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i-One.net's big plans for e-commerce

By Jimmy Yap, CNET on September 29, 1999

Summary

The chief executive of i-One.net predicts that e-commerce will contribute 10 percent of total revenue in the next 12 months.

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SINGAPORE--The chief executive of i-One.net predicts that e-commerce will contribute 10 percent of total revenue in the next 12 months. Revenue from its electronic media business will also surpass that from printing, driven mainly by e-commerce, said chief executive KK Fong.

"Turnover will be very big next year, possibly double," he predicted.

The company recently reported that for the year ended July 31, it earned S$19.3 million from printing, while electronic media brought in S$14.5 million. However, because of better margins in the electronic media, that segment brought in more than 50 percent of pretax profits of S$9 million.

Fong said the plan was to be the ultimate e-commerce destination in the Asia Pacific.

The company's e-commerce plan begins with a food site called www.i-One-Food.com, where people can order food and have it delivered. Future e-commerce sites will follow, focusing on festive occasions, travel and cosmetics.

i-One.net is also venturing into China. By year-end, Fong said the company would announce its China plans, beginning with e-commerce enabled kiosks in Shanghai.

E-commerce is key to the company's overall turnover. While it brings in revenue, it also brings in more business for the rest of the company. Fong said: "The more e-commerce clients I have, the more multimedia clients I have.

By getting a merchant to join the network, Fong not only gets a commission on sales, he also earns revenue from designing and maintaining that firm's Web site.

Last year, Web and multimedia services contributed 34 percent, while Web hosting contributed 46 percent. Panel advertising from its kiosks only contributed 20 percent.

In response to criticism from users that the kiosks have been disappointing, Fong admitted there were problems. "I would be very surprised if you were not disappointed," he said.

However, he said by mid-October, the content in the kiosks would be revamped.

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