On the 27th, Sumitomo Corporation announced new developments in its e-commerce business in Malaysia and Vietnam. In Malaysia, it established Sumisho Ecommerce Malaysia Sdn. Bhd. (hereinafter, "Sumisho Ecommerce Malaysia"). In Vietnam, it has invested in Tiki Corporation (hereinafter, "Tiki"), an e-commerce company. By leveraging the know-how it has cultivated through its Japanese subsidiary, "Soukai Drug," Sumitomo Corporation will expand its e-commerce business in Asia.
With a per capita GDP exceeding $10,000, Malaysia is one of Southeast Asia's fastest-growing markets. With an internet penetration rate of 60%, the e-commerce market is expected to expand further. Through Sumisho Ecommerce Malaysia, Sumitomo Corporation launched an e-commerce service selling a wide range of daily necessities in Kuala Lumpur this December. The service area will be gradually expanded.
Tiki, a Vietnamese company that Sumitomo Corporation has invested in, operates an e-commerce business focusing on books. In less than three years since its establishment, it has grown into one of Vietnam's leading e-commerce businesses and has earned high praise from users. Sumitomo Corporation will invest 30% in the company and dispatch one non-executive director. The partnership will allow the company to expand its product categories and tap into new demand.
Sumitomo Corporation is already expanding its e-commerce business in China and Indonesia. The number of orders for Pindian, which launched in China in April 2012, has increased more than fivefold since the same period last year. Similarly, Sukamart, which launched in Indonesia in December 2012, has expanded its product lineup by approximately fourfold. The business is growing steadily. The company plans to continue providing high-quality e-commerce services to the rapidly growing upper- and middle-income classes in Asia, with annual sales of 100 billion yen, both domestically and internationally.
With a per capita GDP exceeding $10,000, Malaysia is one of Southeast Asia's fastest-growing markets. With an internet penetration rate of 60%, the e-commerce market is expected to expand further. Through Sumisho Ecommerce Malaysia, Sumitomo Corporation launched an e-commerce service selling a wide range of daily necessities in Kuala Lumpur this December. The service area will be gradually expanded.
Tiki, a Vietnamese company that Sumitomo Corporation has invested in, operates an e-commerce business focusing on books. In less than three years since its establishment, it has grown into one of Vietnam's leading e-commerce businesses and has earned high praise from users. Sumitomo Corporation will invest 30% in the company and dispatch one non-executive director. The partnership will allow the company to expand its product categories and tap into new demand.
Sumitomo Corporation is already expanding its e-commerce business in China and Indonesia. The number of orders for Pindian, which launched in China in April 2012, has increased more than fivefold since the same period last year. Similarly, Sukamart, which launched in Indonesia in December 2012, has expanded its product lineup by approximately fourfold. The business is growing steadily. The company plans to continue providing high-quality e-commerce services to the rapidly growing upper- and middle-income classes in Asia, with annual sales of 100 billion yen, both domestically and internationally.
