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ARE YOU MAKING ANY THESE SEVEN MISTAKES SELLING ONLINE?

Ecommerce continues to boom. Last year there were 1.66 billion people buying online. This is anticipated to rise to 2.14 billion by 2021. It makes sense that you want to fully capture and exploit this market as a cycle and cycle accessory retailer. This is also largely unchartered territory. There is no defined rulebook and the goalposts of e-commerce can feel like they are ever changing. However, when we take a closer look at other cycle and cycle accessory retailers and the mistakes they are making, there are usually some common sticking points. Are you making these 7 mistakes in ecommerce? And if so, what can you do to change?

      #1 – Not using social media to monitor competitors

Your competition, when selling online, is astronomical. You’re not simply competing with the other stores within a few miles, but with every store, potentially globally, that sells the cycles and accessories that you do.

That means you’re competing against others, not just in terms of specific products, but also ones which might meet a need more appropriately, or come as part of an enticing package. You’re competing in price against competitors who perhaps don’t have such large overheads, especially if you have a physical cycle store as well as online presence. You’re competing against competitors who have different supplier relationships, a different USP, or perhaps exceptional customer service.

The reality is though, you don’t know what you’re competing against unless you go and really do some homework. The simplest and easiest way to do this is by harnessing the power of social media. Monitoring competitors on social media will not only give you an insight in to pricing and promotions, but essentially, it will give you insight in to their customer base. In addition, it will give you powerful insight in to what they do well, and how they do it. Go take a look and see for yourself.

      #2 – Not price monitoring competitors

When it comes to ecommerce, you need to be the ultimate price spy. Your pricing strategies are the big difference between success and failure as an ecommerce store. Yes you can dress up the store how you like aimed towards your customer base, you can aim for outstanding customer service and seamless deliveries – both will help – but the single biggest defining factor causing a customer to choose you over a competitor is price, and then later, loyalty.

Unlike offline retail, in ecommerce cycle and cycle accessory stores, price is easily comparable and becomes the most prominent distinguisher between retailers. The customer isn’t experiencing your wonderful customer service until they’re already far down the process of deciding to purchase from you. What gets them to you is simple: price. Competitive pricing is absolutely paramount. The way to do this is through price monitoring your competitors.

You could use price comparison websites, or a basic price tracker. However, these don’t generally give you the drilled down insight that you need to ensure your pricing strategies truly work. Instead, you need a tool which uses wiser monitoring to be a price compare tool that really helps. Competitor Monitor does just that.  You get the valuable information on competitor pricing of key cycling retail competitors on key cycling products.

      #3 – Not promotions monitoring competitors

Whilst we’re on the subject of price monitoring, using a price tracker itself is missing one enormous trick: promotions monitoring. The ecommerce customer has the world of your product at their fingertips. In a few clicks they can find the same product, in the same delivery time, on sale.

Therefore, you’re quickly behind the game. Your promotions need to set the trend, as well as being reactive. This way you can always harness the power over your competitors. The only way to do this is with a price spy tool which actively identifies the important promotions from the key competitors and reports on how these will affect you. There are several such price monitoring tools available in the market.

#4 – Not retargeting website visitors

Remember, your customer isn’t required to make multiple walks up and down a high street, or visits to another retail park, to do their price comparisons. They have the tool in the palm of their hand to click back and forth between different cycle retailers before making their ultimate decision.

This means that you need to take retargeting seriously. Retargeting is how you gradually lure the customer back in and towards making the purchase from you, not your competitor. It’s the pop-up which makes them think twice before closing the tab with your store on it, it’s the offer that lands in their inbox at just the right moment, or the banner ad on Facebook – all due to some handy cookies which follow where your customer heads to and what they are planning on doing.

#5 – Not monitoring competitor stock and inventory

The average price tracker may well flag up a great price on a competitor’s website leading you to believe you reactively need to lower your price to match. Conversely, it may be high making you believe you can push your price up. However, look more closely. It’s easy to play games with prices when the product isn’t in stock. You need to utilise price comparison tools which actually undertake competitor analysis, such as whether a product is in stock.

      #6 – Not segmenting customer profiles

Not all customers are created equally even if they are all cycling fanatics. They are individuals behind their keyboards, but generally they will fit in to a distinct profile of characteristics. By looking at characteristics such as demographics, location, and purchasing history, you can begin to target customers more successfully. Taken in partnership with competitive pricing, this can make for incredibly powerful pricing strategies.

