Food
WearYouWant’s site has 500 fashion merchants offering some 14,000 products. The company plans to release a native mobile app next month as 50% of its website traffic comes from mobile phones.
The online fashion sector in Thailand is drawing massive interest from global players eager to cash in on one of the fastest-growing markets.
Competition in the interactive fashion stores is expected to be more intense this year, says Thai fashion marketplace WearYouWant.
But it will be increasingly difficult for newcomers to find a place in the Thai market because existing players have established a strong foothold here, said Julien Chalte, co-founder and co-chief executive of WearYouWant, a four-year-old website.
E-commerce accounts for about 1% of retail sales in Thailand but the market is expected to see steeper growth this year.
Mr Chalte said e-commerce was an immensely motivating sector because of its versatility.
Thai consumers are very conscious of shopping behaviour both offline and online, so it is essential to provide the best and widest selection of products, good prices and efficient delivery, he said.
WearYouWant’s site has 500 fashion merchants including boutiques, distributors and brands that offer 14,000 products.
Online merchants can sell directly to consumers but delivery is handled by the site, which earns revenue through commission on purchased products.
WearYouWant secured Series B investment funding of US$3.5 billion last September, led by the leading fashion e-commerce player in Japan, Start Today, which operates Japan’s largest fashion e-commerce portal Zozotown.
Mr Chalte said Bangkokians were no longer driving the growth of online fashion shopping.
“The fastest-growing provinces are Nonthaburi and Chon Buri, and the trend seems to be continuing into 2016,” he said.
WearYouWant plans to release a native mobile app by March because 50% of its website traffic comes from mobile phones.
The company will also introduce new feature apps including an image recognition engine that allows user to take a photograph of an item in a store and instantly be presented with a good offer on the same or similar product.
The trend this year will move towards more mobile payment options, but cash on delivery will remain the preference.
Mr Chalte said the average age of the company’s customers was 32. They mainly live in Bangkok, with 65% of customers female.
Customers spend an average of 3,000 baht on the website. Beauty products remain the best-selling product, with clothing, shoes and accessories experiencing significant growth.
In 2015, WearYouWant’s annual revenue rose 200% from 2014, with a 150% hike in turnover generated by mobile devices.
