Mobile financial services provider Nagad and re-commerce brand SWAP have launched a new campaign – up to Tk5,000 bonus on sales proceeds. Under the campaign "Nagad deal-e beshi laav" (a deal with Nagad guarantees higher profit), the customers will get up to a Tk5,000 bonus for receiving the proceeds of sales of old stuff to SWAP through the Nagad app. The offer will remain valid till November 30, said a media statement Thursday. As per the offer, the customers will be able to sell their old stuff such as mobile phones, laptops, tablets, and some other products. The Nagad customers will also be able to benefit from the offer more than once. Read: Nagad announces up to 22% cashback for electronics, restaurants, and lifestyle products purchase during WC

Recently SWAP, a Bangladeshi reCommerce platform has raised 1.25 million dollars in their seed fund stage. This is a remarkable achievement in the context of startups in Bangladesh. The organization took an innovative approach to deal with second-hand goods. The concept of second-hand goods exchange is not new in Bangladesh. Yet there hasn’t been any dedicated platform for the same. Here’s a detailed look at how SWAP works and what drove the seed fund for the platform.  Understanding reCommerce  The main concept of reCommerce is simple. Sell a used good or exchange one for the other. It wasn’t until recently that this already existing system had a commercialized name. reCommerce or reverse commerce aims to make a business out of used goods. In addition to generating monetary value for the seller, the platform has other corresponding goals.  Firstly, reCommerce helps to prolong the life cycle of any good. It also helps to materialize more value out of a product and ensures a lesser impact on the environment. ReCommerce offers limitless possibilities when it comes to second-hand goods. Even though the main market for reCommerce is smartphones and electronic gadgets, the horizon is expanding to include more and more goods. Read B2B Marketing: Effective Strategies in 2021 How does SWAP work?  SWAP is the first reCommerce platform of Bangladesh. As the first of its kind, the platform has been able to generate a considerable buzz around itself. The concept of selling second-hand goods isn’t new in Bangladesh. There are different third-party shops as well as C2C transactions happening over second-hand goods. However, there was no unified platform for all kinds of second-hand goods. SWAP aimed to fill this void.  The startup was founded by Parvez Hossain, a corporate man turned serial entrepreneur. His previous ventures include Livewire, one of the leading gadget stores in Bangladesh. The ideas for SWAP were generated from Livewire. There Mr. Hossain saw a huge secondary market for electronic gadgets.  Read GP Accelerator Program 3.0: Paving the Way for Successful Startups SWAP was found in late 2020 amidst the pandemic. While most businesses were on a recessionary trend, the years of experience in running a business along with a carefully curated team set up SWAP for success. Due to its unique nature and appeal to the customer, SWAP was able to make a space for itself in a short period.  SWAP offers an innovative approach to selling second-hand goods. The platform offers a range of categories to sell and buy the products. One of the issues with C2C transactions is the lack of security. There are countless cases of customer defrauding in recent times which poses a question mark over the secondary market transactions.  Read Pickaboo: Story of successful electronics eCommerce platform A unified platform drastically reduces such risks. In addition to that, SWAP acts as an intermediary between the transactors. A seller doesn’t necessarily contact the buyer, rather with SWAP itself. The multi-channel transaction helps to ensure the security and quality assurance of the product.  SWAP raises $1.25mn in Seed Funding SWAP started its venture at an economically turbulent time. This automatically puts a speck of doubt on whether the business will be able to sustain itself in the long run. However, in less than 14 months, the company recorded a net gross merchandise value of over 14 million BDT. That is almost 1 million BDT per month.  Read E-commerce Scams: Ways to Protect Your Investment from Online Frauds The high transaction rate accounted for the incredible growth of the company. The successful operation of any business grossly depends on the core team. SWAP has made all the right core decisions from its inception which led them to its current position. Tanvir A Mishuk, the MD of Nagad, personally oversaw the recruitment of the core team. He is also one of the earliest backers of the venture.  Several key factors accelerated the funding process for SWAP.  Market Operations  The domestic market for used electronic goods has an addressable market of over 3 billion dollars. This is a huge opportunity for any business to take the charge. SWAP took a holistic approach of B2B, B2C, and C2B2C to ensure that they are catering to every form of need possible. The affordability and reliability easily make SWAP the first choice for many budget buyers out there.  Read Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector SWAP has also made additional income channels for the economy through its agents. A customer doesn’t need to come to any physical shop for the transaction. They can simply get it done through the agent. Currently, SWAP has over 3000 agents as part of their business.  Reliability  SWAP in its 14 months journey has amassed over 40,000 registered users. With the high GMV rate, the business is poised to scale up significantly over the next 6 to 12 months. The high reliability in the service has helped the business amass a huge client base in such a short time.  E-waste Management  Global e-waste is expected to hit 4.5 million tons by 2025. This toxic waste is not only a threat to human lives but also adds a headache to the already deteriorating waste management process.  Read Bangla QR Payment: The Contactless Payment System of EBL SWAP has been able to curb 11000 metric tons of carbon emission. The company also reportedly helped to save 65 metric tons of e-waste in Bangladesh. In addition to bringing affordable gadgets to the consumers, the company is also helping to increase the life cycle of electronic products.  Accelerating Asia has been the lead investor in the seed round for SWAP. SWAP also received investment from ZA Capital Advisory. Both the organizations pointed out that the circular economy approach of SWAP combined with job generation and e-waste management has been a significant determinant behind the investment. The CEO of ZA Capital Advisory, Zahedul Arefin is also working as an advisor for SWAP. With scaled-up operations, the business aims to tap into newer secondary markets alongside tech and gadgets.  Read Agricultural Loans in Bangladesh: Banks Offering Loans to Farmers and Farms Final Thoughts  There is a close relationship between technological innovation and the increment of products in the secondary market. SWAP has been effective in tapping into the secondary market. The innovative approach combined with the value generation has helped them to see rapid growth. Read Best Business Ideas Amidst the Pandemic and New Normal

