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JS HOME LIVING

Ecommerce Shopping is just fast and fun! https://shopee.com.my/plasticmaster

SUMMARY VIDEO

COMPANY DETAILS

Summary

Specialising in supplying innovative and uniqueness home and living products, JS Home Living is a fast-growing e-commerce retailer with a strong offline presence. JS is currently one of the major players in Malaysia’s e-commerce marketplace, offering more than 3,000 products including but not limited to household items, gardening supplies, baby and toys and packaging solutions. JS is promoting the business philosophy that “you name it, we have it” concepts.

JS provides two modes of shopping experience for its customers which consist of a brick-and-mortar shop in Pekan Nanas, Johor and multiple online stores at Malaysia largest e-commerce marketplace, Shopee. 

https://shopee.com.my/plasticmaster

https://shopee.com.my/teosoonfood

Problem

External Threat

  1. During the pandemic or even post pandemic, the movement restriction cast the shadow for offline purchases. Consumers cannot travel beyond the restricted mileage and devastated the business performance.
  2. Offline normally will consist of middleman which is substantially push the higher costs.
  3. Consumers need to spend more times to various location to choose and compare the products and thus lead to inefficient time-consuming and tiredness to shop around.
  4. New norm changed the consumers purchasing behaviors. Consumers naturally adapts to online shopping because realizes the convenience to shopping experience within a click of button.
  5. Physical stores may offer limited products choice due to financial resources, space and other operation restriction. However, online experience may attract more merchants to up list their products and develop more products range to enhance the consumer choices.
  6. For some of the consumers if without the transport and heavily depend on the public transport, it is inconvenience to bring back the physical bulk item if purchase from offline stores.
Solution
  1. Easy to use and friendly E-commerce from JS offers the solution to the consumer continue to enjoy the shopping spree without a step moving out from house.
  2. Online shopping removes the middleman because the direct connection to manufacturers and subsequently position JS to offer the products at lower costs which is appeal stronger competitive compared to other industry players. These two critical success factors managed to pull in the new customers from other players as evidenced by the few hundred-fold of growth.
  3. Products specification with affordable price successfully competes and out phase with those offline physical stores. As compare to physical stores, consumers need to risk of their health to go one by one store which is time-consuming and limited choices maybe available. However, online shopping atmosphere provides flawless shopping experience where consumers can shop within the comfortable zoom and spending more time to review and eventually lead to decision-making to purchase.
  4. JS shall continue to invest in a cutting-edge warehouse management system (WMS) with the following features:

     
    Centralised Database with Real-Time Updates

     - Automated Workflows

     - Digital Stocktakes

    The features allow JS to invite more than hundreds of the products suppliers to display their own products on JS platform. This shall reduce their own display and listing fee while JS can portray as few thousand of the different products to mee the different requirement from the consumers.

  5. The development of WMS is nearly complete. Target to implement by the end of February 2022.

  6. JS provides the delivery services for any products purchase from the online platform within 1 – 2 days delivery lead time which is shorter as compared to other players. JS collaborate with JnT and other courier service providers to specifically delivery all the products from JS platform on real time basis.

Fuelled by rapid growth in the e-commerce industry, demand for 3PL services is projected to remain strong in the upcoming years, especially as online shoppers expect ever better service. Equipped with experience from fulfilling orders from our Rising Star Initiative partners, we are capitalising on this opportunity to venture into providing 3PL services. We have been engaged by 2 retailers to date and target contracting with 10 more by 2023. By launching 3PL services, we gain an extra income channel through the below:

  • Revenue From Self-Run Stores Online and Offline
  • Profit-Sharing With Rising Star Initiative Partners
  • 3PL Service Fees
Product

We providing nearly all the items needed by household, ranging from Home Furniture & Storage Boxes, Packaging Supplies, Kitchen Supplies, Gardening Supplies and so on. Hence, we are venturing into Bedding & Home Décor as well as Baby & Toys. Next up will be Fast Moving Consumer Goods and Beauty & Health Sector.

You name it, we have it.

Traction

We have achieved 400% of revenue growth rate from 2018 (RM1.8 million) to 2020 (RM9.1 million) and we are aiming to strive at an average of 68% annual growth rate in the following next few years. We are the top performing sellers in Shopee as 80% of our sub-stores are a Preferred Seller, which is an invite-only programme that recognise sellers for their outstanding performance in sales and operational performance.

We have successfully entered into Singapore market in August 2020, and aim to expand into ASEAN market in year 2024.

Customers

There are more than 26 millions Malaysians use the internet today.

JS Home is targeting 20.8mil E-commers user across Malaysia. Average revenue per user may up to RM1,414 according to research. Meanwhile, there are 73% of shoppers stated that better prices offered by online retailers.

Over the period for 2 years, JS successfully to grow up to 100,000 new customers from online. These mature customers continue to render the support for the online purchases especially during the MCO and this trend continue even post pandemic.

This strong growth of customers base infuses JS to plan for the aggressive customer acquisition plan via the merger and acquisition for the next 36 months. JS believes that the expansion shall be two modes where first one is organically growth and second will be expansion via merger and acquisition.

Currently in the pipeline, several complementary strategic partners already been identified and negotiation expected to commence soon to support the achievement of the IPO exercise in 2024.

Business Model

The Company is setting up the next 3 years expansion plan. Basically, to focus on the e-commerce that eventually will have few segments as follow;

Products Segment Expansion

  • Home and Living products
  • Baby care and related products
  • Gardening and landscaping products
  • Food and beverage choices
  • Kitchenware and household ware
  • Health supplement and cosmetic products
  • Fast Moving Consumer Goods

Merchant Site Establishment

To complement the different products categories and offer to attract more and more consumers from various geographical segment.

