Iprice Group, a Malaysia-based on-line worth comparability service for consumers, has acquired a $550,000 money funding from an angel investor enterprise capital group.
Based solely final October, the enterprise is already lively in its residence base Malaysia, together with Hong Kong, Singapore, the Philippines, Thailand, Indonesia and Vietnam. The corporate says its on-line visitors is greater than doubling each month.
The US$550,000 in funding was invested by from Asia Enterprise Group, a Malaysia-based angel investor, which needs to assist Iprice create “the most important on-line buying group in Southeast Asia”.
Iprice co-founder Heinrich Wendel says the thought of the web site is to create “a pleasant on-line purchasing expertise” by giving buyers an intuitive and visible option to uncover merchandise.
“Whereas different websites within the area are all about evaluating costs, we give attention to narrowing down the huge quantity of merchandise to your private choice. Regardless of you’re on the lookout for a blue and black gown, three-inch excessive heels, a strong backpack or a basic Chesterfield couch, we’ll present you the place you will get one of the best supply.”
Because the younger Web inhabitants within the area is rising by greater than 50 per cent inside the subsequent three years – based on a report by UBS – it can drive eCommerce quantity no less than five-fold by 2020. Tapping into this potential, the web site already provides greater than three million merchandise from over 10,000 native and worldwide manufacturers, sourced by way of trusted on-line shops.
Consumers flick through the hundreds of thousands of merchandise by classes, manufacturers, fashions and hues, amongst different attributes, to get inspiration. All merchandise are mechanically linked to particular promotions and coupons which might be provided by the respective eCommerce shops. Sooner or later, the corporate says it’ll double down on its machine studying algorithms to additional enhance the “sensible search” and supply particular person suggestions in response to the consumer’s searching behaviour.
Working from its Kuala Lumpur headquarters, the corporate employs expertise from throughout Southeast Asia, enabling them to deal with the wants of every native market individually.
For eCommerce shops, iprice supplies invaluable experience in on-line advertising, serving to them to increase their attain to new markets and develop their buyer base. Tito Costa, Zalora Group MD, says he recognises iprice as a robust affiliate associate.
“Iprice helps internet buyers to seek out what they’ve been on the lookout for and to find new merchandise. They ship excessive changing visitors to Zalora throughout the Southeast Asia area and drive our income considerably,” he stated.