How one founder created a marketplace with over 50,000 happy customers

In one line, what do you do and what is your most significant achievement?

At SellUp, we provide a platform for individuals to sell their pre-loved electronics easily. Our most significant achievement is reaching over 50,000 happy customers who've successfully sold their devices through our platform.

Who are you and what business did you start?

I am the co-founder and CEO of SellUp (www.sellup.com.sg), a platform that enables individuals to sell their pre-loved electronics quickly and effortlessly. Our goal is to provide a seamless and reliable solution for people looking to sell their used devices in a safe and convenient manner.

What's your backstory?

I am passionate about technology and driven to create solutions that make an impact on people's lives. Growing up, I was fascinated by electronics and the endless possibilities they offer.

In 2007, I was presented with the opportunity to start my own business in the electronic retail sector. As I immersed myself in this venture, I couldn't help but notice the rapidly evolving landscape of technology and the mounting pile of discarded electronic devices.

This realization led me to envision a platform that could bridge the gap between individuals wanting to sell their used electronics and those seeking affordable, pre-loved gadgets.

With the vision of creating a platform that could facilitate this exchange, I set out to create SellUp. Together with my co-founder, Liu Xiaoyu, who shared the same passion and vision, we came together to build a user-friendly, secure, and sustainable marketplace.

What should be the first steps to take to enter your industry?

To begin, we focused on identifying the pain points experienced by sellers and buyers in the second-hand electronics market. By researching and speaking with individuals in the industry, we gained valuable insights - from concerns about the safety and transparency of transactions to uncertainties about the selling process.

How did you spend your First 100 Days of launching your business?

We conduct thorough market research to understand the current landscape of the pre-loved electronics industry. Identify key competitors, their strengths, and weaknesses. Analyse customer preferences, demand, and pricing trends.

This will help us identify opportunities and gaps in the market that we can leverage. Also, we speak with vendors about the challenges they face when purchasing used electronics. As a result, we can create tools that help our vendors reduce transaction friction.

Since launch, what has worked to attract and retain partnerships/customers?

We focused on creating a user-friendly and intuitive platform that provides a seamless experience for both sellers and buyers. By simplifying the selling process and ensuring secure transactions, we gained trust and loyalty from our users.

We also actively sought out collaborations with trusted secondhand dealers in the electronics industry. These partnerships allowed us to expand our buyer network and offer a competitive offer for used devices.

What has taken you from 0 to 100?

We never stop learning and improving. Continuously optimizing our platform, implementing new features, and staying ahead of industry trends have allowed us to remain competitive and relevant in the market. We actively listen to customer feedback, address their concerns, and prioritize their satisfaction in every aspect of our platform.

It is far from what we want to achieve, but we will continue to evolve and add more value to our customers.

What is one underrated thing in your industry that business owners should start doing/using?

Business owners need to understand their priority and be willing to say ‘no' to unnecessary responsibility. They often have too much on their plate and end up losing focus. Business owners need to align their actions with their priorities and avoid distractions. This helps avoid burnout and maintain a healthy work-life balance.

What was one failure you had to go through that others in your industry should look out for?

You have to discover what is the bottleneck in your business model and decide early if it can be solved. If you do not have a good solution for it, it would be better to dedicate resources to more likely-to-succeed projects.

In our own entrepreneurial journey, we faced a significant roadblock approximately six months into running our initial business model. The challenge arose due to the heavy capital investment required, hindering our ability to scale further and reach our full potential. It was a pivotal moment for us, demanding a strategic shift in our approach.

In hindsight, we could have addressed our bottleneck earlier to save time and resources.

What platform/tools do you use for your business?

● Quickbooks - Finance

● Wordtune - Writing

● Ahref – SEO

● Google Analytics – SEO

● Trello – Task management

How are you doing today and what does the future look like?

We have grown our revenue by 200% year-over-year and our transaction volume has increased 50% in 2022 as compared to the year before. The company will continue to expand its product categories for consumers to sell and expand its network of buyers. With each device we help recirculate, we reduce resource consumption from the earth so that future generations can enjoy a sustainable future.