THE THREE MUSKETEERS OF E-COMMERCE

01
Feb

It was indeed a great pleasure and learning experience to attend and listen the panel discussion arranged by ‘The Entrepreneurship Summit 2014’ at IIT Bombay; hosted by Mr Ajeet Khurana. No prize for guessing the panelists who shared the stage for the first time- - none other than the three Musketeers of E-commerce who habitually wear applause on their sleeves.

•Sachin Bansal, Founder and CEO, Flipkart

•Mukesh Bansal, CEO and Co-founder, Myntra.com

•Rohit Bansal, Co-Founder and COO, Snapdeal

E-commerce via Sachin Bansal’s eyes in brief:

Flipkart, started 7 years ago by Sachin Bansal and Binny Bansal, alumni of IIT Delhi who gained experience at Amazon.com, is one of the top 10 websites in India. They formed the company to create differentiation in the customer focus element. E-commerce has evolved considerably and now is the time for M- Commerce (Mobile Commerce). “Ideas are over-rated and execution is under-rated. A perfect balance of the two is necessary for any venture to succeed.” Execution does hold the importance but along with it sales should not be neglected when it comes to timing. Once Google was not what it is today. Neglecting innovation and customers can be risky. For example: Failure of Nokia to understand their customers and the changing trends.

Speaking about the investors, Sachin Bansal stated "Everyone has the same version in India when it comes to speaking about investors. They fail to understand the business and dealing with them is always painful but we understand their approach since it is their money power, which speaks for us. When we first jumped into this in 2007, we had a misconception that everybody in the market will welcome us with open arms but we fell flat on our face as we approached investors. In Valley, investors look forward to accepting the deal, whereas in India, they wait on their toes to reject the deal. In India, entrepreneurs have more choices and investors have fewer choices. The balancing between the two will take time.”

Summing up with one-hour panel discussion, his closing remarks were simple yet motivating. “Internet is transforming everything. It will decide how to do B2B, farming, manufacturing, sales, etc. This change will occur surely for the better. Watch out this space as it has loads of opportunities for you coming soon.”

Here are a few awards won:

  • Sachin Bansal got Entrepreneur of the Year Award 2012-2013 from The Economic Times
  • Flipkart.com was awarded Young Turk of the Year at CNBC TV 18’s ‘India Business Leader Awards 2012
  • Flipkart.com, secured second position in the List of Cheapest Mobile Store 2013, compiled by Indian e-commerce observer Zoutons.com

E-commerce via Mukesh Bansal’s eyes in brief:

Myntra was established in 2007 by three IIT alumni-- Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena . All three were smart enough to gain experience by working in the start-ups before launching Myntra.com. He was pleased to see a humungous sign of entrepreneurship within more than 2000 people gathered in the Convocation Hall at IIT, Powai, which is ultimately positive for the nation’s growth. According to him, few things are definitely here to watch out viz. (1) Distribution and modern retail, (2) Large brands and how to create online space (3) Social aspect and integrating content.

Narrating his views on ‘Difference between US and Indian e-commerce', he mentioned that  difference between the two is steadily disappearing. US market is very mature whereas Indian market is pin penned simultaneously. Hiring was difficult earlier, but now it is all easy with everyone willing to quit their present jobs for either joining start-ups or to become entrepreneur. “Failure is an essential teacher and so is rejection.   Acceptance of failure is necessary. You keep trying and trying again until you succeed.”  Keeping his views assertive on investors, he continued, “We absolutely need capital in the company to start. What is lacking in Indian Space is that no one can predict future and the sense of clarity stays blurred even today.” In USA, very few start-up companies made to 15 years. Social aspect and e-commerce were not able to create the value at that point in time.

The e-commerce industry is worth somewhere around $2 billion and the future speaks loud with expected value to be $40 billion, or even more. Being humble and considerate enough, he jokingly announced, “We consider everyone as our competition, even the 2,000 plus students sitting here in the Convocation Centre too are the competition. We might get to see them in the market in few years.” Various elements in this area are essential for success, i.e. experience, trust, information, services, innovation in technology, to name a few.

 His closing remarks connected today’s youth instantly.”You all are very lucky to have tremendous support of facebook, iphones, smart phones, and e-commerce. You have information in your hands. Take enough advantage of the same and build the bright future. Entrepreneurship is about discovery, hunger to learn more, adapting changes, learning from customers and all the core things you strongly believe in”

Mentioned below are few awards won:

  • Myntra.com was announced as a winner of the Red Herring Global 100 award
  • CNBC - TV18 awarded Myntra.com as one of the Hottest Internet Companies of the Year at the Mercedes - Benz CNBC - TV18 Young Turks Awards
  • Myntra.com won IAMAI's Best E-commerce Website of the year award for 2012 at the 7th India Digital Summit, 2013. 
  • Myntra.com also won the Fashion e-Retailer of the Year Award at the Indian e-Retail Awards 2013 organised by Franchise India in Delhi.

