reflections from st

These are my resolutions, reminders and reflections for the new year.

1. Don’t take life too seriously. Most times, it is only my ego that is hurt. And that may not be a bad thing.

This resolution forces me to examine myself often. I have come to realise that a lot of issues I struggle with are the result of my pride, which is easily bruised by words and actions. That is often the source of my misery and self-pity. I need to remind myself that not everything is about me.

2. The “likes” I get on Facebook do not affirm who I am.

This is a reminder to not base my self-worth on things that are transient and superficial. It also reminds me to live a life that is not driven by the whims of the latest fad.

3. If we want to change for the better, stop making excuses.

I aim to stop procrastinating. If something is worth doing, and you know it is what you have to do, then do it. Don’t stand in your own way to achieving personal breakthroughs. Like Nike says, just do it... already.

4. Overnight changes last only one night. True change takes time.

Nothing worth doing is easy and I have to give a life enough time to change. I learnt this the hard way when my three children went through their PSLE. I saw them through my own myopic lenses and focused only on the grades. But they all eventually bloomed in their own time.

And my son recently gave a good wrap-up for the year at one of our family gatherings. He reminded us: “Everyone is on their own journey, and it is okay to go at their own pace and give them the space to run their own race.”

5. True success is never allowing success to change us.

The best version of us is before success happens. This is to remind myself of where I come from, and not let achievements go to my head.

American medical researcher Jonas Salk once said to give our children roots and wings. I take roots to mean our humble beginnings. Never forget where we come from, and the struggles and the tears shed to arrive at where we are today. Once the roots are firmly entrenched, we can soar with wings confidently spread out to take us much farther.

Success then becomes about building character, rather than accumulating and flaunting wealth.

6. Never underestimate the power of choice.

When it comes to facing adversity, nothing is as bad as it looks or feels until I decide how I respond to it. It was the Stoic philosopher Epictetus who said that “people are not upset by events but rather by their opinions about them”.

7. If we can’t afford the time to understand people, then don’t insult their intelligence by trying to change them.

This is a wake-up call to listen intently for what is not said, because it is important that I put myself in the other person’s shoes rather than impose on him what I think is right for him. 

Everyone is going through a different journey. Be kind always, and seek to understand and lend a helping hand. At times, the best encouragement is simply silent company, to be one who listens more than he speaks.

8. Life may be short, but the journey is long. So always remember to live our life short on hate and long on forgiveness.

I trust this last point is self-explanatory.

Have a great 2025.

Michael Han is a father of three and managing partner of a legal firm.

qoo10 down fall

In late 2015, a founder of an e-commerce operations company I was advising confidently declared: “The future of e-commerce is in Qoo10. It’s more engaging for consumers, and our sales there are much higher than on any other platform.”

At the time, his optimism was well placed. Daily deals platforms like Groupon were faltering, the future of Singapore e-commerce early entrant Lazada was uncertain amid rumours of a potential Alibaba acquisition, and upstart Shopee – launched earlier that year – was little more than a Carousell copycat.

Qoo10, the daddy among them, was founded in 2010 – Lazada came along two years later – when the Singapore e-commerce industry was in its early stages. And yet, five years later, it still stood out. It was cool, innovative and ambitious, even building its own logistics arm, Qxpress, signalling a long-term commitment to Singapore’s emerging e-commerce market.

The company had quickly become a darling on the scene, appealing to both buyers and sellers with a user-friendly platform, aggressive marketing, an efficient loyalty programme and a focus on low prices and variety. 

But ever since Shopee and Lazada started firing up their growth engines, Qoo10’s glory days were over. The hammer in the coffin was the Singapore High Court ordering Qoo10’s liquidation early in November, highlighting a stark reality: Once a promising player in Singapore’s e-commerce scene, Qoo10 now joins the list of fallen early movers.

It is the end of an era and a cautionary tale. But it is also a reminder of the dynamic, ever-changing nature of the e-commerce industry in Singapore.

Bright beginnings

When Qoo10 was founded, it was well positioned to capitalise on Singapore’s nascent e-commerce opportunities. At the time, Amazon and eBay dominated the West, while Alibaba’s Taobao was already fairly established in China. These platforms gained some traction in Singapore with cross-border shoppers. 

Locally, companies like 65daigou (later Ezbuy), also founded in 2010, helped consumers access Taobao goods, and start-ups like RedMart were beginning to explore niche markets like grocery e-commerce.

Qoo10’s ability to seize trends early on was a significant strength. It launched campaigns that resonated with consumers, engaged sellers effectively, and built a reputation for offering great deals. Its investment in Qxpress streamlined logistics to ensure better service.

Perils of the first mover

In the technology ecosystem, being an early mover can be as risky as it is rewarding. Late movers can learn from their predecessors’ successes and mistakes and adapt quickly. First movers often become too entrenched in existing processes to pivot effectively, especially in fast-evolving industries like e-commerce.

