility of the final solution.

However, it can be rewarding with alternative solutions being generated simultaneously to save resources in the future. When brainstorming for product solutions, it may also provide options for new products and variants.

Scamper

In this increasingly competitive economy, where intellectual property (IP) rights are being challenged every day and new solutions are created to supersede the old. Businesses must constantly reinvent to even maintain their market share.

Scamper tackles seven aspects of a product or service to challenge the usefulness of existing characteristics. Regularly questioning existing solutions pushes businesses to keep their solutions relevant to target customers, preventing competitors from swooping away customers.

Entrepreneurs seeking to keep their products competitive in the market must look and rethink how their solution can be continuously improved and built upon.

Using data gathered from customers and employees through feedback channels can serve as valuable input into the scamper model to create a product that satisfies customers. Scamper can also be used by new businesses looking to enter a market to relook at their Go-To-Market (GTM) strategy.

Also Read: From top trends to new tools, here are five articles to help improve your product

Conclusion

Entrepreneurs and management teams are often focused on bringing their product to the market, without focusing sufficiently on how.

The fundamental objectives of business operations are to maximise efficiency and effectiveness when bringing solutions to the market.

These can serve as guides to improve processes and products to reduce costs, increase customer satisfaction and promote organisational creativity. 

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Up until last week, these fintech startups have made some of the biggest funding rounds in 2019

Within the Southeast Asian region, Singapore has always been seen as the hotbed of fintech innovation due to the opportunities it has and the support that is given by its government. For example, the government has recently announced a Sandbox Express initiative that supports faster market testing for financial firms’ products and services.

It is not surprising to see many fintech startups thriving in the country. In fact, the e27 startup database revealed that there are at least 400 companies listed that are working in the finance sector.

Many of these startups have also raised more than US$10 million early- and growth-stage funding. We have gone through more than half of the year and discovered four of the most notable funding rounds in fintech in Singapore.

The following is a list of those funding rounds:

Bambu
Funding: US$10M Series B (July 2019)
Investor(s): Franklin Templ​eton, PEAK6 Strategic Capital

Bambu, a Singapore-based startup providing digital wealth technology for B2B businesses across the globe, plans to use the new funding to reach a wider B2B audience.

StashAway
Funding: US$12M Series B (July 2019)
Investor(s): Eight Roads Ventures, Asia Capital & Advisors

StashAway, a robo-advisor for both retail and accredited investors, wants to use the new funding to support product development and Asia Pacific expansion plan.

Also Read: All women-led fintech startup VESL wins She Loves Tech Philippines 2019

YouTrip
Funding: US$25.5M Pre-Series A (May 2019)
Investor(s): “major Asian family offices”, Insignia Venture Partners

Singapore’s first multi-currency mobile wallet YouTrip will use the funding to drive the development of YouTrip’s technical payment infrastructure, to launch of new product features, and proceed with its regional expansion plans in Southeast Asia.

Credit Culture
Funding: US$29.5 million
Investor(s): RCE Capital Berhad

Credit Culture is a Singapore-based fintech startup that is among the six entities selected for a pilot by the Ministry of Law. This funding is meant to build its operational capability.

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The e27 Startup Database connects the community to the hottest internet companies in Asia. We encourage startups to visit their profile and regularly update their information.

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