The country's sluggish economy has created a windfall opportunity for an online marketplace selling used items as people are unloading their unnecessary stuff for extra cash, says a global leading online classified website.
Head of OLX.co.th Tiwa York, centre, sees plenty of room to grow in Thailand.
OLX.co.th, formerly known as Dealfish.co.th, owned by the South Africa-based multinational media company Naspers, provides a marketplace for people to sell their second-hand things on the website free of charge.
Tiwa York, head of OLX.co.th, said the company is aiming for a 400% surge in its user base this year, up from 9 million currently.
The company also enjoyed a 400% increase in the number of users last year.
There are up to 800,000 items selling on the company's website. The company allows products to sell on its website for 45 days.
Most users are people over 35-years old. The best-selling products are clothes, amulets, mobile phones and accessories and even homes.
Mr Tiwa said the move by Naspers to rebrand its Dealfish site last month was to use OLX as a single brand for its classified platform for the group.
Despite the fact that OLX has earned no money from the service so far, the company expects to earn advertising revenue in the near future when its user base grows significantly.
Mr Tiwa said online classified site operators normally break-even within 4-6 years after investment.
He said online classified websites are among the top five most popular websites in other countries in Asean.
In Thailand, they rank among the top 10. "We have huge room to grow," Mr Tiwa added.
To boost the number of customers, OLX plans to launch its mobile application for Android- and Apple-based mobile devices.
Currently, 51% of OLX customers use mobile phones to access its website, compared with 18% last year.
"We expect the figure to account 70% of the total this year,'' said Mr Tiwa.