iTruemart Philippines Shuts Down Operations


Philippine young e-commerce industry lost another big player yesterday., which was launched less than an year ago, closed down on september 09. 2016.

For those not familiar with, it is an online shopping site similar to lazada or greatvalueplus.

Ascend Group, Thailand’s leading e-commerce retailer, had launched in the ast quarter of 2015. The group invested US$4.5 million and aimed to become the dominant e-commerce player by 2017.

This is the 3rd big casualty tohit Philippine’s young e-commerce industry. Earlier this year LBC’s and ended their journey.

E-commerce is still in early stages in Philippines whichis ranked at 89th place in ecommerce growth out of 137 countries. Therefore, it has a lot of catching up to do with its south east asian neighbours where e-commerce has grown considerably.

itruemart Philippines Shuts down.



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