3 min read
The concept of Lunda is to resell branded items, for a much lower rate because they are either worn out from wearing, or simply because they are second hand and have no other defect in them. The concept of online buying and selling has been in human knowledge since the first economy had the barter system in place.
Branded original items such as clothes, shoes and bags are considered novelties and luxuries by many even today. There is a huge chunk of the population that aspires to these brands but without the resources (unnecessary cash lying around) to purchase them. Each city has its own version of such a second-hand buying and selling market, Mangal Bazaar, Sunday Bazaar or Lunda Bazaar; more commonly known as flea markets.
Pakistan has a budding market for online shopping. Many companies have also shown people that they can trust online sellers to provide them with good products – thereby inculcating people’s trust in online shopping. This new trend has led to the creation of an online store khazanay.pk, which was launched in Karachi in November 2015. The two friends who created this online platform, Usman and Fareed, are certified accountants. They were working on an online Islamic insurance related product when they came up with this idea. They realized that online markets are immeasurable, and there is a lot of untapped potential on this platform for used goods.
Prior to this site, Usman completed his ACCA, and then went on to work for an accountancy firm. Fareed, on the other hand, went on to join a bank. Their ingenuity goes to show that ideas can stem from anywhere, and a good partnership goes a long ways.
The two business partners were able to visit markets and the ports in Karachi, where all such items are shipped in and then transported to various cities. They saw the demand for these items, and also learnt that many people do not like to visit the marketplaces out of pride, but like what they see. The model, though, is a Western one, where people do not mind going to flea markets looking for cheaper versions of what they like. Even people who can afford brand new things like to go to thrift shops or charity shops to check what they have.
They maintained a consistent inventory of about Rs 1.5 million. Daily orders ranged between 20 to 40 parcels, and the monthly turnover was half a million rupees. This shows the demand for such a forum in Pakistan.
