No wonder their online site service sucks recently. I ordered one health supplement product from their QOO10 site recently. Big mistrake, as seller bochap delays delivery and no response so I dulan cancelled and request for refund but Seller bochap no response to refund. Chased their helpdesk, says give Seller one more day to respond and must wait til next Mon then they will take action, LOL. Might as well close shop better.
With their financial troubles in paying sellers, think I can kiss my refund goodbye already NBCB.
https://theindependent.sg/qoo10-lays-off-over-80-of-singapore-employees-amid-financial-struggles/
SINGAPORE – In a significant restructuring move, e-commerce platform Qoo10 has laid off more than 80% of its Singapore-based workforce over the past two weeks. Despite the mass retrenchments, the platform continues to operate, although the future remains uncertain.
The layoffs come in the wake of troubling news that Qoo10’s South Korean operations had defaulted on payments to local merchants and consumers. Reports indicate that Singapore employees began receiving notices of possible impacts on the local headquarters shortly after the South Korea news broke late last month.
Speaking to MediaCorp, a retrenched employee revealed that the first batch of layoffs occurred on 13 August, impacting workers from almost all departments, with the exception of the Human Resources team.
“A total of about 90 employees have been affected. Originally, there were 110 employees here. Now, the only ones left are senior management,” the employee stated, emphasizing that the remaining few staff members are solely focused on maintaining the platform’s day-to-day operations.
The retrenched staff reportedly comprised mostly Singapore citizens, with only three foreigners among those affected. According to insiders, Qoo10 expressed regret in letters sent to employees, apologizing for the layoffs and stating that it was not the company’s intention to reduce the workforce.
However, one former employee noted, “There are no benefits after the layoffs because the main reason is that there is really not enough money.”
The atmosphere at Qoo10’s Singapore office reflects the scale of the downsizing. “The two-story office is full of empty desks. If there are really people, there are less than ten,” another former employee remarked, suggesting that the company might be preparing to either sell off its assets or shut down completely.
In response to the situation, Singapore’s Ministry of Manpower confirmed it is closely monitoring developments at Qoo10. The labour movement, while acknowledging that the company is not part of any of its unions, has assured that it will offer support to affected employees if necessary.
For now, Qoo10 continues its operations in Singapore, but the company’s future hangs in the balance as it grapples with financial difficulties.
--------------
https://www.straitstimes.com/asia/e...mplaints-in-south-korea-fears-of-wider-damage
South Korea online shopping platforms WeMakePrice and Tmon, both owned by Qoo10, have failed to pay money owed to sellers in May. PHOTO ILLUSTRATION: PIXABAY
Tensions are escalating in South Korea over the liquidity crisis of online shopping platforms WeMakePrice and Tmon, both owned by Singapore-based e-commerce company Qoo10, sparking massive complaints and fears of wider damage.
The platforms failed to pay money owed to sellers in May, prompting traders to leave the platform. There are complaints from customers as well.
In an urgent press conference on July 25, Mr Ryu Hwan-hyun, chief executive of WeMakePrice, said the value of delayed payments by the company was some 4 billion won (S$3.9 million).
“We offer a deep apology for the delayed payments,” he said at the company headquarters in southern Seoul, where hundreds of consumers had gathered all night to demand compensation. “Qoo10 Group has been working to secure funds to pay sellers.”
Mr Ryu vowed all-out efforts to reduce additional losses in close consultation with Tmon and Qoo10.
“I arrived here today at 8am to receive the compensation. But nothing has progressed after spending nine hours here,” said Mr Park, a 37-year-old Seoul resident. He added that he was unable to get a refund for a travel package he purchased for his family’s vacation scheduled for August in the Philippines, totalling around 2 million won.
“It’s disappointing that all I could hear from the service providers, including the travel agencies and WeMakePrice, is that they can do nothing except tell me to apply for a refund and wait indefinitely,” he said.
Ms Kim Seo-hyun, a 42-year-old mother who had planned to visit a theme park with her son and daughter, criticised the company’s poor handling of the situation at the site.
“When I first arrived this morning, a company official said that those who signed for the refund by filling out a document would receive the refunds first and that we could go home after completing the documentation,” she said.
“But nothing happened. The procedures abruptly changed to an online system where consumers apply for refunds via a QR code, and I received no notice from the company.”
Qoo10 acquired WeMakePrice and Tmon in 2022 and 2023, respectively.
