Priceza says e-commerce market in H2/18 gets intense, Partnering with banks to facilitate consumers

Information Technology Press Releases Thursday July 5, 2018 15:25
Bangkok--5 Jul--Agate Communications

Priceza points out the cross-border e-commerce has rapidly been growing and the competition in marketplace business is getting tougher, following the entry of e-commerce giants from overseas. Priceza partners with banks to facilitate consumers and further develop Priceza Money, while it also plans to penetrate into Indonesia with its full speed, aiming to gain more shares in the $44 billion market.

Thanawat Malabuppha, Chief Executive Officer and Co-Founder of Priceza Co Ltd, an operator of the country's leading shopping search engine website and application "Priceza", revealed the in-depth statistic data of Priceza in the first half of 2018 that there were over 70 million visits through website and application. The number of the products on Priceza platform has significantly increased by 28% from 28 million items in 2017 to the current 36 million items due mainly to the growth of cross-border e-commerce, allowing users to order from overseas more easily. At present, 17 million items of cross-border products are on Priceza platform and account for 47% of total products.

"In the second half, the competition of the marketplace tends to be more intense because marketplace giants from overseas have aggressively penetrated into the market. Meanwhile, those who suspended their operation in Thailand have also returned. It remains unclear whether we will see any addition of cross-border e-commerce in the market. Therefore, e-commerce entrepreneurs need to adjust themselves and think of more strategies and selling points in order to survive and stay competitive among the fierce competition in the second half of this year as well as the competition with the cross border products," said Thanawat.

Priceza's in-depth data in the first half also found that consumers spent 1,702 baht on average on online shopping via desktop, mobile web and application.

Thanawat added that Priceza has tightened up the partnership with leading banks to provide the convenience to marketplaces, stores and consumers in the high competition era. Apart from helping users make the decision to get the best price, Priceza also supports the information of online payment gateways to users so that they can get the best option for themselves.

"Previously, we launched Priceza Money via https://money.priceza.com which gives the price comparison service of three financial and insurance products including 1. Car insurance, featuring more than 1.6 million car insurance plans 2. Credit card, featuring more than 69 credit cards from leading financial institutions and 3. Personal loans from leading financial institutions. We launched this service because we saw several pain points, for example, it takes too much time to do the traditional car insurance and 90% of drivers don't feel secure when the insurance expires. Hence, we try to develop our platforms and connect with fintech world to solve the consumers' pain points," he said.

Besides Thailand, Priceza plans to focus more on Indonesia's market in the last six months of this year as the value of e-commerce market in Indonesia is forecast to rise to $44 billion (approximately 1.45 trillion baht) by 2025, representing 50% of total value of the e-commerce market in Southeast Asia.

Priceza was established in 2010 by Thanawat and three of his university friends from Engineering Faculty, Chulalongkorn University. For they visioned the future of e-commerce business, they decided to develop the search engine and price and information comparison tools for those who want to shop online. Currently, it operates through www.priceza.com and application in six countries including Thailand, Indonesia, Malaysia, Vietnam, Singapore and Philippines. It claims it has over 8 million users per month and over 12 million visits per month.


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