CapitaLand records 10-fold surge in China gross merchandise value in 2020 amidst digitalisation push
Boosted by 350 sessions of livestream sales on its CapitaStar platform, which generated about a third of total GMV
Singapore, 23 December 2020 – Seizing the growth in ecommerce amidst COVID-19, CapitaLand recorded more than RMB200 million (S$40 million1) of gross merchandise value (GMV) in China in 2020, 10 times the value achieved in 2019. This was boosted in part by catering to Chinese consumers’ enthusiasm for livestream sales. Through the Group’s CapitaStar digital platform, CapitaLand conducted close to 350 sessions of livestream sales in China during the year, which contributed more than RMB60 million (S$12 million1) to GMV. The best-performing livestream session raked in GMV of more than RMB10 million (S$2 million1), demonstrating the business potential of the “shoppertainment” trend. Building on the positive momentum, CapitaLand is gearing up to further expand the services of CapitaStar.
Mr Lucas Loh, President, China, CapitaLand Group, said: “We launched CapitaLand’s digitalisation strategy in China in 2015 and obtained an ecommerce license in 2018. With the digital infrastructure in place, we were able to quickly mobilise our resources to help retailers in CapitaLand malls pivot online when the pandemic struck. Looking back at 2020, we are encouraged by the positive momentum in CapitaStar’s GMV and will continue to explore ways to add value to our tenants’ omnichannel strategy. Beyond the figures, we are heartened by the mindset shift of our retailers in embracing a digital strategy to complement their in-store business. As part of CapitaLand’s digital transformation, we look forward to supporting the digitalisation of our tenants to collectively drive new growth in our ecosystem.”
"Beyond the figures, we are heartened by the mindset shift of our retailers in embracing a digital strategy to complement their in-store business. As part of CapitaLand’s digital transformation, we look forward to supporting the digitalisation of our tenants to collectively drive new growth in our ecosystem.”
CapitaStar in China
CapitaLand has been expanding CapitaStar’s user base in China by connecting its customers across more than 120 retail, office, business park and residential properties to the platform. Today, the CapitaStar ecosystem in China has more than 15 million followers, of which over 12 million are registered members.
To enhance customer stickiness, new features have been progressively added to CapitaStar, such as the “Star Live Studio” feature launched in April 2020 to host livestream sales. To engage shoppers even more effectively and to increase sales conversion, CapitaStar also adopts popular social commerce tools such as online shopping assistants to provide shopping advice and hacks. In addition, a variety of interest groups have been formed to generate product interest and conversations.
Combining the functions of a loyalty programme, online-to-offline management system, ecommerce storefront and data analytics, CapitaStar serves as an all-in-one digital solution for retailers. At the end of 2020, over 2,000 retailers operating in CapitaLand’s China malls also sell online via CapitaStar. The platform currently lists more than 90,000 SKUs (stock keeping units), covering a wide range of products in mobile & personal computing, beauty & wellness, mother & child, kitchenware & electrical appliances, apparel & bags, furniture & textiles and food & beverage. It offers shoppers the flexibility to either collect their purchases in-store, or have them delivered to their homes. The public can also discover and purchase an extensive range of lifestyle services from the platform, such as accommodation vouchers from The Ascott Limited, dining vouchers, beauty services and health screening packages.
Encouragingly, selling online through CapitaStar has helped tenants in CapitaLand malls to reach shoppers across Chinese cities. CapitaStar’s in-app features such as livestream sales, interest groups and online shopping assistants have also boosted sales conversions for retailers.
1 Based on the exchange rate of RMB1 to S$0.20