By Jessie Yang | Priceza is one of the most significant price comparison and e-commerce platforms in Thailand, with steady growth in six Southeast Asian countries. It started with a simple vision to empower shoppers. Priceza was founded in 2010 by three engineers who graduated from Chulalongkorn University, including CEO Thanawat Malabuppha.
“What motivates me to establish an e-commerce platform is my own experience as a consumer. With so many similar retailers, how could I get the best deal?” Thanawat says.
Fast-growing E-commerce Market
In seven years, Priceza has grown into a primary e-commerce platform in Thailand that claims to have 85% of the country’s price-comparison market. The e-commerce market in Southeast Asia is one of the fastest-growing and most promising, with it forecast to exceed US$25 billion by 2020.
“Before people use computers or mobile phones to check prices instead of buying, which is challenging for us to know if we benefit the sellers and customers. But in merely five years, e-commerce has become an indispensable part of people’s lives,” Thanawat says.
Bringing Retailers On Board
There are currently three major players with e-commerce platforms in Thailand, which includes marketplaces, retailers, and social commerce. Marketplaces operate in terms of commission, while retailers handle logistics by themselves. As for social commerce, it is a recent trend as social media becomes increasingly popular.
Thanawat believes there are two reasons why Priceza is different from other e-commerce platforms. First is the price comparison function, and the second is its focus on retailers, where it assists them to establish a regular customer base. He says that in the near future, retailers will still be prominent in the consumer market.
Besides Thailand, Priceza is establishing roots in other countries, which means adopting different strategies. For instance, Indonesians like to search for motorbikes online, whereas Filipinos prefer fashion and clothing. This means retailers and e-commerce platforms have to stay flexible in adopting different digital strategies.
Bangkok Under Transformation
“We decided to set the headquarters in Bangkok because it is a market of great potential. Whether it is logistics, credit card registration, or bank account population, Bangkok is already ahead of other cities in Thailand,” Thanawat says.
“Thailand is no longer a manufacturing country anymore, and the growing startups create more jobs for people,” Thanawat says, adding that the advantages of startups are that they value the quality of the people, and they are highly efficient in facing the dynamics in this fast-paced society.
For him, the success of Priceza lies in the team’s passion for technology and their determination to use it for empowering the consumers and retailers. With a 140% increase in the number of online visitors last year, Priceza is expecting to see more people engaging in e-commerce platforms in the coming years as well.
About Thanawat Malabuppha
Priceza Co-Founder and CEO Thanawat Malabuppha is an Engineer who graduated from Chulalongkorn University in Bangkok, where Priceza is based.