In line with a pending public offering, online bulk-products retailer Boxed.com has licensed its e-commerce platform to Aeon Co. BHD, a mass merchant and grocery store operator and shopping mall developer in Malaysia.
Aeon is using Boxed’s proprietary online retail technology to power myAeon2go, a newly launched online grocery service offering in-store pickup and on-demand delivery at more than 40 locations. The solution includes an e-commerce storefront website and mobile app and inventory-picking software. Boxed’s technology also will be deployed to the tenants of Aeon malls to drive their e-commerce operations.
“We are thrilled about the opportunity to implement our software and services technology and partner with a company like Aeon, one of the largest and most sophisticated retailers in the world,” Boxed co-founder and CEO Chieh Huang said in a statement. “Launching our partnership within six months and on budget with Aeon demonstrates the speed and efficiency with which we can deploy our proprietary systems, even in larger implementations.”
In mid-June, New York-based Boxed unveiled plans to become a public company through a merger with special purpose acquisition company (SPAC) Seven Oaks Acquisition Corp. Boxed Inc., the proposed name of the merged company, is slated to be led by Huang as CEO and Seven Oaks Chairman and CEO Gary Matthews as chairman.
As part of its push to go public, Boxed aims to monetize its end-to-end e-commerce platform via a software-as-a-service (SaaS) offering. In January, the e-tailer entered a multiyear SaaS partnership with Aeon Group, Japan’s largest grocery retailer and one of Asia’s biggest retail conglomerates. German discount grocer Lidl also has piloted Boxed’s technology in a home delivery service test in the U.S.
“We are aggressively pursuing additional expansion in international markets and expect to make announcements before the end of the year,” Huang added in announcing Boxed’s deployment with Aeon Co. BHD.
Boxed’s retail service, which sells bulk pantry consumables to businesses and consumers, is powered by its own custom-built storefront, marketplace, analytics, fulfillment, advertising and robotics technology. The company describes itself as “an e-commerce retailer and an e-commerce enabler.”
A subsidiary of Aeon Group, Aeon Co. BHD is a leading general merchandise and grocery store retailer in Malaysia, with 28 Aeon malls, 34 Aeon outlets and nine MaxValu Prime supermarkets across the country.
“We are very pleased with our new Boxed platform, myAeon2go, which is transforming our e-commerce operations for the better, even in the midst of the COVID-19 pandemic,” stated Shafie Shamsuddin, managing director and CEO at Kuala Lumpur, Malaysia-based Aeon Co. BHD. “MyAeon2go has the potential to allow us to increase efficiency and pilot innovative ways to achieve a profitable, scalable and sustainable online business while delivering a seamless omnichannel experience to our customers. Furthermore, we are excited for the Boxed solution to be the engine of our new marketplace platform for the tenants of our 28 malls across Malaysia, which is expected to be launched by the end of this year.”
New York-based Seven Oaks said Boxed plans to list on the New York Stock Exchange (NYSE) after the closing of their merger transaction, expected in the fourth quarter. The combined company’s common stock and warrants are slated to list on the NYSE under the ticker symbols BOXD and BOXD WS, respectively.