E-commerce is something India is looking at as engine for growth in the next decade, Digital India is What all large companies are aspiring to be part of. There are few misfits, revolutionary , visionary , un-conventiaonal and extremely passionate individuals who thought ahead of time and have made the e-commerce revolution a success in the Indian context.
This is article is about 5 IITIANS who have dreamt big and touched the lives of many Indians with their startups which were once tiny but now have scaled to large corporate.
Not quite long back, e-commerce was just another subject in the vast syllabus of commerce & retail. Before we could even grasp the potential that this channel of trade held, it has taken the world of commerce by storm and has become a subject in itself leaving all other channels inferior to it.
With growing technology and even more growing crowd familiar with technology, e commerce has become a huge success not only in the developed nations but also a developing but potentially large market like India.
From garage startups to retail giants everyone has found their share to serve the consumers through the booming medium of online marketing. In a generation where everything and everyone sells online, a few of them have managed to make a mark on the Indian mind and market equally.
No brownie points for guessing this one!! Whether one is familiar with business or no, whether one knows how e commerce works or no, or whether one indulges in shopping online or no, FLIPKART is not a name not heard of.
The ‘Online Megastore’ was started in 2007 by the Sachin Bansal & Binny Bansal with Bangalore as their startup ground. Not only are both Alumni of IIT Delhi but also ex-employees of Amazon.com.
Both of them quit their jobs at Amazon to make it big on the Indian Soil. They kick started Flipkart Online Services Pvt. Ltd. on the same lines as Amazon did- selling books. The first book to be sold on the site was ‘Leaving Microsoft to change the world’. From what began as a startup by 2 ambitious boon companions now employs more than 33,000 employees.
Though Amazon too has now hitched into the Indian market, what makes Flipkart a success is the appeal of the site to the Indian Consumer. Not only is the site appealing looks wise but marketing strategies are developed keeping in mind the Indian Consumer’s palette. The last reported fundraising value for Flipkart was estimated to be around $ 15 billion.
A Zealous entrepreneur’s ambition of bringing marked designer labels under one roof is what gave birth to this venture. This dream startup by Harish Bahl & Pearl Uppal launched in 2009 is a booming e-commerce company in India second only to Flipkart. Nevertheless, it’s the highest grossing fashion and apparel destination online catering to all your fashion needs to suit all tastes and budgets.
From local brands to labels from across the borders everything can be accessed right from the comfort of your couch and delivered to your doorstep.
With discounts offered as high as 80%, it is a shopper’s ultimate reach out destination. The USP of this site is that they offer a new sale every day with time-bound events. From sourcing the products directly from the brands to categorizing it efficiently to suit your shopping needs, they take efforts to reach that extra mile so that you have an exquisite and hassle-free shopping experience.
The site is one of the several ventures of Smile group headed by Harish Bahl, with Bestylish & Dealsandyou being the others.
Looks like the IIT Alumni are all set to capture the e-commerce market on their own. The IIT fraternity has seeped into commerce thru the “e-way” and set up new milestones.
Rohit Bansal an alumnus of IIT Delhi & Kunal Bahl, a Wharton graduate commenced Snapdeal as a daily deals platform in 2010 and went on to become an online marketplace by 2011. Within a short span of time, Snapdeal has managed to capture a considerable market share.
Catering to the needs of both buyers & sellers, Snapdeal has managed to strike the right chord to get the best deals online. Market giants like Alibaba Group, Foxconn and SoftBank are associated with Snapdeal in the Role of investors. Over the years of its existence, Snapdeal has acquired several other small ventures like Grabbon, Shopo, Doozton etc.
It is also has a 20% stakeholder in GoJavas.com, a logistics group. Snapdeal has received several awards and recognition in the e-retail sector and has succeeded in offering the ‘DIL KI DEAL’ to Indian Shoppers for all their basic & luxury needs.
Now merged and owned by Flipkart, Myntra was an independent venture started by yet another bunch of IIT alumni Mukesh Bansal, Ashutosh Lawania & Vineet Saxena with a completely different vision from what it does now. This is the only large e-commerce retailer with App only sale model.
Myntra focussed on personalization of gift items catering mostly to the needs to bulk business order operating on the B2B model. However, now it has expanded its wings to offering fashion & lifestyle products. Almost all fashion brands vying to reach out to the Indian market have taken to Myntra as their Launchpad.
Apart from offering a large variety of products from different brands it also covers almost 9000 pin-codes under its delivery zones. Though merged with Flipkart, Myntra still functions independently working on raising its existing market share and size.
Along with Flipkart, it has launched the new concept of ‘Delivery Pick up points’ wherein you can pick up your order if you have missed the delivery at your doorstep. So, no hurrying home to ensure you get your favorite dress on time. Cool… isn’t it??
HOME SHOP 18
An establishment of the Network 18 group, Homeshop 18 started back in 2008 offering products from electronics to apparels and from beauty needs to home appliances.
What makes this venture stand apart from the other ones that it not only caters to the consumers thru online sites but also has a dedicated 24 hour TV channel that serves only the purpose of Shopping!!
It works on both B2B & B2C models. It achieves higher penetration into the market by way of its on air retail distribution. Major brands like Kaya, Reebok, Nokia etc. have been in partnership with the venture.
The next time you feel bored of your dose of daily soaps you know which channels to surf!! With a highly efficient network of delivery system, it ensures timely and effective across PAN India.
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