Hong Kong company ePayWeb Asia has invested US$100 million in the up-and-coming AW Virtual Mall in exchange for a 10 per cent stake.
AW Virtual Mall is forecast to have more than 3 million independent stores and more than 1 billion shoppers a day in the next four years. It will enable online shoppers to find an item they want at the best price available simply by taking a photo of it.
Founder/CEO Andy Khawaja says that with eCommerce projected to reach $3.5 trillion by 2019 “we’re on track to provide the most state-of-the-art shopping experience in the industry”.
Once users upload a photo of a desired item, store owners will be notified instantly. If they have a matching product, they will bid with their best price. The website creates a modern shopping-mall experience online, complete with a social-media element that lets users personalise their profile, communicate and share.