With existing business strategies, products and target customers, Queenspree has outlined plans to improve its footprint in Malaysia
by AZALEA AZUAR
ARTISAN kitchenware e-commerce company, Queenspree, is aiming to raise US$242,000 (RM1 million) this year in its second round of fundraising from institutional investors.
Since the first round of crowdfunding at the end of 2019, Queenspree has managed to increase shareholder value by 3.5 times based on the audited financial statements for the financial year 2020.
Queenspree.com was incorporated in July 2019 and later established in October the same year.
To have more variety on the platform and cater to the many different preferences of its customers, Queenspree.com sells both local and international artisan cookware. Initially, it sold only one brand, but has now expanded to a variety of premium UK and Europe brands.
Queenspree CEO and co-founder Abdul Rahman Md Din said for the first quarter of 2021, the company has expanded in terms of technology, including developing a same-day delivery processing system and improving its data analysis capabilities.
“Capital injections from this second round will allow us to drive Queenspree to the next phase, strengthen our lead in Malaysia and expand our presence to Singapore and Brunei,” he said.
Despite operating digitally, Queenspree remains focused on giving a personal touch and dedicated customer service. So far, Queenspree has successfully trained a total of eight customer service officers who are actively interacting with customers through all of their digital platforms.
Through this approach, customers will get prompt technical advice and assistance on product suitability, directions of use, care tips and colour and payment options.
Queenspree.com is able to simulate the cost of the delivery based on its distance and customers have the liberty to choose their preferred delivery slots upon checkout.
Queenspree CFO and co-founder Rafiza Abd Hamid said they are proud of the trust given by the community of kitchen product enthusiasts.
“To date, we have nearly 100,000 people throughout our social media platforms and websites. Continuous sharing and interaction with this community allows Queenspree to have in-depth understanding about the needs and wants of our customers.
“This pushes us to improve service quality and add value to customers,” she said.
Through direct trade relations with suppliers, a comprehensive supply chain ownership, as well as an efficient order processing system, Queenspree has the capacity of making same-day deliveries within the Klang Valley and one to three days’ delivery for the peninsula.
In addition, Queenspree also works with GrabPay, Hoolah, iPay88 and Maybank EzyPay in offering secure payment options with the convenience of interest-free instalment payments from three to 12 months.
Abdul Rahman said the number of visitors to the Queenspree.com website showed a 331% increase year-on-year.
“Repeat customer rate recorded 25.5%, which is a competitive rate for the e-commerce sector of high-value goods and we will continue to strive to improve customer satisfaction through investment in technology and service.
“This is important for our next phase of development,” he commented further on technology which is the mainstay of the business.
With existing business strategies, products and target customers, Queenspree has outlined aggressive plans aimed at improving its footprint in Malaysia and doubling revenue over the period of 12 to 18 months.
Moving forward, Abdul Rahman and Rafiza hope to get 50 local and international brands on board their platform by 2023.