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How an SG-based D2C firm grew to an 8-figure biz by showing informercials to retirees

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In The Checkout this week, we look at a serial entrepreneur’s D2C health products venture, and

In The Checkout this week, we look at a serial entrepreneur’s D2C health products venture, and at a new US$100 floor on imported goods in Indonesia. [Read from your browser]( The Checkout 🛒 --------------------------------------------------------------- Welcome to The Checkout! Delivered every fortnight, this free newsletter breaks down the biggest stories and trends in ecommerce. You can find past issues [here]( or [sign up here]( to receive future newsletters. Also, If you’re not a subscriber, get access by [registering here](. IN FOCUS In today's newsletter, we spotlight: - How a direct-to-consumer health firm hit an [eight-figure revenue]( within three years of founding while staying profitable - What Indonesia’s US$100 floor for imported goods could mean for Temu's and Shein’s regional plans - Why separating short videos from live-selling will be a [“worst-case scenario” for TikTok Shop]( --------------------------------------------------------------- Hello {NAME} My dad, a retiree in his 70s, spends a lot of time watching videos about various health products on his smartphone these days. Then he tells me all about it whenever I visit. I have watched some of these videos before, and it was an experience I found thoroughly unenjoyable. So when I read that Truegenics, a Singapore-based D2C firm specializing in health supplements, uses long informercials to reach customers aged 55 and above, I wasn’t surprised. You may scoff at such tactics and find that some of the health claims stretch credulity. But the bottom line is, businesses like Truegenics are profitable and have achieved multimillion sales figures. My colleague Melissa uncovers how Trugenics CEO Alvin Huang built up his business in this week’s Big Story. So much attention is poured into apps like TikTok and the young people who use it that it’s easy to forget who actually has more money to spend: the older generation. Yes, I realize that I sound like an old person saying this. On the topic of TikTok, Indonesia will announce new rules that include banning transactions on social media platforms like the Bytedance-owned app. My colleague Jofie has [analyzed]( the impact of this contentious move, which will directly affect TikTok’s ecommerce business in the country. Indonesia’s trade ministry this week also imposed a US$100 floor on imported goods sold via cross-border ecommerce marketplaces, which could affect the ability of businesses like Shein and Temu to operate in the country. I consider the implications of this in this week’s Hot Take. -- Simon  --------------------------------------------------------------- THE BIG STORY [SG-based D2C firm thinks global to build profitable $28m business]( Truegenics CEO Alvin Huang attributes the firm’s success to a combination of astute marketing and, believe it or not, 50-minute infomercials.  ---------------------------------------------------------------  THE HOT TAKE Indonesia imposes US$100 floor on imported goods. Is Southeast Asia still attractive for ecommerce giants? Here’s what happened: - The [US$100 rule]( comes as President Joko “Jokowi” Widodo [bans]( direct transactions on social media platforms in the country. - The rules are aimed at safeguarding the interests of local micro, small, and medium-sized businesses, which are not able to match the low prices charged by cross border ecommerce marketplaces. - Imported cosmetics will also need to be certified by the relevant government agency. Here’s our take: Indonesia’s ban on transactions on social media platforms in the country, following a special meeting on ecommerce chaired by Jokowi, is undoubtedly the biggest industry news coming out of Southeast Asia this week. However, another regulation to come out of this meeting also has huge implications on the future of potential ecommerce entrants into the country. The imposition of a US$100 floor for transactions involving imported goods makes it unlikely that companies such as Shein, the popular ultra-fast fashion player, and Temu, the sister company of Chinese online retailer Pinduoduo, will enter - or reenter - Indonesia in the near future. Both specialize in bringing cheap China-made goods to consumers worldwide. Shein terminated its Indonesia operations in [August 2021](. Meanwhile, Temu launched in Malaysia and the Philippines in the past month. In 2022, ecommerce platforms in Southeast Asia collectively made [US$100 billion in gross merchandise value](. Out of that figure, Indonesia accounted for 52%. With Indonesia out of the picture, is the rest of Southeast Asia still attractive to ecommerce players eyeing the region? The answer may still be yes. Initiatives and support from the government, from [the Digital Philippines program]( that enhances digital infrastructure in the country to [Thailand’s launching of a digital hub for free trade to facilitate cross-border ecommerce]( have certainly helped. So far, Temu seems to be performing well in the Philippines. It was the fourth-most downloaded shopping app in the country for the week of September 18 to 24, behind Shopee, Shein, and Lazada, according to Data.ai. However, Temu’s performance in Malaysia has been lackluster, coming in at the 17th spot for the same period. Traction aside, Temu will have to keep an eye on a volatile geopolitical environment. Recent [tensions]( between the Philippines and China over the South China Sea may well spill over into the business world. Meanwhile, the US government has [accused]( both Shein and Temu of various violations and intellectual property infringements. In addition, governments in Southeast Asia may face pressure from their own constituents to crack down on cross-border ecommerce platforms, in light of what has happened in Indonesia. If geopolitics and the business environment worsens, a US$100 floor on imported goods might be the least of the ecommerce platforms’ worries.  ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the ecommerce scene [here](. 1️⃣ [Vertex Ventures leads Indian D2C beauty startup’s $20m series B]( Established in 2019, Pilgrim plans to use the funding to build its brand, boostR&D, and fuel its offline expansion across India. 2️⃣ [TikTok’s Asia business logs rapid revenue growth to reach $5.4b in 2022]( Total losses at its Singapore-incorporated entity, which covers Southeast Asia, South Korea, Russia, India, New Zealand, Turkey, and Kazakhstan, grew 18% year on year to US$2.7 billion. 3️⃣ [Meesho is India’s top downloaded ecommerce app in Q2, but lags on engagement]( The news comes after Meesho said it had turned profitable in July. 4️⃣ [Foodpanda slashes APAC workforce as potential sale looms]( CEO Jakob Sebastian Angele said the food delivery platform needs to “have the right set-up” for its operations.  --------------------------------------------------------------- FYI  1️⃣ [Uncertain future: TikTok Shop faces first regulatory headwinds in Indonesia]( In Southeast Asia, TikTok’s monthly active users surpassed even Shopee’s between March 2021 to June 2023, according to analysis by Morgan Stanley. 2️⃣ [Foodpanda deal would cement Grab’s market dominance – if regulators allow it]( Based on 2022 figures, a Grab-Foodpanda entity would command a market share of 90% or more in the Philippines, Malaysia, and Singapore.  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894

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