reCommerce may be a new term in Bangladesh, but it's not at all a new concept -- just that it's undergoing a transformation in this country. A unique retail concept, reCommerce or reverse commerce refers to the buying and selling of pre-owned goods. In Bangladesh, the buying and selling of used electronic products are very common but there aren’t many reliable platforms for the same. Even there is hardly any reliable platform for the second-hand trade of other items like furniture or bikes. This is where SWAP plugged a crucial gap. Let's look at the rise of SWAP, Bangladesh's first official reCommerce company. What is the reCommerce model? We are all familiar with eCommerce platforms where used products are sold. Some of the eCommerce websites offer a C2C solution where a client can advertise their used products. A reCommerce model follows the same principle except for the business or the platform itself acts as the buyer in this regard.  As a client, one would sell one's product to a reCommerce platform, which would, in turn, resell the same to its customers. In the context of Bangladesh, SWAP is the first of its kind to offer a service like this. The story of SWAP SWAP was founded in 2020 by Parvez Hossain. An ambitious entrepreneur having vast experience in the industry, Parvez is the acting CEO of the startup. After graduating from the University of Dhaka, Parvez started his corporate career with British American Tobacco. He subsequently served at Rahimafrooz for a brief period before starting his first entrepreneurial venture, Livewire. Read:20 Most Promising Education Start-Ups in Bangladesh Livewire is an offline shop that sells different smartphones and their accessories. Currently, Livewire has more than 15 outlets across Bangladesh. The potential of a secondary electronic market where people sell their used smartphones and other gadgets is what sparked the idea for SWAP. In addition to smartphones and accessories, Parvez created a platform where one can sell any type of used goods. From daily essentials to furniture to motorcycles, you name it, it's available on SWAP. In less than two years, SWAP has been able to build a considerable market space, thanks to its innovative strategies and unique appeal to consumers. Read:An Overview of Shuttle: A Promising Mass Transit Startup in Bangladesh What sets SWAP apart? Even though SWAP is the first reCommerce website of Bangladesh, the concept of selling used goods in the online market, especially in the F-Commerce segment is not new. Instead of a C2C approach that is prevalent in F-Commerce and other similar platforms, SWAP offers a C2B approach. This helps a client to avoid a lot of unnecessary hassle associated with selling a product. Whether it’s the unending negotiation processes or compromising personal information for product sale, none of these is involved in SWAP making it easier for clients to sell their products. The all-in-one nature of SWAP is helpful for buyers as well as they are getting the best price of a range of used products under a single domain, rather than having to scour from group to group in F-Commerce. The current state of SWAP The pandemic has hit businesses across sectors. As a startup, SWAP wasn’t spared. Even though the company was founded amid the pandemic in 2020, the extensive planning and preparations that went behind SWAP meant that the business would survive the pandemic. The sales and intended impact have taken a hit, however, the platform is still performing well and with backings from its angel investors, looks to be on track to break even soon. Read: Top 7 Truck Rental Apps in Bangladesh Parvez attributes the success to the team behind SWAP. The core team currently has 46 members. One of the angel investors to the startup, Tanvir A Mishuk, who also happens to be the managing director of Nagad, personally oversaw the selection process of the first core team that enabled SWAP to get the right people in the right position. As a startup, the margin of error is less and the right choice helps in ensuring that every move is made for the growth of the company. Future Prospects With a monthly GMV of over 1 million dollars, SWAP is already outperforming its initial estimate in just 14 months. The main challenge though is to maintain the core team as there have been several changes since the initiation. SWAP is also looking past the simple C2B model where product selection won't be limited to selling or buying used goods. Rather there will be exchange opportunities as well. To that end, SWAP has partnered with OEMs such as Oneplus, Samsung, Realme, Oppo, Vivo and Xiaomi as their official exchange partners.  Rather than reaching out to customers through traditional marketing methods, the platform has partnered with well-known tech shops like Gadget and Gear, Shumash Tech and Rio International. In addition to the smartphones and smart gadgets segment, the company is already working on furniture exchange, with a bike exchange programme in the pipeline. Being part of the cohort of the Accelerating Asia programme, a prominent seed grooming programme for promising startups, the business under the able leadership of Parvez is moving in the right direction. Key strategic relations and partnerships have helped the startup reach its targeted customer base and operate with an end goal in mind. Read: Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart Bottom Line The tech startup scene itself is still in its nascent state in Bangladesh and the concept of reCommerce wasn’t even heard of. Yet a three-year-long plan and strategy have set up SWAP as one of the most promising eCommerce platforms of Bangladesh. With its expected growth trajectory, the platform would soon emerge as one of the leading eCommerce sites in Bangladesh.

Perth, Oct 6 (AP/UNB) — The release from Iran of two Australians and an Iranian student held by Australia bears the hallmarks of a swap, a legal expert said Sunday, while the attorney general refused to comment on a possible deal with Tehran.