The publicly listed company’s e-commerce product, SP eCommerce, counts leading retailers as part of its 200 clients
The volume of snail mail has been declining for Singapore Post in the past two years but its revenue has grown more than S$150 million (US$190 million) to a current S$628 million (US$494 million) in the three quarters of the latest financial year, all thanks to its logistics, retail and ecommerce operations.
Launched in April 2013, SP eCommerce is an e-commerce enabler that offers retailers and brands end to end e-commerce solutions encompassing web store fronts, an order management system, a warehouse management and shipping system and complementary services for digital marketing and performance tracking.
SingPost sees an annual profit of S$37.3 million, allowing it leeway to acquire and sell assets in the interest of its e-commerce division. SP eCommerce’s acquirement of Sample Store in 2013 added to its pool of marketing channels made available for clients.
Owning 12 warehouses across South Asia, Australia, US and UK, SingPost has an obvious advantage in the race to become Asia’s ultimate e-commerce behemoth. “SingPost is in a lucky situation. We already own the most capital intensive part of our operations. We already have good partnerships with local networks,” says Marcelo Wesseler, Senior Vice-President of ecommerce at SingPost.
Wesseler lets on that a strategic partnership between SingPost and its largest shareholder, Singapore’s leading telco SingTel, is in the pipeline.
[Image: L-W- Flickr]