This week, we will be focusing on coverage from the Shoptalk conference in Las Vegas. The Global track was one of the highlights of the first day – with insights from, amongst others, Magazine Luiza from Brazil and Flipkart from India.
The investors panel with Oliver Rippel, at Naspers CEO for B2C, and Hans Tung from GGV Capital, moderated by Zia Daniell Wigder, ‘Chief Global Content Officer’ at Shoptalk, provided fascinating insights:
While Naspers takes into account the local peculiarities in Asia, South America and Eastern Europe and in India Flipkart and co., for example, are counting on the still small but growing middle class, Hans Tung pointed out that in China a whole generation that could not afford buying physical goods was brought to e-commerce through virtual goods in mobile gaming.
He also pointed out his early fascination with Wish. In 2013, Wish made, according to Tung, only $15 in GMV while today it is “in the billions”. (See also the interview with Wish-CEO Peter Szulczewski at Recode Code last year.)
While Naspers usually invests in companies at a later stage and thus is waiting for founders to prove themselves first, GGV’s Hans Tung talked about his experiences in China: In 2003, eBay was the most popular site in China, until Alibaba took over.
A completely new and different e-commerce world emerged in China. This world is driven by WeChat and a growing number of sharing services that provide delivery in China in a way that is hard to almost impossible to do in the West because the underlying infrastructure is so different.
- Debate: How Sustainable is Wish?
- Can Wish Become The Next Ebay?
- U.S. Ecommerce After Jet.com and Dollar Shave Club: VC Is Back in Town?
- Taobao Villages: Alibaba Is Deeply Entrenched in More and More Rural Regions in China
- Alibaba & China’s Internet Scale
- The Rising Alibaba Cloud and the Future of Global Marketplaces