Taiwan's leading e-commerce platforms have been struggling amid the fading post-pandemic boom and heightening competition, with market leader Fubon Multimedia (under the Momo brand) experiencing a drop in revenue, and PChome finally seeing positive revenue growth in June after struggling to turn things around. In contrast, growth momentum has been strong for online retail service providers such as 91App and Hsin Hsin Galaxy.
During the annual 618 Shopping Festival, US-based Coupang reportedly offered hourly wages as high as NT$720 for temporary workers to accelerate order fulfillment (minimum hourly wage in Taiwan is currently NT$190), and many shared on social media that they were able to earn tens of thousands of Taiwan dollars in just a few days. Coupang's move has led to speculation about its plans for Taiwan's e-commerce landscape.
Momo eyes marketplace push amid retail slump
Momo's parent company Fubon Multimedia announced on July 10 that consolidated revenue for the month of June 2025 reached NT$9.23 billion (US$270 million), marking 7% sequential growth. Total consolidated revenue for the first six months of 2025 stood at roughly NT$52.24 billion, with gross merchandise volume benefiting from the 618 Shopping Festival surge, and continued annual growth in the Mo+ marketplace service.
However, this announcement concealed the fact that individual monthly revenue figures from January to June 2025 all saw single-digit year-over-year declines, according to publicly available data from the Market Observation Post System (MOPS). Revenue in June dropped by 3.5% year-over-year, while total revenue for the first half of 2025 fell by 2.05% year-over-year.
Even with market uncertainties, Fubon Multimedia maintains that overall revenue continues to grow steadily, owing to the 618 mid-year surge and strong performance in several hot-selling categories. For the second half of the year, the company will continue to strengthen its Mo+ marketplace service through tighter supply chain integration, improved data services, and better merchant support, with the aim of growing the platform into a second growth driver alongside its retail business.
PChome finally turns positive
PChome posted NT$2.95 billion in revenue for June 2025, marking a slight 0.63% growth year-over-year following a long period of decline. Even so, the company still has room to improve, as total revenue in the first half of the year dropped by 4.17% year-over-year to NT$17.349 billion.
During PChome's shareholder meeting in late June, chairman Hung-tze Jan remarked that e-commerce platforms from China and South Korea are reshaping the landscape in Taiwan, with local online retailers now forced to engage in capital warfare and price cutting. Meanwhile, Uni-President's investment in PChome has yet to produce tangible results, and market watchers are keen to see whether Uni-President can leverage its vast retail channel resources to revitalize PChome's e-commerce platform.
Service providers reach new highs
In contrast to struggling platform operators, e-commerce service providers have seen markedly better results. 91App reported NT$152 million in consolidated revenue for June 2025, growing by 16.26% year-over-year, and marking a new record high for the same period in the company's history.
Meanwhile, second-quarter consolidated revenue grew by 9.91% year-over-year to NT$423 million, while total consolidated revenue in the first half of the year improved by 10.26% year-over-year to NT$834 million; both figures marked new record highs for the company for their respective periods.
According to 91App, the company will continue to assist its clients in deploying direct-to-consumer (D2C) sales, while also expanding into digital advertising and new business opportunities. The mid-year 618 Shopping Festival also brought a significant revenue surge for the company.
E-commerce service and data middleware service provider Hsin Hsin Galaxy also saw a 618-related boost, with revenue in June growing by 22.35% year-over-year to NT$497 million, while revenue in the first half of the year increased by 21.72% year-over-year to NT$2.566 billion; both figures marked new record highs for the company for their respective periods as well.
Article edited by Jerry Chen