Market Expansion Strategy

  • Exiting Malaysia & Singapore
  • Indonesia & Philippines
  • Vietnam
  • Cambodia

Human Capital Development

  • Additional recruitment of marketing talent to focus on social media, market awareness and strategic marketing planning
  • Logistic infrastructure set up and warehousing facilities
  • Recruitment of IT talent to improve rigorously the exiting warehousing, purchasing, logistic and customer relationship management and IT infrastructure.
  • Support the setting up of regional office to understand the local consumers purchasing belief, culture, demand pattern analysis and so on.

Financial Strategy & Funding Roadmap

  • Formulate the short-, medium- and long-term funding road map to match with business expansion
  • Continue to work out the budgetary control to analyse the cash flow requirement to ensure the uninterrupted supply chain management to back the business operational.
  • Working out the 36 month IPO road map to become the first home grown online giant in e-retailers in Malaysia.
Market

JS Home Living is capturing e-commence industry in Home and living products.  eCommerce revenue in Malaysia reached a total of $4 billion in 2020. With an increase of 37 percent, the Malaysian eCommerce market contributed to the worldwide growth rate of 26 percent in 2020. According to Global Data’s eCommerce Analytics, Malaysia’s eCommerce market is estimated to register 24.7 percent growth in 2021. The market is expected to reach $12.6 billion by 2024, increasing at a CAGR of 14.3 percent between 2020 and 2024.

* research by International Trade Administration

JS Home currently operating is Malaysia, we had successfully venture into Singapore market in August 2020. We are planning to expand into ASEAN market by year 2024.

JS aim to capture at least 1% (RM125m) of the market shares based on an estimation of RM12.5billion market size in Malaysia home improvement market.

Reference: https://www.diyinternational.com/home/news/article/malaysian-home-improvement-growth-projections-pared-down/

Competition

Competitive Rivalry - Based on our currently stage , we are rely on Shopee and Lazada these giant and giving the best customer service and at the same time starting to build our own customer data based and targeted to bring them into our Own E-commerce website, Facebook store, App, Instagram store, TikTok store when we have more than 1million of user data collected.

We will giving also 1 to 1 exchange if customer didn’t satisfy our products and services if they purchase within 48hours.  We also providing free delivery Service for purchase over RM100 into 1 bill within our warehouse area of 10km. This just start in December 2020.

Supplier Power - 1. Potential supplier can be locally mainly in furniture, because we aim to bring the quality and modern furniture to Malaysia consumer by just paying in a lower price within intermediately take part.

2. We are very carefully to maintain a good relationship with our supplier in oversea and local Becuase we don’t simply change supplier once we have stable business relationship. Is it very costly in time wasting and data transfer if we want to change the suppliers.

Buyer Power - we have a total 8 shop currently spreading across two biggest eCommerce platform in Malaysia. With the wide coverage, we are confidence that buyer will fall under the net.

Threat of Substitution - JS Home is actively partnering with other e-commerce retailers, who market JS Home's products in their stores on a profit-sharing basis. We only work with the most promising retailers to guarantee the best results.

Threat of New Entry - For a new entry to join this category is it very costly and it took time for at least 1 years to be able to get part of the current market share.  Although there are big demand in this industry, but new player may hard to get market share because buyer are heavily rely on seller rating in the platform. Meanwhile, logistic and warehouse does play a big part as well as customer require fast and accurate delivery. New player would not have these competitive advantage to snatch the market share.

Funding

Vision

To become a leading online retailer that is the first choice of Malaysian consumers who value speed, convenience, quality, and affordability.

The Company

  • Date of incorporation 04 April 2020 (Previously was sole proprietor from year 2014)
  • Registration number 202001007903 (1364223-T)
  • Date of commencement of business 04 April 2020
  • History of business from the date of incorporation (refer image)
  • Group and shareholding structure (where applicable)
  • Licenses and permits held by the issuer.

Founders

  • Name Mr Low Zhao Jing
  • Nationality Malaysian
  • Age 27
  • Past experiences
  • Founder’s parents are plastic bag, houseware, industrial consumer products manufacturer for more than 30 years, he grow up in this industry. Been working in parent company until now and work as marketing manager for Thailand-Modern Furniture co. Ltd  (35 years of plastic furniture manufacturer in Bangkok Thailand), Malaysia-NCI Industries Sdn Bhd (50years experience in plastic Manufacturing consumer products included: PET biscuit container , plastic houseware  , plastic industrial crate, agricultural products), and Malaysia Sheng Wang Industries Sdn Bhd (4 years’ experience in plastic furniture in Malaysia). Being growth up in this plastic industry, Mr Low have the opportunity to quickly know the market trend, because most of the parents company’s customer is Retail Chain customer player.
Team

There are 3 key members in the business include founder Mr Low Zhao Jing。

Low Zhao Jing (Founder and Director)

  • Founded Jing Soon Plastic Enterprise in 2014; JS Home Living S/B was officially incorporated on 4 Mar 2020
  • 20+ years of experience serving in various positions in family retail business

Kenneth Khew (Project Implementation)

  • Former Management Associate at Lazada
  • Skilled at marketing and supply chain management
  • Responsible for expanding 3PL business

Amy Ong (Finance and Accounting)

  • Chartered Certified Accountant (ACCA)
  • Served as Assurance Supervisor at Ernst & Young prior to joining JS Home Living
  • In charge of budgeting, financial planning, and monitoring accounts

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