The Impulso Podcast

On 21 November, two stories rocked China's ecommerce scene, with global implications.  (In the previous episode, we discussed the first story: Alibaba's merger of its domestic Chinese and international ecommerce businesses.) In this episode, we dive into the second story—PDD Group's Q3 earnings miss. But was the ‘miss' engineered deliberately because all the merchant support costs were planned, or was it a lapse in execution?  Tune in as we explore:  Pinduoduo's ¥10 billion merchant subsidies; Why PDD or Temu seems to choose to directly engage rather than hire lobbyists; Temu's opening of a full marketplace mode in the United States;  Pinduoduo's focused operations, and its similarity to global retail giants like Walmart The ecommerce competition in China and globally is entering a very interesting and probably even more intensified phase now.  Chapters: 00:00:45: Pinduoduo's stock price falls 10%?  00:03:45 PDD's frank earnings spook investors  00:06:45: Was the miss deliberate?  00:12:20: Temu launched a marketplace model 00:14:45 Intensifying ecommerce landscape - how are players adapting?

On 21 November, two stories rocked China's ecommerce scene, with global implications.  In this episode, we discuss the first story: Alibaba Group's announcement to merge its domestic Chinese and international ecommerce businesses into the new Alibaba E-Commerce Business Group, led by Jiang Fan.  This move aims to streamline operations, foster synergies, and better position Alibaba against formidable rivals like Pinduoduo. (The second story—PDD Group's Q3 earnings miss—is covered in episode 102.) In this episode, we explore: Jiang Fan's journey from a mobile advertising entrepreneur to a pivotal leader at Alibaba; Challenges of navigating leadership amidst corporate restructuring; The significance of this merger in a rapidly evolving ecommerce landscape;  How this merger mirrors Pinduoduo and Temu's strategy The ecommerce competition in China and globally is entering a very interesting and probably even more intensified phase now.  Chapters: 00:00:20: Alibaba's ecommerce merger 00:00:50: Who is Jiang Fan?  00:08:30: Transforming Alibaba, and its reversals 00:11:45: Challenges of leading a big organization

In our 100th episode of Impulso Podcast, we unpack China's milestone of delivering 150 Billion parcels in just one year - that's enough parcels to fill up 30 million football fields!  Tune in as we break down the numbers, explore the logistics behind this scale, and discuss: How goods sold at just ¥9.9 (with free shipping!) can still turn a profit Automation vs. human efficiency in handling millions of parcels daily Our first-hand observations from  visit to one of China's busiest logistics hubs The story of the 150 billionth parcel Don't forget to like, share, and subscribe for more insights into the trends shaping the consumer tech ecosystem. Stay tuned for upcoming episodes! Chapters: 00:30:00: China sets new record: 150B parcels sent a year?!  00:03:30 Peak daily number of parcels delivered on just a random Tuesday? 00:06:45 11.11 hauls 00:08:20 Are Chinese brands profitable after selling goods at such low prices?  00:12:15 Logistics facility sends out 4 millions parcels a day  00:18:20 What was the 150B parcel? 

Building on our discussion of Sea Groups Q3 earnings, this week we unpack Sea Group's US$4.6B loan book, which has grown 30% QoQ while keeping non-performing loans low.  Tune in as we break down how Sea Money leverages Shopee's customer data to assess credit risk, fueling growth for both its digital financial arm and Shopee, with BNPL services encouraging users to finance larger ticket items.  On the other hand, Grab's loan book, although smaller—at just 10% of Sea's loan book—has potential. While Grab's user base skews more premium and its ride-hailing model sees fewer transactions than e-commerce, it's steadily growing. With 41.9 million monthly transacting users and expanding services across income segments, Grab is creating new opportunities in digital finance. Chapters: 00:00:37 SEAMoney's US$4.6B loan book  00:04:00 How do tech players support lending?  00:06:20 SEA maintains a low non-performing loans (NPL) 00:12:28 Shopee Paylater boosts ecommerce growth  00:18:15 Does Grab's financial services have potential?

Sea Group announced expectation-beating earnings in Q3, sending stock prices up by 10%. A key highlight? SPX Express.  Has Shopee's in-house logistics arm finally caught up to J&T Express in parcel volume?  Join us as we dive into how Shopee's investment in strengthening its in-house logistics is paying off, deepening its “moat” against rising e-commerce rivals such as TikTok Shop and Temu. But is this enough for Shopee to be invincible? (Probably not) We'll also explore Shopee's latest pick-up lockers, and their potential on easing reverse logistics in the region and transforming the consumer experience. Chapters: 00:00:10: Shopee's expectation-beating Q3 earnings  00:01:30: SPX Express parcel volume on par with J&T? 00:05:45: J&T's revenue per parcel is falling 00:09:40: Shopee is deepening its moat against competitors  00:14:00: Reverse logistics, the next step

Trump returns to the White House, Mr Modi meets President Xi in Russia. Are businesses ready to survive a world of shifting alliances and tariff threats? Back by popular requests, we're re-introducing our weekly recap format in this episode as we dive into the latest economic and political developments reshaping business strategies across borders. As the world watches the U.S. elections, many companies globally, especially cross-border businesses in Asia, are already making bold moves to adapt—with some even setting up shop in Paraguay to avoid potential tariffs.  We also discuss the evolving coffee landscape, including Luckin Coffee's and Cotti Coffee's ambitious expansion plans. Where does incumbent Starbucks stand amidst this intensifying competition? Tune in as we weigh in on operational differences, consumer behaviour, and brand strategies of coffee giants globally. 

(Only) after pouring $72 billion into Southeast Asia, venture capitalists are hitting the reset button in Southeast Asia?  Lightspeed Ventures' report, Southeast Asia: Resetting Expectations, has sparked discussions in our community groups for its honest take on the region's challenges and opportunities, with some calling it “finally an honest report on Southeast Asia.”  But what does it really mean to reset expectations for this region?  Tune into this latest episode as we dive into the evolving landscape of venture capital investment in Southeast Asia, unpacking why the region's tech growth hasn't fully met expectations, the unique role of conglomerates, and what this reset means for future investments and founders navigating these markets.

