Philippine young e-commerce industry lost another big player yesterday. iTruemart.ph, which was launched less than an year ago, closed down on september 09. 2016.
Ascend Group, Thailand’s leading e-commerce retailer, had launched iTrueMart.ph 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 shop.ph and ensogo.com.ph 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.