Qoo10 partners 7-Eleven in Singapore to offer cash payment option
Online marketplace Qoo10 has partnered convenience store chain 7-Eleven to offer Singapore's first cash payment option for online shoppers.
The e-commerce site, which sells goods from clothes to battery chargers, expects this to open up opportunities in an untapped non-credit card holder market. It noted there were as many as 900,000 Singaporeans aged 18 to 54 years old earning S$30,000 (US$24,321) and below--the usual minimum required to qualify for a credit card.
"Qoo10 has just celebrated its third birthday with 900,000 members and we hope to hit the one million member milestone with the addition of the 7-Eleven payment option," said Asil Turk, commercial head for Qoo10's Southeast Asian business division.
The potential conversion of this demographic into Qoo10 shoppers is poised to increase the percentage of non-credit card payment option--which includes PayPal--from the current 30 percent to 40 percent, it noted.
Turk added the company was also exploring marketing promotions and other collaborations with 7-Eleven.
Qoo10's move follows similar tie ups in other markets such as China, Taiwan and Japan between e-commerce sites and convenience stores. Earlier this month, Amazon partnered FamilyMart in Shanghai, allowing customers to pay via either cash or credit card, and also the additional option of picking up their goods from those stores.
The e-commerce site currently serves Singapore, Japan, Indonesia, Malaysia, China and Hong Kong.