A new South African online marketplace is hoping to harness the power of social networks to increase trust among buyers and sellers.
Cirqls was founded by Mark Karimov, chief executive officer (CEO), and Donovan Solms, chief technical officer (CTO), because they did not fully believe in, or trust, the traditional classified listings method.
The platform allows users to set up storefronts, reach a larger market and provide an easier means of engaging with their customers and followers.
Furthermore, theCirqls platform enables retailers to manage payments and orders in a more convenient way.
Cirqls was one of six startups chosen to be part ofSeed Engine’s first accelerator, which will end tomorrow with Demo Day, where each business venture will get the chance to pitch to investors for follow-on funding.
Karimov said: “Seed Engine is an incredible high-pressure business accelerator. In three months they load you with intensive knowledge not available under other programmes, and the involvement of coaches and mentors is a big advantage.
“It’s real stuff – it’s not just about studying theory and thinking you know how the business works. Everything is field-proof and tested by you personally in the real world. It’s a fantastic experience.”
Cirqls is described as a new channel of e-commerce because it links sellers and buyers through social circles and gives shoppers the opportunity to specify their interests and select items of their choice.
This information is intended to result in a personalised shopping experience, assisting the buyer to make decisions confidently.
Cirqls also features the “Trust-O-Meter” algorithm, which calculates the level of trust between two parties.
The meter was designed to take into account multiple factors including identity verification, social presence and level of separation between two users.
Both Karimov and Solms have worked with South African and international startups previously and have technological backgrounds through having previously worked for a mobile marketing company.
