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Alec Oxenford : Co-founder & Former CEO of OLX

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Alec Oxenford, born and brought up in Argentina, is an entrepreneur and a technology enthusiast, who has the credits for the establishing the foundation of some multi-billion projects. The native of Argentina, Oxenford completed his graduation in Business Administration from the Pontifical Catholic University of Argentina, and later, joined Harvard University to pursue a master’s degree in the same stream.

Career

As soon as Oxenford completed his education, he started working at Boston Consulting Group. After working for six long years with the same company, Oxenford gained more skills and experience and founded DeRemate, an online consumer-to-consumer trading platform in Latin America, that was later acquired by eBay in 2005.

The time he was successfully running DeRemate, he also co-founded DineroMail.com, a popular payment platform in Latin America, in March 2003 and was associated with the same till December 2010.

Founding OLX

In 2006, Oxenford joined his hands with a French native and angel investor, Fabrice Grinda, to co-found another internet-based platform, as a Craigslist alternative for the world outside of the United States, OLX, a free classified for advertisements. Both were assigned the position of the CEO of the company. The idea was new, and there were not many supporters for the same. But, Oxenford and his partner were quite confident about it. The two came to the conclusion that first, they must test their portal in a native place or a developing country, to properly endorse its services. Hence, they first launched OLX for the people of Argentina, and then in a country overseas, i.e., India.

alec oxenford
Image Source : fortune.com

With good marketing techniques, it became popular in India in no time as a platform to online sell the second-hand items, and the goods that were no more required. Currently, OLX operates in 45 countries, with 330 million users and 60 million listings a month, becoming the largest online classified ads company.

In 2006, OLX acquired Mundoanuncio.com, another classified site to target the Hispanic market, and also invested in a Chinese classifieds site Edeng.cn, in 2007. It also started a partnership with Friendster, in 2008, and social network Hi5, in 2009. The website was modified with the social network widgets, improved search, Ajax-based editors, interactive maps, and mobile versions, with the addition of Web 2.0″ features to it, in 2008.

In 2010, the South African group Naspers acquired OLX, Oxenford remaining CEO through 2014, and Grinda remaining CEO until 2013.

In 2014, Oxenford left OLX and started working on his next project. In 2015, he co-founded another online buying and selling platform, this time especially for the mobile marketplace, named letgo. In the year 2017, the annual revenue of letgo was $375 million and confirmed for the first time that the company had a $1 billion valuation.

Personal Life

Oxenford has been an art lover and has collected various art pieces from around the world. He is also in writing and has spoken at Jóvenes Líderes in 2010, the Web 2.0 Conference in 2015, Red Innova in the years 2014, 2015, and 2016, Art Basel in 2016, and ArteBa in 2017. He was elected as the Young Global Leader by the World Economic Forum (2006-2011) and also received the CNN Internet Leader Award in 2001 and the Entrepreneur Award in 2003.

Walmart to Replace Apple as No. 3 Online Retailer in the U.S. by the End of 2018

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According to a report released on Friday, Walmart has overtaken Apple as America’s third-largest online retailer. Last year, Apple was at the third position, after Amazon and eBay in the list of the top retailers of the U.S. with 3.8% share in the total online sale (2017). Due to a decrease in the sales of Apple’s smartphones and electronic devices this year, Walmart was successful in surpassing Apple and taking over its position on the list.

walmart
Image Source: pymnts.com

The eMarketers had estimated a boost in the sales of Walmart that it will have approximately 3.7% of the share in the online sales in the U.S., but as the Walmart’s online business is growing quickly, its share in the total online sales of the U.S., raised to 4 per cent. Apple managed to get only a per cent rise in its online sales from the previous year, i.e., 3.9 per cent. It is expected that the growth in the sales of Walmart would grow by 39.4 per cent, just behind the sales growth of Wayfair, that is expected to be 40.1 per cent, by the end of 2018.

The latest prediction by the eMarketers shows that by the end of the year Walmart will capture $20.91 billion online retail spending this year. Walmart, itself, had also reported its third-quarter profits with revenue of $124.9 billion, 1.4 per cent up from a year ago. The company has seen a rapid growth in its sales due to its efforts through every means.

Wallmart has adopted the right technology to ensure a better customer experience, providing them with an omnichannel platform to use all its services. The app provided by Wallmart helps in easy shopping as well as let them track their orders and locate the items in the store using digital maps. In the holiday season, it has also got rid of the $35 fees for its two-day delivery and has offered no-delivery charges for other delivery options. After Wallmart, the two-day delivery service has also been adopted by Amazon for its festive-season sales.

Walmart U.S. CEO Greg Foran said, “We can provide a much better customer experience because we are in stock of the right item, at the right time at the same time it is going to help us be much more precise.”

The tech giant, along with its online retail business, is also planning to raise outlook of its physical stores to increase up to 3 per cent share in its sales for the fiscal year 2019, targeting the same years earning up to $4.65 to $4.80 a share.

