Meanwhile, PayPal acquires mobile payments firm Paydient.
An international fashion site that YesAsia.com launched two years ago is beginning to pay dividends. Sales at YesStyle.com are expected to reach $6.9 million in 2008, an increase of 103% over 2007.
An international fashion site that YesAsia.com Ltd. launched two years ago is beginning to pay dividends.
Sales for the site – YesStyle.com – are expected to reach $6.9 million in 2008, an increase of 103% from sales of $3.4 million in 2007, says YesAsia.com CEO Joshua Lau. Traffic to YesStyle.com now averages about 300,000 unique visitors per month, compared with 160,000 monthly unique visitors in 2007, Lau says.
YesAsia.com, No. 285 in the Internet Retailer Top 500 Guide, launched YesStyle.com in July 2006 to give the Hong Kong-based web retailer a more diversified merchandising base. YesStyle.com offers a range of apparel, shoes, bags, fine jewelry, accessories and other items to women ages 18 to 35, and also features an international currency converter, advanced search features and an inventory of about 10,000 SKUs.
Recently YesAsia.com updated YesStyle.com to include a new babies and kids section and plans to expand another department featuring up-and-coming Asian designers later this year. “Our business plan this year will focus on signing up more fashion brands to sell their fashion items through YesStyle’s platform,” says Lau. “Currently we have more than 200 brands on the site.”
The move to a more diversified e-commerce base is helping YesAsia.com deal with slower sales in one of its other core segments: CDs and DVDs. “Selling CDs and DVDs is undergoing a tough time because of issues such as privacy and illegal download,” says Lau. “On the other hand, selling fashion online is one of the fastest growing categories.”
With higher sales from YesStyle.com, YesAsia.com expects to generate total sales of about $30 million in 2008, Lau says.