FJ Benjamin Holdings has partnered leading e-commerce platform Lazada Singapore to deliver the ultimate retail experience to customers both online and offline.
This is the first time both parties have come together to work on an omnichannel model where customers can control the buying process and enjoy a multi-prong shopping experience across several channels.
Both companies, signed a memorandum of understanding (MOU) on March 3, which states that “the parties agree both physical stores and online stores are part of the retail ecosystem”.
“With Lazada’s technical and online abilities and FJ Benjamin’s experience in fashion and lifestyle brand management and physical store operations, this brings together a strong strategic partnership which leverages each other’s expertise to deliver an ultimate consumer experience,” it adds.
In addition, FJ Benjamin will also discuss with brand principals opportunities for e-commerce in markets that Lazada has a presence in, such as Vietnam, Thailand and the Philippines.
Under the terms of the MOU, both FJ Benjamin and Lazada will work on a “detailed action plan and a definitive agreement to move the partnership forward” within 90 days.
“FJ Benjamin has been strategising and planning our omnichannel business model for some time now and this partnership with Lazada is intended to get us to where we want to be much faster and in a more cost-efficient manner. This will combine our respective capabilities to strengthen customer experience across brick and mortar and virtual channels,” says Nash Benjamin, group CEO of FJ Benjamin.
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“We are thrilled to be part of this new chapter with FJ Benjamin and value their trust in us,” says James Chang, CEO of Lazada Singapore.
“Lifestyle, fashion and beauty are important pillars in our eCommerce plans and shoppers can now look forward to seeing more well-known brands and labels on our platform, for an integrated shopping experience.”
“In the last year, Lazada has supported many businesses that adopted a multichannel approach to set up stores online and we know that our expertise in the e-commerce space will benefit and contribute to the success of a renowned brand like FJ Benjamin, and look forward to seeing positive results with them,” he adds.
Benjamin says the group will continue to take charge of all aspects of product assortment, brand management, pricing, promotions as well as key parts of logistics such as inventory and supply chain.
The parties will jointly undertake online marketing and campaign strategies while Lazada will operate the online stores.
As at 3.17pm, shares in FJ Benjamin are trading 1.4 cents higher or 70% up at 3.4 cents.