She did her research!
Melis' success is greatly attribute to her diligent research. For example, she learned that of Turkey's population of more than 80 million, half of them are under the age of 30. She also learned that ecommerce in Turkey is growing at about 30% each year, and there are 20 million women online in Turkey and 23% of them are receptive to second-hand fashion retailing.
This information helps her greatly when it comes to pinpointing which customers are more likely to buy from her web site, and so her average order is for $30 or more - twice the amount of the average online order value in Turkey.
How she funded her business
Funding is always a challenge for women entrepreneurs, and it is particularly difficult for Esin who explained that the idea of a second-hand fashion store was unheard of in the Middle East. Yet she was able to generate interest in venture capital firms in Dubai and Europe to help fund her business.
In June this year, Modacruz, has raised $2 million in a Series B investment round led by Middle East Venture Partners (MEVP), who is the leading venture capital firm in MENA. She plans another investment round that will enable her to expand.
Changing a culture
Another accomplishment Esin is proud of is in changing the mindset of women in Turkey regarding buying online second-hand fashions. She knew Turkish women loved brand names and luxury fashion items, and so in just three years she has "succeeded in turning this around and convinced hundreds of thousands of women to try second-hand from first-hand.”
She is very positive about the influence she has made among Turkish women, and is very grateful for the funding she has received.
To see the complete line of second-hand fashion items from Modacruz, visit www.modacruz.com
