Frasers Property Retail will be launching its new eCommerce marketplace named "Frasers eStore". The online store is said to provide a "seamless" experience to serve tenants and shoppers via the Frasers Experience (FRx) app this October.
This comes as the company saw an uptrend in online shopping, and an increasing need for businesses to make their products and services available both in-store and online. It hence aims to empower its tenants to embrace digitalisation with the expanded FRx platform, and help them provide consumers with a truly omnichannel retail experience.
The Frasers eStore will launch with 200 merchants, and will be accessible to the public via the FRx app from end October 2020. According to a press release, the online store will be available to a potential membership base of over 800,000 shoppers on the FRx platform. Frasers Property Retail aims to enhance tenants’ outreach with the eStore, while providing consumers with an additional avenue to purchase products from its malls with great convenience and flexibility. Frasers Property Retail currently owns 14 malls in Singapore including Anchorpoint, Bedok Point, Causeway Point, and Changi City Point.
Additionally, there will also be an integration between two of its loyalty programmes, Frasers Experience and AMperkz, into a single loyalty programme. FRx will be merged with AsiaMalls’ loyalty platform AMperkz from 14 September 2020 onwards. As part of the integration, AMperkz members can switch to the FRx loyalty programme, while having their accumulated benefits transferred into the FRx app.
Tan Kee Yong, chief operating officer of Frasers Property Retail, said the launch of Frasers eStore builds upon the success of the FRx platform, which was launched in 2018. "The launch of Frasers eStore marks the natural next step in our digital transformation journey with our tenants to further support them as they embrace digital solutions to find additional avenues to market their products, while adapting to changing consumer behaviours," he said.
The FRx app was launched in November 2018, and according to the company, has seen a steady rise in membership. FRx members account for one in four transactions at its malls. The platform is also said to have been successful in driving shopper retention, achieving a 40% members’ usage rate.
The launch of Frasers eStore comes just days before Frasers Centrepoint Asset Management said it has plans to acquire the remaining approximately 63.1% of share capital of AsiaRetail Fund for SG$1,057.4 million. According to Richard Ng, chief executive officer of Frasers Centrepoint Asset Management, the transaction is a follow-through of its strategy to increase Frasers Centrepoint Trust's stake in AsiaRetail Fund. The initial 17.1% stake in AsiaRetail Fund was previously acquired in April 2019.
Separately last month, Singapore Press Holdings also launched a new eCommerce platform called "Shop For Good", which is designed to support small and big businesses. Engaging brands loved by Singaporeans, "Shop For Good" aims to stimulate the local economy by providing a mix of deals by merchants from retail, F&B and lifestyle services sectors.
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