UAE President, Vice President Congratulate Custodian of Two Holy Mosques on Being Discharged from Hospital    US in Jeddah: 80 years of shared history and strong partnership    Foreign direct investment in Saudi Arabia to jump 20 times by 2030: Al-Falih KSA develops business environment through massive reforms    Saudi delegation concludes partnerships with US capacity building companies    How cricket-crazy India scripted world badminton glory    Heavy Rains Trigger Floods in Northeast India, Killing 8    Asian Shares Advance    Saudi Press: Saudi Arabia's Vision 2030 is Based on Strategic Plans to Achieve its Ambitious Goals    Weather Forecast for Tuesday    Elisabeth Borne appointed as new French PM    Serbian capital Belgrade paralyzed by bomb threats    Hundreds of besieged Ukrainian soldiers evacuated from Mariupol    Turkey threatens to block Finland and Sweden Nato bids    Twitter boss hits back on Musk doubts over fake accounts    Saudi Telecommunications Delegation Concludes Partnerships with US Pioneering Companies on Capacity Development and Digital Skills, Enhancement of Innovation and Entrepreneurship    Abdulghani clinches first gold for Saudi Arabia in Gulf Games    Crown Prince offers condolences to UAE leaders    Saudi-Thai forum promotes joint investment and trade ties    OIC Welcomes Election of Somali President    Saudi Advisor Ahmed Qattan Arrives in the Republic of Guinea-Bissau    Saudi Arabia refutes misinformation on NEOM, affirms sovereignty over city    Jazan Hosts West Asian Beach Soccer Championship    Gulf Health Council: Large sunglasses give better UVA protection    Saudi Stock Exchange Main Index Ends Trading Lower at 12,914.89 Points    IsDB Group Private Sector Institutions Organize 10th Private Sector Forum    Soudah Development: Start of reproduction of Nubian ibexes launched by the company in cooperation with national center for wildlife    Yemeni conjoined twins separated in 15-hour surgery at Riyadh hospital    Former Australia cricketer Symonds dies aged 46 in car crash    Aramco Announces First Quarter 2022 Results, Earnings Set New Record for the Company since its Initial Public Offering in 2019    China gives up 2023 Asian Cup hosting right    Saudi citizen turns attention to sports after retirement    Lhakpa Sherpa: Woman climbs Everest for record tenth time    5 Arab women filmmakers receive Netflix grant    Over 250 Saudi Female and Male Players to Participate in Kuwait 3rd GCC Games on Friday    Saudi Deaf Athletics Team Leaves for Brazil    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Ranbir Kapoor and Alia Bhatt: Bollywood wishes for star couple on wedding    SFDA Warns Against Microbes Accumulation on Coffee when Stored Incorrectly    SFDA: Over-roasting or roasting is not an indication of the level of food and may cause harm to human health    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Saudi Arabia Beats Australia to Secure Place in World Cup Finals in Qatar    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

MyBazar offers new e-commerce experience
Published in The Saudi Gazette on 28 - 10 - 2016

Saudi Gazette
MyBazar, an app founded by Muslim Swedish entrepreneur Armin Osmancevaic, transforms the online shopping to a new level by acting as theworld's first social marketplace that transfers the physical shopping experience into e-commerce.
"Instead of trying to replace brick-and-mortar shopping with ecommerce, we developed mobile platform that truly replicates physical marketplace to e-commerce, enabling direct interaction and price negotiation," says CEO of MyBazar Osmancevic. "It also lowers the cost of running businesses while developing additional economies of scale. Hence our ecommerce platform complements and further boosts traditional retail business."
MyBazar aims to establish digital infrastructure particularly for those businesses not capitalizing on the ecommerce potential. In the MENA region, only 1% of all retailers are using ecommerce to sell their products and services.
MyBazar's first rollout was in Malaysia earlier this year. The company grew out of the UAE with local partners who recognized opportunity in digital economy and the ecommerce market's potential.
According to Osmancevic, the greatest contributor to MyBazar's success is its philosophy to create benefits in everything being done in the business. "This philosophy is translated in innovating our products and services to address actual market need in a new way," he says.
"In the case of MyBazar, this means moving the online shopping to a new level by effectively being market-centric instead traditionally product or merchant centric."
Osmancevaic is a Muslim entrepreneur operating in a Muslim country. When asked if operating in Islamic markets was an advantage or disadvantage for his business, he said it is limiting to regard consumers as Muslim only. He says, "I'd like to challenge the concept of an Islamic market. It confines us into a smaller market place and would oversimplify the features of local markets we target. We rather define them as developing markets with features such as non-developed digital infrastructure,
evolving economic structure, and gaps in addressing the needs of SMEs."
He added, "Design your solution to be market leader not a follower and you will help not only the ummah but the humanity as a whole."
MyBazar does not cater to Muslims only but features general items, including halal and Muslim-friendly products.
Coming from Scandinavia, Osmancevaic notes that Sweden, Denmark, Norway and Iceland account for only 0.3% of the world's population, yet produce a whopping 3% of all world exports. "Scandinavian products and their brands have swept the world," he says.
"Spotify, Ikea, Skype, Volvo, Klarna, Daniel Wellington, Minecraft, and others are examples some of household brands globally."
Scandinavian governments recognize that start-ups are the future and government's sole purpose is to put their trust and to enable entrepreneurs to start and grow their businesses. They do so through education, digitalizing, taking responsibility, promoting local products, and sharing risks.
Osmancevic urges more Muslims to found startups around the globe. This is only done by breeding entrepreneurs in the right environment and creating a good ecosystem, he says. "Governments should streamline efforts to promote entrepreneurship growth and development by creating ecosystems where the speed of innovation is an important KPI," he notes.
In addition to governments, funding is another challenge that needs to be addressed. "Obtaining funding in these developing markets is more challenging than in other markets," he says.
Having a clear purpose and addressing "an actual need in a market" develops a solid business proposition, he adds.

Clic here to read the story from its source.