BuyMeStuff raises $450,000 for next generation e-commerce marketplace
Online marketplace, BuyMeStuff, has raised nearly half a million dollars from an angel investment firm for its next-generation e-commerce marketplace and technology platform.
In a statement, the company credited the global potential of its unique solution to today’s challenging retail environment as a key reason driving the $450,000 capital raise.
Unlike traditional marketplaces, BuyMeStuff lets customers name the price they want to pay for items listed on the site and gives retailers the ability to respond with personalised offers and increase conversions as a result.
After the marketplace launched in January 2017, conversions reached as high as 16 per cent. This is expected to further improve with the introduction of machine learning driven predictive analytics capability.
The company is currently developing machine learning algorithms using a variety of real-time data, such as pricing trends, and customer behaviour, to help retailers respond more intelligently.
“In many cases, the best value deals for a consumer is not just based on price, but a unique combination of the price and perhaps a service or a bundled offering that may be tailored specifically for each customer,” said Mahendra Harish, co-founder and director at BuyMeStuff.
“Local high street retailers excel at this kind of personalised customer service, but they are unable to provide the same value online. With the BuyMeStuff platform and marketplace, we want to help retailers to effectively utilize technology to do what they are best at, and help them compete and grow. This is unlike any other marketplace in the industry today.”
“We are building this platform purely to make SME retailers more competitive. That is why we are doing what we are doing. We feel providing a dynamic platform to our SME retailers will ensure they can add value to their customers,” Abhishek Vohra, co-founder and director at BuyMeStuff, said.
The founding team, comprising of Harish and Vohra, as well as Ramya Nidtha and Ashwin Rao, have more than 40 years combined of industry experience in technology development and management, finance and business development.