Development of a Halal Mart Network - The Underlying Project of Bayan Token
Let’s first look at some staggering numbers, important statistics and universal truths:
- A Formidable Muslim Faith-Powered Economy
• According to Thomson Reuters, the overall size of the Islamic economy is $1.9 trillion in 2015, and with a projected CAGR growth of 8%, the market is expected to reach $3 trillion by 2021.
• According to Pew Research Center, the global Muslim population is expected to rise to 2.2 billion by 2030, making up 26.4% of the total world population.
• Anecdotally, there has been a proliferation of Islamic product advertising, even in the Western countries. For example, we see a lot of Olympic female athletes asserting their rights to wear hijab as well a growing number of Muslim representations in other media such as movies and TV shows.
- Offline Presence, Online Convenience
• A report by PricewaterhouseCoopers said physical stores are still relevant in the current economy, especially with regards to groceries, where 70% of the purchases are still done in-store. Conversely, online commerce is the preferred choice by many to purchase books, music, movies, video games and toys.
• Seven-Eleven Japan Co., Ltd., operates, franchises, and licenses some 64,319 stores in 18 countries as of January 2018. In May 2017, its market capitalisation was USD$37 billion and its total revenue grew from 5.84 trillion yen to 6.04 trillion yen.
• 99 Speedmart is a Malaysian-owned network of convenience stores with humble beginnings in 1987 and has since grown to become a 1,000 strong national network as at 12th August 2017.
• In 2017, an estimated 1.66 billion people worldwide purchased goods online and global e-retail sales in the United States amounted to USD$2.3 trillion (Source: Statista). Malaysia’s e-commerce market is expected to reach USD$1.3 billion in 2018 with an annual growth rate of 17.9%, resulting in a market volume of USD$2.531 billion by 2022.
With all these hard facts and proof points, we intend to invest in the development and expansion of physical Halal Mini Marts across Malaysia based on an existing Elzar Mart model. It will be a platform that offers a range of goods and groceries at very competitive and affordable price to ease the financial burden of the poor, low and moderate-income earners. Simultaneously we intend to strengthen our position by operating an online platform that will focus first on urban areas.
This is significant for the Halal Market and offers a healthy competition to non-halal supermarket and mini-market operators. Malaysia’s position as one of the biggest Halal hubs is an attractive selling point to investors, small to medium retailers and most importantly, conscientious consumers.
For BYT holders, they can utilize their tokens by purchasing goods at our online platform and/or at any of our physical stores. Mobile applications and our own payment gateway will be developed for customers’ convenience and to guarantee prices remain competitive.
At any given time, BYT holders must follow the following terms and conditions in order to purchase goods at Halal Mart:
• The exchange rate that will prevail is the respective country’s Central Bank’s exchange rate with extra 10% as cost of service.
• There will be a maximum limit of transaction for each Halal Mart. This amount will be determined and announced at a later date from time to time.
THE PLAN FOR PHYSICAL STORE DEVELOPMENT AND EXPANSION
Depending on proceeds from the ICO, we are looking at an expansion of at least 100 to 1,000 physical stores of Halal Mart across Malaysia and SEA countries such as Brunei, Singapore and Indonesia within 3 years and that is through potential mergers with successful stores as well as inviting smaller vendors to join our platform.
We will operate our own warehouses that function as distribution centres at three zones: East Coast, Klang Valley and Southern Coast.
Each mini mart will have at least 2,000–4,000 stock-keeping unit (SKU) in a store covering frozen food, sundries, canned food, household items, toys, stationery, fresh food, ready-to-eat food, dried food, fruits, certain medicines, health supplements, cosmetics, bleach and soap, shampoos, toiletries and some electronic products.
The size of each store will be around 1500–3000 sqft with at least five doors of chillers and three to six sets of 4-foot freezers.
Additionally, we will be developing an effective and systematic transportation and warehouse infrastructure to ensure the sustainability of the project in years to come.
ELZAR MART: AN EXCELLENT AND EFFECTIVE MODEL FOR THE DEVELOPMENT AND EXPANSION OF THE HALAL MINI MART
The Elzar Mart will become our base model to build an effective and efficient Halal Mini Mart chain. The Elzar Mart leverages on a very organized, systematic and efficient POS system in maintaining its inventories, stocks and monitoring sales report and performances which we can easily adopt for the chain of Halal Mini Marts thereby reducing the learning curve, costs while maximizing set-up and driving momentum of development and expansion.
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