According to market tracker Wiseapp Retail Goods, transactions made on Tmon and WeMakePrice were estimated at 839.8 billion won and 308.2 billion won, respectively, with 4.37 million and 4.32 million monthly users.
Regulators were also ramping up efforts to monitor the situation. The nation’s antitrust watchdog, the Fair Trade Commission, said it started on-site inspections to prevent further losses.
Meanwhile, industry experts suggest that the business disruptions likely occurred because Qoo10 might have used the delayed payments to expand its business with the apparent goal of listing on the stock market in New York.
Earlier in February, Qoo10 acquired American e-commerce platform Wish for 230 billion won. It also acquired another Korean e-commerce platform, AK Mall, in March.
“When Qoo10 acquired Tmon and WeMakePrice, it used Qxpress shares instead of money. However, for the Wish acquisition, it had to pay in cash. There are speculations among industry insiders that Qoo10 diverted funds from Tmon and WeMakePrice for the acquisition,” an industry official who wished to remain anonymous said. Qxpress is a logistics company focused on e-commerce.
The official added that Tmon and WeMakePrice were already struggling financially due to an increasingly competitive market environment. Regulatory filings show that Tmon’s cash reserves were 8 billion won as of 2022, down from 55.5 billion won the previous year, while WeMakePrice’s impaired capital reached 239.8 billion won.
Another source pointed out that the main problem was the lack of legal standards for the settlement cycle.
“It has been reported that Tmon and WeMakePrice have frequently failed to meet payment settlement dates for sellers since last year, especially around October, when Qoo10 announced it would delay payment dates by two months,” the source said.
Unlike Tmon and WeMakePrice, most e-commerce platforms here, including Auction, Gmarket, Naver Storefarm and 11Street, pay sellers upon consumer purchase confirmation. Coupang, however, takes around one to two months to settle payments.
The source also suggested that the issue centred around travel packages and gift certificates because these items typically have higher transaction values and do not require immediate physical delivery, making it easier for Tmon and WeMakePrice to use them to secure extra cash reserves immediately.
In the meantime, some retailers, including bakery giant SPC Group, have announced they will share the financial damage by offering refunds to customers for purchased products. THE KOREA HERALD/ASIA NEWS NETWORK
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With their financial troubles in paying sellers, think I can kiss my refund goodbye already NBCB.
https://theindependent.sg/qoo10-lays-off-over-80-of-singapore-employees-amid-financial-struggles/
Qoo10 lays off over 80% of Singapore employees amid financial struggles
August 29, 2024SINGAPORE – In a significant restructuring move, e-commerce platform Qoo10 has laid off more than 80% of its Singapore-based workforce over the past two weeks. Despite the mass retrenchments, the platform continues to operate, although the future remains uncertain.
The layoffs come in the wake of troubling news that Qoo10’s South Korean operations had defaulted on payments to local merchants and consumers. Reports indicate that Singapore employees began receiving notices of possible impacts on the local headquarters shortly after the South Korea news broke late last month.
Speaking to MediaCorp, a retrenched employee revealed that the first batch of layoffs occurred on 13 August, impacting workers from almost all departments, with the exception of the Human Resources team.
“A total of about 90 employees have been affected. Originally, there were 110 employees here. Now, the only ones left are senior management,” the employee stated, emphasizing that the remaining few staff members are solely focused on maintaining the platform’s day-to-day operations.
The retrenched staff reportedly comprised mostly Singapore citizens, with only three foreigners among those affected. According to insiders, Qoo10 expressed regret in letters sent to employees, apologizing for the layoffs and stating that it was not the company’s intention to reduce the workforce.
However, one former employee noted, “There are no benefits after the layoffs because the main reason is that there is really not enough money.”
The atmosphere at Qoo10’s Singapore office reflects the scale of the downsizing. “The two-story office is full of empty desks. If there are really people, there are less than ten,” another former employee remarked, suggesting that the company might be preparing to either sell off its assets or shut down completely.
In response to the situation, Singapore’s Ministry of Manpower confirmed it is closely monitoring developments at Qoo10. The labour movement, while acknowledging that the company is not part of any of its unions, has assured that it will offer support to affected employees if necessary.
For now, Qoo10 continues its operations in Singapore, but the company’s future hangs in the balance as it grapples with financial difficulties.
