ON the first anniversary of its online portal, “Iskaparate” dot-com operator Maybridge Finance and Leasing Inc. (MFLI) cited the expansion of its equity structure and network.
“’Iskaparate’ has now acquired a life of its own after a number of shareholders bought common equity in the company. Maybridge remains a common shareholder though and its executives concurrently manage Iskaparate,” MFLI Founding Chairman Joey C. Bermudez told the BusinessMirror.
According to the Bermudez, when they launched the portal in September 2020, they started with 33 micro-entrepreneurs from the Kabuhayan sa Ganap na Kasarinlan Credit and Savings Co-operative, “primarily as a short-term response.”
The former Philippine Veterans Bank official said “Iskaparate” (show window) has now 15 partner organizations that have a collective membership of 250,000. These organizations include the following: Angat Buhay Program of the Office of the Vice President; the Samahan ng mga Nagkakaisang Pamilyang Pantawid (a nationwide association of 4Ps beneficiaries); Jaime V. Ongpin Microfinance Foundation; and, the Legazpi City-based Simbag sa Pag-Asenso. Moreover, it also pursues recruitment of members, referred to as a “Nanay” (mother), through social media marketing.
To broaden the members’ market reach, Bermudez said Iskaparate will be pivoting into a new platform in two months. He said the platform will be powered by one of the biggest e-commerce players in the world. Bermudez declined to identify the name of the company.
“With the move, the platform will now acquire an ‘Add-to-Cart’ capability, thereby giving the [members] an e-commerce option,” Bermudez explained. “The new platform will have a more robust analytics module that will enable Iskaparate to get a better understanding of consumer preferences, buyer demographics and purchasing behavior.”
He emphasized that the Iskaparate ecosystem is being enlarged and deepened to enable the members, with their unique profile and economic circumstances, “to perform well on the platform.”
Bermudez added they are currently conducting discussions with major “fulfillment providers” and payment processors to expand the options available to the sellers. He further said they have also formed a team whose members would coach members. Capacity-building sessions would start on October 2, according to the executive.
“There are conversations with financial institutions including two major thrift banks to open up transaction financing opportunities for the members,” Bermudez added.
Starting with selling 200 products during its first year, Iskaparate now has over 2,000 products on the platform. It has also expanded its group into 12 online selling events.
Bermudez said their 5-year target is to have 100,000 vendors and 1,000 products.