Earlier in September, Meituan went live in Saudi Arabia under its global brand, Keeta.  This comes more than a year after Meituan entered its first overseas market, Hong Kong, where it quickly overtook established players like Foodpanda, becoming the market leader in order volume due to aggressive promotions and a focus on low Average Order Value (AOV) meals. Now, Meituan is entering Saudi Arabia, a promising market for food delivery but one that presents unique cultural and operational dynamics for Meituan compared to its previous markets. And unlike many Chinese tech companies going global, Meituan faces the challenge of being an operationally heavy business.  Will Tony Qiu, Head of International Business at Meituan and former lead of DiDi's expansion in Latin America, be able to navigate these complexities? Tune in to the latest episode of the Impulso Podcast as we explore Meituan's global expansion strategy, and what's next for the food delivery giant. Chapters: 0:00 Intro 1:50 Is food in Hong Kong more expensive than Singapore? 5:58 Rise of two dish rice in Hong Kong 6:50 Meituan's Keeta wins in Hong Kong? 11:00 What is rival Foodpanda doing? 12:15 Low AOV as a market entry strategy 14:18 Meituan's expansion into Saudi Arabia 24:50 Why did Meituan's share price rise? Featured materials:  Meituan is entering Hong Kong, will it beat Foodpanda and Deliveroo there?, The Low Down Meituan becomes top food delivery player in Hong Kong, The Low Down Watch Out! KeeTa's Rapid Rise in Hong Kong, measurable.ai Total Restaurant Receipts and Restaurant Purchases, Hong Kong Government McDonald's to increase prices in Hong Kong by about 2.6% in new year, South China Morning Post Will Meituan beat DeliveryHero in Saudi Arabia?, The Low Down Meituan launches in Saudi Arabia, where next?, The Low Down Should Meituan acquire Foodpanda?, The Low Down In focus: food delivery platforms in Southeast Asia, Momentum Works Picture Sources: https://www.scmp.com/lifestyle/food-drink/article/3199243/two-dish-rice-cheap-fabulously-rich-and-hong-kong-icon-time-declare-it-part-citys-intangible https://www.asiaone.com/lifestyle/lifehack-teaches-you-how-order-cai-fan-pro

Wenheyou (文和友), a Chinese restaurant often dubbed the "Disneyland of Chinese cuisine", serves over 40,000 diners a day! The 6-story restaurant (located in Changsha, China) is meticulously designed to replicate the old Changsha street scene, complete with vintage items and tattered signboards. Through careful design and storytelling, Wenheyou transports visitors back in time, offering a nostalgic experience. Wenheyou has become a cultural icon, and a must visit for tourists, in Changsha. But how does it manage the unique operational challenges of running a 6-story restaurant serving tens of thousands of customers daily? Tune into this episode of the Impulso podcast as we dive into the Disneyland of Chinese cuisine, Wenheyou.   The trend of experience-driven dining is just one of many innovative concepts emerging in China's fast-evolving and competitive F&B scene.  Join Momentum Works F&B innovation immersion to Changsha this November to see first-hand Wenheyou and other innovative F&B concepts, as well as best practices in operations and supply chain management. Chapters: 0:00 Intro 1:10 Changsha, the entertainment city of China  2:20 Wenheyou: Disneyland of Chinese cuisine 4:50 Chayan Yuese in Changsha 8:40 Product expansion in Wenheyou 12:05 Rise of Experience driven dining 19:45 How does Wenheyou manage 40,000 diners a day? 23:15 MW F&B immersion to Changsha Featured materials: Momentum Works Immersions: F&B innovations Momentum Works: Transforming Frontline Industries Video sources: Disneyland Paris Welcomes Back The Magic With A Reopening Starting June 17 | Disney Parks FULL Magic Happens Parade 2024 at Disneyland Park! - Disney 100 Years of Wonder Celebration Frozen Themed Land & 2 Frozen Rides | World of Frozen at Hong Kong Disneyland BACK TO THE 80'S | A Vintage Restaurant Tour | Wenheyou, Changsha, Hunan  Guangzhou's Food Court on Steroids: Wenheyou Super Old China in Wenheyou | Discover GuangzhouHaidilao Dance

In the third and final part of our conversation with Blake Larson and Alexander Le, the three ex-rocket alumni turned founders reflect on life after Rocket Internet, the challenges they faced during international expansion, and the lessons learned from managing teams across different cultural backgrounds. Tune in as they discuss their strategies for balancing work-life demands, and how they've chosen their own paths in both business and life. The discussion goes beyond business, exploring cultural differences, leadership approaches, and the challenges of scaling operations across borders. The final part of this series explores: Challenges of managing teams across different countries and cultures; “Coconut vs Peach” theory; Establishing company values across borders; Balancing ambition with reality, while staying true to personal and company values. Chapters: 0:00 Intro 1:00 Navigating cultural differences 4:30 EasyTaxi in Hong Kong 10:00 Balancing leadership in East and West  12:40 Coconut vs. peach theory 16:30 Motivating employees in a startup 20:40 Lessons from mistakes 24:50 Epilogue Featured materials: E92: Impact of Rocket Internet in fragmented markets: conversation with Blake Larson & Alex Le (2/3), The Impulso Podcast

In the second part of our conversation with Blake Larson and Alexander Le, the three ex-Rocket Internet Alumni dive deeper into the fragmented Southeast Asian tech ecosystem, reflecting on how it has evolved since the days of Rocket Internet.  They share their firsthand insights on navigating the fragmented markets in the region and the lessons they've learned from their expansive global experiences. The second part of this series highlights: Rocket Internet's impact on tech development in Southeast Asia; Challenges Southeast Asia's fragmented markets pose for scaling tech operations; How tech giants in the region, like Lazada and Grab, have tackled fragmentation issues; Importance of resource allocation when scaling globally; The future of tech scalability in the region. Chapters: 0:00 Intro 1:01 Rocket Internet's Impact on SEA 5:20 Fragmented SEA vs. China 10:00 Infrastructure is key for expansion 16:20 Rocket Internet's data-driven expansion approach 24:15 Tips for young founders Featured materials: Seeing the Unseen, Jianggan Li, Guoli Chen E91: Founders walk a lonely road: conversation with Blake Larson & Alex Le (1/3), The Impulso Podcast

