Home Credit Vietnam collaborates with iPrice Group to provide millions of consumers a new eCommerce price comparison & products aggregating feature on its mobile application
The partnership is an extension of the original cooperation first established with Home Credit Indonesia in 2018 and aims to introduce a comprehensive shopping experience in finding the best deals and payment options all in a single platform
Millions of consumers on Home Credit’s application can conveniently compare prices and find the best deals from more than 15 million products in this new feature, formed in collaboration with iPrice Group. This partnership between Home Credit Vietnam & iPrice Group is an extension of the original partnership established with Home Credit Indonesia since 2018.
A report released by Nielsen Việt Nam Smartphone Insights Report in 2017 stated that smartphone users cover 84 percent of Vietnam’s population and the rapid adoption of smartphones is driven by the increased affordability of mobile devices & abundant options. As such, this partnership between Home Credit & iPrice Group is aimed specifically to transform the way consumers shop online for mobile devices and to support the growth of the tech trend in Vietnam.
Mr. Dmitry Mosolov, CEO of Home Credit Vietnam explained that the introduction of the new feature is part of its digitalization & strategic priorities of Home Credit Vietnam in 2019. “We will be moving to integrate our digital customer experience with the full e-commerce journey. iPrice integration has an importance in that sense as it is being one of the milestones”
“Currently our customers can apply for a loan by using our mobile app and disburse their money via e-wallet. With our new integration, customers could purchase the mobile devices which they have compared prices with iPrice, from our partners’ store with a 0% interest rate” Mr. Mosolov elaborates. As of May 2019, Home Credit Vietnam’s mobile app has recorded 3.7 million downloads and is used by more than 2 million consumers.
The New Feature on Home Credit, Now Available Even to Consumers Without a Registered Profile
With the new feature, smartphone buyers have access to information of more than 15 million products, offered by hundreds of merchants even without signing into the app. Users with a registered profile can also access the feature by clicking on the “Compare Price” button at Home Credit homepage.
Upon tapping on the button, users will be directed to iPrice Group’s smartphone product listing page where consumers can easily view the latest mobile devices offered by all major e-commerce merchants in Vietnam. Consumers can also compare information such as pricing, payment options, warranty, and other details when tapping on products offered by two or more e-commerce merchants. All product availability, pricing, and other details are updated every 24 hours to ensure that all information is valid on a regular basis.
Mr. David Chmelar, Co-founder and CEO of iPrice Group said “Due to the availability of attractive deals by various e-commerce merchants and the increased spending power of Vietnamese consumers, shoppers have become increasingly prudent and has integrated online research as a vital part of the consumer decision journey. As such, we are delighted to extend the partnership for Vietnamese consumers which was first established with Home Credit Indonesia that has seen success in the past year.”
Partnership Formed in Support of the Growth of the Vietnamese Internet Economy
The introduction of the new feature is also in line with the rising popularity of online shopping for tech products in the country. A recent report by Google in 2018 stated that e-commerce in the country is expected to grow 43% in compound annual growth rate (CAGR) between 2018-2025 to become an industry worth more than 300 trillion VND (US$15 billion) in gross merchandise value (GMV).
Mr. Chmelar said “One of the most attractive products in the world of e-commerce is tech consumer products such as smartphones. Paired with the growing demographic of mobile phone users, the aim of the Home Credit & iPrice Group partnership is to become highly relevant to online shoppers by creating a comprehensive user experience to cater users’ needs.”
Home Credit Vietnam has officially operated in Vietnam since 2008, providing leading consumer financial products with quick-processing and simple procedures. In Vietnam, Home Credit is one of the leading consumer finance providers of instalment loans. After 10 years of operation, Home Credit has built a network of 9,400 retail outlets in 63 cities and provinces across Vietnam.
iPrice Group is a meta-search website operating in seven countries across Southeast Asia namely in; Malaysia Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong. Currently, iPrice compares and catalogues more than 500 million products and receives close to 20 million monthly visits across the region. iPrice currently operates three business lines: price comparison for electronics and health & beauty; product discovery for fashion and home & living; and coupons across all verticals.