5 Questions with ShopBack co-founder Lai Shanru

FROM being an avid online shopper to actually co-founding a startup in the e-commerce realm, ShopBack co-founder Lai Shanru is one of a few that has made her interests her full-time job.

But it wasn’t always this way, with Lai starting out in banking, a profession very different from e-commerce. It took a job opening at Zalora for her to pursue her passion, and carry that experience into running ShopBack.

In this month’s 5 Questions, Lai shares what made her take the leap from banking, the best advice she’s received, and how she handled a “somewhat terrifying” experience as a young manager.

1. How did a bank analyst end up as a campaign manager for Zalora?

While in school, I’d always felt that I had to study things that I didn’t enjoy as I hadn’t figured out where my passions lay. Upon starting my first job in banking, I soon realised that my passion was clearly not in finance.

I was determined to find something I was more interested in so that I wouldn’t spend the next half of my life in work that I find unfulfilling. I was always an avid online shopper interested in fashion, shopping online a lot more than my circle of friends at the time. And it happened that e-commerce was just starting to pick up in Singapore back then in 2013.

So when an opportunity at Zalora came up, I found the cross between fashion and tech interesting and with huge potential. I decided to explore further and later made the 180-degree switch to challenge myself in an entirely new industry and scope.

2. How did that experience lead to you eventually co-founding ShopBack, and what excites you the most at ShopBack now?

Joining Zalora was my first step into e-commerce and marketing, where I learnt a lot and tried many things in a short span of time. This gave me a hint of preparation for the innovation and adaptability that would be crucial when I later joined my other co-founders at ShopBack.

I also saw the huge potential of e-commerce, and believed that ShopBack would be a novel way in the region to add more value to shoppers and partners in the online space.

What excites me most is how ShopBack is constantly evolving to help over 40 million customers across 11 markets shop smarter and get more rewards, and better support the merchants and brands we partner with too.

The ShopBack we see today is vastly different from when we first started out and it’s exciting to think about how our product will change and how our customers and partners will be using us in the future, as we work towards our vision of becoming the world’s most rewarding way to shop.

3. What is one thing you would tell your younger self?

To be kinder to myself and stop every once in a while to rest and recharge for the next lap.

4. What’s the best advice you’ve received?

“Optimise for growth and not money (the money will eventually come).”

I was told this in my earlier years at ShopBack, where I was earning way less than my peers in other industries, yet was working much longer hours. Even as someone who doesn’t chase after money or material things, I would sometimes ask myself if all this was worth it.

Glad to say, after all this time at ShopBack and seeing how much we’ve grown, I’ve no regrets – the unique experiences and opportunities I’ve been given are truly priceless and invaluable for growth.

5. What’s the biggest and worst setback you’ve experienced?

As cliche as it may sound, I think my experiences especially at ShopBack have taught me that failures are part and parcel of the journey, and we just need to learn from each “setback”, pick ourselves up and move on bravely.

The most vivid setback would be when I was helping to open up the ShopBack Philippines market and had to part ways with one of the earlier hires due to a culture misfit. Being a young manager back then, this was a first for me and somewhat terrifying.

I sought advice from a fellow co-founder and did my best to communicate this to the employee clearly and with empathy. As difficult as it was, it made me realise the importance of hiring people with the right fit, and not being afraid to part ways if it isn’t working out, in order to build an A-team that’s collaborative and aligned.