Recently, the Financial Times released a list of 500 high-growth companies in Asia-Pacific for 2022. Loship is the only Vietnamese startup to enter the top 50. Loship ranks 47th and is also the first Vietnam-based startup to hold the highest position since the inauguration of the FT ranking.
LoshipVietnam’s leading quick-commerce startup, has been recognized by Financial Times in the top 500 high-growth companies in Asia-Pacific 2022. Notably, Vietnam has a total of 4 companies entering the FT ranking this year, two of which are in the top 100 to stand. Accordingly, Loship ranks 47th, the highest ranking among the 4 Vietnamese companies, with an astonishing absolute growth rate of 1.075% and a compound annual growth rate (CARG) of 127.3%.
In partnership with Statista, this 4th annual FT ranking is the most competitive to date. To be in the top 100, a company must show nearly 100% revenue growth in its financial statements every year for three consecutive years. The list ranks new entrants from across the region based on their Compound Annual Growth Rate (CAGR) in sales between 2017 and 2020.
“Being recognized as one of the fast-growing companies in Asia-Pacific is a great honor and further reinforces our commitment to enrich the lives of Vietnamese customers through immediate delivery. Over the years, Loship has continued to experiment, scale successes, learn from failures and make constant adjustments to adapt to customer needs. We are grateful and humbled for this achievement, and we believe it will help us attract more talent and send a signal that we are on the right track.” shared Loship CEO Trung Nguyen.
Earlier in 2021, Loship was on the inaugural Forbes Asia 100 to Watch list, which spotlights notable small businesses and startups in Asia-Pacific. Loship, along with 4 other Vietnamese startups, was on the list thanks to their remarkable progress and innovative solutions to tackle the major problems caused by the Covid-19 pandemic.
Continuing to receive recognition from prestigious global organizations is a testament to the Vietnamese startup’s tremendous effort and growth momentum over the years. “Still, What We Have” accomplished is only 1% of what we want reaches. We still have a long way to go and we are constantly improving our services to best meet consumer demands can† Loship CEO Trung Hoang Nguyen shared in a statement.
Strong growth despite Covid-19
Amid the adversity caused by the Covid 19 pandemic, Loship, Vietnam’s leading fast-acting start-up, continued to achieve outstanding milestones and strengthen its position in the market. Loship aims to become an all-in-one app as Vietnamese households tend to use delivery services more often. The startup not only provides taxi services, courier services and food delivery, but also provides on-demand delivery services for many other types of online products such as groceries, cosmetics, medicines, laundry, pet care, flowers, etc.
By the end of 2021, Loship has registered more than 2 million customers all over Vietnam, more than 70,000 drivers and 250,000 traders. The startup establishes footprint in 12 cities in northern, central and southern Vietnam. This year, Loship is targeting at least 20 cities, including metropolitan, tier 1, and lower markets.
Breaking the ground in the q-commerce model
Founded in 2017, Loship is a pioneer in the quick-commerce model in the country, with the recent launch of its q-commerce vertical LoX – a direct delivery service for groceries, FMCG and household goods operated through a network of Loship- own dark shops. The launch of the dark store service is another bold move for Loship as it aims to grow its q-commerce business amid increasing competition in the grocery delivery space.
With LoX, customers can order groceries and daily necessities and have them delivered in approximately 15 minutes. The promise of this very-convenience model is supported by a large network of dark stores, which are micro-warehouses that store a variety of goods. The service now processes about 100,000 orders per week and has a network of 20 dark stores, each of which manages a targeted set of 2,000-4,000 stock-keeping units (SKUs) intended to serve urban, urban users, Loship said. CEO Trung Hoang Nguyen.
“By 2022, Loship plans to expand LoX’s network by establishing a chain of dark stores near densely populated residential areas to allow for shorter delivery times. We are now looking at 10-minute deliveries in Ho Chi Minh City and will eventually roll out in all cities in which we operate.” added the CEO.
Customizable since day one
Vietnamese startup Loship is widely known for its customer-obsessed mindset, with its latest marketing campaign making a big splash in the community.
Notably, in its latest marketing campaign called “Quán Chuẩn Loship”, Loship has given customers full rights to create content to be displayed on the brand’s OOH (Out-Of-Home) assets. By asking customers’ opinions on the content printed on the awnings in Loship’s partner stores, the brand then quickly executed according to the customer’s opinion without any adjustments. The campaign became the talk of the town as it gathered more than 1,000 customers to contribute content ideas for Loship. More interestingly, Loship is the first Vietnamese brand in history to be able to collect as many content creators as possible in a month-long campaign.
It can be seen that, without spending huge amounts on aggressive marketing campaigns, Loship has captured the hearts of local customers in its very local way. “The best thing about running a customer service business is to play with your customers and let them know you’re investing in their ideas for your brand. The best ideas always come from your customers, and customer stories carry more weight than any message marketers can come up with.” shared Loship CEO Trung Hoang Nguyen.
A bright future lies ahead
Loship is in the midst of a Series-C round and is in advanced talks with a diverse group of local and international investors, who have shown deep interest in Vietnam’s story and Loship’s growth momentum.
Speaking of future plans, Loship CEO Trung Hoang Nguyen opined: “We have a great vision for Loship and it is not just limited to delivery. In the middle term, we look forward to further developing our business to better serve our customers, vendors and drivers. Some of the categories we target are farm-to-table, social commerce, and cloud kitchens. In time, we are considering developing our own e-wallet and cash register system, with which we complete our ecosystem.”
“The market is full of potential and we are just getting started”, he added.