I finally got the answer to my question “Is Multiply Shutting down?” and the answer appears to be a resounding “YES!”.
Multiply will be closing shop after what appears to be an attempt to reinvent the service from a social centric site to a full pledge e-commerce site earlier this month. If you visit the site today, aside from the redesigned site you will also notice this announcement from the company (see image above).
Here’s the complete announcement.
We regret to announce that Multiply will be closing on May 6, 2013 and ceasing all business operations by May 31, 2013.
Multiply will maintain normal site operations through May 6. We will use the rest of May to make sure the all accounts are settled and that merchants receive full payment for all the transactions they completed on our platform. This will also provide our merchants with time to find and migrate to alternative e-commerce platforms, settle all payments on items bought and delivered, and to minimize disruption to their businesses.
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.
Merchants who have premium subscriptions should contact our customer support and we will ensure that they receive a full refund for the un-used time on your subscription.
It looks like Multiply Store owners are also getting emails with the same or similar message, as one commenter shared the email that he receives from Multiply.
This is a very bad news for Multiply stores owners who receives the bulk of their revenue and rely on Multiply with it’s (free) out-of-the-box e-commerce and payment service. It’s not clear whether Multiply tried to talked to other companies for an acquisition or if they’re even interested in acquiring the beleaguered site.
One thing is clear, this is another case of a company’s failure to adapt and keep up with the speed of social and mobile innovation, of course you can add the increasing competition with well established and well financed e-commerce like Lazada and free buy & sell sites like Sulit.com.ph and Ayosdito.ph.
Last modified: April 26, 2013