Aminul Islam is the founder and CEO of AyyKori Digital, a fast-growing cashback and affiliate marketplace based in Dhaka. In this interesting conversation with Aminul, we discuss the origins of AyyKori, the challenges faced in the early days, the current state of the business and future plans, and the lessons he learned about AyyKori's growth strategy and organizational structure. His journey so far, mistakes founders should avoid, his favorite books, and more.
Future Startup: Thank you for agreeing to this conversation. Please tell us a little about yourself and your journey to founding AyyKori. How did you come up with the idea and get started?
Aminul Islam: I'm Aminul Islam, founder and CEO of AyyKori Digital Ltd. I come from a lower middle class family where every penny counts. I was fortunate enough to major in marketing and HRM at the business school of a major private university. After that, I worked for a major marketing agency in the country, and then a major e-commerce platform.
During my time as Affiliate Marketing Lead at an e-commerce platform, I realized that cashback and affiliate marketplaces play a key role in contributing to the global e-commerce market, accounting for a significant share of 15-20%. I noticed that there was.
One of the reasons why our e-commerce industry is not reaching its full potential is the lack of such platforms and lack of knowledge about affiliate marketing.
So, together with AyyKori, we embarked on a journey to empower local businesses by increasing sales through cashback and affiliate marketing channels.
Future Startup: What went into building your first operation? How did you raise the initial investment and other resources to get started?
Aminul Islam: To launch AyyKori's first platform, the three co-founders pooled together their initial investment savings. Our main objective at that stage was to create a website where users could explore different brands and participate in simple affiliate marketing.
At that time, there were no employees. We, his three founders, worked on building the foundational technology and partnerships.
The early years were a melting pot of challenges and triumphs. Considering that recent fraud cases in the e-commerce sector have caused widespread skepticism among consumers, we will overcome challenges such as convincing customers to trust his cashback offer. There was a need.
Building the technology from scratch was another hurdle, as we aimed to be the first and only platform to work with over 100 local brands. This meant building everything in-house.
Building partnerships with brands was also a challenge. It took a lot of dedication and effort, especially integrating technology into our platform and getting brands to trust us.
None of these challenges were easy. We continue to face some of these challenges every day. But we stayed true to our aspirations, and that unyielding determination served us well in overcoming many of these challenges.
Upcoming startup: Please tell us about AyyKori's business model. What are your products and services? Who are your customers? What is your pricing model? How does AyyKori make money? What is your largest cost center?
Aminul Islam: AyyKori offers great sales and cashback benefits to shoppers. We offer exclusive discounts and cashback on purchases across a wide range of brands.
Additionally, our network of affiliate marketers helps brands connect with customers and ultimately increase sales. Our services are useful for everyone, from students to housewives.
We work with both local and global brands who want to connect with a diverse customer base.
Our pricing model is transparent and easy. It's completely free for shoppers, and brands only pay commissions on sales actually made through our platform.
Essentially, AyyKori aims to create a win-win situation by making shopping more rewarding for customers and marketing more efficient for brands.
Our revenue comes from several sources. When a customer makes a purchase through our platform, brands pay us a commission. We also offer brands the opportunity to promote their products and increase awareness through our platform, for a fee.
Our primary cost centers include technology, marketing, customer support and brand partnerships. We invest in developing and maintaining our platform to provide a seamless and user-friendly experience for our customers. We invest in advertising and promotions to attract and retain customers. Our dedicated customer support team provides first-class support to ensure you have a pleasant shopping experience. Finally, we establish and cultivate strong relationships with brands to offer our customers a diverse range of products and special deals.
Our ultimate goal is to balance revenue generation with providing our customers with a great AyyKori experience.
Future startup: Please give us an overview of your business today. How big is your business? – What are your current user numbers, revenue numbers, geographic locations, etc.?
Aminul Islam: Our company has achieved consistent growth since its founding. Currently, over 50,000 users have registered. Our monthly sales have been consistently increasing and are over 500,000 BDT. Notably, our average order value (AOV) of $25 is above the industry average for e-commerce transactions.
Our current focus is on Bangladesh, but we have ambitious plans to expand into Sri Lanka and Nepal later this year.
Our strong user engagement and sales growth have positioned AyyKori as a promising player in the market.
Startups of the future: How does marketing and distribution work?
Aminul Islam: We use several strategies to reach a diverse audience and increase brand awareness. Our distribution and marketing strategy includes various channels such as paid advertising, offline activation, telemarketing, and social media marketing.
Currently, user sign-ups are up 30% month-over-month, indicating increased interest and engagement on our platform. We are continually refining our strategies to sustain and accelerate this growth trajectory.
Future Startup: Please tell us about how Ayykori operates and its operational structure.
Aminul Islam: We have dedicated teams such as marketing, brand onboarding, and technology teams to support various operational pillars. We operate with a structure that fosters collaboration and efficiency.
Our operations are structured to focus on key functional areas, ensuring a holistic approach to our operations and fostering collaboration and efficiency.
Today, we are a team of 12 full-time professionals, each contributing their expertise to drive AyyKori's success.
Our work culture is characterized by agility and an open-door policy, fostering a collaborative and supportive environment for our team members.
Future startup: What are AyyKori's main challenges today?
Aminul Islam: AyyKori operates in the dynamic environment of cashback and affiliate market and has pioneered and pioneered the industry in Bangladesh.
Our competitive advantage stems from our commitment to user satisfaction.
We've built an easy-to-use platform, exclusive partnerships with over 100 top brands, and a unique Glocal app approach. And finally, our founder has valuable industry experience in his e-commerce.
One of the big challenges for us is navigating the technology integration process with our brand partners. Moreover, getting users to explore and adapt to new platforms remains an ongoing challenge.
Future startup: What are the company's short-term priorities and long-term vision?
Aminul Islam: In the short term, our priorities are to overcome technology integration challenges and increase user engagement.
Our long-term vision is to be the catalyst for cashback and affiliate marketing in South Asia, empowering individuals financially and transforming regional markets.
Future Startups: This was the last question regarding AyyKori. I have some short reflection questions. Three mistakes I want other founders to avoid.
Aminul Islam: Avoid advisory stocks: Be wary of advisors with advisory stocks. Align your interests carefully.
Use what you have: Start now with the resources at hand. Waiting for perfect conditions can be a big mistake.
Trust but verify: Don't rely entirely on others to meet deadlines. You should always have a contingency plan in place.
Future Startup: 5 books I would recommend to readers.
Aminul Islam:
- zero to one
- lean startup
- Individual MBA
- It's the best
- blue ocean strategy
Future startups: 3 lessons learned as a founder.
Aminul Islam: Belief in good work: Maintain your belief in the value of good work, even in difficult times.
Pursue tenaciously: Pursue tenaciously toward your dreams and goals.
Getting started is the hardest part. Starting a venture is often more difficult than completing a task.
Future Startup: How do you feel about life, considering it is short and fleeting?
Aminul Islam: Given that life is short and fleeting, my advice is to live with purpose, prioritize meaningful connections, and embrace the journey rather than the destination.
The brevity of life emphasizes the importance of having a positive impact on others and making every moment count.
