ePayWeb Asia invests $100m in virtual mall
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Hong Kong company ePayWeb Asia has invested US$100 million in the up-and-coming AW Virtual Mall in exchange for a 10 per cent stake.
AW Virtual Mall is forecast to have more than 3 million independent stores and more than 1 billion shoppers a day in the next four years. It will enable online shoppers to find an item they want at the best price available simply by taking a photo of it.
Founder/CEO Andy Khawaja says that with eCommerce projected to reach $3.5 trillion by 2019 “we’re on track to provide the most state-of-the-art shopping experience in the industry”.
Once users upload a photo of a desired item, store owners will be notified instantly. If they have a matching product, they will bid with their best price. The website creates a modern shopping-mall experience online, complete with a social-media element that lets users personalise their profile, communicate and share.
Questions & Answers
Q.What is the expected scale of AW Virtual Mall within the next four years?
What is the expected scale of AW Virtual Mall within the next four years?
AW Virtual Mall is projected to host over 3 million independent stores. It is also forecast to attract more than 1 billion shoppers daily within the next four years.
Q.How does the AW Virtual Mall platform help shoppers find products?
How does the AW Virtual Mall platform help shoppers find products?
Shoppers can find an item by taking a photo of it and uploading it. Store owners with a matching product will then be instantly notified and can bid with their best price.
Q.What is ePayWeb Asia's investment in AW Virtual Mall?
What is ePayWeb Asia's investment in AW Virtual Mall?
Hong Kong company ePayWeb Asia has invested US$100 million into AW Virtual Mall. This investment secures them a 10 per cent stake in the up-and-coming virtual mall.
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