Carousell makes merry after recommerce drives up 2023 revenue

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I’ve always been impressed by how huge the market for reselling is, especially for women’s clothes. Besides Carousell, there are various group chats on Telegram just for this, and they’re so active that popular items can be snatched up in minutes.

There have been a couple of times when my partner wanted to buy something that had just gone out of stock or decided to sell off some old stuff, and it’s often really easy to do because of these channels. I’ve probably lost track of the number of times I’ve helped her drop off clothes orders off at the mailbox.

Whether this is the main category that drove Carousell’s revenue surge in 2023 or perhaps it was other segments like cars and luxury goods, one thing’s for sure: Recommerce is getting bigger, and Carousell is in a great spot to capitalize on it.

Today we look at:

• Carousell’s revenue can’t stop moving up
• Hong Kong’s first bitcoin inverse investment product
• Other newsy highlights such as the closure of an Indian edtech platform and Meituan’s Saudi Arabia entry

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Even after the pandemic and a significant chunk of people reducing their usage of online platforms for food delivery and other services, Carousell has not just remained strong, but it has also grown significantly. Today’s story takes a closer look at what its latest the numbers mean.

• It takes two: Recommerce sales on Carousell doubled, which contributed greatly to the increased revenue. Meanwhile, costs only went up 6% from 2022 to 2023, so the company cut overall losses by 40% for the year.
• In the driver’s seat: Much of this revenue growth is thanks to Carousell’s strategy of focusing on top growth categories like cars, luxury, mobile, and property, among others. Other revenue sources include classifieds advertising, direct media advertising, and commissions.
• Keeping a lid on it: Meanwhile, employee benefits and recruitment costs – Carousell’s biggest expense category – went down by 0.7%

Read more: Carousell’s 2023 revenue up by 40%, driven by 2x recommerce sales

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