LOKEIN

Malaysia's Prime Online Marketplace

COMPANY DETAILS

Seventeen Network Services Sdn. Bhd. (1295843-X) is a private limited business entity which has four co-founders, three of which is an original members and one additional member. We are an e-commerce tech based company where we developed and operates an online marketplace platform website/application known as Lokein and it is our product of service.

Lokein is a high-tech, interactive and highly secure online marketplace, yet very easy to manage, specially designed for vintage and used item enthusiasts.

The product of service of Seventeen Network Services Sdn. Bhd. is named as LOKEIN which is an online Community Marketplace Platform (Share Economy Model) for used-item industry or also known as bundle community. Since the smartphone and internet revolution, Malaysia’s online used-item industry is BOOMING but SUFFERING with a lot of problems and issues in their daily trading activity happening basically on social media platform which made them in desperate need of a secured place for trading. On the other hand, is due to the fact that Malaysia has the most online shopper in the South East Asia region.

Problem:

Malaysia’s online used-item industry is booming but suffering. Used-item community primarily uses social media platform as the main medium for business which has huge problem in terms of security and system. Current used platforms is lacking of proper automation system for business making it hard to organize items assortment, no search engine, difficult to manage inventory thus users may have to carry out business manually which has become the main obstacle for them to grow big economically. Security wise, it is very inconvenience and it involves unsecure payment processing that leads to high risk of fraud and even worst, zero protection for both buyers and sellers.

Solution:

LOKEIN's aim is to provide a high-tech, interactive and secure online marketplace platform for used- item community integrated with few options of convenience payment gateways as well as to provide a fraud protection scheme for both parties. LOKEIN will provide an easy-to-manage full automation system that allows users to buy and sell anytime, anywhere. It will come with a complete inventory sale management tools to assist vendors in their business growth. In addition, LOKEIN renders a few choices of selling methods that meet the industry’s needs as well as special customization and personalization features.

Market Size:

Our target market segment consists of bundle community (initial target market) and other categories community (started to target on month 7 onward). Based on benchmark and assumptions made according to Internet Users Survey (IUS) 2017 by MCMC, the expected prospect for these two groups is equal to 4.2 million prospects with RM1,488,000,000.00 traded value (Market Value). With expected 30% market penetration by end year 1, our total Serviceable and Obtainable Market (SOM) will be 1.8 millions prospect with RM314,000,000.00 Gross Merchandize Volume (GMV).

Management team:

1. Wan Mohd Hafiz bin Wan Idris – The CEO who is the master mind of the business as well as the operation director who is responsible for the planning, executing, coordinating and controlling the production of service. A Bachelor’s Degree holder in Mechanical Engineering graduating from Universiti Teknologi Petronas, Wan Mohd Hafiz has 10 years of experience in e-commerce business and 15 years of experience in used item industry, 500k revenue/year on current operated business. With his expertise and high degree of skills incorporate with entrepreneurial mind-set, he is often drawn to opportunities, innovation and new value creation.

2. Nor Ashiqin Aiman binti Roslan – Chief Administration Officer (CAO) and customer care service manager. Her responsibility is to support operations by supervising and supporting staffs as well as planning, organizing, coordinating and controlling the function of the business organization. Also to oversee and supervise the provision of customers care with information to address inquiries regarding services as well as to resolve any customer complaints. A Bachelor’s Degree holder in Pharmacy from University Technology MARA, Shah Alam with 4 years’ experience as a management representative of quality management system (QMS) along with managing, problem-solving, decision making and communication skills.

3. Nur Hafizi bin Abdul Majid – Chief Marketing Officer (CMO) as well as the Creative Team Officer who is responsible in developing, implementing and planning strategic marketing plans. Additionally, he is responsible to create creative marketing contents and to manage marketing activities. He studied in Mass-communications course in Universiti Teknologi MARA. Hafizi owns 6 years’ experience in ecommerce business and 15 years in used item industry with comprehensive knowledge and great connections in used-clothing industry.

4. Mohd Zaidi bin Mohd Zuki – Head in Trust and Safety department and Customer Service Specialist who leads a team responsible for protecting LOKEIN’s users from fraud and ensuring trust in LOKEIN’s services. He is accountable for overall T&S strategy development, process development and technology implementation. He possesses 7 years of experience in which responsibility mainly on web store development, store maintenance as well as keeping the database of inventory. Monitored and dealt with many types of marketplace abuse, Mohd Zaidi highly understands the behaviour of users on e-commerce base business.

5. Mohd Faizul bin Mohd Ghazi - Chief Technology Officer (CTO) who is a forefront of LOKEIN’s technology and the Head of Development team of LOKEIN online marketplace. He is responsible to ensure that the technology team able to contribute to the planning of all system’s technical aspects, development, implementation, control, testing and maintenance of resources and the system. 14 years experience in IT, skilled in management, android development, Arduino, programming, and Respberry Pi, software, web site development and server deployment.

Advisers:

Outside of our management team, the opinion we trust the most in terms of financial wise belongs to Mr Roslan Khairuddin, whose experience brings up to 25 years in banking industry dealing with commercial and corporate loan. Holding Banking Studies Diploma from MIT, he owns 15 years of experience in financial advisory dealing with Unit Trust and Takaful.

Another adviser we strongly believe in his opinion in terms business development is Mr Rusli Mohamad Nor, whose experience brings up to 25 years with leading Malaysian conglomerate as head of soils and materials testing, Project Director for Highway upgrading project, Head of Expressway Facilities Management, International Project Team leader and Head of Regulatory Management.

Company background and history:

Seventeen Network Services Sdn. Bhd. (1295843-X) is a private limited business entity which has four co-owners, three of which is an original members and one additional member. The four owners act as a Director as well and are as follows:

1. Wan Mohd Hafiz Bin Wan Idris – Founder.
2. Nor Ashiqin Aiman binti Roslan – Co-founder.
3. Nur Hafizi Bin Abdul Majid- Co-founder.
4. Mohd Zaidi bin Mohd Zuki – Co-founder.

The original company was a sole-proprietor business registered under the name of Seven Symphony Enterprise (IP0334492M) which was initiated by principal owner, Wan Mohd Hafiz bin Wan Idris. Our company has been running an ecommerce business since 2010 on international marketplace platforms such eBay and Etsy and has become as a small service provider 2 years later to help local used clothing retailers to sell their products in our stores to penetrate international market. Until date, we have numbers of retailers, 2 big companies in the industry and 2 permanent partners which consistently consign their hundreds of premium items to us. Average revenue per month is RM45,000.00 as we are bound to the platforms’ policy and high take rate fees. The owner and the partners are also active users in local bundle groups in Facebook where they found out that there are too many business problems occurring within the community and due to that, a lot of retailers are waiting for us to open more slots for consignment. With these potential and confirmed clients, we plan to develop our own online marketplace platforms to create opportunity for them to explore international market themselves. Collaborating with the partners, SSE is later reformed into a private limited company under the name of Seventeen Network Services Sdn. Bhd. and funding raised to date is RM95,000.00.


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