Homegrown tech firm readies Vietnam venture
MANILA, Philippines -Homegrown e-commerce solutions provider Enstack is targeting to officially launch its product in Vietnam this year as part of its regional expansion plan amid the rising demand for digital tools among small and medium enterprises (SMEs).
Macy Castillo, CEO and co-founder of Enstack, told the Inquirer the testing of their products with select merchant partners has been ongoing and they are looking at collecting more data about the market to adjust the offerings according to demand.
“Our next step is to make sure we get the right feedback and create the right products for the local market,” she said on the sidelines of a recent event in Taguig City.
The product testing just started last month with about 150 merchants but Castillo said they have expanded since.
The Enstack official stressed the need to create a localized version of their services to benefit the users in Vietnam, explaining they have observed some differences in terms of consumer behavior from Filipino customers.
For one, she explained that users in Vietnam were “very much more cashless than us,” adding that the cash-on-delivery scheme was only a “secondary payment option” for them.
“The learning process is going very well and we are designing the product to make sure the local users [can use them],” she said.
Recently, Enstack raised $3 million via a Series A funding round, attracting capital from several investors.
It was led by Mangrove Capital Partners, which also backed communications platform Skype and website builder Wix. Other participants were financial technology company Xendit and William Kim of online shopping portal Shinsegae International. INQ
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