HIG carves niche in booming online market [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: Internet retailing is blazing ahead of other retail channels as the number of consumers with access to the cyberspace grows.
Online shopping is poised to break the grip of traditional brick- and-mortar stores by giving consumers access to cheaper options.
In Malaysia, this retail channel is set to strengthen.
Based on a research by AC Nielsen, online shopping in the country is projected to jump from RM1.8 billion in 2010 to RM5 billion this year.
Riding on this boom, Harris International Group Sdn Bhd (HIG) is tapping the potential by developing new transaction-based business models online.
According to its managing director Michael Tan, the company's first project was FH Club, an integrated e-commerce platform.
Launched last month, FH Club is a one-stop online store for fashion, beauty, health and lifestyle products.
to operations, through its team of creative and passionate individuals," Tan said.
He said HIG expects FH Club's active membership to grow to 10,000 by year-end.
To achieve this target, Tan said, the company will increase its merchant network from five a month currently to 30 a month.
"We intend to integrate with more merchants this year and sign packages with online media.
"Our plan is to expand our business abroad, especially in Southeast Asian countries like Singapore, Indonesia, Thailand, the Philippines and Vietnam," Tan said.
Tan set up HIG, an investment group that primarily invests in e- commerce businesses, in 2012.
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