IMyanmarMarket.com, a c-to-c marketplace operated by IMyanmarHouse Group, has received a “great” response in the first two months of its soft launch, with this early success encouraging it to expand into b-to-c, Nay Min Thu, the group’s CEO, told the AIM Group.
He said it had garnered thousands of users and listings through organic growth.
“C-to-c is a freemium model where users can post listings free of charge but need to pay for higher visibility and higher volume of listings,” Min Thu told us.
“B-to-c will be performance-marketing and commission-based where we charge for performance marketing and take a cut from the sale volume of the consumer goods.”
IMyanmarMarket was launched to fill the gap left by the exit of Carousell-backed OneKyat.com.
“With the exit of OneKyat, a popular c-to-c e-commerce platform owned by Carousell, in late 2022, we identified a significant gap in the market for a reliable and trusted c-to-c platform,” Min Thu said.
“We are thrilled with the overwhelming response from the market, which validates our efforts to provide a seamless platform for buyers and sellers.”
Auto vertical CarsDB was combined with real estate marketplace IMyanmarHouse.com in 2023, according to Malaysia-based Frontier Digital Ventures (FDV), which held a 52.6% stake in IMyanmarHouse Group as of the end of 2023.
FDV reported 47% year-on-year (y-o-y) growth in revenue to A$1.9 million ($1.2 million U.S.) from IMyanmarHouse in 2023, whereas CarsDB’s revenue plunged 70.0% y-o-y to A$77,332 in 2023 from A$257,948 in 2022.
IMyanmarHouse maintains that it will replicate its success in the real estate and automotive sectors to reshape how people in Myanmar shop, sell and connect online.
“We are thrilled by the rapid adoption of IMyanmarMarket and the overwhelming positive feedback from our users. As we expand into b-to-c e-commerce, we remain committed to innovation and customer satisfaction, ensuring our platform meets the evolving needs of Myanmar’s consumers,” added Min Thu.
IMyanmarMarket has collaborated with AYA Bank to integrate digital payments into its app and is planning to roll out a buy-now-pay-later option for new smartphones. – AIM Group