Singaporean multinational e-commerce platform
Qoo10 is a
Southeast Asian
e-commerce
platform , formerly known as GMarket , headquartered in Singapore.
[2] It operates localized
online marketplaces across Singapore, Indonesia, Malaysia,
mainland China , and
Hong Kong , and on one international online marketplace. It optimizes its platform and services for
small and medium enterprise merchants.
[3]
History
Qoo10 was founded as a subsidiary of Qoo10
Pte. Ltd. , in 2010 by Giosis Pte. Ltd.,
[4] a
joint venture between
Gmarket
founder Ku Young Bae and
eBay .
[5]
Gmarket was founded in South Korea in 2000 as a subsidiary of Interpark. In December 2007, Gmarket was established in Japan[
citation needed ] . Gmarket was next established in Singapore in December 2008.[
citation needed ]
In April 2009, Ku Young Bae sold Gmarket to eBay.
[6]
[7]
[8]
In May 2010, Giosis Pte. Ltd. was established as a joint venture between Ku and eBay to further develop Singapore and Japan marketplaces, and expand in the region.
[9]
[10]
[1]
In March and April 2011, Gmarket was established in Indonesia and Malaysia respectively.[
citation needed ] In September, Gmarket launched its global marketplace.[
citation needed ]
In May 2012, Gmarket was rebranded as Qoo10.
[11]
In January 2013, Qoo10 was established in China.[
citation needed ]
In January 2015, Qoo10 was established in Hong Kong.[
citation needed ] . In July, Giosis raises US$82.1 million in
series a funding from
Singapore Press Holdings ,
eBay ,
Oak Investment Partners ,
Saban Capital Group , Brookside Capital, and UVM 2 Venture Investments
[12]
[13]
[14] The company stated their intention to use the funds to accelerate Qoo10's technology growth and service development, while investing in additional infrastructure and talent acquisition.
[12]
[13]
[14]
In April 2018, eBay completed
acquisition of Giosis Private Limited and its Japan properties, including
Qoo10.jp [
ja ] , which will operate independently from other Qoo10 sites.
[15]
[16]
[17] eBay relinquished its stakes in Giosis' non-Japanese businesses, which moved under newly established parent company, Qoo10 Pvt. Ltd.
In October 2019, Qoo10 acquired
ShopClues , an Indian e-commerce platform.
[18]
Qoo10 rebranded its name to Wish+
In February 2024, Qoo10 acquired
Wish.com , an American e-commerce platform for approximately $161 million.
[19] At that time, the Qoo10.com site rebranded the logo from Qoo10 to Wish+.
Awards and recognition
Qoo10 was named as the "Best Online Retailer" at AsiaOne's People Choices Awards , 2015 & 2016.
[20]
[21]
In January 2016, Qoo10 was ranked 4th among 259 local and global brands with the most positive image, just after
Singapore Airlines ,
Apple iPhone and
WhatsApp .
[22]
In 2016, Qoo10 was voted "Best Electronics Shopping Portal" at Tech Awards 2016 organized by Singaporean tech magazine HWM and
HardwareZone .
[23]
In 2017, CGS-CIMB and Euromonitor statistics figured Qoo10 Singapore captured 32.6% of market share in Singapore's e-commerce market.
[3]
[24]
Data insights from
metasearch engine iPrice showed that Qoo10 consistently holds the top spot for monthly user website visits among e-commerce platforms in Singapore.
[25]
[26]
References
^
a
b
"eBay and Gmarket Founder Plan Asia Expansion Through Joint Venture" . www.ebayinc.com . May 6, 2010.
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^
"EBay Is Close to $700 Million Deal for Qoo10's Japan Assets" . bloomberg.com . Bloomberg.
Archived from the original on September 23, 2018. Retrieved September 22, 2018 .
^
a
b
"Can Qoo10 maintain its dominance in Singapore's e-commerce market?" . Singapore Business Review . June 14, 2018.
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^
"Company Overview of Giosis Pte. Ltd" . bloomberg.com . Bloomberg.
Archived from the original on September 22, 2018. Retrieved September 22, 2018 .
