Fung Lam
Mr Fung Lam, Co-Founder and CEO of New Aim, is a pioneering force in the Australian ecommerce landscape. With a Bachelor of Information Technology from Monash University, Mr Lam started his journey in 2005 with a single eBay store, laying the foundation for what would become an ecommerce empire. He was a solo programmer for the first five years, working tirelessly to build the technology stack that would give New Aim its competitive edge. His technological acumen has made data the cornerstone of the company, driving improvements in procurement, supply chain management, and channel integration.
Under Mr Lam’s astute leadership, New Aim has seen a spectacular compound annual growth rate of 40% over a decade, leading up to 2022. This growth has not only led New Aim to be recognized among the Financial Times’ Asia-Pacific High-Growth Companies for three consecutive years but has also secured Mr Lam accolades such as Melbourne Young Entrepreneur of the Year in both 2019 and 2020.
One of Mr Lam's most significant achievements is the development of proprietary technology that influences product and pricing decisions. As a result of this, by 2021, more than half of Australian households had purchased a New Aim product. Mr Lam believes that the real power of ecommerce lies in data. His focus on data-driven strategies extends beyond New Aim to influence the broader ecommerce ecosystem. It's a perspective that not only enhances New Aim’s operational efficiencies but also safeguards the company's data security and legal compliance.
Mr Lam's entrepreneurial vision isn’t just limited to corporate success. He believes in empowering other businesses, a principle he put into practice by co-founding Dropshipzone with Cecilia Chiu in 2012. This B2B platform revolutionized the way small businesses operate in Australia, offering them a way to scale without worrying about cash flow constraints. Dropshipzone has evolved to become Australia's only full-scale B2B marketplace that allows retailers to dropship from local warehouses instead of holding physical inventory, effectively democratizing business ownership in the country.
A strategic thinker, Mr Lam has skilfully navigated New Aim into a unique business-to-many (B2M) model. This approach integrates B2B and B2C, solidifying New Aim's partnerships with over 400 manufacturers in China. Furthermore, the company is integrated across more than 40 marketplaces, which account for over 60% of Australia’s total retail sales. His recent innovation, a Postage Optimizer, uses machine learning algorithms to streamline last-mile delivery, setting a new industry standard.
Looking forward, Mr Lam aims to invest in New Aim’s AI technology, prioritising diversity and inclusivity. Remarkably, one-third of New Aim's executive team is comprised of women leaders, a testament to Mr Lam's progressive vision.
With over 18 years in the industry, Mr Lam stands as a testament to what vision, technology, and perseverance can achieve. His transformative approach to ecommerce has not only scaled New Aim to unprecedented heights but has also profoundly impacted the way businesses and consumers interact in the digital marketplace.