 

E-commerce via Rohit Bansal’s eyes in brief:

Snapdeal was incorporated in 2010 by Rohit Bansal, an IIT alumnus and his school friend, Kunal Bahl, a Wharton Business School graduate to connect suppliers and customers and give them one platform to function.

When one is in the market, only then he will get the real feel to interact with customers, suppliers, and partners.  Emphasising further, he threw some light on the subject with an example from his experience. “Our first business was in ‘Printing tear able coupons booklet.’ We took 11 months to prepare for this launch. We had everything in place, like ‘1+1’ in Dominos, ‘Flat 50%’ for dealers, ‘Flat 40%’ in Levis, etc. For the day of big launch, we printed 50,000 booklets of coupons. We put up a stall near four BPOs and met approximately 20,000 people in two days. Shockingly, we could only manage to sell three coupon booklets. We prepared and planned a lot but it's all worthless if you don’t test the market and act accordingly.”

Being intimidated by the brain power in the room, he indicated that supply chain has a huge scope of growth in India. It is expected to take off in a big way in couple of years.  It is a good amount of crores that goes in to set up a physical shop, but that is not the case with the e-commerce business. Giving an example, he said, “There is a seller in Ludhiana who works with us. His father had set up this business a decade ago. Once he started working with us, he earned Rs. 8 crore a month. What his father couldn’t manage to do, the son achieved in a matter of three months.”

His closing remarks had a very personal touch for all to have memorable take-away from an amazing session. “M-commerce is a growing at a rapid rate. Whenever I asked toys from my parents, with some or the other excuse, they would delay. But today, my nephew sends me a link asking me to buy it for him online. Treat entrepreneurship like a love marriage and you will succeed.”

Noteworthy awards won are:

• E-Retailer of the Year & Best Advertising campaign of the year - Indian E-Retail awards 2012 organized by Franchise India in Feb,2012

• Winner of Red Herring Asia Awards 2011

• E-commerce site of the year at WAT awards, celebrated in Jan 2012, Mumbai

• Hottest Internet Companies of the year at the premier edition of the 'Young Turks Awards' organized by Mercedes Benz and CNBC-TV 18 in New Delhi - Jan, 2012

• Rated the #1 E-commerce site in India, in terms of traction by Dataquest/Sapient E-commerce Survey 2011

• Voted amongst the Buziest brands of India in afaqs's annual buzz-making poll

• Rated the Cheapest Online Mobile Store for November 2013, in a study conducted by Zoutons.com

• Silver Medal for the Best Website – Service, at the Indian Digital Media Awards 2011, organized by the Exchange 4 Media group - June 2011

 And that was indeed some valuable take away and learning from The Entrepreneurship Summit at IIT Bombay.

 

By Hemisha Raigaga
  •  
  •  
  •  
  •  
  •  
0.00 Your Rating
(0) Comments
Post Comments

Leave your Comments




Featured Posts

How to Add new Fixed Assets? ..

Please find the below step to add new fixed assets:-  A. Create GL Account Step 1:- Go to Acc...

How to Create GL Account? ..

Please follow the below step to create / Add GL account:-  Step 1:- Go to Settings Step...

How to raise a Complaint for ..

Please find below steps for Log a Complaint:- Step 1:- Go to Home Page Step 2:- Click on Complaint...

How to send Others SMS? ..

Please find below steps for sending sms notification to the members:- Step 1:- Go to Home Page St...

How to send Email Notificati ..

Please find below steps to send the email notification to the members:- Step 1:- Go to Home Page ...

How to Create Events for Res ..

Please find below steps for creating Event:- Step 1:- Go to Events Button Step 2:- Click on ...

How to Upload Photos ? ..

Please find below steps for upload photos:- Step 1:- Go to Album Tab Step 2:- Click on Create Alb...

How to Create Polling Booth? ..

Please find below steps to create a poll:- Step 1 :- Go to Forum Tab Step 2:- Click on Pooli...

How to Create Notice and Cir ..

Please find below steps for creating Notice and Circulars:- Step 1:-  Go to Forum Tab Step 2...

How to create Forums? ..

Please find below steps for creating forum:- Step 1:- Go to Home Page  Step 2:- Click on...

How do I update emergency co ..

Please find below steps for update emergency contact :- A) Add Emergency Contact Number:- Ste...

