LATAM's Cietec launches commerce start-ups
Part of our series with 12aheadon 25 April, 2014 at 10:04
With 13 years in the field, Latin America’s largest incubator Cietec has just launched 7 new tech start ups, two in Brazil’s ever expanding online and mobile commerce sectors. Brazil’s eCommerce sector is growing by a staggering 25% on average each year and is set to be worth $29billion by the end of 2017. The most popular products bought online are services such as cinema and concert tickets and goods such as fashion items and electronics.
Bolsa de Produtos is an eCommerce platform, set up to create a market style atmosphere of haggling, described on its website as a ‘new era of business opportunities.’ Bolsa de Produtos allows buyers to name their price for the goods they want to buy. A search engine then connects them to vendors. The service allows buyers to negotiate and haggle with sellers in real time. When a deal is reached Bolsa de Produtos announces that the ‘deal is made’ and the money is transferred electronically to the respective accounts. At this point, buyers decide whether they want to receive the product, or if they’d prefer to try to re-sell the product for profit. If they decide to re-sell and make a profit, the money can be used to buy other products or can be transferred directly to bank accounts. The Brazilian mobile commerce market grew 657% between 2012 and 2013 according to the Brazilian Chamber of Ecommerce.
With smartphone and tablet sales increasing constantly, shopping apps in Brazil are gaining more and more popularity. Novida is a tablet and smartphone application that allows the retailer to interact with the consumer while they are in the store. Novida gives customers information regarding the location of the product they are searching for as well as offering deals and discounts, sometimes in return for sharing info on products with friends on social network sites