Shopee enters Spain
Shopee, a popular online marketplace from Singapore, is entering Spain. The company is quickly expanding across Europe, as the launch follows their recent move to Poland in September. Spanish sellers and consumers can use their platform as of today.
The news came from Shopee’s new Spanish Instagram account, @shopee_es. In a recent post, the company says it will offer free shipping throughout Spain with no minimum purchase price. Just like in Poland, the marketplace is looking to connect local vendors to its international selling platform.
Leading marketplace in Asia
Shopee is already a leading ecommerce-platform in Asia, where it makes a billion euros worth of trade turnover. The international marketplace resembles AliExpress, offering a large range of products for very low prices. Consumers can buy anything from clothes and make-up to tech gadgets and household appliances. The company is part of Sea, which also holds Garena, an already well-known gaming company in Europe.
Fast-paced global expansion
Shopee is now active in 13 countries across Asia, South-America and, most recently, Europe. The marketplace is quickly gaining territory in the European market. Its entrance into Spain closely follows a launch in Poland last month. In September headlines also reported a recruitment campaign for a new branch in India. And so, Shopee is expanding globally at an incredibly fast pace.
Sellers generated 15 billion dollars in 2021
Shopee is growing fast financially as well, according to its annual report. In the second quarter of 2021, the platform generated fifteen billion dollars in gross commercial value for its third party sellers. That is an increase of almost 90 percent compared to last year. And only last month, Shopee’s parent company’s CEO Forrest Li became the richest man in Southeast Asia with a 20 billion dollar net worth.
No profit yet
With that said, Shopee is not making a profit yet. Instead, the gaming branch of Sea, Shopee’s parent company, is by far their biggest profit driver. In the most recent quarter gaming company Garena generated over 700 million dollars of earnings before interest. However, the remaining brands, including Shopee, reported a loss of around 760 million dollars. If Shopee and its parent Sea can become the next Amazon of global marketplaces, still remains to be seen.
If Shopee can become the next Amazon, still remains to be seen.