Daraz Sri Lanka
and Dialog Axiata Group have entered into a collaborative strategic partnership
on digital trade. Daraz Sri Lanka is merging wOw.lk's management and business
activities, the online retail platform owned by Dialog Axiata Group, as the
first step in this relationship. The integration will help Daraz expand its
e-commerce presence in Sri Lanka further and grow it. Visitors to wOw.lk will be
redirected to Daraz.lk with effect from 1 December, allowing greater access to
products and services through Daraz.lk, the fast-growing online retail site.
That said,
current wOw.lk customers who purchased items from their platform will continue
to enjoy their purchasing point's guarantee arrangement. WOw.lk has been
instrumental in building Sri Lanka's e-commerce presence over the past seven
years. With this new partnership in the making, customers of Dialog will
benefit from Daraz as an exclusive online shopping platform.
"Integrating
the e-commerce service of Dialog gives Daraz a secure marketplace and allows us
to drive growth more vigorously while offering our customers the best in online
shopping. Wow.lk is one of Sri Lanka's pioneers of e-commerce, and we plan to
build on this legacy through Daraz.lk," said Rakhi Fernando, Managing
Director of Daraz.
Daraz's
marketplace model has proven itself successful for both shoppers and seller
partners. It has given brands more visibility and a more extensive range of
products from which to shop.
Daraz's affiliation
with the global cynosure of success in e-commerce - Alibaba, has ensured that
timely and proven technology gets transferred to an online market as young as
Sri Lanka.
Daraz.lk has
created a leveling ground for international brands as well as SMEs over the
three years of operations on the island to be part of their journey to expand
the online retail market. The latest development will result in a merger of
more brands, adding to Daraz's current 800,000 plus product range. Dialog
Axiata PLC Chief Digital Services Officer, Dr. Nushad Perera, has commented on
the partnership:
"Our two
organizations are strongly committed to building the digital infrastructure of
our country, and this partnership will further improve access for every Sri
Lankan to affordable digital trade."
OSL Take: Such
an acquisition has paved the way for other interested parties to consider such
a venture as well. With the government’s focus on steering the country towards
a digitized economy, such investments are bound to prove fruitful. On the other
hand, the availability of cutting edge Financial Technology in the country
would be an added advantage for possible investors to the country. Also, the
passage of the Electronic Transactions Amendment Bill has further enabled Sri
Lanka to engage in cross border transactions.
It will improve
Sri Lanka’s ability to trade with these countries using digital platforms.
Hence, businesses in Sri Lanka, as well as any new entrants to the country’s
economy, would be benefited when carrying out business with other countries. The
Sri Lankan government has also offered incentives for companies engaged in the
development of digital infrastructure. Foreign businesses/investors could,
therefore, explore opportunities in Sri Lanka’s digital infrastructure sector.
VBS/AT/26122019/Z_TB2
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