Multiply.com closes shop

Source: Multiply.com

MANILA, Philippines—Social shopping site Multiply.com is shutting down business operations in May following a failed bid to reinvent itself from being a social networking site to a vibrant e-commerce destination in Southeast Asia.

“We regret to announce that Multiply will be closing on May 6, 2013, and ceasing all business operations by May 31, 2013,” it announced Friday on its website.

After May 6, the rest of the month will be used to ensure that all accounts are settled and merchants get full payment for their transactions, it said.

Multiply said the month-long grace period will provide its users enough time to find and migrate to alternative e-commerce platforms, settle all payments on items bought and delivered, and minimize disruption to businesses of its users.

“Multiply will ensure that you receive all funds you earned on the platform no later than May 31, 2013. We will close the actual marketplace sooner, on May 6, 2013, to ensure that all orders have sufficient time to complete and be delivered to your customers before the end of the month,” it said.

In December, Multiply stopped its social networking service to focus on e-commerce, targeting the 350 million consumers in Indonesia and the Philippines.

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  • Guest

    The just need to go back to their former self of being a social networking site. I had a lot of photos, music and videos on my old multiply account

  • JimmuTenno

    amazon and ebay pa rin ang the best shopping site. my refund pa pag hindi mo nareceive. pnoy kaya ang mga customer service reps nila. hehehe. :)

  • foreignerph

    Multiply should have known better. Any social networking site that was popular in the PH (like Friendster) and couldn’t make up this loss by a large participation from the US and the EU was doomed to fail. When only 30% of the Filipinos has a bank account (that is largely used to receive money, not to send) and less have a real credit card, how can you make money then, or just break even on your costs for local servers and maintenance? Turning into an e-commerce site was the kiss of death.

    FB has the same problem: massive PH membership but no local income, not even from the ads. Even the Inq with its too many, too loud and too ugly ads all over must draw its ads income exclusively from the OFW’s visiting the site. In a cash-driven economy, e-commerce will never work.

    • jajabeltran

      WOW! Ang talino mo, pre. dapat ikaw na lang nagpapatakbo ng buong internet para masaya lahat at walang naluluging negosyo.

      • Twister12

        He’s right to the point. Apparently you did not understand a thing of what’s he’s saying.

  • parefrank

    @Billie Eeyes
    Google the best???????? Google is mainly trying to take over anything, from Search Engine to Operating System and Hardware. It wants a monopol on the web. It is high time to find ways to put these companies, incl. Facebook etc. under control. They collect unwanted information about billions of users for also unwanted commercial use. Hopefully there will be hackers who can erase these private informations one time. These “social” networks are putting a lot of stuff which secretly collect and store personal informations of web users and sell it to interested businesses for a big profit. Not much of real “social”.

  • Mux

    So I guess Multiply failed to… uhm… multiply.

    • crisostomo_ibarra_the3rd

      I think they multiplied their membership pero mga walang pera ang mga members so wala ring silbi.

  • pubringjuandelacruz

    another Kodak moment!

  • WeAry_Bat

    quite surprised, i am.

  • http://www.facebook.com/billy.reyes.984 Billy Reyes

    Google will conquer the social media market, I believe they are the best company to work on the planet.

  • juliustravon

    Nag invest pa naman ang mga Lopez dito…

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