Thailand and Singapore-based mobile commerce startup ShopSpot recently raised $630,000 from Jungle Ventures and SingTel Innov8. The startup said it pivoted, but I wasn’t sure from what exactly. Co-founder Natsakon Kiatsuranon said that the first version of the service was more like a mobile Craigslist.
Two months into it, his team didn’t believe that it would work in Asia. While building the product, Natsakon and co also realized that there was high demand for shops that are looking at sales from mobile channels. Seeking the possible product-market fit, ShopSpot moved into this space to become a serious mobile commerce startup. Natsakon called the current version the “real ShopSpot,” he told me:
The real ShopSpot is where people can go on to have inspirational casual shopping anywhere any time. Imagine the inspirational experience on Pinterest combining with the personalization on Amazon, simplifying right in your pocket via ShopSpot.
The team is split between Thailand and Singapore and is run by seven founders. With the new funding, Natsakon says that he is looking to hire more folks for the team, mainly developers and a community manager. The new funding will also allow the team to expand to other parts of Southeast Asia once Thailand is conquered. But first, Natsakon is focused on building a rock solid product. As expected, ShopSpot’s Android version will be out soon, most likely in April, says Natsakon.
ShopSpot has thought of several possible business models. A freemium model with verified sellers and featured listings is a likely route. Advertising and stickers (like what LINE has) to decorate merchant shops are also some possible monetization methods. But it is all too early to put a business model into concrete plans for now.
When asked about his experience at JFDI, Natsakon was thankful, saying:
JFDI has been very supportive from the beginning until today. They prepared us a lot in terms of team building, business processes, lean startup methodologies, and connecting with people. All I can say is that we wouldn’t have come this far without them.
If you’re an online retailer looking to promote your products on ShopSpot, Natsakon hopes to connect with you. You can contact him directly through his email.
The post ShopSpot Talks About Expansion, Monetization, and JFDI appeared first on Tech in Asia.
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