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Yohan Wong and Tim Jordan, Executive Strategist in PingPong, shares with us the highlights and market overview as Amazon launches in Singapore.
A bit of a background
- Yohan Wong and Tim Jordan from PingPong, join us in this episode to talk about international expansion of Amazon in Asia.
- Amazon is launching in Singapore.
- Amazon launched in China but had to pull out due to huge competition.
Biggest Pain Point
- Payment processing in some markets
- Hongkong is experiencing some turmoil – Singapore looks like the best market at this time to develop.
The Singapore Market
- The market is hungry and interested in Western market.
- They are looking for Western branded goods.
- The middle class is growing and income is growing – spending capacity is growing.
- PingPong is the only company right now which is able to set up digital bank accounts in Asia.
- Roll out is looking good.
- Japan is also a good market – they are shy doing reviews.
The Markets
- Japan is a tough market because Rakuten dominates the market.
- It is harder to please.
- The Singapore, Malaysia (Southeast Asia) is more liberal in what they expect.
- The middle class in these areas are growing.
- They want cheaper and expensive items at the same time.
- Many manufacturers are moving to other countries.
PingPong and Currency
- Digital wallets allow better mobility.
- Trade war is affecting sellers – they are looking for fallback options.
- Supplier pay option is built in with PingPong – it allows domestic payment.
- Domestic payment is without charge
- Flat fee: $30 for overseas supplier payment.
- PingPong has a built in VHT/AHT service
- Virtual prepaid credit cards service
- Receive payment in local currencies and converted to your currency
Current Trends
- India is the next big market.
- selected 3rd party sellers selected: home wear, athletic/ healthy lifestyle stuff and supplements.
- Lifestyle type items.
- PingPong is launching in Mexico!
Connect with PingPong:https://pingpongpayments.com/
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