In this episode of the Impulso podcast, Jianggan Li is joined by Blake Larson, Ex-Global Managing Director at Lalamove, and Alexander Le, Ex-Managing director at Rocket Internet. Tune in as the three former Rocket Internet pioneers turned founders share their candid reflections on leadership, personal fulfilment, and their journey through the highs and lows of the startup world. In the first part of this series, they dive into: What it takes to be a good founder; The lonely road of being a founder; The contrast between builders who love creating and those better suited for managing large teams; Challenges faced in the early days of Easy-taxi Chapters: 0:00 Intro 1:11 Being a founder is lonely 3:50 Entrepreneurs vs Managers 6:30 Dealing with growing organisational complexity 15:30 Reflections on Rocket Internet and EasyTaxi Featured materials:  Momentum Works Immersion: Ecommerce & Live Commerce

In this episode of the Impulso Podcast, we leave the studio behind for Can Gio, a district set to become a major economic hub with a $15 billion investment. Joined by two industry leaders from Metub—Hung Tran, the COO, and Nhi Nguyen, the Director of Strategy and Planning—we dive deep into the rapidly evolving landscape of Vietnam's digital economy, the growth of e-commerce, live commerce, and the developments shaping Ho Chi Minh City and beyond.  We discuss the key drivers behind Vietnam's booming ecommerce sector, including the significant role of live commerce, and how METUB empowers creators to turn their passion into sustainable careers. We also discuss the growing trend of cross-border ecommerce between Vietnam and China, as well as the differences in business culture between Vietnam and China, highlighting why understanding local dynamics is crucial for success. Chapters: 0:00 Intro 1:05 What is Can Gio 6:20 Vietnam's economic growth 14:10 Key drivers of ecommerce 21:00 Is Vietnam following China's growth path? 27:50 Leveraging China's supply chain 32:30 Today, customers are more knowledgeable 42:35 Cultural differences: Vietnam vs China 46:20 How to enter the Vietnamese market Featured materials: Metub Momentum Works Immersion: Ecommerce & Live Commerce Ecommerce in Southeast Asia 2024, Momentum Works “Half of Hangzhou is in Ho Chi Minh City”, TheLowDown

ESG, GSG, and carbon accounting are more than just buzzwords—they are key factors in the transformation of modern businesses. In this episode of the Impulso Podcast, we dive deep into the intricacies of carbon accounting and its impact on businesses with Sam Hon, founder and CEO of CREX, and Shaolin Zheng, co-founder and CTO at NextBillion.ai.  Key highlights from this episode:  Carbon accounting is not just an environmental obligation but a tool for improving business efficiency;  Complexities of adopting carbon accounting, misalignment between management goals and operational realities;  Future of sustainability practices, and the role of data in driving change. Tune in as we explain what carbon accounting actually is, and how companies are integrating it into their operations while boosting profits.  Featured materials:  CREX | Linkedin NextBillion.ai | LinkedinMomentum Works Immersions: F&B innovations E86: Luckin Coffee opens 20,000th store, The Impulso Podcast E76: Starbucks vs Luckin in China, who is winning?, The Impulso Podcast E70: Succession - successful tech founders' dilemma Chapters: 0:00 Intro 1:00 Why CREX and not TREX? 3:30 Aligning sustainability to your business goals 12:10 All about algorithms 21:35 Irrational behaviours - can they be changed? 30:48 Understanding (and changing) human behaviour 37:19 Recycling: Aluminium versus plastic 51:10 What is carbon accounting?

Starbucks has replaced CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, in hopes that he can help revive Starbucks fading sales.  Since the beginning, Starbucks has had an interesting and evolving history of CEOs. What does this new leadership change mean for Starbucks? Is new leadership all that is needed for Starbucks to turn the tide? Tune in to the latest episode of the Impulso podcast as we explore Starbucks' leadership history, the challenges the company is currently facing, and examine why some founders/leaders just can't seem to leave.  Featured materials: Momentum Works Immersions: F&B innovations E86: Luckin Coffee opens 20,000th store, The Impulso Podcast E76: Starbucks vs Luckin in China, who is winning?, The Impulso Podcast E70: Succession - successful tech founders' dilemma Chapters: 0:00 Intro 0:12 Starbucks announces new CEO 4:25 Was Laxman's time on the ground helpful? 7:40 Who is Howard Schultz? 12:35 Why can't founders find good successors? 15:40 Culture eats strategy for breakfast - what can leaders do? 22:05 Starbucks faces strong competition in China 23:25 Momentum Works F&B immersion

Chagee has returned in Singapore (after leaving earlier this year). Their grand opening drew massive crowds, with queues stretching for over an hour. We did a poll on our WeChat, and more than 50% of respondents believe that Chagee will dominate the market. But what makes Chagee stand out in a crowded field of competitors? Tune in to the latest episode of the Impulso podcast as we delve into Chagee's business model, compare it to its competitors, explore the rise of Chinese F&B brands in the region, and discuss the fundamental challenges faced by F&B companies. Featured materials:  Momentum Works Immersions: F&B innovations Coffee in Southeast Asia, Momentum Works  Luckin Coffee opens its 20,000th store, The Low Down Bubble Tea: The business behind Southeast Asia's favorite drink, Momentum Works E76: Starbucks vs Luckin in China, who is winning?, The Impulso Podcast E63: How does Luckin Coffee open 1000 new stores every month?!, The Impulso Podcast Chapters: 0:00 Intro 0:32 Chagee reenters Singapore with grand opening 1:54 Chagee's first entrance 5:15 How will they perform after reentering 7:15 What makes Chagee stand out? 12:21 Is Luckin copying Chagee? 14:00 The story behind Chagee's founder 18:52 Bingxue in Jakarta 21:00 Singapore's saturated beverage market 24:10 What are the fundamental challenges faced by F&B players? 26:00 Dealing with different cultures 28:05 Chagee at the Paris Olympics 30:15 Momentum Works F&B immersion

