While each person is overwhelmed by means of the discounts and gives given by way of e-commerce systems, there is a growing concern among people in the enterprise that this rate competitiveness is coming due to mission capital (VC) cash which might be used to provide impossible reductions on the acquisition fee. It results in the question whether or now not imparting such low value prices is a sustainable enterprise version.
In Suresh Kabra’s opinion, Founder of Delhi-primarily based PriceMap, wholesalers and shops have followed the marketplace version in which they're the actual dealers. In fact, the merchandise stays under the person dealer’s name, until the transaction is finished; even as the marketplace affords assist in terms of warehouse, transport and fee series. Kabra believes that in the long run bodily outlets could be capable of offer extra aggressive pricing than marketplaces or other small e-commerce gamers, who ideally after a certain factor of time, will start charging a top class.
Banking firmly on this belief, Kabra based PriceMap with co-founders Shishir Dubey and Basabjit Dey in April, 2015. In a bid to provide digital presence to offline outlets, PriceMap connects shop proprietors to capacity shoppers who are actively looking for merchandise on-line with a clear cause to shop for.
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Kabra’s goal is straightforward. “While everyone is converting to e-trade, we’re right here to convert an ecommerce consumer into an offline shopper. We’re concentrated on to finish the bricks to clicks, and returned to bricks cycle.”
How It Works
Today, 90% of transactions made in India are carried out offline. However, a recent have a look at performed through Ipsos MediaCT and Sterling Brands along with Google revealed a few thrilling information. It says that in 3 customers who attempted to find information within a shop didn’t discover what they wished and 43% of them left annoyed. And 71% of in-shop consumers who use smartphones for online studies say their device has turn out to be extra important than their in-store experience.
This is wherein PriceMap is available in. With a crew of 10 humans, the enterprise enables physical outlets attain out to customers from the comfort in their personal shop. On the buyer’s front, it offers the opportunity to search for an item/ product one needs to buy on their phones, and percentage it thru the PriceMap app to receive the first-rate possible costs from recognized market areas of their locality. Kabra fondly recollects one incident, in which one consumer from Noida had requested for a particular cellular smartphone from Atta Market thru the app and obtained responses from thirteen unique dealers all of whom had been imparting the product on the equal rate as any online retailer!
With the PriceMap app, a buyer has the perks of putting the time to buy and pick out either a suitable choose-up & delivery timing or a stroll-in save experience. The app additionally offers them the freedom to pick and buy from their favored market areas. A lot of consumers have ‘keep loyalty’ and this permits them to purchase their favored product from their preferred store. In brief, they’re creating their very own private ‘bazaar’.
As a dealer, it routinely offers them a digital presence truely through downloading and installing the app on their mobile. There isn't any want to upload inventory info or product pics. The seller can discover a capacity customer and provide them the first-rate deal in actual time. Thus, it allows them to drag e-buyers back to the shops.
Currently, PriceMap operates out of Delhi and helps merchandise in 3 categories -shoes, watches, and mobile telephones. Kabra says, “All three classes are popular of their very own way and we’ve visible a developing charge of traction in all of them”. However, he changed into brief to feature that the enterprise is planning to extend to 15 classes soon. PriceMap is currently to be had on Android. The iOS version is scheduled to release soon.
Monetisation And Traction
The startup currently has over 500 outlets indexed on its platform from Delhi. On the buyer’s the front, it has observed a steady boom because the app provides about 500 clients a day. Kabra is constructive approximately increase and says, “Vendors are quick to install the app because it become designed maintaining in thoughts those who might not be secure with generation. Whatever traction we’ve received to date has been through word-of-mouth and this, specially, has been very encouraging”.
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On the sales front, the company is now exploring unique angles. While there may be no price charged for each real time transaction, the startup is now commencing up to the possibility of sales coming in thru advertising and marketing.
Kabra admits that the largest demanding situations the company faces are from e-stores. Not only do the ecommerce structures boast of a grandiose inventory however their aggressive pricing is sufficient to make any shopper’s head turn. However, the startup is hopeful that for a niche set of customers, the ‘contact and sense’ issue of bodily purchasing remains an unavoidable want and coupled with promise of an appealing in-shop revel in, they’ll go back to the physical area for retail remedy.
Kabra desires to make PriceMap an vital part of a person’s buying experience. The startup plans to enlarge to 90 towns in India in the next five years. India presently has about 12 Mn retailers out of which 50% belong to the food & groceries zone. PriceMap targets to carry the relaxation below their utility.
Although, a novel method, PriceMap faces tough competition from e-shops. With aggressive pricing, 24/7 availability and the promise of transport within 24 hours, on-line outlets have a clear gain over their offline counterparts. However, the in-save revel in continues to be precious to many clients. Add to that, many offline retailers are already providing competitive pricing. It will be interesting to watch how PriceMap builds on the blessings of offline retailing and can provide on its promise of a profitable enjoy for real time transaction.