Phnom Penh-based Riich Me Co Ltd, affiliate of Singapore-headquartered Riich Me Pte Ltd, announced that it officially launched the “eMarketplace” mobile application on November 25, in partnership with app operator ePOS Go Digital Co Ltd, to capitalise on the latest consumer behaviour trends as online shopping and e-payment solutions become more convenient and easier to use.
The app aims to connect suppliers, importers, distributors, wholesalers, retailers and end-users; achieve more comprehensive and effective supply chain structures and management processes; and especially, boost sales among the Kingdom’s micro-, small- and medium-sized enterprises (MSME), the accompanying launch ceremony heard.
The official launch comes after a six-month trial run, after “eMarketplace” was released on app stores in January.
At the launch, Riich Me Pte Ltd CEO Kerry Leng shared that the app’s underlying global market network to date had registered more than 5,000 business owners, over 15,000 products on offer, and nearly $20 million in transactions.
“We are currently living in an era of technological evolution, and technology has had a profound effect on our lives, our education and our businesses,” the Cambodian said.
“From now all business owners need to keep up with the latest technology and use business management technology to maintain sustainability. If we do not change old habits, we could not stand in the market, because from day to day … business competition becomes tougher and tougher,” he added.
The CEO stressed that “eMarketplace” would not charge commissions on transactions, noting that the industry rate ranges from 10-15 per cent on average.
“In the past, you may have been concerned about the complexities of business and e-commerce management systems, but all concerns have now been addressed by Riich Me, which has developed simple business management and sales promotion technologies that are very convenient for all MSMEs and businesses, and enable them to grow from a traditional operation to a digital one.
“Therefore, I’d like to encourage you to use these technologies to promote sales and maintain business sustainability, in the technological and competitive contexts of today to grow together,” he added.
The Riich Me app is not the only platform looking to tap into Cambodia’s burgeoning online shopping space, the government-hosted e-marketplace CambodiaTrade is also vying for a slice of the pie.
As of August 9, at least 135 companies had registered with CambodiaTrade since its soft-launch last September, and displayed more than 1,200 products worldwide since the platform’s official launch on March 31, 2022, according to Ministry of Commerce secretary of state Tek Reth Kamrong.
Of note, the commerce ministry’s business registry shows that Riich Me Co Ltd was incorporated on March 16, 2018, while according to OpenCorporates, Riich Me Pte Ltd was incorporated nearly 16 months later on July 11, 2019.