#7 – Not streamlining the purchase funnel

The last mistake we tend to see being made is not streamlining the purchase funnel. All customers are on a journey which takes them through awareness, opinion, familiarity, consideration, preference, purchase, and ultimately, loyalty. At each step of the way you naturally lose potential sales. However, for many ecommerce businesses, you are losing more than you need to by not streamlining the purchase funnel for them.

This is where a pricing strategy and a marketing strategy need to be working hand in hand. From your PPC adverts and Facebook adverts, through to social media branding and promotions, there needs to be consistency which easily moves your customer along the funnel towards purchase.

Conclusion

Ecommerce can be an immensely profitable marketplace for cycle and cycle accessory retailers, but you need to avoid the pitfalls in order to maximise on potential customers. By avoiding the above 7 common mistakes in ecommerce you can increase your chances of success. In short:

  • Use social media to monitor competitors
  • Use smart price monitoring by Competitor Monitoring Tools
  • Ensure your price tracking includes promotions monitoring
  • Retarget all website visitors
  • Monitor competitor stock and inventory
  • Segment customers according to their profiles
  • Streamline the purchase funnel

WHAT SHOULD SELLERS LOOK FOR – REVENUES OR PROFITS?

The truth of online selling is – every seller who comes on digital media is there to make profits. After all, why else would he or she pay fees to Flipkart, Amazon and many other platforms who allow him space to showcase his products? There is no reason or rhyme in going online until a seller is clear about the kind and magnitude of profits he wishes to make. But let us tell you one cruel truth as well – sellers may not start making a profit from the word go immediately after going digital. In the initial phase, they have to stay contended with the revenue part. Let us first explain the difference between Revenue and Profits.

Well, revenues are distinct from profits and yet they are quite closely linked when it comes to selling online. Revenue is the sum of all incomes a seller brings in through his sales activities or his main line of business online. Profit, on the other hand, is the term given to the amount of money left over from that revenue after all the seller’s expenses are deducted or paid.

Small or medium-sized online sellers have been seen to value revenue a lot because it is just as crucial for their business as air or water would be for a human being. Without the inflow of enough revenue, their business cannot survive. Sales revenues accruing to them online cover a rather wide range of costs. These include costs of doing business, paying off debts and purchasing additional stocks of inventory, etc. Higher revenue over a period of time is usually indicative of a company’s growth and provides a straightforward metric which lets them compete with their competitors. For any online seller, revenue numbers are a sure shot way to impress lenders and investors and portray the business as a profit making a company.

When it comes to profit, it can be just as valuable as revenues to an online seller company. Profit margins vary a lot and usually, companies consider the owner’s compensation as an expense along with other labor costs. This, in turn, makes it possible for an online seller to survive and grow steadily, simply by breaking even every month. However, a healthy profit margin is the ultimate goal for every seller as it enables them to save or invest additional cash in case of diverse market conditions. There are periods when sellers face stiff competition from various marketplaces and other sellers that have more aggressive pricing strategies. Thus, previously saved profits let them compete with such conditions without having to lose their market share.

So to put it straight, there is no black and white here, but rather many aspects that make sellers chose one over the other when it comes to choosing between revenues and profits. However, for a traditional seller who worries more about the PROFIT thing, we present 3 tips that will help maximize profits –

  1. Do not underprice your goods. Sell good quality at a good profitable price.
  2. Do not offer any FREE Courier or services in case you plan to offer discounts. Spoiling the consumer with many offers means ruining your profitability.
  3. Be very clear in your money-receiving terms.

SECRETS OF A SUCCESSFUL ONLINE SELLER

Online selling being such a hot topic of discussion, there are no secrets left! In fact, successful are those sellers/retailer who started early and on multiple platforms. Sellers who did not stick on to just eBay or Amazon ended up making more profits than others. The reason behind this is simple. Every buyer surfs Google extensively before buying a product online. He or she would check both Amazon & Flipkart as well as a plethora of other shopping websites just to check the most competitive price and quality before taking the final decisions. So the real wisdom lies in registering yourself with the best online selling portals and one step ahead would be to have your own online store as well.

