Posts Tagged with “e-commerce”
E-wallet : Tata CLiQ to launch e-wallet in 4-5 months
E-wallet
MUMBAI: Tata Group owned e-commerce marketplace Tata CliQ will launch an e-wallet exclusively for use in the marketplace in the next 4-5 months and eventually foray into selling services such as financial services.
It also plans to double the present 60 brands who have set up their omni-channel presence on the platform in one year. These are part of the plans to become the country’s largest omni-channel platform for which it will continue the investment mode while targeting to break even in 3-4 years, said Ashutosh Pandey, CEO at Tata UniStore, which owns and operates the website.
“We are currently in a growth phase and focus is on building brand, omni-channel relationships and traffic. A total of 800 plus brands across electronics, fashion, shoes, watches, kids and luxury sell through the marketplace. E-wallets too will be launched since they account for almost 20% of online payments. Our wallet will, however, be used only to enable customers to pay on our site and get refunds, though we could look at extending it to our omnichannel partners in future,” said Pandey. Tata CliQ will soon launch newer categories like jewellery, home furnishing and furniture. However, FMCG is not in the pipeline as yet, said Pandey. Tata CliQ went live in late May 2016.
Pandey said the just-completed festive season was significantly above expectations, with overall sales and traffic during the period growing by 25 times and 15 times respectively than the usual sales, which will also reflect in the financial performance for the current fiscal.
“Our focus isn’t on just selling low-value products like unbranded pen drives and power banks to increase volumes. Instead, our focus was on experience-led large ticket items like 50-inch plus televisions, AC, luxury products. It will remain so in future as well so that customers have a differentiated experience while buying on our site,” he said.
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India e-commerce companies will never make a profit: K Vaitheeswaran
In 1999, K Vaitheeswaran, together with five friends in the IT industry, founded India’s first e-commerce company, Fabmart.com. The venture also built a physical retail chain called Fabmall, which was later acquired by the Aditya Birla Group and was rebranded as More. Vaitheeswaran carried forward the online venture under a new name, Indiaplaza.com. But despite being the first mover, Indiaplaza could not deal with the aggression of the newer players, Flipkart and Snapdeal, and shut down in 2013. In his upcoming book `Failing to Succeed’, Vaitheeswaran cautions entrepreneurs about the dark side of starting up.
Were you caught on the wrong foot by trying to build a profitable company at a time when big bucks were coming in?
In the profits vs GMV (gross merchandise value) battle, GMV won. From 1999 to 2013, we raised only $9 million for our e-commerce company. Today, people lose that much in a month. I came after 10 years working for Wipro. I was trained to make profits. We carried that story to every investor and we realised that they were not listening to our story. The pitch deck said Indiaplaza – only profitable e-commerce company. Today, if I take the same story, I would have made a lot of money. It was a timing issue.
What was the feedback you received from VCs?
Hardly anybody gives you good feedback. They just drop you a polite mail. Sometimes they’ll say market is not big enough, even though they put a lot of money to build one. The pitch that could have worked then was the numbers – number of people expected to come online.
Do you think the current Indian e-commerce companies will ever be profitable?
Undoubtedly no one will make a profit. You are hoping to be the last man standing. You can never be the last man standing since there is always a person with more money than you. And 50% of all customers that shop online do it for discounts and delivery. So, it’s a hard game to win. One thing you don’t want to do is fight with a global giant who will do whatever it takes to take your market.
Source : India Times
