Shopmatic set to turn cash positive in 2021

HomeIn-FocusShopmatic set to turn cash positive in 2021

E-commerce enabler Shopmatic has registered revenues of over $7M in 9 months – Apr-Dec 2020 exceeding its targets by 40%. Riding on an upward trajectory with its recently launched range of tech-enabled solutions for the countries’ SME and entrepreneur sectors, Shopmatic turned EBITDA positive – a year earlier than originally projected.

The company witnessed great demand from customers in Singapore, India, Malaysia and Hong Kong a testament to the digital wave which has been accelerated due to the effects of COVID-19.

In April 2020, when the initial faltering of the economy was felt due to the pandemic, Shopmatic focused its efforts on providing managed solutions through one of its locally acquired companies- CombineSell Pte Ltd. This move was to help move Singapore’s SMEs offline to online by providing them an opportunity to outsource their digital team.

In May 2020, Shopmatic introduced a special solution for grocery/ ‘kirana’ stores to go online – and found great adoption from businesses across India and Singapore.

The company witnessed 80 per cent growth over the July-September quarter in transactions and GMV compared to the previous quarter, another testament to the digital wave, which fuelled ecommerce adoption by SMEs.

In December 2020, Shopmatic launched a whole new range of ecommerce solutions allowing individual entrepreneurs and SMEs to choose from 4 different ways to e-commerce via Shopmatic Chat, Shopmatic Social, Shopmatic Webstore, and Shopmatic Marketplaces.

During the last nine months, Shopmatic as a group has enabled over 5000 Singaporean businesses to digitize and generate significant customer revenues by helping businesses sell through marketplaces, social media commerce and their webstores.

The company is now planning to expand to other countries in South-East Asia this year and is in advanced discussions with several investors, for a Series B fund raise.

Anurag Avula, Co-Founder and CEO, Shopmatic, 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 and Hong Kong. We continue to make significant investments behind key resources to be able to drive our organisation to the next level and expand footprint into new markets in South East Asia. At Shopmatic, our focus is to build a sustainable and profitable business and we are delighted that we’ve been able to reach this significant milestone a year ahead of plan.”

As an e-commerce solutions provider, Shopmatic brings several elements of the e-commerce landscape onto a single platform to help SMEs and individual entrepreneurs take their businesses online. From creating a customized online store, selling through social and chat commerce, selling on multiple marketplaces with integrated global payment options and shipping solutions, creating and promoting digital advertising, Shopmatic makes it easy for anyone to sell online.

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