- Oct 04, 2016
KUALA LUMPUR — The brainchild of the co-founders of eOneNet, a leading internet marketing company since 2000, 28Mall wants to position itself as the e-Commerce site catered to and for the high-end Asian market.
28Mall co-founder and chief executive officer (CEO) Fione Tan spoke to Malay Mail and revealed that the company has goals to position itself as the online shopping marketplace for the Asian market offering middle- to high-end range of products.
Using eOneNet as its anchor and leveraging on its licensees and experience, Tan said 28Mall was kickstarted through crowdfunding.
“We raised US$500,000 (RM2.1 million) and that was how we managed to get the site up and running,” she said.
At the moment there are no major investors who have pumped in capital for the site but instead there are prospective investors who are eyeing the marketplace, the CEO said. “We want to establish the site as a bigger marketplace first then we would consider bringing investors in.”
Tan said eOneNet is planning to launch an initial public offering in the next three years, leveraging on the success of 28Mall.
“When we talk about e-Commerce, people always think of international brands and foreign players, so why not set something up as an icon that will stand out in the emerging markets of Southeast Asia,” she said.
With 16 years in the e-Commerce and internet marketing industry, Tan is well equipped to position 28Mall as the marketplace for Asian merchants to conduct business.
“Asia is growing rapidly in terms of the market, and we want to be the place where foreign brands will place their trust as well as local merchants who would like to put their products out there in the Southeast Asia market,” Tan added.
The 28Mall website — recently launched in Malaysia and Hong Kong and focused on the beauty and luxury segment — now hosts 100 merchants from Malaysia, South Korea and Hong Kong.
Tan said 28Mall is strict with their merchants and with major designer brands like Patek Philippe and Versace on board, they want only the best for their customers.
“Some merchants come up to me and said they are already on several websites but these often spawn similar replicas (knockoffs) at a fraction of a price — making the original unattractive to customers.
“If a customer buys a watch from Patek Philippe — which can cost up to RM500,000 on the site — we will send the customer over to the store in Hong Kong for the customer to inspect the product purchased thus giving the customer the exclusivity of the purchase,” she said.
28Mall works on a profit-sharing basis, where the marketing and promotion of products are done in-house by the 28Mall team but the merchant will have to share 8-20% of the total sales value.
“I have been doing this for 16 years with many other companies and realised that the companies are gaining profits but I am losing it, so why not start up something on my own where both the merchant and 28Mall can profit and gain success together,” Tan said.
28Mall aims to increase its merchant list to 200 by the end of the year.
“Those who partner up with us in the early stages will have the leverage of using our ambassador Amber Chia to promote their products but we cannot promise it for those who join in much later,” the 28Mall CEO said.
Moving forward, 28Mall will launch its mobile app next year and will also focus more on beauty products.
“We want to work with distributors and direct dealers because we want genuine quality products on our site, so we are working closely with partners to secure more deals and merchants,” she said.
eOneNet.com, an Internet Marketing Asia company started in 1999 in Kuala Lumpur with offices in Singapore, HK and China. Founded by Fione Tan,
it has won numerous awards regionally. eOneNet is also the Certified Training Provider of Alibaba.com
■ Call eOneNet.com at 03-2284 6418, WhatsApp 012-232 8878 or register at www.eOneNet.com.
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