Just a couple of months ago we covered the launch of BlinQ, a new e-commerce website that offers cutting-edge solutions for millennials in the luxury fashion industry. Automated warehousing, augmented reality, and a closer attention to millennials in its strategy, aims to become a leading player in the Southern Eastern Asian market. The Singapore based company has announced that it raised $2 million from a group of private investors as part of its seed round, according to an official release. The fund raised will be used to accelerate hires and platform developments and the smart move has recently been covered in the interview on PitchDeck.
Luxury ecommerce market is estimated at $330 Bn in 2018, predicted to reach $500 Bn by 2020 and Asia contributes to 44% of the global market. Average S.E. Asians spend 3.6 hours on their smartphones per day (highest in the world). Subscription economy growing at 100% per year over last 5 years accounting for US$ 2.6 billions in market size.
The recently released Wealth Index report by Euromonitor, points out that Singapore is among the top ten markets in terms of wealth customers segment, that’s pretty relevant to every marketing strategy because the index is built on a cross approach to asset wealth, consumption attitudes, and income, therefore it covers broadly the clusters mainly targeted by luxury brands.
Bob Chua agreed to comment on this context and his company’s latest moves: <<SE ASIA is on the cusp of an online retail explosion, and it has all the right ingredients to be one the fastest growing regions in the next few years…there’s no doubt. Key for us however is to be focused on execution at scale, and delivering a superior customer experience>>
Definitiley, it’s all a matter of customer experience and finely tuned marketing strategy that approach to new retail with cutting edge solutions. And BlinQ is going to have its say on it.