SOCIETY PASS INCORPORATED

(SOPA)
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No. 1? What Is Making This Grocery Delivery App A Preferred Choice In Southeast Asia?

06/17/2022 | 08:26am EDT

DGAP-News: Society Pass Incorporated
No. 1? What Is Making This Grocery Delivery App A Preferred Choice In Southeast Asia?

17.06.2022 / 14:25
The issuer is solely responsible for the content of this announcement.


Society Pass (NASDAQ: SOPA)

E-commerce, made possible by the internet, is still booming. Businesses like Amazon.com Inc. (NASDAQ: AMZN), eBay Inc. (NASDAQ: EBAY), and Shopify Inc. (NYSE: SHOP) are soaring, with more people ordering products online than buying them in stores.

While most businesses nose-dived during the COVID-19 pandemic, movement restrictions induced by the pandemic fueled online retail sales. Online sales grew from 16% to 19% in 2020, with Southeast Asian countries significantly contributing to the growth, according to numbers in a United Nations Conference on Trade and Development report.

Southeast Asia, which includes countries like Philippines, Vietnam, Singapore and Malaysia, is home to more than 681 million people — 47% of whom prefer online shopping, with about 144 million people regularly purchasing online.

E-Grocery Boom

Consumers can shop online from anywhere and choose from a wide array of products such as groceries to be delivered directly to them. Online grocery, or e-grocery, shopping has also been gaining momentum for some time.

The e-grocery market is quickly expanding throughout the world, with players like Uber Technologies Inc. (NYSE: UBER), Instacart, Amazon Fresh and Fresh Direct serving customers in North America and Europe.

Southeast Asia is also seeing significant growth in the e-grocery market. A breakdown of the market by IGD Asia indicated:

  • Asia, the largest regional grocery market in the world, is expected to grow by a compound annual growth rate (CAGR) of 6% between 2018 and 2023.

  • The grocery market will be worth $4.2 trillion by 2023, up from $3.1 trillion in 2018. Its share of global grocery spending will be 37% in 2023, adding around $1.1 trillion to the worldwide grocery market.

  • China, India and Indonesia will be the biggest contributors to the region’s top-line growth, accounting for 74% of new sales added by 2023.

A Convenient Grocery Delivery App?

That level of growth could be a boon for a company like Pushkart.ph, an online grocery service started in 2017 that delivers fresh goods to consumers who use its feature-packed app.

Pushkart’s platform was developed by a group of young Filipino millennials whose goal was to ensure fast, convenient and safe grocery delivery to customers’ doors.

From Day One, Pushkart.ph — available on the web, Google Play Store and the Apple Store — said that in addition to serving consumers, it wants to be the platform of choice for retailers and help them sell their products quickly without learning the technicalities of running a digital platform or managing a logistics fleet.

From a single flagship fulfillment center at Fisher Supermarket, which has been operating since 2017, the platform is now supported by three additional hubs: Market! Market!, Ayala Malls Feliz, and AllDay Supermarket — Global South.

What Makes Pushkart.ph Say It’s Confident It Stands Out From The Rest?
  • Consumers — The company wants to bring value to consumers by allowing them to shop for their basic needs anytime from anywhere they want while sparing them from heavy city traffic or the hassle of carrying heavy bags of groceries.

  • Companies — The company wants to make it easy for corporate clients to purchase every office pantry supply they need from a single source and with the convenience of having flexible payment schemes.

  • Merchants — The company plans to empower retailers to reach the online market by giving them the means to easily transform their shops to include digital sales.

  • Society — The company wants to bring more jobs through online commerce.

Pushkart.ph is a division of the Society Pass Inc. (NASDAQ: SOPA), a Southeast Asian acquisitions-focused e-commerce holding company.

Currently operating six subsidiaries, SoPa plans to expand to more than 10 more subsidiaries in eight verticals — loyalty, merchant software, lifestyle, food and beverage delivery, travel, digital advertising and telecoms — by the end of 2022.

Since its inception in 2018, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants and brands on its platform.

Apart from Pushkart.ph, SoPa provides merchants with #HOTTAB Biz, lifestyle e-commerce through Leflair.com and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam. In addition, SoPa operates Gorilla Networks, a Singapore-based, blockchain/web3-enabled mobile virtual network operator.

About Society Pass (NASDAQ: SOPA)

As a loyalty and data marketing ecosystem, Society Pass operates multiple e-commerce platforms across its key markets in SEA. Its business model focuses on analysing user data through the expected launch of its Society Pass loyalty platform and circulation of its universal loyalty points, which seamlessly connects consumers and merchants across multiple product and service categories to foster organic loyalty. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its consumers, merchants, and acquisitions.Society Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user profile analytics, and convenient financial support packages for small and medium-sized enterprises.In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam.

For more information, please check out: http://thesocietypass.com/.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

Contact Details

Benzinga.com

Benzinga

+1 877-440-9464

info@benzinga.com

Company Website

https://thesocietypass.com


News Source: News Direct


17.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Society Pass Incorporated
United States
ISIN: US83370P1021
EQS News ID: 1378423

 
End of News DGAP News Service

1378423  17.06.2022 

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Financials (USD)
Sales 2022 7,17 M - -
Net income 2022 -25,0 M - -
Net Debt 2022 - - -
P/E ratio 2022 -2,04x
Yield 2022 -
Capitalization 53,2 M 53,2 M -
Capi. / Sales 2022 7,42x
Capi. / Sales 2023 1,82x
Nbr of Employees -
Free-Float 59,7%
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Dennis Luan Thuc Nguyen Chairman & Chief Executive Officer
Raynauld Liang Chief Financial Officer
Shashi Kant Mishra Manager-IT Security & Analytics
Neeraj Dharam Upadhyay Technology Manager
Pierre Antoine Brun Chief Technology Officer
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