KUALA LUMPUR: With close to RM8.4 million transactions on Oxwhite e-commerce site up to August this year, the Malaysian startup is on track to fulfill its RM12 million revenue pledge to investors despite the recent movement control order.
In order to achieve the remaining 30 per cent of the target, Oxwhite is planning to expand its presence into online marketplaces, leverage on co-branded initiatives, launch new products as well as boost sales of existing products.
In December last year, Oxwhite, with its pledge to achieve RM12 million revenue had raised RM5.019 million from 485 investors through an equity crowdfunding event.
On Monday, Malaysia's fastest growing premium lifestyle e-commerce brand made its first marketplace debut by launching its official store on Shopee.
"We are aiming to make at least RM250,000 in sales on Shopee in the next three and a half months by riding on the upcoming e-commerce promotions.
"By expanding into online marketplaces, we will be capturing a different segment of audience and this will create a ripple effect through referrals and return purchases as the new customers grow to like our products," Oxwhite founder CK Chang said, adding that Oxwhite's own e-commerce platform had created a strong cult following by achieving an average of 48 per cent return customer rate.
He said the brand, through its social media following of over 146,000 people, has been actively listening to customers who have been suggesting for the brand to sell on marketplaces.
With the difference in demography, Chang thinks that home and personal care products such as innerwears, laundry detergents, sanitizers, towels and Polo-tees, would gain more traction on Shopee.
On the partnership, Shopee regional managing director Ian Ho said Oxwhite will be able to ride on customer insights and create more value for its customers through Shopee's marketing features and existing programs such as Shocking Sale, PENJANA initiatives, 9.9 Super Shopping Day as well as shipping subsidies.
"This will create a boost in sales for Oxwhite as it systematically reaches out to a different segment of audience," Ho added.
Despite the global border closures early this year and the nationwide movement control order (MCO) which started on March 18, Oxwhite saw a three times sales increase.
"We responded fast by adjusting our business strategy to respond to customers' needs during MCO in order to maintain our positive revenue growth," Chang said.