E-commerce market in second half year gets intense
Priceza points out the cross-border e-commerce has rapidly been growing and the competition in marketplace business is getting tougher, following the entrance of e-commerce giants from overseas.
Thanawat Malabuppha, CEO and Co-Founder of Priceza Co Ltd, a 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.
E-commerce in Thailand will continue to grow 20-30% per year, during 2018-2025. Online retail is projected to account for 8%, or around US$11-12 billion of total retail.
Thailand is the second largest e-commerce market in Southeast Asia, behind Indonesia.
Previously, the company launched Priceza Money the price comparison service of financial and insurance products.