VinShop is expected to soon become a successful store connection platform in Vietnam, with a business strategy similar to Tokopedia in Indonesia.
Founded in 2009, Tokopedia is one of Indonesia’s tech unicorns. According to CB Insights (US), Tokopedia’s value reached $7bn as of June 2020, becoming the third-largest unicorn in Southeast Asia, behind Grab (Singapore) and Gojek (Indonesia). Tokopedia was developed as a shopping platform where any business could easily arrange and sell its products.
William Tanuwijaya, Co-Founder of Tokopedia, said that the company’s business model is similar to Alibaba’s as it combines Toko (shop) and encyclopedia. In 2018, Tokopedia launched the Mitra Tokopedia app for warungs – small family-owned businesses that usually cater to a neighbourhood.
Mitra Tokopedia has recorded one million downloads in the island nation that has two million warungs. Mitra Tokopedia has gained popularity and is now present in more than 20 major cities, including Bandung, Yogyakarta, Banda Aceh, Medan, Palembang, and Pekanbaru. This is due to its capacity to connect grocery store owners directly with suppliers and ease retail operations.