There are two forms of humans on this world; first are the ones who see matters in a normal traditional manner and the others are those who have a unique eye to the whole thing. The latter are often taken as insane but then ultimately those are the individuals who dare to do things in a different way and change the face of this international.
No, this is not a history magnificence and we aren't writing approximately Albert Einstein, Shakespeare or a few historian!
Well we are talking approximately the makers of Chumbak, which we bear in mind as one of the most revolutionary thoughts we've come across to this point!
To start with, their name sincerely means ‘Kissing Stones,’ isn’t it cool?
Due to their sizeable reputation, maximum people already recognise what they do however for the ones who don’t; Chumbak in the most effective phrases is a organization which designs & crafts merchandise together with apparels, footwear, baggage, wallets, souvenirs, key chains, cell accessories and jewellery. Its variety additionally consists of telephone covers and a unique ‘whistle allure’, a funky bracelet, and plenty of extra however within the most unique’est manner feasible.
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Let’s flow on to give you a quick concept of the how’s-&-what’s of the company!
First of all, Chumbak is the invention of the lovely couple turned cofounders Vivek Prabhakar & Shubhra Chadda. Since the time they each have been working for separate organizations, they desired to do some thing in their own however on the identical time some thing which turned into particular or something that clicked immediately.
That become after they were given the concept of Chumbak!
They commenced operating on it and endured their studies for more or less a yr, to make sure every perspective was blanketed. Their studies blanketed comparable enterprise models that were walking across the world, each feasible flaw, labored on feedbacks from circle of relatives and pals, and so on!
Once they had been 100% certain and satisfied about the idea, they determined to end their jobs and took the largest risk of their lives and that threat became of selling their best asset i.E. Their house to raise INR 40 Lakhs for their mission. That’s how in September 2009 they released Chumbak!!!
With most of that money they offered an entire lot of inventory however highly didn’t have even a single save on board. For the time being, they stored all that stock in a bit condominium. During that section, a variety of bad thoughts surrounded them. Vivek become a lot harassed that he even asked Shubhra that if she changed into positive in the event that they had completed the right element and what if people didn’t like the goods??? After all, they no more had a roof over their head and all that turned into left became those merchandise!
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Shubhra who is constantly very flippantly, consoled him and requested him not to worry and informed him that if matters didn’t training session then they may sell them to own family and friends for the following fifteen years to cover the losses.
And with a effective mindset, they commenced!
Initially they used Facebook as their number one advertising channel other than phrase-of-mouth. Along with that Google Adwords also helped them hugely. Because their products were so precise, peppy, clean & historically linked; the phrase spread like fire and the demand for it grew with each passing hour. Within no time, there has been a knock on their door; and who was it??? Success, with open palms!!!
By 2012, the employer was sourcing to 150 retail outlets across India and to pinnacle that they also made their presence in 70 multi-branded retailers in Japan! Now until 2013; the organization best offered merchandise on line and through distribution channels, but searching on the huge demand they took another soar and in July started their very first store in Bangalore. Within seven months they also setup every other 20 stores of their own which turned into unfold across in five towns!
They played it very well and in place of choosing large fancy houses, they went for cute little a hundred and fifty-200 sq.Feet kiosks! This obviously helped them lots in controlling the expenses. There become a drastic shift within the numbers now; on line sales handiest accounted for about 15% of the overall sales and their important business from the outlets got here from metro cities like Mumbai, New Delhi and Bangalore which accounted to approximately 60%.
The maximum thrilling component changed into that until date the agency turned into self-funded and Chumbak with its 38 categories and four hundred-500 products through now had also broke-even. They had now increased to a 70-member group aside from 80 additional contributors inside the shops.
Their uniqueness turned into so much that Google selected them as one of the 3 businesses from internationally for a case study about how businesses have efficaciously used Google offerings. They had been also one of the first manufacturers in India to be chosen to get a worldwide Facebook case study.
Wondering, what become so unique approximately their method???
It became no rocket technological know-how!
To be sincere, you won’t trust us if we told you that their approach turned into as simple as any other startup; what made them stand out was their volumes of merchandise which ranged from INR ninety five to at least one,495 at the side of energetic and smart usage of Facebook which changed into the center of their marketing method. All they did changed into engaged with their clients, replied quickly to queries, held thrilling contests and crowdsource thoughts for brand new launches in conjunction with giving a peek, the usage of Facebook ads to goal subsidized stories approximately their products to buddies of its 100K+ lovers on their web page, and so on.
And to show that; twenty-5 percent of their online revenue got here from Facebook which also had a completely high repeat value, the enterprise they got from right here become 5 times the entire amount spent on Facebook for advertising and marketing and 30-40 percentage of the overall visitors on internet site got here via Facebook.
Apart from that, Chumbak additionally maintained an outstanding fan-base on Twitter, YouTube, Pinterest, Tumblr and Instagram which brought to their sales.
Many businesses ought to and must study from them because they didn’t enhance an awful lot of funds from outside resources to make all this feasible. Since their inception, Chumbak had two rounds of funding with the first one being in February 2013 of USD 2 million from SeedFund and the trendy one became in May 2014 for an undisclosed amount from Matrix Partners India.
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Having stated that, although they refuse to share the revenues but the enterprise is said to be growing @ three hundred% YoY (Year-on-Year) with revenues close to INR 50 Crores in FY2013-14.
The fusion-version of on-line and offline has indeed helped them preserve and grow easily and now they plan to increase their online business to at the least 30% and hence have become in more than one technological structures. Chumbak additionally goals to go four hundred-500 Crore in sales in the subsequent 3 years.
Although, the world is shifting to internet but looking on the cutting-edge marketplace situation and evaluation it with Chumbak’s commercial enterprise model it seems that it's far quite safe, useful and critical to have an offline source of sales to your business at the long run.