{"id":4013,"date":"2018-11-10T14:23:08","date_gmt":"2018-11-10T07:23:08","guid":{"rendered":"https:\/\/news.adeptasiaconsulting.com\/?p=4013"},"modified":"2018-11-03T14:30:44","modified_gmt":"2018-11-03T07:30:44","slug":"social-commerce-startup-goxip-lands-1-4m-investment-to-add-flexible-payments","status":"publish","type":"post","link":"https:\/\/news.adeptasiaconsulting.com\/social-commerce-startup-goxip-lands-1-4m-investment-to-add-flexible-payments\/","title":{"rendered":"Social commerce startup Goxip lands $1.4M investment to add flexible payments"},"content":{"rendered":"
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Social e-commerce startup Goxip raised $5 million in January<\/a>, and now the Hong Kong-based business has brought in more cash with a strategic $1.4 million investment from financial services company Convoy<\/a>. Existing backers including Chinese photo app company Meitu also took part.<\/p>\n

Convoy offers a range of services that include asset management, insurance and other investment options. Hong Kong\u2019s largest financial advisory with over 100,000 customers, Convoy isn\u2019t in great shape now. It has been in crisis over legal action and a corruption investigation that is centered around a former company director.<\/p>\n

The company\u2019s shares remain suspended on the Hong Kong Stock Exchange although it recently made appointments<\/a> aimed at modernizing its business and this deal is likely another part of that strategy. Convoy\u2019s portfolio of strategic investments includes Nutmeg in the UK<\/a>\u00a0and Ireland\u2019s Currencyfair, which bought up Convoy\u2019s payments arm<\/a>.<\/p>\n

Goxip <\/a> said it will use the capital and the new relationship with Convoy to offer more installment-based financing options on its service, which is akin to a \u2018shoppable Instagram\u2019 <\/a> that has a focus on high-end fashion.<\/p>\n

The company already counts major retailers like\u00a0Net-a-Porter, Harrods, and ASOS and brands that include\u00a0like Nike, <\/a> Alexander McQueen and Topshop. To date, Goxip has helped customers find outfits and buy them but now, with Convoy, it wants to offer payment plans using a virtual credit card, Goxip co-founder and CEO Juliette Gimenez told TechCrunch.<\/p>\n

With 600,000 monthly users and average orders of $300, Goxip is getting close to breaking even,\u00a0Gimenez said, but she is hopeful that offering staggered payment options over varying periods such as 6-12 months\u00a0will serve Goxip well as it expands in Southeast Asia where typical consumers spend less. That\u2019ll happen soon after the company opened an office in Bangkok ahead of an imminent launch in Thailand, its second expansion after Malaysia.<\/p>\n

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Goxip has just opened an office in Bangkok ahead of an upcoming launch in Thailand<\/p>\n<\/div>\n

Beyond geographical additions,\u00a0Goxip has also branched out into influencer marking this year with its soon-to-launch RewardSnap service<\/a>. Similar to Rewardstyle<\/a> in the U.S, it will enable\u00a0internet influencers \u2014 and particularly those on Instagram \u2014 to partner with brands and make money through referrals to their audience.\u00a0Gimenez said that 150 influencers have signed up, including Elly Lam<\/a> who has 14 million followers across all platforms.<\/p>\n

Instagram is beefing up its commerce focus \u2014 with the addition of a shopping tab<\/a> and new management at the wheel<\/a> \u2014 but\u00a0Gimenez said she isn\u2019t phased. She points to the fact that Facebook, which owns Instagram, hasn\u2019t been able to make e-commerce work in Asia, while the simplicity of Rewardsnap and its connection to the Goxip service, makes it highly defensible even as\u00a0Instagram ups its shopping game.<\/p>\n

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Goxip is a \u2018shoppable Instagram\u2019 for fashion followers in Asia<\/a><\/p><\/blockquote>\n