Luckin Coffee has opened its 20,000th store, in Beijing! This comes as no surprise as Luckin has been bold in its expansion, opening almost 1,000 every month in Q4 2023.  But how did Luckin achieve this incredible growth? Are they trying out a new business model in their 20,000th store? Tune in to the latest episode of the Impulso podcast as we dive into the data-driven strategies behind Luckin's success. Featured materials:  Momentum Works Immersions: F&B innovations Coffee in Southeast Asia, Momentum Works  Luckin Coffee opens its 20,000th store, The Low Down E76: Starbucks vs Luckin in China, who is winning?, The Impulso Podcast E63: How does Luckin Coffee open 1000 new stores every month?!, The Impulso Podcast Chapters: 0:00 Intro 0:46 Luckin Coffee Growth 3:20 Handcrafted Coffee in Beijing 4:50 Supply Chain 6:20 Luckin Products 8:05 Brand Partnerships 11:05 Competition in Singapore 13:50 Chagee 19:40 Upcoming events

When Delivery Hero acquired Baemin in 2021, the company was financially strong. However, Baemin is now struggling, losing market share to Coupang Eats and dealing with the resignation of its CEO, Lee Gyuk Hwan. What does this mean for Baemin's parent company, Delivery Hero, which relies on Baemin to subsidise other loss-making markets? Baemin is not the only platform under Delivery Hero facing intense competition. The company's global portfolio, including operations in the Middle East, Europe, and Southeast Asia, is also under significant pressure. Tune into this latest episode as we dive into the challenges Delivery Hero is facing in its key markets and the shifting dynamics of the food delivery industry. Featured materials:  Food delivery in Southeast Asia 2024, Momentum Works  Momentum Works Immersions: F&B innovations EP62: What is the “right price” of Foodpanda for Grab?, The Impulso Podcast Should Meituan acquire Foodpanda?, TheLowDown Foodpanda sells its most valuable asset to Uber, TheLowDown Meituan becomes top food delivery player in Hong Kong, TheLowDown Will Meituan beat DeliveryHero in Saudi Arabia?, TheLowDown

In this latest episode, we're sharing exclusive snippets from our recent media briefing where we delve into the highlights of our newly released “Ecommerce in Southeast Asia 2024” report.  Some key highlights: Total GMV of Southeast Asia's 8 leading ecommerce platforms rose to US$114.6 billion in 2023; TikTok Shop is rapidly catching up with established players like Shopee and Tokopedia; Temu's strategic entry into the region, and is Indonesia next? This episode offers a glimpse into our findings, from market growth to key trends shaping the industry.  For more insights and detailed analysis, check out Momentum Works “Ecommerce in Southeast Asia 2024”: report which includes insights into the region's six core ecommerce markets, as well as competitive dynamics of leading ecommerce platforms and ecosystem players including logistics.  Featured materials:  Ecommerce in Southeast Asia 2024, Momentum Works 

During a closed-door seller meeting in Shenzhen, China, Amazon announced it would open a dedicated section offering low-cost, unbranded items shipped directly from China. Reports from Chinese and international media see this as a major attempt by Amazon to counter the growth of Chinese rivals, especially Temu and SHEIN. However, scepticism still remains on the viability of this new initiative.On the latest episode of the Impulso Podcast by Momentum Works, we examine the details behind this announcement and figure out whether Amazon would succeed in their newly launched discount section. Tune in and enjoy! Check our last episode: https://thelowdown.momentum.asia/e82-the-impulso-podcast-chinas-618-ecommerce-sales-dropped-or-grew/

GMV of Chinese ecommerce during 6.18 dropped for the first time in 8 years, according to data platform Syntun. This was quickly picked up by international media as the barometer of weak consumer confidence in China.  However, others quickly jumped in to challenge the data, suggesting that ecommerce sales actually grew. So who has the truth?  On the latest episode of the Impulso Podcast by Momentum Works, we examine numbers and other factors from different sources, giving you a clearer picture of what's happening in the fiercely competitive ecommerce market in China.  https://spotifyanchor-web.app.link/e/i8jDhXBXLKb

In the first half of 2023, 41% of tech investment in Southeast Asia went into digital financial services, nearly double the amount allocated to e-commerce. So, where has all the fintech funding gone? On the latest episode of the Impulso Podcast, we are joined by Gavin Tan, lawyer turned FinTech founder, as we delve into:  Recent trends in fintech, from e-wallets to buy now pay later; Impact of real-time payments infrastructure;  How this has challenged the traditional e-wallet business model, pushing the evolution into super apps; Key challenges for fintech startups in this region, from CAC to risk management;  Navigating the complex regulatory landscape. Tune in for an in-depth conversation on the current state and future of fintech in Southeast Asia.

Last week, Temu joined its competitors - Shopee, Aliexpress, and SHEIN - in Brazil, marking its presence in 70 countries.  This expansion comes despite recent legislation imposing a 20% additional tax on cross-border e-commerce parcels below $50 in value (in addition to the 17% ICMS already charged). What makes Brazil such a hot market for so many cross-border e-commerce companies? And what unique challenges do they face operating in Brazil? Tune in as we delve into Temu's recent entry into brazil, and where Temu might venture next.  Featured article:  Temu has launched in Brazil, despite all the challenges, TheLowDown Southeast Asia & Latin America: Learning the digital emerging markets playbook, Momentum Works  E48: Jon Russell and Aulia Masna on TikTok-GoTo deal, The Impulso Podcast

What makes a top live commerce host or KOL (Key Opinion Leader)? Is it their appearance, emotional intelligence, talent, or training? Or are these just the bare minimum requirements? Our team visited the top three Multi-Channel Networks (MCNs) in China last week (as part of our MW Immersion: Live Commerce), uncovering the secrets behind their success in such a competitive landscape. With millions of aspiring KOLs, how does one truly stand out and become the best of the best? Tune in as we dive into what MCNs are doing to nurture talent, as well as the innovative business strategies they are exploring to grow without over-relying on KOLs.  This episode also distills eight key learnings from our immersion, touching on diverse topics from the rise of AI hosts and sustained platform investments to leveraging China's robust supply chain for live commerce.  Featured materials:  MW Immersions: Live Commerce [Hangzhou, May 2024], Momentum Works  Who is Temu?, Momentum Works  Is MCN a good business model?, The Impulso Podcast Our learnings from visiting top MCNs in China, The Impulso Podcast

