The B2C Change
We made the change to A b2c-only business, soon after Wisam Daoud joined up with us as CTO from eBay. We announced though they collectively accounted for approximately 80% of the companyвЂ™s business (fixed-price sales accounted for the remaining 20%) that we would no longer run auctions and classifieds, even. Furthermore, it absolutely was a challenge to go our merchants and clients from a website by which they might record services and products just about because they liked to a website where products are classified by half a million or higher SKUs.
We went real time, initially in Egypt and quickly from then on various other geographies. The danger and our efforts paid down, and although we destroyed nearly all of our deal amount very nearly immediately as soon as we closed along the auction website, we a lot more than made for this within 6 months and began doubling our income every quarter.
Needless to say, the switch had not been without its challenges. We’d not a problem acquiring customers that are individual as a result of the success associated with auction web web web web site, but getting stores to sign up wasnвЂ™t easy. We began with small enterprises, which had the absolute most to achieve from ecommerce, pounding the pavement store by store. We quickly noticed that providing them use of clients had not been sufficient; we might need certainly to assist them to with delivery and payment. Our success in dealing with those challenges is main towards the Souq tale.
I got a call from one of the merchants using Souq as we were launching our revamped e-commerce site in the UAE. вЂњi must determine if you’re intent on this task,вЂќ he said. That hit me personally as odd вЂ” I became residing in any office with my group and day that is working evening to really make the transition take place. Therefore we invited him in the future and speak to us.
вЂњI became a petroleum engineer,вЂќ he explained.