MANILA -- The largest online classified ads network in the Philippines has merged with the local unit of dominant global online commerce trading firm OLX Inc. in a bid to expand its market share and capture an additional 1 million users this year.
Sulit.com.ph, the buy-and-sell web site of Netreprenueur Connections Enterprises Inc., has been rebranded to OLX.ph to reflect its alliance with the global leader in online commerce.
“As we now officially become OLX Philippines and leverage on OLX’s global standards and best practices, this brand change is but a part of our mission to continue providing the Filipinos with a superior platform for buying and selling online,” RJ David, who serves as the managing director at OLX Philippines, said in a news briefing on Wednesday.
He said that with the forging of the partnership, which took a year to be finalized, the company expects to see an at least 20-percent rise in its market share.
“We plan to capture more than 80 percent of the market,” David said, noting that the merger resulted in an increased market share to 67 percent from the 63 percent that Sulit had before the rebranding.
The official said that the new brand would also entice a million more Filipinos to sell online.
Currently, there are 2.7 million Sulit users and online traffic per day is pegged at 12 million visits.
Sulit is part of the Naspers Classifieds Group, which has an 82.5-percent shareholding in Netreprenuer Connections. Naspers is also a major shareholder at OLX.