^
"Singapore's biggest online mall Qoo10 fights Alibaba with blockchain" . The Straits Times . April 3, 2019.
Archived from the original on November 10, 2019. Retrieved November 10, 2019 .
^ So-eui, Rhee (April 16, 2009).
"EBay to buy S.Korea's Gmarket for up to $1.2 billion" . Reuters .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^ Shankland, Stephen (April 16, 2009).
"eBay buying out Gmarket, as Yahoo exits" . CNET .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^ Kim, Hyun-cheol (April 16, 2009).
"eBay to Take Over Gmarket for $1.2 Billion" . The Korea Times .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^ Bass, Dina (May 7, 2010).
"EBay, Gmarket's Ku in Japan, Singapore Joint Venture" . Bloomberg .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^ Rao, Leena (May 6, 2010).
"eBay Partners With Gmarket Founder For $20 Million Expansion Into Japan And Singapore" . TechCrunch .
Archived from the original on July 6, 2017. Retrieved September 19, 2018 .
^ Wee, Willis (April 17, 2012).
"Gmarket Singapore, Japan, Malaysia, and Indonesia to Rebrand to Qoo10" . Tech in Asia .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^
a
b Karekar, Rupali (July 23, 2015).
"SPH leads group investing $112m in Qoo10" . The Straits Times .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^
a
b Freischlad, Nadine (July 22, 2015).
"Ecommerce site Qoo10 locks up $82M in series A funding" . Tech in Asia .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^
a
b Shu, Catherine (July 23, 2015).
"Ebay-Backed, Asian E-Commerce Company Giosis Lands $82.1M Series A" . TechCrunch .
Archived from the original on September 23, 2018. Retrieved September 19, 2018 .
^ Dastin, Jeffrey (February 28, 2018).
"EBay to buy Qoo10 Japan, other assets from Giosis" . Reuters .
Archived from the original on June 17, 2018. Retrieved September 19, 2018 .
^ Smith, Jake (February 28, 2018).
"eBay acquires Qoo10 Japan e-commerce platform | ZDNet" . ZDNet .
Archived from the original on March 3, 2018. Retrieved September 21, 2018 .
^
"eBay completes Qoo10 acquisition" . Inside Retail Asia . July 23, 2018.
Archived from the original on September 23, 2018. Retrieved September 21, 2018 .
^
"Singapore's Qoo10 acquires Indian online marketplace ShopClues" . TechCrunch . October 31, 2019.
Archived from the original on June 29, 2021. Retrieved November 1, 2019 .
^
"ContextLogic: Deal With Qoo10 Provides Opportunity To Make Attractive Returns" . Seeking Alpha . February 26, 2024.
Archived from the original on April 2, 2024. Retrieved May 3, 2024 .
^
"Qoo10 named best online retailer at AsiaOne PCA 2015" . AsiaOne Women . Archived from
the original on July 16, 2016. Retrieved June 17, 2016 .
^
"Agoda, POSB and Qoo10 among top winners at AsiaOne People's Choice Awards 2016" . The Straits Times . April 21, 2016.
Archived from the original on May 3, 2016. Retrieved September 19, 2018 .
^ Lin, Melissa (January 15, 2016).
"Singapore Airlines tops brand image survey" . The Straits Times .
Archived from the original on March 16, 2018. Retrieved September 19, 2018 .
^ Krishna Moorthy, Prabu (February 25, 2016).
"Qoo10 voted 'Best Electronics Shopping Portal' at Tech Awards 2016" . AsiaOne Digital . Archived from
the original on April 2, 2016. Retrieved September 19, 2018 .
^
"Chart of the Day: Qoo10 beats Amazon and Apple in Singapore's e-commerce market" . Singapore Business Review . June 4, 2018.
Archived from the original on June 23, 2018. Retrieved September 19, 2018 .
^
"The Map of E-commerce in Singapore" . iprice.sg .
Archived from the original on July 26, 2018. Retrieved September 19, 2018 .
^ Shi Wei, Neo (April 23, 2018).
"Qoo10 takes e-commerce fight to next level with bulked-up war chest" . The Business Times .
Archived from the original on July 12, 2018. Retrieved September 19, 2018 .
External links