E-marketplace JD Central announced it will end its operations in Thailand on March 3, bringing down the curtain on its six years of operating an e-commerce business in the country.
A difference in culture and working styles is causing a rift between Central Group and Chinese internet giant JD.com regarding their e-marketplace joint venture JD Central, according to a source familiar with the two companies.
E-marketplace Shopee is pursuing layoffs across markets in Asean, including Thailand, according to industry sources, as the company is believed to have become more cautious about spending and more focused on attaining profitability rather than burning cash.
Marred by intense competition and several promotional campaigns, the three major e-commerce operators in Thailand have racked up a combined 39 billion baht in operational losses over the past seven years, according to Creden Data, a data analytics service provider.