A CONCEPTUAL THRIFT-TEE BUSINESS MODEL: FOSTERING A SUSTAINABLE AND AFFORDABLE ONLINE BAZAAR FOR B40 COMMUNITY WHILE NURTURING B40 THRIFT-PRENEURS

Abstract

Thrift-Tee is a conceptual business model developed specifically for the group that represents the lowest-income earners in Malaysia categorized as B40, for a safer and convenient platform to buy, sell and donate preloved and thrift items. This paper outlines a conceptual business model that utilizes digital platforms and apps to address the challenges faced by various customer segments – both buyers and sellers - in finding suitable individuals and marketplaces for exchanging unused, yet quality items. The platform caters to individuals seeking extra income from their unused belongings, as well as those seeking affordable second-hand options, sourced primarily from the local residents around Malaysia. This initiative aligns with several Sustainable Development Goals (SDGs), particularly SDG 12: Responsible Consumption and Production, by promoting waste reduction through reuse and enhancing resource efficiency; SDG 4: Quality Education by upskilling the B40s as Thrift-preneurs, providing them with necessary knowledge; and SDG 8: Decent Work and Economic Growth, for the B40s and community in general. Employing the Design Thinking (DT) methodology, this paper identifies and addresses the challenges faced by customer segments, buyers and sellers, through effective problem-solving and sustainable business model. Literature reviews and surveys within the buyer’s customer segment, as well as the seller’s preloved and thrift items industry players, were conducted in gathering insights and understand the key challenges, pains, gains, and jobs-to-be-done faced by buyers/sellers; and gaps and current business models of sellers/providers of the preloved items industry. Various business modeling tools such as Environment Map (EM), Business Model Canvas (BMC), Value Proposition Canvas (VPC) and Strategy Canvas were employed. Finally, a low-fidelity prototype of the Thrift-Tee app was designed and tested together with the initial business model, in assessing its relevance and sustainability for the targeted customer segments. Hence, this paper offers a conceptual validated business model for Thrift-Tee embedded with a digital platform aimed at empowering the B40 community through the exchange of preloved and thrift items.