Mu­ un­fazed by slower econ­omy

> Online mar­ket­place op­er­a­tor says peo­ple look for plat­forms where they can save and gain


KUALA LUMPUR: Online mar­ket­place Mu­ Sdn Bhd said the slow­ing econ­omy is un­likely to af­fect the com­pany’s busi­ness as peo­ple source for plat­forms where they can gain and save more money.

“When the econ­omy is not that strong, peo­ple want to make more out of the things they have. This is the time when peo­ple look at mak­ing the best of the re­sources they have,” its CEO Gau­rav Bhasin told re­porters at an event to mark its ninth an­niver­sary here yes­ter­day.

Bhasin said the com­pany ba­si­cally gen­er­ates its prof­its from the charges it im­poses on pro­fes­sion­als, such as car deal­ers and prop­erty agents, as well as from ad­ver­tise­ment rev­enue.

“We charge the pro­fes­sion­als to pay us, we don’t charge the in­di­vid­u­als,” he said, not­ing the com­pany has recorded dou­ble-digit growth in rev­enue for the past few years.

“Rev­enue wise, we are grow­ing. This year, we ex­pect to be stronger than last year,” he added.

Bhasin said the weak­en­ing of the ring­git will not af­fect its busi­ness sig­nif­i­cantly, as the goods are only traded within the coun­try and the trans­ac­tions are not ex­posed to for­eign cur­rency move­ments.

“We are lucky be­cause we only fo­cus on Malaysia. We ac­tu­ally do not en­cour­age trade across bor­ders be­cause it is go­ing to be dif­fi­cult for the per­son to check whether the item is real or not.

“So we (the com­pany) and the users are not much af­fected by the weak­en­ing of the ring­git. The eco­nomic cy­cle does not hit us that much,” Bhasin said.

As of Oc­to­ber this year, Mu­ re­ceive 7.5 mil­lion unique vis­i­tors monthly, from both desk­top and mo­bile users, with 1.4 mil­lion unique sell­ers in the last 12 months, which has grew 29% year-on-year.

Unique vis­i­tors and sell­ers re­fer to vis­i­tors who re­peat­edly visit the web­site.

Launched in 2007, Mu­ pro­vides Malaysians with an online mar­ket­place for buy­ing and sell­ing of new goods and “pre-loved” items, in­clud­ing mo­bile phones, mu­si­cal in­stru­ments, cars, as well as prop­er­ties.

Mu­ is a part of the port­fo­lio of online mar­ket­places owned by 701Search Pte Ltd, a joint ven­ture in­volv­ing Sin­ga­pore Press Hold­ings Ltd, Schib­sted Me­dia Group and Te­lenor Group.

Bhasin says the com­pany is not af­fected by the weaker ring­git.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.