However, for the beginners and those sellers who are really keen to leverage with online selling, here are the secrets of becoming a top online seller that will help you become a top online seller on Flipkart, Amazon, PayTM and many such leading digital selling websites –

SECRETS 1 FOR ONLINE SELLER – CHOOSE YOUR GENRE CAREFULLY

Does a seller have the choice to choose the genre of products he prefers to deal in online? Well, yes. For a mobile phone seller who has his own shop of mobile phone and accessories, it may not be very lucrative to go online offering the same things as there is huge competition and people are selling mobile phones at dirt cheap price. Moreover, the buyer also acts kind of fussy while buying mobile phones. In that case, the seller can experiment by choosing to start with accessories which sell well on all digital platforms. Again, the key here is to put up unique offerings like personalized mobile covers, good quality mobile cases, mobile covers in all latest and fashionable designs etc.

SECRETS 2 FOR ONLINE SELLER – MAKE BUYING AN EASY PROCESS FOR THE BUYER

This is what will bring you on top because buyers prefer to deal with sellers who make online shopping fun and easy for them. Give them FREE Delivery or Cash On Delivery payment option but make sure that you do not end up incurring losses while providing such offers. Other tempting things in this can be to offer SAME DAY DELIVERY in select cities. This will surely get you more customers than your competition.

SECRETS 3 FOR ONLINE SELLER – MAINTAIN GOOD COMMUNICATION

This is one secret not many online sellers would know or accept. It is important for an online seller to get good Feedback and Reviews published with its name on every digital platform. That’s how you will be able to influence more buyers! So when you have delivered a good quality product to a customer who has made the payment as well; send him a personalized email asking for feedback or to write a good review. Most of the buyers respond to direct communication and leave good words when they get good products. All these reviews would help to increase your credibility and ultimately a sale.

And one final tip – Do not forget to make your products look visually attractive with nice pictures and clear persuasive content.

ONLINE SELLING BENEFITS FOR SMALL TRADERS

Times have changed and the internet has significantly changed the way people shop and trust brands. In earlier times we had brand stores to shop with those fancy stores. There was hardly anyone crossing could resist from entering through this prevails but now the shopping is more of a digital one. With millions of options on the click of a button in comfort of your home, who wouldn’t go for online shopping?

When we talk about small trades I think they are benefitting the most out of this. They have more opportunities to be visible to global customers, 24*7 and they can save on the cost of the showrooms which they otherwise would have to invest on! And trust me it isn’t easy to match up to the location, interior and the large space these big brands spoil their customers with. This is a great opportunity for small traders to manage their business from anywhere in the world.

LET’S LOOK AT FEW OF THE MANY BENEFITS SMALL TRADERS ENJOY!

LOW COST

Online selling doesn’t require much initial cost, but yes as you start selling, there would be a certain amount that you will have to pay. Take examples like a fee for payment gateway, merchant account, fixed transactions and % transaction fee. Which is still much lower than required to open a fancy store.

EASE OF OPERATION (GEOGRAPHICAL)

Doesn’t really matter where you are selling from, as long as you are providing a quality product and making it reach on time, your buyers are ready anywhere in the world. You don’t really have to be located in Switzerland to sell the Swiss people some spices, they can access your website and you are good to go!

MAKE CHANGES IN A JIFFY!

From changing your product catalog to changing the price of the product everything can be done from the backend in no time. Which would be quite time-consuming in a physical store sometime?

CUSTOMER DATA ANALYSIS

Last but not the least, customer data can be analyzed and studies, which will give an insight into the customer’s behavior. What a particular segment of customer likes to purchase and which products are the fastest to sell out. These reports help you to keep your inventory updated and bring out some interesting offers for different segments of customers.

Lastly, how you manage your online business on the type of products or services you offer. One can use the internet to run an online shop, manage suppliers; communicate with your customers, study competitors, etc, There is no end to the world of online selling and to some this is just a beginning, a beginning that can reap great benefits to even the smallest of businesses.

GUIDE FOR WANNA BE SELLERS FOR ONLINE SELLING

Planning to sell online? You definitely need to prepare yourself, the biggest and smallest of ventures require preparation. When you will be prepared, you are ready to face the good and the bad of online selling. It does come with strings attached and here’s everything you need to be prepared before stepping into this field:

INITIAL CAPITAL:

Without money, you can’t even think of starting any business so same applies for online selling! with the limited capital, you stand at a risk of not being able to rejuvenate your business. In case you face losses, leaving apart the future prediction! And there is an upfront capital required like marketplace fee which involves commission fee, shipping fee, and collection fee. Apart from all this the place where you store your items, i.e. warehouses cost, product cost and at last but not the least legal registration. And splurging a little on a quality good will do you no harm!

