GSTOCK started with online supermarket. Its founder Richard Pang said that he plan to open 100 physical stores in Southeast Asia within 5 years, and integrate RFID technology with the online shopping platform to provide seamless integration. Shopping fun. Gstock provide wide range of household needs and necessities - from fresh produce to quality wines.
This is completely different from the current marketing strategy of online shopping platforms on the market. Other businesses, such as Grab, Pandanow, etc., are focusing on digital services, while Gstock is doing the opposite, opening physical stores.
To achieve this, funds must not be small. Gstock is a subsidiary of Ding He Holdings, and Richard Pang, who was born in the training industry, is also the founder of the latter. The business involved ranges from training to OEM production.
At the beginning of the business, the tuition is paid in full
He is both bilingual and fluent. He said frankly that he has just entered the new field of e-shopping, "paying tuition" is inevitable, and the amount of tuition is not small, and he learned a lesson in the process. Fortunately, other businesses have delivered beautiful The record, learn from each other.
He said that in the early days of entrepreneurship, a considerable amount of money must be invested every month to maintain the business. To achieve a balance of payments, it is not something that can be done in one or two years. How to win customers and continue to develop with everyone? Too hasty is the only way.
In particular, Gstock pointed out that the company should not only make it easy for shoppers to shop, but also allow them to obtain long-term stable income from the introduction of customers through person-to-person, and share the profits earned by the company.
The online platform has a simple design. "Times Wealth and Wisdom" tried to order, but couldn't find the items I wanted. The problem was that there were too many products sold, but the classification was not detailed enough, and they were all classified as essentials. As a result, the author must always brush his face in the column to find the desired item.
After finding the goods, the payment and filling in the address went smoothly. The earliest delivery date was booked and the goods were delivered to the house smoothly.
Application interface continues to strengthen
In general, the author believes that the user interface of the online platform needs to be strengthened. The classification can be more detailed so that consumers can find items more easily. In addition, a promotion category can also be set up so that consumers can It is easier to buy preferential products for mutual benefit.
Richard also agreed that these application interface improvements will continue, and the company's digital technology team will also adjust the platform based on customer feedback.
He said that in business, the most important thing is trust.
"Don't be distracted by what other competitors are doing. Just do your business well, keep your promises, and build trust. This is the key."
Unfortunately, the cash flow is not strong enough to sustain GSTOCK Online. Richard announced GSTOCK Online permanently closing on the 23rd of October 2020. "I have not failed. I've just found 10,000 ways that won't work." Said Richard.
Then now, GSTOCK is focusing in vending machine.