How to set Member due remind ..

Please find below steps for FD maturity reminder, Nominees reminder or Member due reminder:-  ...

How do I get vacant flat rep ..

Please follow the below step to get the vacant report:-  Step 1:- Login into the societynmore....

How to raise Supplementary b ..

Please find below steps to raise Supplementary bill Or Debit note Or Adhoc invoice to the membe...

How to pass a credit note or ..

Please find below steps to passing credit note or advance payment to the member:-   Credit no...

How to do bulk upload of cre ..

Please find below steps to do the bulk upload of Credit note / Excel upload of credit note:- Step 1...

How to set up parking charge ..

Please follow the below step update parking details:-  A.Setup Charges for parking:- Step 1:-...

How to upload bulk receipt e ..

Please find below steps to upload bulk receipt entry:-   A) Download Payment excel Step 1: -...

How to update Bank details? ..

Please follow the below step to update the bank details:-  Step 1:- Go to the Home Page Step...

How to update Property detai ..

Please follow the below step to update property details:-  Step 1:- Go to the Home Page Step...

How to pass a receipt or pay ..

Please find below step to pass a receipt/payment entry:- Step 1:- Go to the Billing Button S...

How to Edit or correct the p ..

Please find below step for Edit/correct the payment details in posted receipts/payments:- Step...

How to Edit Or correct the p ..

Please find below step for Edit/Correct the posted invoice:- Step 1:- Go to the Billing Button St...

How to start forum or activi ..

Please follow the below step for starting the topic:-  Step 1:- Go to the Home Page Step 2:- ...

How to create forum group? ..

Please find the below step to create a forum subgroup:-  Step 1:- Go to the Home Page Step 2...

How to change a profile pict ..

Please find the below step to change/update profile picture:-  Step 1:- Go to the Home Page S...

How to view the employee lis ..

Please find the below step to view the employee list:- Step 1:- Go to the Home Page Step 2:- Clic...

How to print all Receipt in ..

Please find below steps to print bulk receipts:- Step 1:- Go to the Billing Button Step 2:- Manag...

How to print the Maintenance ..

Please find below step to get a print out of Maintenance invoice:- Step 1:- Go to the Billing Butto...

How to get interest calculat ..

Please find below steps to get Interest calculation report:- Step 1:- Go to the Billing Button St...

How to cancel a facility boo ..

Please follow the below step to cancel a facility booking:-  Step 1:- Go to the Homepage Step...

How to get invoice report? ..

Please find below steps to get Invoice report:- Step 1:- Go to the Billing Button Step 2:- Click o...

How can user book the facili ..

Please follow the below step to book a facility:-  Step 1:- Go to the Home tab Step 2:- Click...

How to get supplementary bil ..

Please find below steps to get Supplementary bill report:- Step 1:- Go to the Billing Button Step ...

How to get cheque deposit sl ..

Please find below step to get Cheque deposit slip / Pay slip list:- Step 1:- Go to the Billing Butt...

How to set up facility? ..

Please follow the below step to add / setup facility:- (Admin can do the facility setup) A. Add Fac...

How to get Receipt report? ..

Please find below steps to get Receipt report:- Step 1:-Go to the Billing Button Step 2:- Click on...

How to Add or join member in ..

Please follow the below step to add a member to the system/portal:-   Step 1:- Go to the ...

How to get report of payment ..

Please find below step to get Report of payment gateway transaction Step 1:- Go to the Billing Butt...

How to get members due summa ..

Please find below steps to find out Members due summary report Step 1:-Go to the Billing Button St...

How to get members bill due ..

Please find below steps for Members Bill due report:- Step 1:- Go to the Billing Button Step 2:- C...

How to add Office Staff and ..

Please find the below step to add office staff/employee and give him access:- A.Create a Type (Mana...

How to change or upload the ..

Please follow the below step to update the Banner:-  Step 1:- Go to the Home Button Step 2:- ...

How to set up society profil ..

Please follow the below step to set up a profile page:- Step 1:- Click on Home Button -- >>Cl...

How to add employee Or offic ..

Please follow the below step add office staff/ society employee : Step 1:- Go to the Home Page Ste...

How to change employee passw ..

Please follow the following steps to change password : Step 1:- Go to the Home Page Step 2:- ...

FAQs for GST ..

Q1) What is GST? Ans - GST is one indirect tax for the whole nation, which will make India one...

Applicability of GST to Hous ..

GST is applicable to Housing Society because it is covered under the definition of Person under the ...

A Comprehensive guide to GST ..

Goods & Services Tax (GST) is now a unified indirect tax for the whole nation. GST is a destinat...

