A stay at home mom trying to make things interesting during a pandemic.
Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

Thursday, August 5, 2021


Carousell is an E-commerce smartphone and web-based consumer company started in Singapore back in 2012.  Since then, it has expanded to 8 countries in Asia-Pacific and North America.  Operation in Hong Kong started in August of 2012; and has since become one of the go-to apps of locals to buy and sell items online.



The app has become ubiquitous with thrift-hunting and a way to earn cash on the side by selling pre-loved items that usually clatters small apartment spaces.  And with the pandemic still raging every where it is a nice way to make cash and get a bargain while staying at home.  Plus, the category of items to sell is varied, that you can list even cars, properties or services like maintenance or repairs.  It’s a simple app that could start your online business hustle from home or expand your existing business’ reach.


My own “love-affair” with Carousell started as a way to dispose textbooks that my kids no-longer needed, ethically.  The money that I got from selling those textbooks were then used to buy second-hand books that they would need for the next school year.  A win-win situation really!


If you’re looking for a way to de-clutter your closet, or just opting for some online retail therapy, download the Carousell app.  Make sure to select the proper region (country) where you’ll do business.

 

Signing Up for A Carousell Account

 

Both sellers and buyers need to create an account in order to interact with each other and make a transaction.  To sign-up from your mobile app, follow these simple steps.





1.      Choose a way to register.  You can register using your existing Google or Facebook account; or create a new account by choosing the Sign up for an account option.

2.      Fill up the necessary details like Username, Password, Country, Region, Email and Mobile number.

3.      Users who sign up using their Google account would receive an email for verification of their accounts.

4.      Verify your account using the OTP (One-time Password) that Carousell sent to the mobile number you’ve registered.

 

Creating A Listing to Sell Items

 

Creating a listing is very easy.

1.      Take a snapshot of the item you’d like to sell.  Make sure there’s adequate lighting and the photo is not blurry.  Take multiple shots of different angles, emphasizing both the good and bad aspect of your item.  This is especially needed when selling pre-loved items.

2.      On the app, click the Sell button found at the bottom of the screen.

3.      Choose the photo of the item you wish to sell.  You can upload up to 10 photos.


4.     Choose a category for your item.  There are a lot to choose from, so make sure it’s the best one as it would increase your chance of selling the item faster.  Each major category has sub-categories underneath them.  Carousell’s AI would also suggest a category based on your photo, or you can type a keyword on the search box.  Here’s the complete list of categories:

a.       Electronics

b.       Luxury

c.       Services

d.       Health & Beauty

e.       Women’s Fashion

f.        Property

g.       Cars

h.       Toys & Games

i.         Home & Furniture

j.         Video Gaming

k.       Men’s Fashion

l.         Kitchen & Appliances

m.     Babies & Kids

n.       Photography

o.       Design & Craft

p.       Antiques

q.       Textbooks

r.        Sports

s.        Pets Supplies

t.        Tickets/Vouchers

u.       K-Wave

v.       J-pop

w.     Food & Drinks

x.       Pre-orders

y.       Looking For

z.       Everything Else

aa.   Travel

bb.   Community

5.     Name your listing by providing a Title.  Make use of keywords or brand names.

6.     Choose the condition of the item. Be honest!  Depending on the category, some only has New and Used as its condition; others have these four conditions to choose from.

a.       Brand New

b.       Like New

c.       Well Used

d.       Heavily Used

7.     Price your Item.  You can have the item For Sale or For Free.  Make sure that you’re pricing your item based on the market and your item’s condition.  Do a research on how much other sellers are selling the same item by searching for it on the app.  Carousell would also suggest a price based on algorithm collated from same items listed and sold on the site.  However, understand that the suggested price is usually low ball.

8.     Give a detailed description of your item.  State its name, brand, specific information about the product, etc.

9.     If you’re selling more than 1 piece of the same product, tap the Show button beside the Optional Details, and tick the ‘I have more than one of the same item,’ radio button.  This would allow your listing to stay open even after you’ve already had an offer for it.

10. Choose your Deal Method.  This is another aspect of Carousell that I really like.  As a seller, I can choose to offer both Meet-up and Mailing & Delivery as option for sending the item to my buyer.  If you tick the Meet-up option, the app will bring you to Deal Location.  Just search for the location convenient for you to do meetups.  Popular locations are MTR stations.  Now you know why there’s so many people standing or milling about opposite exit areas of Mong Kok station!

You can choose more than one meet-up location!

11.  Click ‘List it!’ and you’re done.


To see your listed items, go to Home page and tap the Me icon.  It would show your profile page, ratings that you’ve received, and all the Listings you’ve created.  Items Sold or Reserved have bars on their thumbnail showing the said status.  Listing thumbnails would also show their age—how long the item is listed, the number of hearts (likes) it received and insights.  Click ‘View Insigths’ to see your listings’ 7-day statistic, which includes Impressions, Clicks and Chats, together with a bar graph arrange per day.



