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Boxed plans to license its e-commerce technology globally

by LittleYouKnow

Online bulk-products retailer Boxed.com has licensed its e-commerce network to Aeon Co. BHD, a mass merchant and grocery store operator and shopping center developer in Malaysia, in preparation for an upcoming public offering. So before we dig in deeper let us understand what is International E-Commerce all about.

International E-Commerce

Selling a product to customers in other countries via an e-commerce website is known as international e-commerce. Any business may sell online thanks to the spread of digital tools, which makes the internet more accessible globally and makes international e-commerce simpler than ever for both pure-play businesses and brick-and-mortar stores.

Although it’s tempting for e-commerce experts to believe that growing their business internationally will take less effort, the word “international” is crucial. Regardless of how much they may share, all nations are distinct.

4 areas to look upon before expanding internationally

1. Operations

2. Measure demand for products with international supply

3. Search for a Strong Vacuum

4. Establish the Expansion’s Scope

What is Boxed?

The company partners with Aeon Group, one of Asia’s largest retail conglomerates, to provide bulk consumables to both consumers and companies without the need for shopper’s memberships and has monetized its unique technology through a Software-as-a-Service (“SaaS”) offering.

Bulk goods are sold to homes and companies through a digital grocery store named Boxed, also known as Giddy Inc. The 2013-founded Boxed has been compared to Costco Wholesale Corp., but it lacks both of those businesses’ membership models and their main revenue streams.

Why Boxed is planning to license it’s technology globally?

  • The New York City Boxed announced plans to merge with special purpose acquisition company (SPAC) Seven Oaks Acquisition Corp. to go public. Gary Matthews, the chairman of Seven Oaks, and Huang are slated to lead Boxed Inc., the firm that will be formed from the merger.
  • Boxed plans to monetize its end-to-end e-commerce platform through a software-as-a-service (SaaS) offering as part of its push to go public. 
  • The e-tailer and Aeon Group, one of Asia’s leading retail conglomerates and the largest supermarket store in Japan, entered a multiyear SaaS relationship in January 2022.
  • The Boxed technology was also tested in a home delivery service trial by the German bargain grocer Lidl in the United States.

How will Aeon Group benefit from this?

  • MyAeon2go, a recently established online grocery service providing in-store pickup and on-demand deliveries at more than 40 locations, is powered by Aeon using Boxed’s proprietary online retail technology. 
  • An e-commerce storefront website, a mobile app, and inventory-picking software are all included in the solution. The tenants of Aeon malls will also use Boxed’s technology to power their e-commerce activities.

How will be this partnership effective?

  • Boxed’s retail service uses its in-house developed storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies to offer bulk pantry essentials to companies and consumers. “An e-commerce retailer and e-commerce enabler,” is how the business describes itself.
  • Aeon Co. BHD, an affiliate of the Aeon Group, is a major general merchandise and grocery store retailer in Malaysia, operating nine MaxValu Prime supermarkets, 28 Aeon malls, and 34 Aeon outlets.
  • MyAeon2go may enable companies to improve productivity and test cutting-edge strategies for building a successful, scalable, and long-lasting online business while providing a smooth omnichannel experience to their clients. 
  • They are also anticipating the introduction of their new marketplace platform for tenants of their 28 malls throughout Malaysia by the end of this year, which is anticipated to be powered by the Boxed solution.
  • Boxed intends to list on the NYSE following the completion of their merger transaction, which is anticipated to take place in the fourth quarter, according to New York-based Seven Oaks. The common stock and warrants of the combined firm will be listed on the NYSE under the tickers BOXD and BOXD WS, respectively.

The fact that Boxed was able to launch its relationship with Aeon within six months and within budget indicates how quickly and effectively it can install its proprietary technology, even in larger projects.

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