Qoo10 is the market leader in Singapore's e-commerce scene, according to research
Qoo10 has been named the leading player in the Singapore e-commerce market in 2017, beating out established players.
Qoo10 was formerly known as Gmarket and was founded in 2010 by South Korean Ku Young Bae.
The Singapore-based company, which is owned by Giosis, took the top spot with a total market share of 32.6% in 2017, over the likes of Amazon, Apple and Alibaba-owned sites, Lazada and RedMart, according to a new report by Euromonitor.
The market research company found that Amazon and Apple only held 11.5% and 11% respectively in Singapore, while Lazada ranked at 3.8%, RedMart at 4.5% and Rakuten at 0.0%.
Qoo10 was formerly known as Gmarket and was founded in 2010 by South Korean Ku Young Bae. It renamed itself after it was bought out by eBay for US$1.2 billion in 2009.
Singapore is Qoo10’s second biggest market after Japan. It claims to have three million total users and 600,000 daily active users in the Southeast Asian nation.
The Drum reached out to Lazada to comment on the new findings, but the company declined.
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Lazada Group is a privately owned e-commerce company founded by Rocket Internet in 2011. As of 2014, Lazada Group operated sites in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam and had raised approximately US$647 million over several investment rounds from its investors such as Tesco, Temasek Holdings, Summit Partners, JPMorgan Chase, Investment AB Kinnevik and Rocket Internet.Find out more