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Limundo has its own currency - Virtual money for online shopping
Thursday, 10.02.2011.
16:13
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eKapija web portal will again this year present Aurea awards to the best investors in 2010 in late March. As the new cycle is nearing, we have visited the companies whose projects were shortlisted for last year`s awards to see how far they have gone with the development of their businesses.
For Limundo, the most successful auction website for physical persons in Serbia, the year 2010 was more than successful. They launched the portal www.kupindo.com, which enables people to buy and sell items at fixed price. In less than a year, the number of articles in Kupindo's offer has reached 150,000 and the portal has made it to the list of 100 most visited websites in the country.
On the other hand, the parent website - Limundo.com, has increased its sales by 100%.
As Olga Maksimovic, the Marketing Director at Limundo, says in a statement for eKapija, the number of visitors has grown 3.5 times, while the number of views of the pages on that website have "leaped" from 20.8 million to 73.9 million.
All these visitors have certainly been attracted by the diverse offer of this auction website. Namely, in 2010, the number of items in the offer was quintupled so that over 1 million products were available on Limundo.
Last year, the number of successful auctions and sold products was tripled, that is, the number of such "transactions" grew from 19,801 in 2009 to a total of 65,135 in 2010.
(Limundo team at the 2010 Aurea awards ceremony)
The company's revenue in 2010 grew by 660%, while its gross profit was 669% larger than in 2009. According to the data presented to eKapija by Limundo, that was definitely the reason why the market value of the website grew 2.8 times.
- All these data helped us attract a new round of investments last year – Ms. Maksimovic says for our portal.
Limundo Cash
Guided by the idea that trust is the most important "ingredient" of online trading and that large e-commerce businesses allowing payments and money transfers to be made through the Internet, such as PayPal, has no intention of coming to Serbia soon, Limundo has introduced a new system of payment – Limundo Cash (LC).
LC is a simple system of payment that guarantees the delivery of the purchased item to the buyer in the same condition as described on the website and the payment of the agreed price to the seller.
- The seller offers the option of payment via LC. The buyer chooses that method of payment and pays the price of the item directly to a special checking account with a special reference number. Once the money is on the account, Limundo informs the seller that he or she can send the item. The seller sends the item. Upon receiving the item, the buyer informs Limundo on the condition of the item. Limundo then forwards the money directly to the seller's checking account - people at Limundo explain.
This method of payment is compulsory for juristic persons, while physical persons can choose how to pay.
As people at Limundo explain, the seller has three days to choose the method of payment, while the deadline for the purchased item to reach the buyer is seven days.
- All this is in accordance with law and we also respect the Law on protection of consumers so that each buyer has the right to return the purchased product within two weeks if it does not match the description on our website.
It should be pointed out that the Limundo Cash service is free of charge for buyers. Sellers pay only the money transfer fee charged to Limundo by a bank. The amount of this fee depends on the bank of the seller. Banca Intesa, which was the first bank to establish a cooperation with Limundo, charges the fee of RSD 15 per transaction, while other banks charge RSD 25 per transaction or 0.054% if the value of transaction exceeds RSD 50,000.
In case the buyer does not receive the item or receives it in the condition different than described on the website, Limundo returns the whole amount of paid money to the buyer.
The buyer can also make the payment via e-banking system or via direct postal money order, while the payment by debit cards has not been enabled yet.
J.Đ.
