What is the business model of Evaly (a Bangladeshi social commerce site)?

Rubalif

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Rubalif

5 min readMay 17, 2021

Evaly: The Rise and Business Model Today (2021)

Evaly: The Rise And Business Model Today (2021) • Rubalif

‘E-commerce’-Most of us nowadays know about it. Severely it’s known as those businesses that are mostly depending online. Such of these manufacturers do their business on website/app/social media.

‘Evaly’ the Short-timed Traveler

Evaly is such an e-commerce platform in Bangladesh. It was developed in December 2018.

Established: December 2018
CEO: Mohammad Rassel
Chairman: Shamima Nasrin
Headquarter: Dhaka, Bangladesh
Available: Website/app

Mohammad Rassel

Rise of Evaly:

A 2019 report from data analytics platform Shared Today, the e-commerce company share news, Daraz was in 1st position holding 68% whereas Evaly was in 2nd position holding 21.3%. In 2 years it reached up to high level and compete with well-established e-commerce sites like Daraz. This e-commerce business platform started its journey through a website.1 year later in 2019, it started its very own ‘evaly’ app.

According to SimilarWeb, In January 2021, Daraz was visited about 5.56M times. On the other hand, evaly was visited for about 10M times.

Evaly’s Visitor

Daraz’s Visitor

Among these, Evaly has successfully entrusted its position among the consumers. In the past year, the e-commerce market size was about 16 crore. But in 2019, it reached up to 560 crores. In 2019, they opened a Facebook group. It reached up to 50k+ in 3month. From September-October, the GMV (Gross Merchandise Value) of evaly was 60crore bdt and the NMV(Net Merchandise value) was about 50crore bdt. During the promotional event, they gained the highest award for crossing the 50k order.

Evaly strategy:

Evaly started its journey with a totally new idea. Their the strategy followed some of the Chinese e-commerce platform like: Alibaba,JD.com, Inc., pinduo.inc etc. Evaly has added new strategies like group buying, cashback facility. These strategies helped this e-commerce to grow quicker than the other platforms..

So they followed these strategies-

1.Group buying:

They followed some Chinese e-commerce company strategies. One of them is group buying. So what is group buying?? In group buying, several customers order 1 product. That products then get a discount offer. Ultimately the customers order more than enough of that product. Thus consumers do a bulk order. They make sure to confirm those orders and even receives the payment also. Then they provide those cash to the manufacturer. Thus the manufacturer can deny the cost of-

1.Warehouse cost
2.Showroom cost
3.Transportation cost
4.Dealer’s commission and
5.Sales person’s salary

Evaly gets its profit in both ways. From the consumers and from the manufacturers. JD.com, Inc., pinduodo inc are some Chinese e-commerce website that follows group buying strategy. Evaly is none other than exceptional than it.

2.Cashback campaign:

Evaly, firstly gave their priority on WWM to promote their business throughout Bangladesh. I’ve already mentioned this term in the following topic. They have produced several offers, campaigns, and so on. The cashback campaign was the most effective one among them. It helped to attract the consumer the most. It is totally a new idea in the e-commerce section.

Let me explain:- Evaly provides consumers with 10–150% cashback offers. After confirming the order and confirming payment you’ll get the cashback offer.

For instance,
You bought a product that cost http://100bdt.In that product you got 100% cashback. Then cashback of 100bdt will be added to your cashback account. In this purchase, suppose evaly got 10% balance profit. Then the consumer will again be going to purchase to finish his/her cashback balance. In his 2nd purchase, suppose he is again purchasing 100bdt of product. And again evaly gets 10% profit from the cashback account. But only 60bdt the consumer can use and 40bdt will be needed to add for that consumer. So here,40 bdt is evaly’s profit. So the neat balance may seem low….but in the end they can continue their money flow to run their e-commerce.

3.WMM(World of Mouth Marketing):

Word mouthing? This term often used in business. So this the strategy primarily focuses on the marketing sector. By doing several promos, mega sale offers huge and continuous advertising in social media or in television or other sources, gift card provision. These all things helped evaly to get customers’ attention. Thus every got its familiarity in a short time. So many campaigns also helped them to grow. But the Cashback campaign was the best among them. I’ve already written about it folks…So, I think I’m skipping this topic here.

4.Several categories of availability:

Evaly emphasized home appliances. That is mostly ordered here. Though they opened other categories like security, travels, electronics, and grocery items also. Thus the other grocery shopping like Shwapno, Meena Bazar found their very own online platform. By that, they could also, receive so many orders from their consumers.

How Evaly gained popularity in such a short time??

I’m going to shortly summarize here about this whole article. Like how did they grow their e-commerce in such a short time?

1.Huge promotional activity
2.New and effective strategy
3.Cashback campaigns
4.Manufacturer’s trusted platform.

The CEO Mohammad Rassel made huge evolution in the e-commerce platform of Bangladesh. Though they faced and are facing several issues like-delivery problem. They are focusing to reduce these issues asap. Even the CEO himself did live in Facebook media and interact with the consumers directly. It helped to gain the trust of their consumers. So they are able to cope up with such of these problems.