Gone are the days when people used to visit different stores and outlets physically to buy or shop things for themselves. We are in the era of online shopping revolution where it is easy to find products as per our tastes and preferences, but choosing the best quality products at reasonable prices has become a common problem for many due to the availability of many sellers with an array of their product line.
The Smartest Online Platform
To solve the problem of million online shoppers, MySmartPrice introduced themselves as a platform which lets you discover the best products across a wide array of categories that include Mobiles, Electronics, Computers, Fashion and Lifestyle, Cameras, Books, Appliances and Personal Care. By using this platform one can easily locate the best options available online to satisfy his/ her needs. With an aim of creating the best online shopping research and discovery destination, Sitakanta Ray and Sulakshan Kumar established MySmartPrice in the year 2010.
Ray and Kumar first met in the year 1998 when they joined National Institute of Technology, Rourkela. After graduating, both of them joined Oracle in Hyderabad from where Ray got into the IIT Bangalore while Kumar joined Infosys to pursue his career into IT.
Make Your Decision here
MySmartPrice’s price comparison engine enables one in finding the best price, as well as deals and offers from all major e-commerce stores in India. Their latest offering, MSP Fashion, assists users in finding the ideal look for any season, and features brands from all over the globe. MySmartPrice helps the users solve two problems – what to buy and where to buy. In cases where like-to-like product comparison is difficult, for instance in footwear and fashion, it has a range of filters such as best discounts that help it come up with a consolidated bestseller list with popular products and their specifications. Their focus is not just on providing the best price but also sharing information on best deals.
Funding for future
In December 2013, MySmartPrice received $1 million from Accel Partners and Helion Venture Partners and another $10 million from the same investors in July 2015 to expand the company’s hyper-local shopping services to over 50 cities across the country, besides enabling over 100,000 local retail stores to reach their customers online. Today, more than four million users across India make use of the service on a monthly basis to make their shopping decisions easier. The founders plan to take this to 10 cities in the next one year and eventually go national.
We are Different
MySmartPrice entered the market when there were three to four players in this space. Now the number goes beyond 30 to 40. It is not in the range of features where the company differs from its co-players, but the depth of its solutions it provides to its users. Now the company updates prices every 10 to 15 minutes compared to that of earlier every 24 hours gap. Addition to this the firm also added offline products to its list.
Competition and Challenges and Scope
Talking on the future Mr. Ray says that it was relatively easy to predict the world five to six years ago but now it is not as such given the speed of change. Further he added that only 10 per cent of their users accessed us on mobile phones around five years ago. Today, the figure is 60-70 per cent or even more. Now, we have grown five times with no good revenue and are near cash breakeven and hope to grow at least four times in the next one or two year.
The company’s revenue model is simple where it gets a cut from retailers for sales executed through it. MySmartPrice sees a huge potential in the market and says, “Indian e-commerce should generate sales worth $10 billion in 2016. The Indian affiliate segment has the potential to contribute $2 billion to this”.
Finding out the trends
In a study conducted by MySmartPrice, on top selling mobiles, electronic and fashion categories for 2015, the company has witnessed more than 106 million unique users this year. The company generated a GMV of $140 million with more than 2.3 million orders placed during this year. According to the study, the top selling category was mobile followed by computer, fashion and electronics. The study also takes into account the top searched and sold smartphone brands in 2015 and witnessed the launch of 128 mobile and accessories brands in India in the same year.
The company believes in being consistent and the best at what it knows rather than letting growth depend on breakthrough innovation. “If you continue to throw the ball at the right place, it will hit the wicket sometime or the other,” says Ray while speaking about their company that focuses on continuous improvement.