In the last two years, online trading has exploded in the Philippines, to the point that some e-commerce sites have already produced million-peso television ads and air them in prime time to target a broader base of consumers. Some have partnered with local logistics companies to ensure better delivery of the goods purchased. Some have decided to focus on services, others mainly on fashion and style. So far, the sports market has been largely underestimated and untapped.
One leading private e-commerce membership site is now setting up a system to reward Filipino sports fans. CashCashPinoy (CCP) has realized the immense market of Filipino sports fans since it started four years ago. In that time span alone, soccer, billiards, mixed martial arts, poker, running, billiards and a handful of other sports have gone mainstream. The just-concluded UFL final successfully hit its large core fan base and generated a lot of news online. International billiards tournaments have multiplied in the Philippines in the last few years. The World Poker Tour held its first-ever event in the country last week. OneFC has become the market leader in mixed martial arts in Asia, and will return to the Philippines in December.
“We are amazed at the passion and knowledge for sports that Filipino fans have,” says CashCashPinoy CEO Frederic Levy in an exclusive interview with The STAR. “We want to be part of the excitement, so we are expanding our service to give Pinoy sports fans a piece of their favorite sport as much as we can.”
Items as broad as discounted tickets to the Pacquiao-Algieri fight, Ferrari watches, trips to famous Philippine resorts, and even sportswear are already being offered on the site, but they will now be consolidated into a special section for members. Levy and his team are also studying how to widen their offering to include historic or even autographed memorabilia. There is a growing sports collector’s market in the Philippines, and the site can become a hub for those trying to complete their collections or trade items with like-minded fans, CashCashPinoy is the only trading site in the Philippines that guarantees purchases and has a refund mechanism, no questions asked. Other sites leave the client to deal directly with any problems caused by an unscrupulous merchant, a distasteful and frustrating experience.
Just in time for Christmas, the site received a huge boost via a $2 million investment from Hera Capital based in Singapore, which has gone to great lengths in performing due diligence on the company before investing. It was a long process, but the investors saw the credibility of CashCashPinoy. The fresh infusion of capital will be just in time for the expected holiday rush of bargain-seeking Filipino buyers.
“Over the years, the company has built a very loyal base of hundreds of thousands of customers who keep coming back to the website for repeat purchases. The cohorts analysis we performed pre-investment revealed very solid purchasing patterns and validated the strength of the value proposition, the stickiness of the consumer base, and the ability of the team to deliver its promise to the market. We are delighted to join CCP’s existing shareholders and help the team deliver its Filipino consumer-centric vision,” said Hera Capital’s statement released this weekend.
The investment disproves recent attempts – allegedly by a competitor – to discredit CashCashPinoy. An issue raised by a supposed client turned out to be based on fraudulent facts, and was dismissed by the court system. Even standard business decisions are being skewed as problems. Luckily, the mainstream media has largely ignored these non-stories. Levy maintains their strict policies regarding ensuring the best experience for their members, which has led to their steady growth over the last four years.
“CCP negotiates the best-priced deals for its members. But low price does not automatically equal an amazing experience,” Levy adds. “CCP also works hard to guarantee that the offers are genuine, and makes sure that no fakes are proposed and sold online. And here again, our company has set up very strict processes and best in class operations to select the offers and protect its customers with a full refund policy guaranteeing a flawless customer experience. More will be done on that front, of course, as CCP needs to be clearly positioned as THE reference on that matter.”
One of the most dynamic and consistently growing segments of the online sports trading market CCP is looking at is, of course, basketball. With the Philippine Basketball Association celebrating its 40th season and the NBA having forged a partnership with Globe Telecom, basketball is still the sports market leader. College hoops continue to provide robust ratings and turn athletes into celebrities. E-commerce sites are continuously creating new promotions and crafting deals to attract and retain loyal customers among the rabid Filipino hoops fans. Even though, traditionally, many of the goods being sold are for home use of apparel, there is now an increasing shift towards the sports and active lifestyle market. It’s a no-brainer.
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ABS-CBN News Channel’s (ANC) sports program “Hardball” will be celebrating its eighth anniversary this month. This writer would like to thank network management, the production team, and the fans who have been loyal to the show for the better part of a decade now. Special thanks to Boyet Sison, Boom Gonzalez and Jinno Rufino for the great ride so far. In line with the anniversary, we will be launching our first line of t-shirts this month. A portion of all proceeds will be donated to charity.