Swapping is not just something that happens around Christmas time. It can take place throughout the entire year. If there is something that you don't want and someone else has something you want, then you have an agreement to trade or what Petros Georgopoulos, the CEO of Swapdom calls swapping. The site dubs itself as a “new way to find one-of-a-kind secondhand items.” Users can visit the site, “request items they love, tell Swapdom what they'd offer in exchange, and then sit back and let Swapdom organize a multi-person swap for them.”
Hearpreneur had the opportunity to speak with Georgopoulous about Swapdom, swapping and advice that he has for business owners and entrepreneurs.
Why did you start your business?
We started Swapdom because we feel that swapping would be a fun and cost conscious alternative to shopping, if only it could be made more efficient. This is our contribution; we managed to make swapping incredibly efficient and simple by providing multi-party trades.
What is “swapping” and why do you think it's so attractive?
The classic form of swapping where two swappers attempt to exchange items with one another is rather inefficient as the chances of each person wanting what the other one is offering at the time are rather slim; sizes differ, tastes differ, etc. Moreover even if they find two fashion items to exchange, the two swappers enter a bargaining situation where they have to mutually agree that it is a fair exchange. Swapdom is unique in featuring multi-way swapping, and changes your perception of what swapping is. It is a fundamentally different experience. In Swapdom’s multi-way swaps, you focus only on what you want without caring what the owner of that fashion item wants! And it is totally up to you what fashion items you offer for the items you request. The next thing you know is that Swapdom tells you that you are placed in a group of swappers where you can get one of the items you have requested by giving away one of the items you offered for it. Swapdom is the only swapping site where you can get exactly what you requested for exactly what you offered without bargaining. And all that for the cost of shipping plus a small fee. It's so attractive because it's better all around—it saves money, saves the environment (less textile waste), and has countless other benefits too. The same principle can be applied to other aspects of business as well.
How did you come up with your business name?
We wanted to have a brand name that stood out but still showed what we are all about. Swapdom conveys our key pillar–swapping–and also is memorable and works great for an online platform.
What advice would you give to entrepreneurs thinking of starting a business?
Be sure of yourself and your product and be prepared for a lot of hard work and fun to match. Surround yourself with a good team (at Swapdom we have team members across the globe), don't be afraid to network, and make the most of the latest technology. We've had a lot of success spreading the word about Swapdom through collaborations with bloggers, media outlets, and our own efforts, such as our always updated blog and social media pages.
Do you have any big features on the horizon that you are working on?
We just launched a kids and baby gear marketplace where, through our unique algorithm, it's now easier than ever for parents to swap unwanted items and land great finds in return. We also have a Swapdom app in the works that should be available soon!