Asia’s retail and e-commerce sector is currently experiencing major innovation thanks to a group of young entrepreneurs. These dynamic individuals, all under the age of 30, are leveraging unique market opportunities and disrupting traditional business models with novel concepts and technologies. They are leaving a huge footprint in the industry by leveraging consumer needs and digital platforms.
Among these disruptors is YOOME Hwang, the founder of YOLO. She drew inspiration from her world travels to create a digital retail platform that bridges the gap between global markets and consumers. Consumers can now purchase international products from home without having to travel, a concept that has become even more important during the COVID-19 pandemic.
Fan took advantage of international travel restrictions to create Crockett, an online marketplace where 25,000 sellers around the world sell 700,000 local products. With 3 million downloads and a total of 155 billion won ($115 million), the platform is taking full advantage of the e-commerce demand under these unique circumstances.
Entrepreneurs Rizky Alief Dwi Prakoso and Karina Innadindia Amron Naibajo identified a niche opportunity in Indonesia’s perfume industry.
Youth-led innovation in e-commerce in Asia
Their company, HMNS, produces high-quality perfumes at affordable prices using locally sourced ingredients. After selling 800,000 copies in one year, the company plans to expand into Malaysia.
In Singapore’s luxury watch industry, Chia Pei Chee and Kenneth Quan are attracting attention with their brand of high-quality straps and accessories, Deluxe. Attracting celebrities such as Ed Sheeran, their collections stand out in a competitive market due to their choice of materials and innovative designs.
Vanshika Kazi started KNYA Med to expand her family’s textile business in India. The company manufactures medical lab coats and scrubs to meet demand during the current health crisis. Fellow entrepreneur Vaibhav Makhija has also diversified by capitalizing on health and wellness trends with What’s Up Wellness, a line of gummy sweets infused with supplements.
The adaptability and innovative ideas of these young entrepreneurs are setting high standards for the retail and e-commerce industries. By pursuing niche markets, understanding consumer needs and challenging norms, we are carving our own space within the industry. Their success stories highlight the importance of creativity and adaptability in business growth and highlight the role of digital transformation in retail.
