Malaysia’s iprice group gets new funding to expand Southeast Asia presence
Malaysia’s iprice group recently received $550,000 in funding from Asia Venture Group (AVG) to create an online shopping community in Southeast Asia.
Founded in October 2014, the website offers more than three million products from 10,000 local and international brands, but the vision is to create the largest online community of shoppers in the region.
Co-founder Heinrich Wendel said the idea was to give shoppers an intuitive and visual way to discover products.
"Whereas other sites in the space are all about comparing prices, we focus on narrowing down the vast amount of products to your personal preference. No matter you are looking for a blue and black dress, 3-inch high heels, a solid bag pack, or a classic Chesterfield sofa, we will show you where you can get the best offer,” he said in a media release.
The service is already live in Singapore (iprice.sg), Malaysia (iprice.my), Philippines (iprice.ph), Hong Kong (iprice.hk), Thailand (ipricethailand.com), Indonesia (iprice.co.id) and Vietnam (iprice.vn).
Shoppers browse through products by categories, brands, models and colours, among other attributes. Products are automatically linked to special promotions and coupons that are offered by the respective e-commerce stores. In the future, the company said it will double down on its machine learning algorithms to further improve the "smart search" and provide individual recommendations according to the user's browsing behaviour.
Operating from their headquarters in Kuala Lumpur, the company said it employs talent from all over Southeast Asia, enabling them to address the needs of each local market individually.
A report from UBS shows that the young Internet population in Southeast Asia is growing by more than 50 percent within the next 3 years and is expected to drive e-commerce volume at least fivefold by 2020.