Source: Aladdin Group. A lion dance to welcome Aladdin
Street Singapore.
The Aladdin Group is launching Aladdin Street Singapore, an e-commerce platform serving both businesses and individual consumers. It will operate through two websites: a Singapore-specific site at www.aladdinstreet.com.sg, and an international platform at www.aladdinstreet.com. Both sites are expected to launch in the fourth quarter of 2016.
Aladdinstreet’s goal is to be a reliable and secure online marketplace for merchants to sell and consumers to buy premium, halal products. This follows the April launch of a similar platform in Malaysia, found at www.aladdinstreet.com.my.
The Malaysian site already offers over 10,000 premium products that are either halal-certified by recognized authorities, or do not require such certification in Malaysia but are certified for safety, hygiene, and quality.
Aladdin Group Co-founder & President Dato’ Dr Grace Kong highlights Singapore’s strong business environment and infrastructure as key to the group’s goal of becoming a leading profitable e-commerce platform. She notes that Aladdin Street Singapore is the first e-marketplace in the country to focus solely on halal and premium products, catering to an underserved 14% of the population.
To support the Aladdin Street brand globally, the Aladdin Group plans to spend up to US$130 million over the next three years. In Singapore specifically, the Group will invest an initial S$2 million to establish Aladdin Street as the go-to brand for halal and premium products.
The Aladdin Group aims to make Aladdin Street one of the top 10 most profitable e-commerce platforms worldwide, attracting over 60 million monthly visitors. For the Singapore platform specifically, the goal is to achieve over S$50 million in sales within its first year. What sets the Aladdin Group apart is its collaborative approach, working with government agencies, trade associations, chambers of commerce, and halal certification bodies to help Singaporean SMEs access the global market through the Group’s network.
Source: Aladdin Group. From left: Aladdin Group Co-Founder Dato’ Dr Sheikh Muszaphar Shukor Al Masriem, Dato’ Dr Grace Kong, also an Aladdin Group Co-Founder, and Dato’ Sri Desmond To.
Dato’ Dr Kong acknowledges the clear shift towards e-commerce and evolving consumer behavior, driven by factors like rising rents and labor shortages. She believes Aladdin Street Singapore presents a strong alternative for businesses, particularly promising small enterprises facing challenges in establishing physical stores. The platform emphasizes a collaborative partnership with merchants, aiming for mutually beneficial outcomes.
According to Google and Temasek Holdings, Southeast Asia’s e-commerce market is poised for significant expansion. It is projected to increase more than sixfold, reaching US$200 billion by 2025, fueled primarily by online retail growth that is outpacing traditional retail sales.
The Aladdin Group, headquartered in Kuala Lumpur, Malaysia, is led by Co-founder Dato’ Dr Sheikh Muszaphar Shukor Al Masrie, Malaysia’s first astronaut. The company believes in the global demand for an e-marketplace dedicated to premium and halal products. Excluding Islamic finance, various industry sources estimate the global halal market opportunity to be worth up to US$2.3 trillion.
With this launch, Singapore becomes the 29th country where the Aladdin Group has established a presence through joint ventures. Other countries within its network, spanning Asia Pacific and the Middle East, include mainland China, India, Indonesia, Thailand, Vietnam, Japan, South Korea, Taiwan, Australia, New Zealand, and Pakistan. Partnerships are also being finalized in Iran, Jordan, Turkey, the UAE, KSA, Kuwait, Bahrain, Qatar, and Oman.
For merchants interested in joining, participation is by invitation only after undergoing thorough halal compliance and business integrity checks by an internal task force. However, merchants can express their interest and request inclusion through the Register button.