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Hi there,
It’s been an interesting week for me – I’m richer by six bucks, thanks to a scammer who tried his best to pass off as a legitimate buyer for some furniture I had posted about on a recommerce marketplace in India. Long after I had said no to him, he kept sending me one buck at a time every other day till I blocked him.
Later, I found out that friends and families had already fallen prey to some convincing fraudsters who used the same playbook. They send small amounts to “confirm” the bank account, and then trick recommerce sellers into shelling out big bucks by taking advantage of fintech jargon.
Despite almost being bitten, I stayed strong and found a real buyer for a couch. One down, seven more to go. Recommerce or reverse commerce marketplaces in India are a minefield of scams, but there’s no denying the aching need for these platforms the world over.
As recommerce gains momentum across the globe, a freshly minted unicorn in Southeast Asia is doubling down on the trend. Singapore-based Carousell, which has 250 million classified listings across eight markets, has snapped up resale sneaker platform Ox Street. Both startups are hoping to capitalize on the region’s millennial and Gen Z shoppers, who are increasingly demanding sustainability from brands.
In this week’s big story, Huong takes a close look at all things recommerce and Carousell’s ambition in the pre-loved and secondhand goods market.
THE BIG STORY
Unpacking Carousell’s next big move: recommerce
Image credit: Timmy Loen
We explain why classifieds might not be enough to give Carousell a big exit.
DEEP READ
Inside the John Lewis nightmare
Photo credit: halfpoint / 123RF
Like Wimbledon, John Lewis has been a quintessential part of Britain’s upper-middle class experience.
TRENDING NEWS
STARTUP WATCH
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