Young entrepreneurs are reshaping the retail and ecommerce arenas, using their tech-savviness and business acuity to innovate and elevate user experiences in traditional sectors. They strive to comprehend changing consumer needs in our increasingly digital world, exploiting technological advances to effectively reach and serve their target markets.
A shining example of this trend is Yoomee Hwang, the brain behind YOLO. During her university days, Hwang started an online business selling items influenced by international travel customs, paving her path into entrepreneurship. Post-graduation, she collaborated with Junho Choi to launch YOLO, an online platform for South Koreans to sell products associated with their foreign travels.
However, the ongoing COVID-19 pandemic forced the platform to morph into an online marketplace named Croket, which surprisingly achieved immense success with over 700,000 unique product listings and amassing a whopping gross merchandise value over 155 billion won (around $115 million).
Shifting attention to Indonesia, the founders of HMNS – Rizky Arief Dwi Prakoso, Karina Innadindya, and Amron Naibaho took it upon themselves in 2019 to address lacunas in the Indonesian perfume industry, creating quality, affordable fragrances from locally sourced materials.
Young entrepreneurs innovating in retail and ecommerce
Riding the wave of their initial success, they expanded their brand to room fragrances and have plans to tap into the Malaysian market.
In 2018, a rising demand for luxury watch straps motivated founders Chia Pei Qi and Kenneth Kuan of Singapore-based Delugs to extend their product range to include rubber straps in 2022, and customized designs by 2023. Their commitment to style, durability, and value has won them the Luxury Goods Design award in 2024 and placed Delugs on the global map of elegance and quality.
Vanshika Kaji of India sensed an avenue amidst the COVID-19 pandemic, successfully shifting KNYA Med from women’s workwear to the manufacture of high-quality, reusable protective gear. KNYA Med is now a trusted brand across Indian healthcare institutions for its robust defense against the virus.
Meanwhile, Vaibhav Makhija, co-founder of What’s Up Wellness, is making health and wellness accessible with his gummy supplements. Makhija’s products signal a significant trend focusing on ease and convenience in the health and wellness industry.