LEARNING ABOUT THE E-COMMERCE STOREFRONT YOU CHOOSE:

Yes, that’s a very important step, with so many sites to choose from it is important to know, which one you will finally sell-on and understand the rules for each site. They are not same for every site, some might charge you more than others and few might have strict policies. Few might be lenient in approach now it’s up to you to decide where your target customer might be and reach out to that site. Also, some e-commerce sites are product specific and not let you sell anything and everything, hence keeping that in mind you need to take your decisions.

BUYING ALL THE SUPPLIES BEFORE YOU LIST THEM:

This is a very important thing to consider, not being able to deliver what you have committed can leave you in a bad light. Your supplies have to be ready, laying a firm foundation for your future profits is important. The kind of trust your buyers will have on you might vanish in seconds if you do not deliver what you promise Also if you do not deliver it within the given deadline can affect your feedback badly. Sometimes certain products might do better than you expected and that is something you need to study in your market. Do research and come up with an inventory which has sufficient supplies.

Not being able to fulfill your commitments can also get you delisted, so keeping that in mind be prepared with your items.

CUT THROAT COMPETITION:

Even if initially you are the only one selling the particular product and it is selling well, don’t just leave for a beauty sleep cause your nightmares might start while you are not awake. you might see few sellers sprouting from nowhere and selling the same product! Yes, it is a competitive market and in no time you might be losing the race. So keep a watchful eye and have your ideas handy! have a plan for positives and negative which might happen.

The world of online selling is extremely competitive, with much lower costs involved than that of brick and mortar shops. People rush towards online selling makes it extremely crowded. So it’s important to have an edge over others and have a plan in hand!

Although it might seem like a daunting task, but all you can do in it is, keep your business simple when you start and expand as you learn and grow. Being prepared should be your initial focus.

Posted by Lynda Boyce

Why Amazon is one of the best e-commerce site design in India

Best e-commerce website design
One of the basic prerequisites for online selling is an e-commerce site that is easy to use for the customers. In a previous post, we spoke about why sellers prefer online marketplaces over personal e-commerce sites. This blog lists down the various features that make Amazon one of the best e-commerce site designs in India.
Simple UI: A simple and uncluttered user interface is paramount to create a good customer experience. Information must be readily available to the user. This means that the icons and buttons must be self-explanatory, error messages must convey the issue and general usability should be easy. Additionally, having personalised recommendations improves user experience. Amazon has all these features and more, that make it a great shopping experience for your customers.
Responsive and Mobile-friendly: The mark of a good design is a responsive website. Also, since a major chunk of customers browse sites through mobiles, it is necessary for the website to be mobile-friendly. Amazon has a highly responsive design, which makes it easier for the customers to access it through any device.
Navigation: Ease of navigation is another feature that makes Amazon stand out from the rest of the e-commerce websites. The customer is not confused about what their next step is as the flow from searching a product. Browsing through them, adding it to the cart and checking out is extremely seamless.
Page loading: When a page takes a lot of time to load, a customer may lose his interest in the product and in this process you may risk losing out on that customer. Therefore, performance is a major aspect of a good design. The website should be able to load quickly even with slow net speed. Browser compatibility is another aspect of a good design wherein the website should be able to work on browsers whether they are old or new.
Easy checkout process: After adding a product to the cart, if a customer faces issue with checking out he may lose trust in your brand which is why having an easy check out process is highly important. Amazon provides a hassle free check out experience to its users. Additionally, there are various methods of checking out through cards, netbanking, wallets and cash on delivery.
Product discoverability: There are two ways a customer can find a product. One is by searching directly through the search bar and the other is through the navigational bars. In both the cases, discoverability of the product is extremely easy. Amazon ensures that your product is not lost amongst the other products. Also, recommendations can help the customer with related products as well.
Considering the above mentioned features it is very convenient to sell online at Amazon than create your own e-commerce site. Additionally, selling on Amazon saves you the cost of creating a website, maintaining it and updating it regularly. To reap the benefits of selling on Amazon, you need to be registered as a seller first. Register yourself here and begin your online selling journey today.

How to Register and Sell on TataCliQ

sell on tata cliqHow to Register on TataCliq

Ever since the launch of TataCliq in 2016 sellers have shown their interest to register on the platform. The current link Sell with Us on the website tatacliq.com takes you to a page telling you to drop a mail at partner@tatacliq.comAll mails to this ID bounce and show an error. You have no other option to register.

Read this article to understand the procedure to register with TataCliq.

