Thai online marketplace, itruemart, a subsidiary of Ascend e-commerce group of companies, expects to be the second largest online shopping website in the Philippines, as it invests $4.5 million on its entry in the country.
Local bloggers have placed Lazada general online shopping store in the top spot.
“We already invested $4.5 million in the Philippines,” Punnamas Vichitkulwongsa, CEO of
Ascend group of companies told reporters in a media roundtable in Makati on Monday.
Last week, itruemart joined the e-commerce industry in the Philippines, the first country the brand is expanding into, as itruemart.ph website went online.
“Our target is to be number two in e-commerce in the Philippines,” Vichitkulwongsa said.
Vichitkulwongsa said the online firm is confident it can be at the number two spot in the field of e-commerce by the end of the year because of the team’s expertise.
“The team’s know-how and the team’s experience will be our edge,” said Vichitkulwongsa. “Even though we are new, the team is not new. We are very fortunate that we have a great team. We can be a strong player in the Philippines.”
“Our main focus is to offer the best price and give customers best end-to-end experience,” general manager Seubsakol Sakolsatayadorn added.
In Thailand, itruemart carries 700 brands and sells more than one million items on their online store.
In the Philippines, iTruemart initially carries products that fall under the mobile devices category, hoping to add more products like goods for mothers and infants, apparel, and appliances in a few months’ time.
Sakolsatayadorn said extending customer-friendly payment channels is among itrumart.ph’s priorities, as it expands in the Philippines.
He said itruemart would be offering payment methods that do not require credit cards, since credit card penetration in the Philippines is quite low.
Dean Krstevski, Ascend’s chief regional operating officer, further explained that for now, cash-on-delivery is the only payment method accepted in the Philippines.
“In the Philippines, we are putting more and more payment channels—cash on delivery, Dragon Pay, Bank transfers, credit card and debit cards,” Krstevski said.
itrumart.ph is currently available in Metro Manila and Luzon regions only.