The State of the Buy & Sell Market in Hong Kong – 2016

Swapit has seen some phenomenal growth in the year 2016 that has just passed. Our community has increased significantly and the activity on our marketplace is growing day-by-day. To ensure, we are addressing the right audience, we keep a close eye on how our users are using Swapit, what’s useful, what can be improved and especially what kind of content they like.

While we already see growing traction across the globe, our core user base is still in Hong Kong. So we have gathered all the products being posted on Swapit in 2016 and looked at their categorization. There is an interesting shift from our previous analysis in March 2016, but please have a look yourself:

swapit_trade-stats_2017-01_1440x1080

So our top 3 product categories are now:

  1. Fashion
  2. Jewelry & Watches
  3. Consumer Electronics

Compared to our previous chart from March 2016 that’s a bit of a shift. In March the top 3 categories were:

  1. Consumer Electronics
  2. Fashion
  3. Home Appliances

I am already excited how 2017 will turn out. We have some serious changes for Swapit in the making and our growth projections are even more exciting. Stay tuned for more on that!

Have you tried Swapit yet? Get it at: http://get.swapit.la/now

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$100 Million on Swapit ↗️ 333% in a month

2016-09-19_100m

Just a little over a month ago Swapit’s GMV posted on our marketplace had surpassed $30 million, but now we just surpassed the $100 million. That’s an incredible growth if you consider that it took us 11 months to move from $1M to $30M of GMV posted on Swapit.

That’s up +333% over just the last month.

We’ve launched an app update in between, which made it easier to post items through our app, to promote it to your friends on social media and to discover new items (see Swapit Alerts and Make an Offer). At the same time, we’re adding more value for our users, which we prioritize mainly based on feedback we receive through surveys and direct conversations. It’s great so many reach out to me directly and that feedback makes it directly onto our feature list for upcoming releases.

So stay tuned for the next Swapit release. It’s just around the corner and will be launched soon!

Right, we’ve also given away a great prize to the winner of our INVITE+WIN campaign, we got accepted into the Cyberport Incubation Programme, .

You didn’t try Swapit yet? Download it for free at http://get.swapit.la

Swapit has Surpassed 100k Downloads on Google Play

Screenshot_2016-05-02-11-04-30Last weekend was a long weekend and right on Labour Day, Swapit managed to surpass the 100,000 download mark on Google Play. It’s great to see so many people being interested in Swapit and downloading it. Our iOS app is getting better every day, but it’s still not quite ready to launch yet, though. I am absolutely convinced that once we launch on iOS we’ll be doubling our users in a rather short time. So we are working hard on launching on iOS soon. Anyone who’d like to join our current iOS private beta can leave their contact details here.

Have you tried Swapit yet? You can download it for free from http://get.swapit.la

Swapit Traction Update – April 1st +82% User Growth in One Month

On March 1st we had a great 31,810 users on Swapit. Today on April 1st, 2016 Swapit has continued to grow to a good 58,138 users!

2016-04-05_traction-update_600

Compared to our last month’s 82% growth of users, we managed to grow at a surprisingly steady pace in the past thirty-one days at about 83% month-over-month.

Have you downloaded Swapit yet? It’s free to join the largest mobile community to trade pre-loved items in Hong Kong: http://get.swapit.la

Read up all historic traction updates from us here: https://swapitblogit.wordpress.com/category/traction/

Swapit Traction Update – March 1st +82% User Growth in One Month

On February 1st we had a great 17,481 users on Swapit. Today on March 1st, 2016 Swapit has made an incredible jump up to 31,810 users!

2016-03-04_31k_600

Compared to our last month’s 94% growth of users, we managed to grow at a steady pace in the past thirty days at about 82% month-over-month.

Have you downloaded Swapit yet? It’s free to join the largest mobile community to trade pre-loved items in Hong Kong: http://get.swapit.la

 

Read up all historic traction updates from us here: https://swapitblogit.wordpress.com/category/traction/

Swapit Launches World’s First Multi-Location Sale for Pre-Loved Items

swapit-blog_beta-11We’ve been working hard to get this release out the door and to be honest, this is the largest single release Swapit has seen so far! In a nutshell, these are the main changes in our latest Swapit release:

  1. MULTI LOCATION
  2. LIKE ITEMS
  3. SELLER SNIPPETS
  4. VIEW COUNTS
  5. MULTI PICTURE SELECTION

Do you want to check out the latest release right now? You can download it at: http://get.swapit.la

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Now, for those of you’d like to know more, let’s explain all new features in detail.

MULTI-LOCATION

swapit_screenshots_1.0.0.65_1_multi-location_allYou can now post an item at up to 4 different locations.

HOME. Our research has shown that most of our Swapit users do use Swapit at their home and post items which are located at their home. So this can be clarified now. At the same time, many of our Swapit users do work at a place which is further away from their home.

