The secret, according to one of its co-founders: “entertainment”.
“You have to plan your show because it’s not just about selling, it’s infotainment. Entertainment has to be high, and that can be very difficult because sometimes even I run out of ideas, ”CEO and co-founder Pornsak Prajakwit told CNBC’s“ Inside E-Commerce ”.
Along with co-founders Michelle Chia and Addy Lee, the CEO of Pornsak launched the company’s physical live-streaming hub in Singapore in August 2021, the first of its kind in Southeast Asia. It has 11 live broadcast studios and its own warehouse in the same complex.
The most expensive product sold by Mdada via a live broadcast was a Rolex Daytona green dial valued at $ 120,000. To date, Mdada has garnered over 5 million live views, with over 28,000 subscribers. The company has grown to nearly 30 employees.
Mdada declined to elaborate on profit figures but told CNBC it was profitable. The company’s unaudited revenue for the fiscal year ended Sept. 30 was approximately S $ 15 million ($ 11.1 million).
These people learn “Exactly what to sell, when to sell and who to sell to,” Pornsak said. “Everything is based on commissions. So the harder you work, the more you earn. “
Pornsak said the longest live stream in front of the camera in a single sequence was 12 hours.
Commissions are typically 20-30% of the sale, depending on the product.
Push from the pandemic
Fiona Lau, co-founder of Shopline, which helps small merchants set up an online business, told CNBC that her merchant signups increased 46% during the pandemic – many of them adopting live broadcasting in an attempt to replicate “human-to-human interaction.” “
Citing the example of Alibaba’s Taobao Live session on Singles Day in 2020, which attracted more than $ 7 billion in transactions in its first 30 minutes, Pornsak said, “This is where it is. the future “.
Pornsak has spent over a decade in the regional entertainment industry and he has recognized that his familiar face helps businesses.
“People trust you. When you tell them, “It’s something I use and really believe in”, I guess it’s more believable than someone who isn’t a familiar face, “he said. declared.
Mdada ventured into the EU market in October, launching a Mdada Travelogue series where it hosts live streaming sessions as the team travels to Europe and introduces European brands to its platform.