06 Dec '17, 1pm

36-Year-Old Makes $62 Million With Instant Web Flea Market

36-Year-Old Makes $62 Million With Instant Web Flea Market

Yusuke Mitsumoto had a hunch: what if you paid people instantly for their used goods over the internet, with no guarantee that they would hand them over? The 36 year-old e-commerce entrepreneur launched an app in June to test the idea. It worked better than he imagined; after 16 hours, he was stunned to discover he was on the hook for 360 million yen ($3.2 million) and shut the service down. A day later, truckloads of clothes and electronics gadgets started to arrive, with his startup’s employees forming a bucket line to move packages into his company’s tiny office in Tokyo. All told, less than 1 in 10 second-hand-goods sellers didn’t deliver as promised. That was good enough for Mitsumoto, who relaunched the service, called Cash, in August as a new way to gather inventory for an online flea market. Total daily purchases are capped at 10 million yen, and are limited to sma...

Full article: https://finance.yahoo.com/news/now-paid-instantly-old-rol...

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