When industry experts think of eCommerce in Asia, most would likely first think of China, where Alibaba reigns supreme. But Singapore has its own expanding digital commerce market, and one B2B eCommerce startup is working to put Singapore on the map in the industry.
The nation’s eCommerce platform YuuZoo is one of Singapore’s fastest-growing, and its latest yearly financial report only solidifies that status. According to reports, YuuZoo reported an annual growth in 2014 of 25 percent. As eCommerce spreads across the globe, so does YuuZoo – the company reached 60 new countries in 2014, it reported, and revenue from the recurring payments space alone increased by nearly 20 percent for the firm.
Its eCommerce revenue ballooned by 52 percent, YuuZoo reported. YuuZoo Executive Chairman and CEO Thomas Zilliacus said he was “extremely pleased” at the numbers.
The company already works with 85 million registered users either through organic signups or partnerships and agreements with other companies. YuuZoo is making a big name for itself in Singapore, but with global ambitions, the company is looking to expand beyond its national boarders. Reports said that over the next year it will focus on spreading its advertising, gaming and payments initiatives, along with its core eCommerce business, within China and elsewhere.
Technically, YuuZoo is also a social media company. The firm takes a unique approach to online commerce by mixing social networking and gaming to create what it considers to be a “virtual shopping mall.”