First drop a mail to sellersupport@tatacliq.com with the following information

  1. Name –
  2.  Contact no –
  3. Email Id-
  4. Category –
  5. Brand name –
  6. Location –

You will receive an automate response. Follow up with them by dropping regular mails on the same chain mail.

After few days you will receive a mail from the category head. In order to enrol you need to sign and stamp on the agreement document sent by them. The agreement has to be printed on a Rs 300 stamp paper. You need to print an Annexure, which contains commission details, on the company letter head and sign it. Send the documents to the following address.

Tata Unistore
First floor, Empire Plaza 2
Chandan Nagar
LBS Marg, Vikhroli West
Mumbai-400080

Once they receive the documents you will receive a mail containing “Seller Registration Form” and “ECS Form”. You need to fill these documents with relevant information and send it through email along with the following documents.

Document Required (Scanned Copies)

  1. VAT & CST copy
  2. Pan card copy
  3. TAN Copy (If Available)
  4. Service Tax Copy in case of any services billing
  5. LBT registration copy for Maharashtra – Municipal corporation wise (If available)
  6. CIN Copy (from ROC)
  7. Cancelled Cheque
  8. Company Logo
  9. Bank confirmation on electronics clearance form (Refer Attachment)
    •  Is to be filled on company’s letterhead
    • Need the bank’s stamp
    • You may send across a scanned copy of the signed and stamped document

Seller Registration Form (SRF)

  1. To be filled with all details pertaining to the registered company
  2. Must contain a list of all documents that you have provided to us as soft copies
  3. You may send across a scanned copy of the signed document

The Registered company name, Name on the PAN card copy and the name in the Bank details must be the SAME.

Seller Account Registration:

  1. Email ID: They will use this email id for Seller Account Registration purpose (Please note once the email id is registered, there is no provision to change it)
  2. Fulfillment Centre details: For multiple fulfilment centres, share different email id per location.

You also need to send a catalogue of products.

Few Advantage of TataCliq over other marketplace

  1. Flat commission is charged. No separate charges such as listing fees and logistic fees.
  2. Choose the Pincodes that you wish to service. That’s right you can decide whether to deliver in certain locations or not. This feature will be in control of your account manager.
  3. No return logistic and commission charges.(Currently)

TataCliq Pin Codes Restriction

Hopefully this article helps you get started on Tatacliq registration. There are many categories that they have yet to launch. Don’t be disappointed if your category does not exist, they will add them soon.

GST’S impact on E-Commerce Marketplace Sellers

Impact of GST on E-Commerce Marketplace Sellers

India’s e-commerce market is estimated to have crossed Rs. 211,005 crore in December 2016 as per the study conducted by Internet and Mobile Association of India. The report further claim that India is expected to generate $100 billion online retail revenue by the year 2020.

The uprising of Electronic Commerce in India has also resulted in conception of online marketplaces. A Marketplace is an e-commerce platform owned by the E-commerce Operator such as Flipkart, Snapdeal and Amazon. Some of the features of a marketplace model are:

  • Marketplace enables third-party sellers to register and sell online on their platform.
  • Marketplace charges a subscription fees/ commission on sale value from listed sellers.
  • Third-party sellers under this model gain access to a larger customer base, registered with marketplace.
  • Customer on the other hand gain access to multiple sellers and competitive prices for desired products.
  • Items purchased on such marketplaces are either shipped by Merchant/Third-party seller directly or through the fulfillment center managed by Marketplace Operator.

Government has also allowed Foreign Direct Investments under such model to promote e-commerce marketplace business model in India.

Marketplaces has provided retailers with additional channel of sales and reach which was unimaginable for an offline seller. Major marketplaces claim to have lacs of sellers affiliated with their platform with millions of SKUs. While the number of sellers and their business have increased significantly, GST has specifically taken up marketplaces and has come out with rules & regulations specific to this segment.

Introduction of these regulations requirements has compelled the online seller community to embrace GST regime. Some of these compliance are:

No threshold for GST registration: Government has specified a threshold limit for all the businesses. A business is liable to register under Goods and Services Tax once such threshold limit is breached. However  such limit is not applicable in case of E Commerce sellers. All the businesses carrying out e-commerce activity are required to get registered under GST irrespective of their turnover.

No Benefit under Composition Scheme: Most of these sellers registered with marketplace operators are small and medium businesses. Government has introduced composition scheme under GST law. This scheme is primarily aimed to reduce the burden of compliance for small and medium businesses. Under this scheme, businesses are required to file returns quarterly instead of monthly and pay taxes at nominal rates up to 2%.

