Who wouldn’t love to shop and dress themselves up like a diva these days? Well, I believe that shopping is one such therapy that can calm down a woman in almost any situation. Adding to the icing on the cake would be to find the trendiest and hottest of attires and fashion accessories. Unlike before, you needn’t go out and pick a pretty dress or a pair of shoes for an occasion, all you need to do is, sit back and relax and get what you want online. But how many websites let you personalize your look before you buy them?
Limeroad is one such social discovery platform that enables a user to not only shop through the website, but also personalize the look before they buy them. Not just this, when a shopper personalizes her look on the website, she can further share it with her friends to seek a second opinion or to simply inspire others with her look. The website offers an array of clothes, bags, shoes and more. Limeroad was created with an aim to provide fashion accessories beyond just the ordinary. By shopping at Limeroad, one can;
- Personalize a stylist look for themselves.
- Share the personalized look with their friends via mails or Facebook.
- Sell their look and earn 1000 LR Credit for any of their purchased looks.
The idea of starting this venture was stuck by Suchi Mukherjee, when she was customarily flipping through the pages of a glossy magazine one day. As she turned the magazine pages, a piece of attractive jewelry caught her eye. That is when she realized that there was no precise platform for consumer technology that allowed one to easily discover products and buy them. There was no platform that allowed a buyer to access the countless amazing products that were being manufactured in India and sold to other countries. It was this incident that led to the birth of Limeroad in 2012- An extensive delightful women’s lifestyle portal.
Suchi, who is the CEO and the Founder of the company moved out of the country in the year 1994, to study at Cambridge University under a scholarship. Being the only Indian to have a full scholarship for Economics, she further moved on to study her Masters, which helped her in structuring business at eBay in UK. She has also worked with Skype and Gumtree and was chosen as ‘Leader under 40’ at the World Women’s Forum, Paris, in 2010. Thereby, she returned to India with a dream of building a world-class consumer technology company in India. Other co-founders of the company include Ankush Mehra, Prashant Malik and Manish Saksena.
Owing to the fact that the apparel lifestyle in India accounts to about 20% of the world lifestyle production, Suchi focused on this stream and launched Limeroad. Today, there are more than 15% of Indian women buying an array of products from Limeroad every week. Apart from catering to its customers through its portal, the company has also launched its app with a unique feature of “60-sec to sell” and “60-sec to style”, which has ultimately reformed the lives of various sellers and stylists in terms of creating business. Limeroad is one such app which gives business to people even in remotest areas of the country.
Apart from just aiming to change the way of lifestyle in India, Limeroad is also discovered and traded in India, followed by building a solid unit economics. This has further resulted in generating greater profitability within the e-commerce industry with best-in-class engagement metrics and solid double digit Contribution Margins already in place.
Talking about the business model of the company and its revenue generating feature, Limeroad hosts three unparalleled ecosystems reinforcing each other;
- The vendors are offered with an opportunity to post products.
- The scrap booker’s create unique user generated content using the products, thus solving the visual cognition problem of consumers. This creates exploding freshness on the platform, with 1 unique look being added every second on the platform.
- Then, the consumers discover unparalleled looks and products, creating higher engagement, cohorts, conversion rates and % organic visits. The consumers repeat 84 times a year on the app with conversion rates to buying at 8% p.m.
However, the business and monetization model of Limeroad also covers the following;
- No inventory required/ the capital is very light.
- There is a high repeat rate business, with 600% growth in last 12 months out of which 85% is organic.
- There is a commission income taken from vendors for products sold.
What makes Limeroad unique from other lifestyle websites that attract customers majorly through discounts, is its approach of acquiring more customers and creating brand loyalists via proper engagement. Furthermore, the company endeavors to create a never before platform for women, wherein they can not only explore and shop for great products but can also share and express their individuality through scrap booking. Limeroad intends to be the one stop style destination for every girl throughout the country.
Just like every other start-up, Limeroad has come a long way. Like mentioned before, the company started off with an aim to address the prevailing problem of discovery of lifestyle trends and great products online. It is the only platform that lets a user to discover great content and visuals and caters to at least 15% of Indian online shoppers every month. Therefore, if a girl finds her favorite look online, she can right away buy those products through Limeroad. Currently, the website showcases nearly 3 million new looks and products with about 95% of unique styles.
Until date, Limeroad has acquired 3 funds;
- In 2012, the company raised a Series A funding amount of $5 million via Lightspeed Venture Partners and Matrix Partners India.
- In 2014, the company raised a Series B funding of about $15 million via Tiger Global Management.
- And in 2015, the company raised a Series C funding of about $30 million through Tiger Global Management.
- Apart from just showcasing women’s products, Limeroad also has an attractive platform for men.