iprice is a one-stop product marketplace aggregator that allows consumers to easily find any product online. The products are aggregated from partner e-commerce merchants in the region. The platform is in seven markets now – Malaysia, Indonesia, Singapore, Vietnam, Thailand, Philippines and Hong Kong.
Sales and business development vice president Sandeep Raj said, the group was on track to hitting its year-end target of having 200 merchants signed up. This first milestone is attributed to the group’s continued cooperation with merchants from around the region.
“The iprice merchant ecosystem significantly increases the web traffic and sales potential of e-commerce sites and retailers of all sizes,” Raj said in a statement.
“Crossing this milestone in four months puts us well on track to achieve our goal of growing the network to 200 merchants. iprice has, to date, driven over two million US dollars in sales for its partners, and generates over a million page views every month.”
The site now records 500,000 page sessions per month across the seven markets. In the region, a closest comparison would be Thailand-based price comparison site Priceza. Set up in 2010, Priceza has an active user base of 5.2 million, according to its website.
However, iprice marketing manager Jessica Wong told DEALSTREETASIA that it is not directly competing with other price comparison platforms like Priceza, or Berlin-founded PricePanda, as iprice focuses on product discovery. It not only aggregates marketplaces, but also “offers exclusive deals via our coupons page to help consumers save big”.
She added that the metrics used to track growth in iprice differed from the price comparison sites: “We don’t track in terms of active users, as consumers do not purchase products through us. It’s more of reach for us, therefore we have half a million page impressions per month.”
iprice gives customers across the region access to an aggregated inventory of over 8 million products, and processes more than 1000 money-saving coupon redemptions a day. All coupons are 100 per cent verified and are updated on a daily basis, its statement read.
AVG managing director Kai Kux noted the regional opportunities iprice can bank on.
“Partnering with 100 merchants within a very short timeframe of only four months demonstrates the massive potential of e-commerce in Southeast Asia. iprice is perfectly positioned to gain from significant growth and become a cornerstone of the developing ecosystem,” Kux told DEALSTREETASIA.
A merchant signed up with iprice, Hermo, said it has seen traffic grown with the affiliation, as iprice ensures attractive deals on Hermo gets sufficient exposure. Hermo is a Malaysian-based cosmetics and beauty product e-commerce portal which, just last week, received a Series A funding from Gobi Partners.
“Since we have signed up as an iprice partner, we’ve received a high volume of quality traffic. This has made a tremendous impact on our sales figures,” Hermo founder and CEO Ian Chua said in the statement.
iprice, whose chief technology officer is former Microsoft product manager Heinrich Wendel, secured a $550,000 seed funding from Asia Venture Group in May this year.