Last week, both Sea Group and Grab released their Q1 2024 results, and the market responded positively - is tech in Southeast Asia recovering? Grab reported strong Q1 results, but investors are still curious: will Grab become profitable? Over the past few quarters, the management team at Grab has consistently focused on relentless execution and continuous operational improvement. It will be interesting to see how Grab balances its path to profitability and growth (given its penetration in Southeast Asia is only around 5%). Sea Group also reported a relatively good quarter (evident from the much happier tone during their recent earnings call),  with steady growth not only in Shopee but also in SeaMoney and Garena. The group is also trying to deepen its moat through Shopee Xpress (its in-house logistics arm). On the other hand, we see TikTok Shop taking a much less aggressive approach in Q1. Earlier this year, TikTok Shop started increasing take rates (possibly as a strategy for sustainable growth in the region) - Does this mean that TikTok Shop is giving up on overtaking Shopee?  Featured materials:  Sea Limited Reports First Quarter 2024 Results, Sea Limited Grab Reports First Quarter 2024 Results, Grab Holdings Inc. Ecommerce in Southeast Asia, Momentum Works  The TIkTok Shop Playbook, Momentum Works  Does Shopee have a moat, The Impulso Podcast Dmitry Levit & Boon Ping Chua on the distress in Southeast Asia, and why it's not evenly distributed, The Impulso Podcast

In the latest episode of the Impulso podcast, we are joined by special guest Shawn Teow (who makes his podcast debut), diving deep into live commerce in Southeast Asia.   Shawn, the co-founder and former COO of Upmesh, now leads his new venture, Hitwave, which aims to connect live sellers in SEA with cross-border brands. With over five years of experience in live commerce in Southeast Asia, he has a wealth of insights to share.    Tune in as Shawn discusses the current state of live commerce in Southeast Asia, describing it as "patchy" due to different stages of development and category focuses; explores the competitive landscape between major platforms like TikTok, Shopee, and Facebook; as well as the critical factors needed for live commerce to thrive in the region - audience growth, content quality, and the role of mid-scale domestic brands.   Is Southeast Asia at the tipping point of live commerce? Check out our latest episode for more insights and our predictions on the future of live commerce in Southeast Asia   Featured materials:  Is MCN a good business model?, The Impulso Podcast Why you should join MW Live Commerce immersion to Hangzhou, TheLowDown

Both Starbucks and Luckin Coffee recently unveiled their Q1 2024 earnings, eliciting varied market responses.   In China, Starbucks faced a challenging quarter with comparable store sales declining by 11%, attributed to an 8% drop in average ticket sales. Meanwhile, Luckin has stayed committed to rapid expansion, opening over 2,000 stores in Q1, albeit at a slower pace than usual. Who is winning in China's competitive coffee scene?   Tune in as we delve into the latest results of these two coffee giants, the evolving landscape of coffee consumption in China, and examine the competitive dynamics between traditional giants and agile disruptors in the digital age.   Featured materials:  Coffee in Southeast Asia, Momentum Works Sip, Innovate, Repeat: Immersive Workshop, Momentum Works  E63: How does Luckin Coffee open 1000 new stores every month?!, The Impulso Podcast E65: Will health labels reduce bubble tea consumption? The Luckin x Moutai partnership that sold 5 mil cups of coffee in one day, ThelowDown

From leveraging top Key Opinion Leaders (KOLs) like Luo Yonghao at BeFriends, to signing up celebrities at YoWant, MCNs are employing various strategies to stand out. But it's not just about the hosts; MCNs are also exploring other diverse approaches, from studios to real-store experiences, to differentiate themselves and stay competitive.   And in this dynamic industry, every detail matters, from the critical role of hosts in driving sales to the meticulous operational details to the real-time decision-making during live streams.    Join us as we explore the MCN landscape, from business strategies to operational intricacies, including:  Is MCN a good business model? What are the different business models of MCNs? How is it like to actually run a MCN?   Featured materials:  Most unfortunate entrepreneur's first live streaming experience, on TikTok, TheLowDown How did KFC sell 190m cups of coffee in China?, TheLowDown How did this company reach $280m sales in Live commerce?, TheLowDown Why you should join MW Live Commerce immersion to Hangzhou, TheLowDown Momentum Works Immersion: Live Commerce [Hangzhou edition]

Everyone knows that digital transformation poses numerous challenges and pitfalls, but does it really have to be this arduous?   In the latest episode of the Impulso Podcast, we are joined by special guest, Jing Li, founder and CEO of Sirius Technologies and co-author of our report "Transforming Digital Transformation," as we unravel the complexities and triumphs of digital transformation.    Digital transformation isn't just about technology; it's also a mindset shift towards innovation and agility - “Agility is the outcome, not the approach”.    Join us as we explore the challenges of digital transformation in the financial sector, the concept of fusion teams and the role of the enterprise architect in bridging the gap between business and tech. We also explore WeBank's Success, highlighting how their pioneering approach to embedded finance propelled it to become the world's best digital bank.  Featured materials:  Transforming Digital Transformation, Momentum Works 

“In China's online business, one or two years is not a very long time… it changes so fast.” - Connor Li shares insights on the rapidly evolving live commerce scene in China in the latest episode of the Impulso Podcast.   Is China already transitioning into the second phase of live commerce?   Connor is the head of curriculum development at Ji Tang, a “S Level” MCN in China, managing 170+ influencers, with a total of more than 200 million followers. He was also a featured speaker at Momentum Works' March Live Commerce Immersion event.   Tune in as he shares his insights on the evolution of live commerce in China and: The rise of key opinion consumers (KOCs);  Who do consumers trust - KOLs or KOCs; Ji Tang's approach to collaborating with KOCs; Measuring the ROI of using KOCs as a marketing strategy; Advice on those who want to learn about China's live commerce ecosystem.

