PChome Online (GTSM: 8044 TT) is the largest ecommerce group in Taiwan and has complete platform coverage in the Amazon-type of B2C ecommerce of selling directly to end consumers (PChome), Rakuten-type of B2B2C platform (PChomeStore) to support the online SME merchants who in turn sell to the end consumers, and the eBay-type of C2C auction site (Ruten) where individuals buy and sell to one another. PChome Group was founded in 1998 as a portal service provider by Chairman HT Jan and Arthur Lin In 2000. PChome established a B2C ecommerce platform in 2000 and originally focused on selling 3C (computer, communication, consumer electronics) products and started to sell non-3C products (e.g. healthcare, furniture, home appliances) in 2012, increasing its non-3C product mix from 20% in early 2012 to 30% currently, continuing its secular growth with greater market share gain over hypermarkets. PChomeStore (4965 TT, MV $125m), the B2B2C platform for SMEs launched in 2005, was spun off in Apr 2010 and listed in Apr 2011 with PChome retaining a 59.9.% stake. The company formed a JV with eBay (PChome 65%, eBay 35%) to run the C2C auction site Ruten in 2006. PChomePay was launched in 2012 to provide third-party payment service for Ruten.
What Makes It a Wide-Moat Business?
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