Qoo10 faced a similar fate. While it initially succeeded by focusing on selection, price and savings, Shopee entered the market in 2015 with superior execution across these same areas.

Shopee’s gamified shopping experiences, coupled with targeted promotions like free shipping and seller engagement strategies, resonated deeply with consumers. Shopee began to capture the mass market, squeezing Qoo10’s relevance.

Lazada solidified its position with consumers as their preferred platform for branded goods, and Amazon also claimed a premium segment, both areas Qoo10 found itself ill equipped to serve. As a result, Qoo10’s position in the market eroded, slowly – then quickly.

More On This Topic

Qoo10 vendors, customers accept they will likely not get money back

South Korea to support vendors hit by S’pore-based Qoo10 payment delays; CEO pledges compensation

Momentum matters

As Shopee and Lazada gained traction, Qoo10 struggled to compete for resources. Bright university graduates flocked to Shopee, drawn by its rapid growth and ambitious vision. Investors favoured Shopee’s bold strategies over Qoo10’s seemingly more stagnant approach.

This wasn’t unique to Qoo10. Early movers here like Ezbuy and RedMart also failed to deliver on investor expectations. Foodpanda, once dominant in food delivery, steadily lost ground to Grab, which started its delivery services six years later but benefited from better execution and integration into its ride-hailing app.

For Qoo10, the loss of momentum to Shopee probably sealed its fate. Without a differentiated value proposition or extraordinary leadership to execute a turnaround, its decline became inevitable.

A perfect storm

While Qoo10 initially captured consumer attention with its deals and variety, cracks began to show in how it managed relationships with both consumers and sellers. Sellers increasingly faced delayed payments – in early 2023, reports surfaced of sellers not being able to withdraw their earnings.

This eroded trust and prompted many to shift their focus to competitors, who provided not only faster payment cycles but better tools and support for sellers, enabling them to scale their operations effectively.

Qoo10’s reliance on its digital tokens, known as Q*coins, also became a double-edged sword. While these tokens, which acted as a form of currency on Qoo10’s platform, encouraged loyalty and repeat purchases, consumers became increasingly frustrated with the tokens’ lack of transparency and usability.

Many consumers struggled to redeem the tokens or found them to have limited value, especially as competitors rolled out simple, gamified reward systems and enticing cashback schemes. As a result, Qoo10 gradually lost online shoppers to platforms that provided clearer value propositions.

Qoo10’s financial mismanagement further deepened its troubles. Reports of fund misuse and mounting debts undermined its ability to invest in critical areas like marketing, technology and logistics – areas where its rivals were pulling ahead. Shopee, which was buoyed by heavy investments from parent company Sea Group, executed aggressive marketing campaigns and built an ecosystem of gamified shopping experiences that kept users engaged. 

Qoo10’s failure to modernise its platform and innovate beyond its early successes left it stagnant. The logistical advantages of Qxpress, once a key differentiator, became less compelling as competitors developed more robust delivery systems. 

This combination of poor financial management, declining consumer trust and seller dissatisfaction created a perfect storm for Qoo10. 

An unpredictable landscape

The demise of Qoo10 underscores how precarious a lead can be in the ever-changing e-commerce industry. Indeed, while its internal woes were significant contributors to Qoo10’s downfall, it was the relentless competition in Singapore’s e-commerce landscape that played a decisive role.

With Singapore having a small consumer base relative to other South-east Asian markets, and one that is highly discerning yet price sensitive, I believe that while its e-commerce industry may be open to a disruptor, it has room for only a few dominant players. 

And as the bar of offering a drastically better value proposition becomes higher, it will be more difficult for new entrants to the industry to break through.

So far, consumers have enjoyed the benefits of the e-commerce evolution – better selection, faster delivery, improved quality and greater savings – as platforms vie for their attention. 

But a market dominated by a few giants could theoretically reduce competition over time, potentially leading to less innovation and higher prices. 

The future of e-commerce in Singapore remains unpredictable for now. But history has shown that the industry thrives on disruption. Whenever the dominant incumbents start to slack off, new players will find cracks in the wall to redefine the game with fresh approaches and unique value propositions.

Today, the e-commerce landscape continues to shift. Shopee’s logistics arm, SPX Express, is poised to overtake J&T Express as the largest logistics provider in South-east Asia, solidifying its dominance. 

Meanwhile, Temu, the global offshoot of Pinduoduo, is rapidly expanding in the region and may soon set its sights on Singapore, bringing with it a model of aggressive price competition and hyper-localised offerings. Cross-border platforms like Taobao are also gaining momentum.

The next wave of disruption is always just around the corner. Ultimately, the market’s capacity for fresh competition will depend on whether newcomers can differentiate themselves and avoid the pitfalls of past players.

Li Jianggan is CEO of Momentum Works, a Singapore-based venture builder and research firm.

More On This Topic

askST: Qoo10 still owes me money. What can I do now that it is winding up?

Woes at Qoo10's South Korean e-commerce units intensify as firms cut ties