Guidance on issuance of NOCs ..

NO Objection Certificates (NOCs) are required by members of Society for various purposes. NOCs may b...

Registers Records and Accoun ..

Every Cooperative Housing Society  is required to maintain Books of Accounts/ Registe...

Audit Compliances for Societ ..

It is a must to adopt model Bye laws of Hosing Society, as per 97th constitutional amendment 2013. I...

How much water is your Home ..

Thirsty for Knowledge? Let's Learn about water. The water crisis in Navi Mumbai and areas like ...

Are you having hard time dec ..

  "All worries one Solution Societynmore.com !" Societynmore provides you with ...

Guidance for Society Electio ..

For Election process of D category Societies refer  rule 76  in Maharshtra Election Rules ...

Procedure for Appointment of ..

The 97th Amendment to the Constitution of India has made Annual Audit of every Cooperative Society m...

Some Frequently Asked Questi ..

Q. Please advice is it possible to get Deemed conveyance of leasehold property. Society is paying le...

Guidance on Levy of Maintena ..

The contribution to be collected from the Members of the Society, towards Maintenance charges f...

Associate Membership ..

As per MCS Act 1960 read with MCS Rules 1961, any person whose name stands 2nd or 3rd in the Agreeme...

SIMPLE MEASURES TO STRENGTHE ..

Unfortunately, as technology has been growing at one end, it is giving birth to a number of des...

BENEFITS OF WATER ..

Benefits of water can be reaped and enjoyed if you contribute towards conservation on water. We...

HEALTH BENEFITS OF DARK CHOC ..

Anything in extreme leads to disastrous results. Whether it is food or exercise, small amount/ porti...

FREE WI-FI? BEWARE ..

It is in many people’s gene to take an undue advantage of every freely provided...

XIAOMI: MIRACULOUS COMPETITO ..

Tick-tock, tick-tock and Xiaomi Mi3’s 20000 units gets sold out within the...

WHEN YOU CONSERVE WATER, YOU ..

‘A drop of water is worth more than a sack of gold to a thirsty man’. This quote truly d...

FLY GEYSER: GIGANTIC MANMADE ..

With its first look, any individual will assume it’s a fancy water fountain and an amazing tou...

FAT BURNING DIET ..

“Progress is impossible without change and those who cannot change their minds cannot cha...

ENTREPRENEURSHIP YOU HAVE IT ..

Gone are the days when Indian women were forced to stay at home, forcefully covering themselves in a...

TOURISM HAWAII ..

Ever dreamt of a nature’s paradise where you can witness volcano, waterfalls, beautiful beache...

ONE CAUSE WITH THE UNIQUE CL ..

Don’t we consider donkey as one of the most under-rated and ill-treated animal in In...

BENEFITS OF KIWI FRUIT ..

Don’t you get attracted toward the brilliant green colour of this cutest fruit called ‘K...

WAYS OF EASY FEET CARE ..

According to a Chinese saying, “The journey of a thousand miles begins with a small step." Do...

THE SACREDNESS OF GURUVAYUR ..

The serenity of temples wrapped in the beautiful and enormous greenery is a perfect fit for its defi...

UNIQUE PROFESSIONS AROUND TH ..

              We all work hard, and have been taught to have...

SOCIAL MEDIA MARKETING ..

The Entrepreneurship Summit at IIT couldn’t have gotten any better with all the correct notes ...

LIFE'S TOO SHORT TO BUILD ST ..

Yet another fruitful session at IIT and it just couldn’t get any better than this.  In an...

BEYOND EDUCATION ..

It is said, “The actual learning starts after your education and college days are over.”...

EATERY REVIEW: JAIN SABKUCHH ..

Aaaye halloo re halloo... We all get entranced in the garba fever when Navratri arrives. Everyone fe...

BRIDAL WEAR TRENDS THIS WEDD ..

Among thousands of guests on the wedding day, every eye has the assorted feelings of eagerness, love...

BENEFITS OF MUSIC UNFOLDS ..

“If I were not a physicist, I would probably be a musician. I often think in music. I live my ...

Giving a Child a New Heart ..

Once I get that call, everything changes. I might be out with my children, at the movies with my wif...

Six Healthy Drinks ..

 GREEN TEA should be taken at Lunch Green tea kick-starts metabolism and can help fend ...

Indian diaspora basks in U-1 ..

Indians in Australia are ecstatic over India being crowned the world champions in under-19 cricket, ...

Ship of Theseus- Must Watch! ..

Ship of Theseus presented by Kiran Rao Must See! Simplicity a result of profound thought. Here...