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Below is our recent interview with Bob Chua, from BlinQ:
Q: Bob, what is BlinQ?
A: BlinQ is essentially a Luxury Fashion E-Commerce Platform. The platform however provides multi platform methods of consuming fashion, be it to Buy now, Rent, subscribe or pay later. It also uses AR (Augmented reality) technology to allow users to virtually try-on any outfit before they purchase it, allowing them to see how it may look on them..all from the convenience of their mobile phones.
Q: You’ve recently launched luxury fashion E-Commerce throughout SE Asia; could you tell us something more?
A: We believe SE Asia represents one of the largest potential growth opportunities in this space. We have 600m savvy population, growing middle and affluent classes, and the most connected millenials in the world, all spending the most time and dollars on E-Commerce.
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Q: What makes you stand out from your competition?
A: Currently, we don’t see much competition in the region with the breadth of technology nor offerings. Of course some of the larger players globally such as Net-a-porter, Farfetch, ASOS etc. Have all done extremely well in Europe and the US, however most of them seem to be battling the larger Asian markets like China at the moment. Organizations often underestimate the complexity of conducting business in the SE Asia region, however this is my home, and I not only understand the thinking of its consumers, but also the business nuances that can make or break a venture investing into Asia.
Q: Why is now the time for a technology solution like BlinQ?
A: Besides the sheer fact that E-Commerce only represents 5% of retail at the moment (a huge upside in itself), we also see a bright future for innovation in mobile AR. There are limitless possibilities of how we can reinvent the customer experience with AR, be it virtually on in-store. We are investing heavily in this space. Lastly, we also believe a large part of the E-Commerce success will come from the back end logistics. We plan to emulate a more automated back-end fulfillment solution to get the right product to our clients in the shortest possible time.
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Q: What are your plans for the future?
A: For now, we need to put the fundamentals in place, and grow our offerings throughout the region. There many operational aspects to get right, and we will need to roll with the punches as consumer behavior shifts. We need to stay nimble and grow fast. It’s all about the fast eating the slow, not the large eating the small.
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