Once your listing is active, a potential buyer may then contact you thru the in-app chat or send an Offer.  Offer is the amount the buyer is willing to pay for the item.  It may be equal or lower than your listed price.  Haggle with the buyer if the offer price is too low.  You may also choose to Accept or Decline the offer.  If you Accept, you can place the item under Reserve or Mark as Sold.  If you only have 1 item, it would be a good practice to put the item on Reserve so other potential buyer can see it.



Your next step is to set-up the place, date, and time for the meet-up.  It is where the actual exchange of goods take place.  Be polite and pare your expectations.  State any limitations you might have on the proposed meeting.


Once that is set-up, just arrive at your meeting place on time.  Be in communication with your buyer and always have a smile.


Mark the item as Sold on its listing after your transaction and leave an objective and polite review for your buyer.

 

Tips on Using Carousell

 

·        Remember that most of the users are local and they would chat you in Cantonese.  Do not be afraid.  Just use Google Translate or state in your description that you would like to have the chat in English.

·        Give small discounts for bulk buyers.

·        Cash is king, but you can also offer other payment options like AlipayHK or WeChat Pay.  Just state in your listing that you accept these payments.

·        Update your Profile.

·        Always leave a review.

Tuesday, March 30, 2021


Have you experienced this "error code 10" after BDO updated their mobile app last year?

 

BDO Error Code 10

If you did and can’t still use the app after all these months, I got the solution for you.

 

On your mobile phone, go to Settings, then find the Date and Time Settings. Enable or toggle ON the Automatic date and time setting.

Date and Time Settings
 

That should fix the error.  You can now log-in on your BDO app and use it as normal.


Tuesday, March 16, 2021


Last February 2021, as part of the 2021 fiscal budget of Hong Kong, the government announced a distribution of HK$5,000 (US$645) to all residents and new arrivals 18 years old and above. A measure that would benefit some 7.2 million residents and would cost the government about HK$36 billion.

 

Photo courtesy of www.thestandard.com.hk


The handouts will be in the form of electronic spending coupons, to be distributed in stages of HK$1,000 per month, thru existing e-payment tools licensed by the Hong Kong Monetary Authority.  Primary among those e-payment operators that the government may tap are Octopus, Alipay and PayMe.  The measure aims to invigorate spending and boost consumer confidence, alleviating the impact of Covid-19 pandemic, that has seen a 6.1% decline in the economy.


It would also incentivize small and medium-sized merchants to install e-payment terminals in their establishments for them to benefit from the consumer activity the scheme would produce.


The government chose electronic payment for security and swiftness, after 80% of the applicants from last year's HK$10,000 handouts were made online.


As of this writing, the application guideline and where to apply for the e-vouchers has yet to be announced. However, it is eagerly anticipated by all, especially those that did not qualify from last year's handouts.


Related Government Link: Consumption vouchers set


Tuesday, February 9, 2021

Saving is always a good exercise, and with that a bank account. There are plenty of big banks here in Hong Kong. HSBC, Standard Charter, Citibank and Bank of China are some of the biggest bank here.

I opted to open an account with HSBC to have access to their 12-in-1 currency and investment account, called HSBC One. Imagine, only one account, but you can deposit at different currency like USD, CNY, JPY, etc. That would also mean, you can withdraw funds at those notes when traveling in other countries.
Here's a run down on the requirements so you can also open your account.

Documents
HK Identification Card (HKID)
Passport
Proof of Billing - as recent as last 6 months

Fund
There's no minimum to open an account. You can open for as low as 10HKD.

Age
Adults, those above 18, can open a 12-in-1 account. This comes with an ATM. You may also add a check, if you wish.

Minors, those below 18, can open a kiddie account but should be accompanied by their parent or guardian. The account doesn't have access to other currency, only HK dollar. Also, no investment instrument.

Best to open a kiddie account together with your main account, if you're planning to get them started in financial literacy early on. Remember, no minimum amount!

Interest Rate
Interest rate for a deposit account is really small at 0.001% APR. Your money would earn interest when it reaches a daily maintaining balance of 5,000HKD.

Anyways, the interest here is not your goal in openning a bank account, unlike in the Philippines. Here, people open bank accounts to build up a good credit standing with the bank and for convenience. Banks won't offer you credit and loan instruments if you don't have a bank account. Also, government subsidies are routed via banks.

Miscellaneous
One thing to bear in mind, opening an account takes a bit of time, about 1.5hrs to 2hrs for 3 persons! But, you'll get your ATM the same day and get to set-up your online account as well. So, do give time for it. Do not go to the bank with just less than an hour to spare. They would probably ask you to return the next banking day instead.

Take time to find the branch where you can open an account. Branches in Hong Kong are not all the same. A tragedy I found out that led me to 2 failed attempts of opening an account!
 
The are business branches, premier branches, overnight banking branch and a regular deposit account.

Business branch is self explanatory. Premier branches are for those with 1,000,000 HKD to open their account. Overnight banking are mostly for inquiries and check deposits. Look for a regular deposit account, approach their customer assistant and start your account opening.

Good luck!

De-clutter Your Closet & Earn Money Using Carousell – Part 1

Carousell  is an E-commerce smartphone and web-based consumer company started in Singapore back in 2012.  Since then, it has expanded to 8 ...

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