SingPost is"well-positioned" to capitalise on the region's booming e-commerce market, said the head honcho who assumed the position in 2017.First, putting its failed e-commerce ventures in the United States behind it, SingPost has renewed its focus on its businesses in the Asia-Pacific. The loss-making subsidiaries Jagged Peak and TradeGlobal recently sold substantially all of their assets; the failed ventures cost the Singapore company S$280 million in total impairment.
While China has been the key market in global e-commerce driving west-bound traffic, SingPost has observed that east-bound flow for Asia from markets such as the United Kingdom and Europe is picking up. Mr Coutts is also keen to develop strategies to expand its B2B to B2B2C , upon the urging of its B2C customers.
"But it's not about the growth in itself, you know, there's lots of growth that you could get. The trick for me actually is getting profitable growth," Mr Coutts pointed out. This, coupled with a sharp reduction in business letter volumes and advertising mail, took a toll on SingPost's domestic post-and-parcel business in the recent quarter. Mr Coutts declined to furnish the magnitude of the decline in volume.
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