70% achieved, remaining to come from marketplace expansion, co-branded initiatives and sales from new products
21 Aug 2020, KUALA LUMPUR: With close to RM8.4mil transactions on Oxwhite e-commerce site up to August this year, Malaysian startup is on track to fulfil its RM12mil revenue pledge to investors despite the recent movement control order.
In order to achieve the remaining 30% 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 RM12mil revenue had raised RM5.019 million from 485 investors through an equity crowdfunding event.
On Aug 17, 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,” Chang said adding that Oxwhite’s own e-commerce platform had created a strong cult following by achieving an average of 48% return customer rate.
He also added that the brand, through its social media following of over 146,000 people, Oxwhite has been actively listening to their 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. This is reflective of the trend reported by Malaysia’s No. 1 online shopping platform in which demand for detergents and towels increased by 3 times in the first half of 2020.
On the partnership, Shopee Regional Managing Director Ian Ho said that 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,” said Oxwhite founder CK Chang adding that the team had focused on selling casual attires, innerwears, home care and personal care products to suit the needs of people staying at home then.