In this latest episode, Jianggan takes over as the host, and interviews the team, Sabrina, Yorlin and Liz, about Momentum Works recent Live Commerce immersion, where we brought 20+ delegates from Southeast Asia to Shenzhen.    During the 3 day immersion, participants engaged in over 10 visits, including exclusive tours of leading MCNs. Tune in as we reflect on the trip, sharing memorable experiences -  going behind-the-scenes at MCN studios, interactions with AI virtual hosts, and gaining insights into China's live commerce ecosystem from our panel of expert speakers.   Interested in going behind-the-scenes at MCN studios? Or want to delve deeper into China's live commerce landscape?   Join the Momentum Work Live Commerce Immersion taking place from 28 to 30 May in Hangzhou, China. Register here! You'll have the opportunity to engage in equally impactful visits, discussions, and networking sessions with expert practitioners and potential partners.    Featured materials:  Live Commerce Immersion [May], Momentum Works Live Commerce Immersion [March - completed], Momentum Works  Five top learnings from MW Live Commerce Immersion to China, TheLowDown

In a recent interview, Joe Tsai, Chairman of Alibaba, redefined Alibaba's customers as users shopping on their apps, a shift from their previous focus on merchants. This marks a shift from their previous emphasis on merchants, and with Alibaba's revenue historically heavily reliant on merchant advertising, Alibaba's shift towards user-centricity challenges this model.    So, what does this mean for Alibaba's strategy moving forward? How will Alibaba balance between user and merchant satisfaction?     As Alibaba undergoes its biggest transformation yet, its leaders will have to make crucial decisions. Joe Tsai stresses the importance of humility and leaders being willing to acknowledge mistakes and pivot or backtrack on decisions when necessary.   Featured materials: Joe Tsai Co-founder & Chair of Alibaba | In Good Company | Norges Bank Investment Management, Norges bank Investment Management  Transforming Alibaba, Momentum Works E70: Succession – successful tech founders' dilemma, The Impulso Podcast E68: Alibaba is giving up on new retail, The Impulso Podcast E47: Why does Alibaba replace taobao CEO?, The Impulso Podcast

From Alibaba to Meta, and now Meituan, it seems like founders and co-founders can't retire.    Wang Huiwen's recent return to Meituan, albeit as a part-time consultant, raises questions about why founders struggle to leave their companies. His departure and subsequent comeback highlight the complexities of succession planning and the unique role founders play in navigating turbulent times.   It's true that leadership transitions in tech are complicated due to the fast-paced environment and constant need for innovation, but is this really the main issue for lack of/ poor succession planning?    Join us in this episode as we delve into the intricacies of organisational leadership, the search for suitable successors, and the importance of trust.    Featured materials: Why did Meituan buy a generative AI company?, TheLowDown Why Meituan CEO takes over overseas businesses?, The Impulso Podcast  

ShopBack has announced the shutdown of PayLater, its Buy Now Pay Later (BNPL) scheme, marking the latest withdrawal from the BNPL scene in Singapore.   Unlike traditional credit card models, BNPL allows consumers to split payments over time, offering convenience and flexibility at the point of sale. However, the road to success is not easy - BNPL players, particularly independent ones, encounter various challenges ranging from high customer acquisition costs to merchant acceptance and regulatory hurdles.   Join us in this latest episode as we explore: The complexities of the BNPL landscape; The struggles of BNPL services in the region, from regulations to consumer behavior; Key success factors for BNPL to thrive, particularly in Southeast Asia; Differences between standalone BNPL apps and integrated platforms; Future prospects of BNPL in the region.   Featured materials:  Buy Now Pay Later in Southeast Asia – “you either die a hero or live long enough to become the villain”, TheLowDown pace | Buy now, pay later (and later)

Last week, Alibaba announced that Hou Yi, the founder of the Hema (or 'Freshippo') retail chain, will retire as CEO, to be replaced by CFO Yan Xiaolei. What does this mean for Hema?   Hema, positioned as premium retail, reflected Alibaba's anticipation that consumers would become more affluent and upgrade their consumption habits. However, Alibaba is now pivoting back to its core focus on Taobao and its users as it undergoes its biggest transformation in history.   Amidst this transformation (which prioritises core ecommerce and cloud/AI), the role of Hema and other offline retail stores becomes uncertain. Where do Hema (and Alibaba's other offline retail stores) fit into this overall strategy? And what's next for them? Featured materials: Alibaba is giving up on Hema and offline retail?, TheLowDown Alibaba's Hema Supermarket – China's new retail revolution, TheLowDown Transforming Alibaba, Momentum Works Why is Lazada CEO taking over Daraz?, The Impulso Podcast  Why does Alibaba replace taobao CEO?, The Impulso Podcast

After almost a decade, is winter finally here in Southeast Asia?   Join us in our latest podcast episode featuring special guests Dimitry Levit and Boon Ping Chua (aka BP), partners from Cento Ventures, each with over a decade of experience in venture capital, particularly in Southeast Asia.   Cento Ventures recently unveiled their Southeast Asia tech investment 2023 H1 report, and we have invited Dmitry and Bp to share further insights into their perspectives on investment in the region.   Tune in as we ask the experts:  Is tech & VC in Southeast Asia game over? Why do we even bother with Southeast Asia anyway? Why is it still exciting? How do they see VCs in the region deploying money in 2024? Featured materials:   Southeast Asia Tech Investment – 1H 2023, Cento Ventures 2023年上半年东南亚风险投资报告, Momentum Works  Our investment in Doxa: Unlocking new growth within the supply chain finance, Cento ventures  

Yesterday, the US House of Representatives overwhelmingly passed a Bill dubbed the “Protecting Americans From Foreign Adversary Controlled Applications Act,” that would give ByteDance about six months to divest the US assets of TikTok or face a ban.   What does this mean for TikTok?   Join us on the latest episode of the Impulso Podcast as we delve into:  The likelihood of the ban;  TikTok's options - there seem to be no good options Donald Trump's opposition to the ban - will he really stand against it?; Will other countries follow suit? Featured materials:  [Event Deck] Indonesia after the TikTok Shop ban, Momentum Works  E44: The winners and losers of the TikTok-GoTo deal, The Impulso Podcast 