WORK. For several smaller items (e.g. fashion products, consumer electronics, etc.), people are willing to bring them to their work place and trade them their — say, during their lunch break. So when posting an item, it is now possible to just flip on the work location and offer your item there as well.

swapit_screenshots_1.0.0.65_2_multi-location_meetupMEETUP. Many people commute from their home to work every day and usually they take the same route and the same mode of transport. So we thought, it might make a lot of sense to be able to define a certain “meetup location” which can be set freely by the user. In most cases, we believe, this will be an MTR station somewhere across town.

All three HOME, WORK and MEETUP locations are user-specific because those usually don’t change often and if they change, they should take an effect on the user’s items. This means, that they are set and remembered in the user’s account. Once either of the locations is changed, all items using that location, will be updated automatically.

OTHER. On top of the three user-specific locations HOME, WORK and MEETUP, we also introduce an item-specific location which we call “Other”. In many cases such an item-specific location makes sense. Think of properties, cars or yachts for example. If you publish such items on Swapit, you might want to actually show their location on Swapit. Let’s take a property: When you post a property for sale with the actual property’s location, Swapit will let people nearby that property know, that you are selling a property that’s nearby their location.

LOCATION-INNOVATION.
Swapit is a very location-driven service. Our core has always been to bring buyers and sellers together who are nearby each other; in real-time. Up until the last release of Swapit, each location had exactly one location and when an item was posted, everyone nearby the sellers actual location at that moment, was notified that a new item is available. Swapit is now the world’s first marketplace that introduces multi-location for items and people. This now means, that each item can be published at up to 4 different locations (see above) which means, Swapit can reach 4 times more people than before. Thus, it increases the chances for an item to be discovered by an interested buyer, by 4 times. At the same time, each user can have his own home, work and meetup location stored in his user settings. Besides that, (s)he also has a current-location which constantly changes. That makes a total of 4 more locations, Swapit can use to match buyers and sellers. So in turn, Swapit’s reach based purely on location has increased by 16 times (4×4).

In a nutshell: Our latest multi-location feature, increases the chances to close a trade by 16 times compared to our previous versions and especially compared to what our competitors are offering.

 

LIKE ITEMS

swapit_screenshots_1.0.0.65_3_likesSometimes, you see an item someone posts on Swapit and you just like it. You’re not really interested in buying it right now, but you do somehow find it interesting. Or perhaps you just find it absolutely cool that someone posts this sun tanning tower. To give you a tool to show that you like an item, you can now just hit the LIKE button. It is available in the list of products that shows up at the launch of Swapit as well as in each item’s detail view.

Besides publicly showing that someone likes that item, Swapit does not publish the name of the person who liked the item. That is not shown to the seller nor to other buyers. We might actually change that in future, but as of now, this is how it is.

When liking an item, you do also subscribe to updates about that particular item. So if someone leaves a comment there or if the item is being sold, you will get a notification so you can check out any changes made there. At any time you can just unlike the item or turn off notifications for that item, in the item’s menu at the top right corner.

swapit-blog-interestsWe believe this is a very convenient way to show your interest in an item even though, you’re actually not looking to buy it, right now. Perhaps at some point in time, you might be willing to buy it and therefore, it is now very convenient to just keep track of an item’s changes.

 

SELLER SNIPPETS

In our last beta release, we introduced chat snippets. These are small pre-defined texts which you can use while chatting. Our first set of snippets was geared towards making it easier for buyers to communicate. Now, we have added another set of snippets just for sellers. It includes common phrases like “The price is fix.” or “Make me an offer.”. If you’d like find out more about seller snippets, just go to Swapit and post an item for sale. Once you are in a chat as a seller of an item, you’ll be seeing the seller snippets right next to your chat input field.

 

VIEW COUNTS

swapit_marketing-chart-growSwapit is now tracking the number of views and visitors to an item. Users need to have the latest Swapit version installed for views and visitors to be tracked. Hence, if someone with an old version views your item, Swapit doesn’t track that view. So for a short little while – until everyone has upgraded to the latest Swapit version – the view and visitor numbers might understate the actual number of views and visitors.

A view is being tracked each time any user views your item. A visitor is being tracked only the first a user views your item. Both numbers can be very important for the seller. For example, say you have 50 views, but only 2 visitors, then you know that 2 people have your item 50 times in total. If you still haven’t sold your item or no one attempted to buy it, you should know that something is wrong with your item’s presentation. Perhaps the description is not well formed, perhaps the photos are too low in quality, the price is too high, or there is something else. It is always good to check out our Tips for Making a Sale series which gives you practical tips on selling your item faster.

 

MULTI PICTURE SELECTION

swapit-blog_imagesIt is now possible to select multiple pictures from your photo gallery at once. This was one of the most-wanted features ever. We do constantly conduct surveys with our users and during those surveys we usually have a list of upcoming features we’d like people to rank in terms of importance to them. This helps us a lot in prioritizing our release roadmap to ensure, we are bringing features our users are looking for, as soon as possible. While we can’t do all at once, we try to get as much done as possible. We want to make our users and ensure we create the right product for the right people, with the right set of features that makes everyone’s life easier.