Migme (ASX: MIG)
iPrice is Southeast Asia’s online shopping destination and the biggest affiliate partner in a fast-growing eCommerce market. It makes it easy for shoppers to compare prices, discover products and get the best deals from thousands of online merchants across 7 countries, 500 merchants, and over 130,000 brands.
Approach to emerging markets
We expect Southeast Asia’s eCommerce market to continue fragmenting and growing as increasing numbers of retail players try to establish themselves online. Market fragmentation is a key driver of success for iPrice, as it creates a need for consumers to compare prices and/or product catalogues, and incentive for merchants to share their margin to compete.
Price and product comparison services have relatively high barriers to entry and better cost structure relative to other approaches in the demand aggregation space. As they rely on SEO and organic traffic, it means that there should be a large margin potential as the business scales.
David and the iPrice team have already managed to develop a regional footprint, a good technology platform, and a monetisable product catalogue, and are positioned to be the region’s leading player in this category.
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