Idea Croron Ka is Pakistan’s first business reality show. It is a step towards an economically superior Pakistan. It allows today’s young entrepreneurs to become tomorrow’s successful, inspirational businessmen. The startup that is being focused on today is affordable.pk. With the constant growth in people’s demands and the increasing concept of online shopping, affordable.pk has taken this idea to another level, by introducing the idea of reverse commerce.
What is Affordable.pk?
This is a new startup which uses the concept of reverse commerce and consumers can buy or sell new or used items through this website. The whole procedure is completely automated. This portal allows ownership to its consumers. People can register themselves on this website by using an account. Using this portal, they can sell new or already used items that can be reused by someone else; to do that, pictures have to be uploaded to the portal along with their prices. Orders are delivered to the consumer through courier and 10% of the order amount is kept by affordable.pk, while the remaining amount is transferred into the account of the seller. Affordable.pk was initially started with fashion related goods but they plan to expand and include furniture plus several other categories.
Why Affordable.pk raised investment?
The world is moving towards e-commerce very quickly. The CEO of Alibaba and Amazon have observed that Pakistan is one of those countries who is moving towards adopting ecommerce on a very large scale, even though Pakistan does not have online companies like eBay or Amazon operating in the country. Even then, it is one of the countries, which has the highest potential to cater to such increased growth in e-commerce. Everywhere around us we see that people are now purchasing goods and services online more than ever. It is something that is becoming very common in Pakistan and people prefer purchasing things online than going to stores.
How Affordable.pk is different than other businesses?
Following features make this startup from other businesses which are already working.
What OLX does is that it offers the cash on delivery payment to its consumers and allows the buyers and sellers to determine a meeting place where they can exchange their goods/services. However, what differentiates Affordable.pk from other classified websites such as OLX is, that they have the escrow service built into their system. Now, what does this escrow system do? What happens is that people can buy and sell on the portal and the total amount of their purchase is transferred into an escrow account. Then, a courier company delivers the goods to you; if you like the goods then the escrow account releases the money to the seller, or in case the customer does not like the purchase, the goods are then returned back. The inclusion of this service, the escrow account, makes it possible for the consumers to pay for what they like instead of most cases where the online description of the product differs remarkably from the original product and the customer is dissatisfied with his or her purchase. Escrow prevents any sort of conflicts and issues regarding the product being different than the picture. This means there is no need for the people to go out of their way or take time out of their schedule to meet, for the companies to store their stock in warehouses and pay rent, which is another addition to their expenses and exchange cash for transactions. Hence, this is a big step in a country like Pakistan where there is no need for credit cards, or cash or meeting the seller or buyer.
2) Operates differently than traditional methods
Another reason for this start-up to receive this investment is because it operates differently from the traditional way of buying and selling, and Affordable.pk allows anyone to be able to sell anything they are not using or if they have something at home that is just taking up extra space. This makes anyone and everyone to earn money just from the comfort of their home. There are so many people who are going through financial trouble, but either they cannot find a job or are not allowed to (in the case of women). This portal allows them to earn some extra money only by selling items available in their houses.
3) The start-up idea is unique
Out of the investment that is required, 30% is going to be given as equity to the investors. Moreover, if they eventually succeed in increasing their future sales, they will be able to increase their company valuation by a large margin compared to what they are earning right now. Nowadays, it is all about the timing. It depends on who comes up with an idea first and also is able to implement it. With a company like Affordable.pk and its unorthodox ways to carry out their business and transactions, it has great potential to earn a lot in the future. Almost everyone is using e-commerce and other very common methods to carry out their online businesses. However, the idea that Affordable.pk are using, that is reverse commerce, is very unique and gives them a certain edge in the market for online businesses.
4) Owners are zealous
The owners of this company, Wajiha and Kashan, are very hard working and very enthusiastic about their company. It takes a lot of time and research to come up with an idea like this and it is not an easy task to maintain it. They are very enthusiastic and are still coming up with ideas on how to make it even better and easier for the general public to use.
This startup was able to raise 1 crore rupees as an investment. They must have been just 2 ordinary people with an amazing idea but no way to make it possible. This huge investment is not just an investment; this is a hope for people who have amazing ideas. It gives them hope that there are people who can believe in their ideas and can help to promote them and materialize them.