The Online Shopping Platform Ztore Bags Series B funding of $8 million
Post by Anupam Pandey | Oct 26, 2018
The recent series B initiatives of the online shopping platform Ztore have brought a gold mine of opportunities as the budding company has bagged a funding of 8 million US dollars from the WeLight Capital and Kwai Hung group.
The CEO of Ztore, Mr Danny Shum was excited about getting the new funding which he claimed to use in the development of further operations and developing new technologies to increase the productivity and effectiveness of their shopping platform. The company would also look to advance its operating strategies and grow its potential outreach.
He also stressed on the companies aspiration to grow the local serviceability and will also explore the opportunities of expansion overseas. The company has already been developing strategies to develop cross-border trade in the e-commerce sector which aims to develop local brands to overseas markets and grow their business potential.
This funding along with the first round of funding collected by the Ztore has reached a total of $20 million within the third year of the newly evolved business. The Ztore basically provides the household necessity products that are used in day to day life by an average person. The company has a collection of over 1000 different products which are manufactured by local brands in Hong Kong. Ztore has also got a secure and verified payment gateway channel for the transactions and gives quick and prompt delivery services for the convenience of the users.
The company has been growing at a rapid pace and has already added more than 200000 customers to its online platform. The average expenditure done by the customers is also a rare accomplishment which most e-commerce platforms have never touched as yet. Every customer spends almost HK $580 on every order which much more than what most of the companies are doing.
The new funding will allow Ztore to renovate its website to a whole new level which the company was eagerly planning to do of late. The company also wants to introduce the recommendation programme and use the new algorithms to suggest products to the users based on their preferences. All in all, Ztore has given a new lease of life to the decimating E-commerce sector.
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