Is Shanghai mirroring Singapore's nutritional labelling approach?    Recently, Bawang Tea Ji's (Chagee) Shanghai store has introduced a "Nutritional Choice" logo on all its beverages - a first for freshly-made drinks in China. This mirrors Singapore's Nutri-Grade ratings (A to D), implemented by the Health Promotion Board, from December 2022, which were introduced to increase consumers' awareness, and help them make healthier choices.    But do these labels actually change consumer habits? And are they a hindrance to the bubble tea business, or do they push for product innovation?   Tune into our latest episode for a light-hearted discussion on the impact of these nutri-grades on consumer habits and business operations.  Featured materials Who is Mixue?, Momentum Works  Bubble tea in Southeast Asia, Momentum Works  

Last night, Sea group published their 2023 Q4 and FY results, announcing its first profitable year. The market had mixed feelings - stock price fluctuated the first trading day post-results, and eventually closed with a 5% increase in share prices.    During the earnings call, Sea executives reiterated the group's dedication to deepening its moat in the region to maintain its position as a market leader in the region. But what exactly is its moat?   Join us in this latest episode as we delve into Sea Group's latest financial results, investor reactions, and explore the rationale behind Shopee's confidence in its guidance of a high teens growth rate, even in the ever-changing ecommerce landscape in the region.

In Luckin Coffee's latest 2023 Q4 report, the company revealed that it opened 2,975 stores in Q4 - almost 1,000 stores every month.    The report also unveiled that Luckin has overtaken Starbucks in terms of sales in China. But is Starbucks genuinely their primary competitor in China? If not, who holds the title of Luckin's main competitor in China?   In this episode, we are joined by our in-house coffee expert, Weihan. Together, we dive into: The rationale and methodologies driving the rapid expansions of both Luckin and Cotti; Luckin's success in digitalisation and data collection, as well as the feasibility of other brands replicating such a model; Some key considerations for coffee (or F&B) brands as they expand out of China into Southeast Asia.  Featured materials: Coffee in Southeast Asia, Momentum Works Sip, Innovate, Repeat: Immersive Workshop, Momentum Academy We did a poll with 1,300 community members on Luckin's performance in Singapore, TheLowDown Luckin's latest Singapore outlet mirrors its China stores, TheLowDown “Disgraced” Luckin founder started a new coffee chain in China, TheLowDown  

Grab recently published their 2023 Q4 and FY results, and during its earnings call, COO Alex Hungate confirmed that Grab is not pursuing acquiring FoodPanda. This aligns with Delivery Hero, FoodPanda's parent, announcement earlier last week that acquisition talks for Foodpanda in Southeast Asia had collapsed.   Why did Grab give up on the potential acquisition of FoodPanda? Was the €1 billion price tag for FoodPanda (that German media quoted) not the "right price" for Grab?   Tune into this latest episode where we dive into the considerations behind Grab's decision, examine the complexities of mergers and acquisitions, and discuss what's next for Foodpanda in the region.    Featured materials: Grab is buying back shares, but not Foodpanda? Our thoughts on Grab's 2023 Q4 and Full Year results Food delivery platforms in Southeast Asia 2024

China's live commerce industry is not just big—it's a trillion-dollar powerhouse with a vast ecosystem, encompassing MCNs, enablers, logistics, and more.    With only a month away from Momentum Works upcoming live commerce immersion in Shenzhen, China (where participants will have will visit/meet key players in this ecosystem), we wanted to address some common questions we've received from interested participants, as well as share insights into the ecosystem and trends of live commerce in China.    Tune into this latest episode where we uncover the driving forces behind China's live commerce boom, explore its potential in the US and Southeast Asia, and contemplate the future and influence of AI in this space.    Featured materials: Live Commerce Immersion, Momentum Academy Live commerce in Southeast Asia report, Momentum Works How did this company reach $280m sales in Live commerce?, The Low Down  Why are AI virtual hosts not yet dominant in live commerce?, The Low Down

Omar Kassim joins us in the latest episode of the Impulso podcast in a candid discussion about the current dynamics of the venture and investment ecosystem in the Middle East.    With over a decade of experiences in venture and investment in the region, Omar has many insights into the appealing yet mysterious market and ecosystem of the Middle East.    Join us as we dive into: How the two major economies, UAE and Saudi Arabia differentiate in their strategy and compete with each other The Middle East's investment and venture capital landscapes The unique challenges faced by both local and global companies operating in the region The region's potential for growth and development  

Last Wednesday (31 Jan), Momentum Works held our online briefing “In focus: Food delivery platforms in Southeast Asia 2024” where we covered global developments, key events, and trends within the food delivery landscape in this region.    During the event, there were also many questions asked, and we've addressed them in this episode. Here are some highlights:  Will we see Deliveroo or Doordash enter SEA? With the rise in platforms take rate, can we expect a resurgence in dining out? Why is the Philippines considered a special case?   Featured materials:  In focus: food delivery platforms in Southeast Asia, Momentum Works E57 - The Impulso Podcast: [In focus] Food delivery in Southeast Asia 2024, Momentum Works Food delivery platforms in Southeast Asia 2024, Momentum Works

Meituan has had a very challenging 2023, with its falling share price and intense competition from both Douyin and Pinduoduo.    Last Friday (2 Feb), Meituan founder and CEO, Wang Xing, announced in an internal email an organisational restructuring that will integrate a number of businesses related to core local commerce and further raise the priority of technology and internationalisation-related businesses.    Notably, as part of the restructuring, CEO Wang Xing announced that he will directly oversee overseas operations and drone delivery.    Tune in to the latest episode of the Impulso Podcast, as we explore the strategic changes made by Meituan and its implications, as well as draw comparisons with Alibaba's own restructuring efforts.    Featured materials:  Meituan CEO Takes Over Overseas Business as China Sales Wane, Bloomberg Food delivery platforms in Southeast Asia 2024, Momentum Works Transforming Alibaba, Momentum Works Why does Alibaba replace Taobao CEO?, the Impulso Podcast Seeing the Unseen: Behind Chinese Tech Giants' Global Venturing, Guoli Chen and Jianggan Li