--------------
https://www.straitstimes.com/asia/e...mplaints-in-south-korea-fears-of-wider-damage
Qoo10 liquidity crisis sparks massive complaints in South Korea, fears of wider damage
South Korea online shopping platforms WeMakePrice and Tmon, both owned by Qoo10, have failed to pay money owed to sellers in May. PHOTO ILLUSTRATION: PIXABAY
Tensions are escalating in South Korea over the liquidity crisis of online shopping platforms WeMakePrice and Tmon, both owned by Singapore-based e-commerce company Qoo10, sparking massive complaints and fears of wider damage.
The platforms failed to pay money owed to sellers in May, prompting traders to leave the platform. There are complaints from customers as well.
In an urgent press conference on July 25, Mr Ryu Hwan-hyun, chief executive of WeMakePrice, said the value of delayed payments by the company was some 4 billion won (S$3.9 million).
“We offer a deep apology for the delayed payments,” he said at the company headquarters in southern Seoul, where hundreds of consumers had gathered all night to demand compensation. “Qoo10 Group has been working to secure funds to pay sellers.”
Mr Ryu vowed all-out efforts to reduce additional losses in close consultation with Tmon and Qoo10.
“I arrived here today at 8am to receive the compensation. But nothing has progressed after spending nine hours here,” said Mr Park, a 37-year-old Seoul resident. He added that he was unable to get a refund for a travel package he purchased for his family’s vacation scheduled for August in the Philippines, totalling around 2 million won.
“It’s disappointing that all I could hear from the service providers, including the travel agencies and WeMakePrice, is that they can do nothing except tell me to apply for a refund and wait indefinitely,” he said.
Ms Kim Seo-hyun, a 42-year-old mother who had planned to visit a theme park with her son and daughter, criticised the company’s poor handling of the situation at the site.
“When I first arrived this morning, a company official said that those who signed for the refund by filling out a document would receive the refunds first and that we could go home after completing the documentation,” she said.
“But nothing happened. The procedures abruptly changed to an online system where consumers apply for refunds via a QR code, and I received no notice from the company.”
Qoo10 acquired WeMakePrice and Tmon in 2022 and 2023, respectively.
According to market tracker Wiseapp Retail Goods, transactions made on Tmon and WeMakePrice were estimated at 839.8 billion won and 308.2 billion won, respectively, with 4.37 million and 4.32 million monthly users.
Regulators were also ramping up efforts to monitor the situation. The nation’s antitrust watchdog, the Fair Trade Commission, said it started on-site inspections to prevent further losses.
Meanwhile, industry experts suggest that the business disruptions likely occurred because Qoo10 might have used the delayed payments to expand its business with the apparent goal of listing on the stock market in New York.
Earlier in February, Qoo10 acquired American e-commerce platform Wish for 230 billion won. It also acquired another Korean e-commerce platform, AK Mall, in March.
“When Qoo10 acquired Tmon and WeMakePrice, it used Qxpress shares instead of money. However, for the Wish acquisition, it had to pay in cash. There are speculations among industry insiders that Qoo10 diverted funds from Tmon and WeMakePrice for the acquisition,” an industry official who wished to remain anonymous said. Qxpress is a logistics company focused on e-commerce.
The official added that Tmon and WeMakePrice were already struggling financially due to an increasingly competitive market environment. Regulatory filings show that Tmon’s cash reserves were 8 billion won as of 2022, down from 55.5 billion won the previous year, while WeMakePrice’s impaired capital reached 239.8 billion won.
Another source pointed out that the main problem was the lack of legal standards for the settlement cycle.
“It has been reported that Tmon and WeMakePrice have frequently failed to meet payment settlement dates for sellers since last year, especially around October, when Qoo10 announced it would delay payment dates by two months,” the source said.
Unlike Tmon and WeMakePrice, most e-commerce platforms here, including Auction, Gmarket, Naver Storefarm and 11Street, pay sellers upon consumer purchase confirmation. Coupang, however, takes around one to two months to settle payments.
The source also suggested that the issue centred around travel packages and gift certificates because these items typically have higher transaction values and do not require immediate physical delivery, making it easier for Tmon and WeMakePrice to use them to secure extra cash reserves immediately.
In the meantime, some retailers, including bakery giant SPC Group, have announced they will share the financial damage by offering refunds to customers for purchased products. THE KOREA HERALD/ASIA NEWS NETWORK
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