Alibaba Smashes its own Last Year’s Single’s Day Sales Record

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Amazon and Flipkart broke their own previous records of sales in the past festive season sales held before Diwali. But, with the 10th annual Chinese shopping bonanza Singles’ Day, the Chinese internet business giant Alibaba group has made e-commerce history, after it generated a record $30.7 billion in only 24 hours.

Alibaba
Image Source: foshansourcing.com

The biggest sales day of China celebrated on 11/11, recorded a 1 billion sale in the first 1 minute and 25 seconds. Alibaba’s Single’s day sale aka the double 11, is the biggest e-commerce sale in the world. On the 11th of November, as soon as the sale started, at midnight, people were buying things from milk powder to iPhones on the website.

Alibaba.com is the biggest dominating e-commerce marketplace, in China, and it is also planning to expand to other countries as well. The Single’s sale is a month-long event that peaks on November 11, and this year it has surpassed its own record of last year’s sale. Last year, it had earned $24 billion in just short of 16 hours. Despite the highest sale this year, the growth rate fell from 39 per cent to 27 per cent, by the end of the day.

Almost ten years ago, the Alibaba group started the Single’s Day sale as a novelty student holiday to celebrate being single and treat themselves through retail therapy. But, in the past ten years, it has become China’s biggest shopping festive season sale. Although most of the Chinese public did not show much interest in the 2018’s Single’s Day sale, Alibaba was still able to surpass the total earnings of Black Friday and Cyber Monday sales (2017) combined.

In 2015, Jack Ma the founder of Alibaba Group had shown an interest in making the Single’s Day sale open at a global level, and also, organised the first non-Chinese Single’s Day in Russia, tiny Hong Kong and the US, last year. The sale mostly included the purchase of mobile phones, wool coats and knitted sweaters. This year, the sale was also organised in South Korea, U.S. and Japan, where the purchase of the same items has been recorded.

Ronaldo Mouchawar : The Biggest Online Retailer in the Middle East

Founder, start-up, Story, Tech Story / By

Starting a business is itself a huge challenge and starting in a sector dominated by giants just makes the challenge double-fold. Amazon, undoubtedly, is one of the leading e-commerce company today. It has expanded to almost every part of the world and has become the top e-commerce company.

With a fierce competition already present in the market, a man decides to start his own e-commerce venture, in the middle-east, and just within a year, reaches maximum people in the country. The website was named Souq.com and co-founded by Ronaldo Mouchawar. How he became the most successful self-made businessman? Let’s get to know more about him.

Early Life

Ronaldo was born in Aleppo, Syria, to a merchant father. His father’s business became an inspiration for him to name his e-commerce site. Mouchawar went to Northwestern University in Boston to earn a Master’s degree in digital communications and a Bachelor’s degree in electrical and computer engineering from Massachusetts in the United States. Initially, Mouchawar took a job at the Boston engineering firm. He also worked as a technical and systems consultant in the technology and business management sector at the Electronic Data System (EDS).

Entering into Start-Ups

After completing his education, Mouchawar joined Maktoob, the first successful web portal in the Middle East. He was not quite fluent in English and Maktoob was not looking for the fluent ones. As the web portal was gaining attention and becoming popular in the country, Mouchawar realized the potential of e-commerce business and wanted to create a separate commerce-only website.

Then, in 2006, he started a website called Souq.com. The word means ‘market’ in Arabic and Mouchawar’s hometown, i.e. Aleppo was famous for its souqs. The company was set up in Dubai as UAE had a larger population of young people and could prove a very profitable marketplace for an e-commerce website.

ronaldo mouchawar
Image Source: webit.org

Initially, Souq was launched as an auction website which later was diversified into an automobile and real estate. The business grew pretty quickly and was getting popular. Mouchawar expanded the business to Saudi Arabia and, by the end of 2009, Souq became independent of Maktoob. At that time the website was witnessing 3 million UAE dirhams worth of auctions i.e. the US $1 million.

There was also a time when smartphones were entering the market and more and more people were shifting from their laptop to smartphones. As Souq was available only for the desktops and there was no app developed for it, further growth of the business seemed to be limited. Mouchawar took a smart decision and quickly adapted to the changing technological era. And in 2012, Souq launched its first app. Today, more than 70% of purchases are done using smartphones.

Next big change was introduced in 2010. With Wisam Daoud joining as CTO, Mouchawar decided that Souq would no longer run auctions and classifieds. The company, at that time, had 80% business from the auction and 20% from fixed price. But in May 2010, they closed the auction site. Initially, the company lost most of their transaction but they made for it in around six months and also doubled its revenue each quarter.

Mouchawar, in 2014, launched ‘White Friday’ sales which coincide with the ‘Black Friday’ sale in the US. He explained that ‘Black Friday’ does not make cultural sense in Arab as Friday is the traditional day of prayer. The sale received a thunderous response and raised more than $275 million. At the time of its next White Friday Souq had doubled its sales and witnessed 13 million visitors and around 600,000 products sold during 25th-28th November.

In March 2017, Amazon acquired Souq by paying $580 million in cash.

Personal Life

Ronaldo Mouchawar has received a number of accolades including Gulf Business Industry Awards CEO of the year in 2013 and Entrepreneur of the Year award in 2015. He currently lives in Dubai, UAE.