Momentum Works recently launched our 4th annual Food delivery platforms in Southeast Asia report and following the launch we also held an online sharing where we explored global developments, key events, and trends within the food delivery landscape in this region.   Some highlights of the event:  Doordash outperforms its international peers in capital markets while Meituan has its most challenging year since IPO Despite the recovery of F&B in the region, premium brands still face challenges Chinese F&B brands enter Southeast Asia en masse, bringing with them their methodologies Major players have made significant improvements in profitability, and have shifted their focus to balancing growth and profitability Where can platforms find growth amid flat topline growth Will TikTok enter the food delivery scene in SEA   Featured materials:  Food delivery platforms in Southeast Asia 2024, Momentum Works

In the past few weeks, a poster has been circulating in the seller community outlining Temu's local sellers service model, set to debut on March 15th in the U.S. and later in Europe   But why did Temu decide to launch local sellers when it has been operating as a full consignment model since its launch? Is Temu trying to compete with Amazon in the US?   Join us as in this episode where we delve into the motivations behind Temu's decision to launch local sellers in the US, examining its impact on Temu's operational efficiency, and if this puts them in direct competition with platforms like Amazon and TikTok Shop.    Featured materials:  Who is Temu, momentum Works Live Commerce Immersion to China, Momentum Works An analysis of Temu's cross border supply chain & logistics (1/2), TheLowDown An analysis of Temu's cross border supply chain & logistics (2/2), TheLowDown

Yesterday (24 Jan), it was announced that James Dong, CEO of Lazada, will take over as the Acting CEO of Daraz, the South Asia-ex-India-focused ecommerce platform under the Alibaba International Digital Commerce group (AIDC), with immediate effect. This announcement follows weeks of speculations regarding a leadership change at Daraz, and also comes a few weeks after Lazada's recent major layoffs, which included several members of its leadership team.   But why did Daraz replace its CEO with Lazada's CEO? Is this part of Alibaba's restructuring efforts to simplify the organisation of both companies?   Tune in as we discuss the complexities faced by Lazada and Daraz, the motivation and challenges of Alibaba's ongoing organisational restructuring, and the need for agility in the evolving competitive ecommerce landscape.    Featured materials:  Lazada CEO takes over Daraz, what next?, TheLowDown Interview with COO: How to run ecommerce in Pakistan, India and Bangladesh (all at once), The Impulso Podcast With big layoffs, Lazada is digging in, TheLowDown What's behind Lazada Layoffs, The Impulso Podcast Lazada layoffs: lessons from history and Jack Ma, The Impulso Podcast [Seeing the unseen] Our thoughts on Alibaba's major restructuring, TheLowDown Transforming Alibaba: Understanding Alibaba's most radical changes in history, Momentum Works Why does Alibaba replace Taobao CEO?, The Impulso Podcast

In a candid conversation with Jasper Knoben, CEO of Flywheel Southeast Asia, we delved into the dynamic and evolving landscape of e-commerce in the region. With over a decade of experience, from his early days at Lazada Vietnam to leading Flywheel, Jasper brings a wealth of knowledge and insights about ecommerce in the region as he discusses the challenges and triumphs of navigating the e-commerce market in the region.    Tune into this latest episode, where we explored: the entry of Lazada, Shopee, and Amazon in the early days, shaping the market new ecommerce models like TikTok Shop and the rise of live commerce; the future of generative and general AI in the industry   Jasper also shares his vision for Flywheel and the strategic moves shaping the future of digital commerce in Southeast Asia. Tune in for a candid conversation that sheds light on the past, present, and future of the dynamic e-commerce landscape.   Featured materials:    The TikTokShop Playbook, Momentum Works  Ecommerce in SEA 2023, Momentum Works 

In 2020, the pro-independence Democratic Progressive (DPP) won the presidential election in Taiwan for the first time, over its divided opponents. In an interview in May that year, Singapore's statesman Lee Kuan Yew said: “A word of caution: There is a point beyond which no Chinese leader can survive if Taiwan is seen to be drifting away under his watch.”   Last Saturday, the DPP again won (its 3rd consecutive) presidential election in Taiwan over a divided opposition. China has made it very clear that it does not like the DPP's incoming leader Lai Ching-te, and has been calling for its armed forces to be ready for war. The US continues to send arms to Taiwan. And the Economist has labelled Taiwan “the most dangerous on earth”.    But what does Taiwan's recent election mean for investors and businesses in the region?   Tune into this latest episode where we delve into Taiwan's transition to democracy, the impact of the recent elections on the geopolitical dynamics between Taiwan, China and the U.S, and lastly, the implications for investors and businesses navigating this complex landscape.    Featured materials:  The most dangerous place on Earth, The Economist Keith Zhai, veteran journalist on China, media and 2024, The Impulso podcast The Generalissimo: Chiang Kai-shek and the Struggle for Modern China, Jay taylor TRANSCRIPT OF FEER'S INTERVIEW WITH SENIOR MINISTER LEE KUAN YEW ON 26 MAY 2000, Singapore Government Media Release The Generalissimo: Chiang Kai-shek and the Struggle for Modern China, Jay taylor

If you could wake up 10,000 years in the future, would you?    Tune in as special guest Fernando Pinheiro, internet entrepreneur turned health tech entrepreneur, shares about his journey from Rocket internet to human cryopreservation, current advancements in cryopreservation technology, and the challenges of preserving complex organisms like humans.   We also delve into the intricate psychology behind cryopreservation decisions, as well as the legal, ethical and financial considerations of human cryopreservation, including the potential revival of legally dead individuals.   Join us in a thought-provoking discussion that got us questioning “What if the key to immortality lies in freezing life itself?”   Featured materials:  INSIGHT Magazine, tomorrow.bio r/cryonics, reddit