Bagantrade.com Planning to Tap Into Global Market with Locally Manufactured Products
Bagantrade.com, a large ecommerce portal of Myanmar that has been modelled after China’s highly successful ecommerce portal Alibaba, is launched in April 2015. The ecommerce portal was envisioned by a group of Burmese entrepreneurs. Steven Phyo, one of the founder members and the current CEO of Bagantrade.com, told the press that their primary aim is to bridge the gap between local manufacturers of Myanmar and the vast and highly potential global market. He said that a thorough pre-launch market analysis was conducted by his team so that the strengths and challenges of Burmese manufacturers could be identified. Primarily, they found that agro-based products, handicrafts and jewellery have a larger global market which is still untapped.
Bagantrade.com co-founders, including Steven Phyo, met the press recently to declare their key objectives. “We have noticed that the local manufacturers in Myanmar really need a common ecommerce platform like Alibaba so that they can export their products to other countries. Internet penetration in Myanmar local market is still not anywhere near the global average. Many of the wholesalers and manufacturers offer truly world-class products but sadly, they lack the knowledge and expertise to promote and sell their products online. I would like to express my sincere gratitude to Nay Min Thu, who picked up the idea and invested top dollars for its strategic implementation”, said Steven Phyo. Mr. Nay Min Thu is currently the Managing Director of iMyanmar Group. Both Steven Phyo and Nay Min Thu did their graduation from Singapore NTU and worked in Singapore for almost a decade.
The recent press conference was also attended by the other two co-founders of the company, Zin Phyo Paing and Soe Hein, who were providing business consultant and training to local businesses.
Mr. Zin Phyo Paing revealed to the press that Bagantrade.com made a rather humble beginning. “At first we only had seven employees. We took two months to develop the website and added MVP features to it. It was up and running by April 2015 and we started to get the market listings. We must say that we received response from local traders in Myanmar as initially many of them started suspecting us. We had to do a lot of ground level networking among local traders and manufacturers and I am happy to state that we have started to reap the benefits”, Mr. Zin Phyo Paing told the press.
Mr. Nay Min Thu, who runs an immensely successful website in Singapore (Shwerooms.com), told the press that Bagantrade.com is planning to collaborate with regional trade promotion departments of Burmese government and provide nationwide training on online trading. He said that local governments have welcomed the idea and some top ministers have shown interest in further collaboration.
At present, Bagantrade.com has thousands of listings from a good number of Burmese traders. Steven Phyo told the press that Bagantrade.com is not aiming at making huge profit at this moment. “We are mainly focused on capacity building for local suppliers and traders. We will also rope in traders from the neighbour countries. We are a fifteen-member team now and we will continue to expand. We want to take the local market products to the world. This way, we can ensure good business for all fellow Burmese traders in long term.
About the Company
Bagantrade.com is an emerging online marketplace of Myanmar.
Name: Steven Phyo
Company Name: Bagan Trade
Contact Number: 09 7959 350 70
Video URL : http://youtu.be/_Rlw5yLn56Q