Priceza.com, Thailand's leading price comparison shopping website, is beefing up its footprint in Southeast Asia to capitalise on the fast-growing regional e-commerce market.
Malaysia, Singapore, Vietnam and the Philippines will be targeted in the second major drive under the company's international expansion planned for 2015-16, said Thanawat Malabuppha, chief executive of Priceza Co, operator of Priceza.com.
Priceza.com is Thailand's first price comparison website, controlling a 90% share of the local market.
It also plans to raise US$2-3 million from a series-A venture capital fund next year to expand abroad.
The company last year successfully raised a 20-million-baht fund from Japanese internet firm CyberAgent Ventures. It used the proceeds to expand in Indonesia, which is now the third-largest price comparison website with 2 million product offerings.
Priceza has a representative office in Indonesia.
Mr Thanawat said the company saw huge potential for e-commerce in Southeast Asia, double the size of the US, due to the low adoption of online retail by local businesses.
As of December 2012, online retail sales in Thailand and Vietnam accounted for only 3% of total retail sales while Indonesia accounted for a meagre 0.7%.
Competition in Southeast Asia has been less intense than in Japan, China and India, Mr Thanawat said.
He said the number of internet users in Southeast Asia was expected to reach 320 million by 2020, up from 194 million in 2010.
Priceza will give its website a major facelift next month after its inception five years ago, Mr Thanawat said.
The renovated site will not only show the price comparisons of targeted products from various online marketplaces and e-merchants. It will also compare shipment costs and payment options as well as buyers' reviews to help customers make decisions and purchase the best value products from trusted merchants.
Mr Thanawat said 70% of revenue came from commission fees and the rest from online advertising.
In Thailand, Mr Thanawat said Priceza had more than 2 million products, with 4 million customers shopping via its website each month.