THE PHILIPPINES – AUGUST 5, 2011 – The Philippines is set to get first dibs on everything Multiply as the social networking site opens its local office at Halston Square in Ortigas, Mandaluyong City. The move also coincides with management’s decision to shift its focus from social networking to e-commerce, due its increasing popularity amongst online sellers and buyers in South East Asia.
With more than 90,000 merchants worldwide, the site will flex its muscle in the world of online selling by migrating the existing photo album shops into a real e-commerce website. The decision was influenced vastly by subscribers in the Philippines, who have embraced Multiply’s commercial potential – even before it was allowed. “The terms clearly stated that users weren’t allowed to sell their products on Multiply, but they did it anyway. Still, I’m happy to say that the Philippines is the largest and fastest-growing market for Multiply, with over 2,000 new merchants coming online each month,” shares Multiply founder and CEO Peter Pezaris.
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Multiply CEO and Founder Peter Pezaris, Go Negosyo’s Joey Concepcion, and Multiply Philippines CEO Jack Madrid seal their partnership
Deciding to go with the flow instead of opposing it, Multiply finally transformed the site into a modern and accessible online shopping center, at least for users in the Philippines, Indonesia, and other select markets. It will come complete with shopping carts, forms, and e-commerce guides that will help sellers migrate their “photo shops” into real online stores..
The new and improved Multiply e-commerce site also aims to eliminate the usual “car park” meet-ups that transpire to complete the turnover of goods. “We noticed that a majority of the current transactions start online, but actually get completed offline. We believe that adding these innovations will help bring the game to the next level, which is e-commerce,” shares Jack Madrid, Multiply country manager for the Philippines.
Multiply also promises a new value proposition for advertisers with its new format. “It’s the world’s worst-kept secret that monetizing social network click-through is not that lucrative. But with the new shift, where visitors usually come with transactional intent – we can be looking at a very different picture,” adds Pezaris.
The new Multiply e-commerce website can be accessed using existing accounts. The site has also partnered with non-government organization Go Negosyo to help encourage upstart entrepreneurs establish their businesses in fast, inexpensive and convenient way.