However GST law has explicitly excluded e-commerce businesses from this scheme.

Tax Collection at Source by Marketplace Operator: Under the new tax regime, marketplace operators are mandatorily required to deduct a percentage amount as the GST liability of seller and deposit it with government. This mechanism is being termed as “Tax Collection at Source (TCS)” under  the GST law. Eventually the marketplace seller will have to file monthly return under GST to claim the credit of TCS collected by the marketplace operator. This will also impact the liquidity and cash flow of these sellers.

While all the marketplace operator have already completed the first level analysis of impact of GST on their operations, marketplace sellers are still unaware of these rules.

Need of the hour is to keep themselves aware of the changes that are going to come. Also such sellers should now start planning their transition strategy for GST regime.

Some of the key points that should be kept in mind are:

  1. Get your GST enrollment done on time.
  2. Plan your logistics and warehousing requirement carefully.
  3. Adopt such platforms, technologies which will enable your business to be GST compliant.

Although we are at a very initial stage for GST implementation. But marketplace sellers may not have much luxury of time and it is advised to be proactive in your business decisions for GST transition.

eVanik: Assisting Retailers to Operate in Multiple Marketplace Channels with Ease

eVanik: Assisting Retailers to Operate in Multiple Marketplace Channels with Ease

mayank_kumar_evanik_networksThe accession of e-commerce in the industrial economy has been affirming to the advantage of the SME sector. The SMEs often face challenges in terms of credit and finance and some struggle in augmenting businesses, adding more demand channels and connecting with the right set of suppliers and customers.

eVanik Networks Private Limited, with headquarter at Noida is an online ecosystem that enhances and manages businesses of online and offline sellers and retailers by seamlessly connecting them to their neighbourhood online end customers. Since its inception, eVanik has emerged as a trusted business tool provider (service provider/ confidence provider) for sellers, retailers and marketplaces.

Being one of the fastest growing cloud based services platform for SMEs and retail stores, eVanik focuses on fuelling growth for SMEs and retail stores in India. The company has designed a multi-dimensional platform that assist SMEs to connect with additional demand channels, there by streamlining and augmenting their business efficiencies. By incorporating cloud based POS for hyper local retail stores, the platform also provides ancillary service connections that include working capital, insurance, logistics, web-stores and marketplaces.

Further eVanik enables centralized warehousing, order processing and return management for the customers selling across multiple online spaces. These distinct features and integrations allow retailers to manage their orders,inventory and payments from multiple channels to a single interface with detailed reports thereby triggering real time checks bringing confidence and improvement in short time.

eVanik’s Comprehensive Attributes

eVanik has identified Digital Services as a key to the growth of SMEs. Predominantly, online presence of an SME differentiates its offerings by allowing reaching to a larger audience and induce a faster connect with customers. Therefore, eVanik propounds digital webstore, marketplace or any other web based automation service. “Some of the modules that we have developed for our clients include WMS (Warehouse Management System), DMS (Distribution Management System), GST Connect (Automation of GST related invoice uploading and compliance requirements) and CRM”, adds Mayank Kumar, Co-founder, eVanik.

“The company has designed a multi-dimensional platform that assist SMEs to connect with additional demand channels”

The computer-driven store simulation techniques is rapidly gaining momentum among consumers to achieve their business objectives, through personalized user experience. Aligning to the trends, eVanik extends its Cataloguing and On-boarding services with an auto mapping recommendation engine that converts simple files into e-commerce friendly and detailed catalogue. Moreover, eVanik’s OneWorld suite supports integration of orders, inventory and payments into its inbuilt accounting module. With features such as order to invoice, inventory reconciliation, POS module, purchase management, manufacturing module and tax management, this platform wins over most existing stand alone accounting software.

While attaining strategic tie-up with leading banks and NBFCs, eVanik has also aligned with many eminent and well established supply chain and logistics companies in India. By delivering digital lending process, the company has assisted over 50 SMEs to obtain customized lending and loans through these financial institutions. Furthermore, in less than five months of a beta launch, eVanik has already served 3000 SMEs using the platform. eVanik envisages to become one stop digital automation and digital support solution for accounting, ERP, supply chain, omni channel management and ancillary services through a digital route.

Published by CIO Review (20 Most Promising Retail Solution Providers)

eVanik : One World suite

eVanik : One World suite

Mayank Kumar is a Co-founder and CEO of eVanik, a trusted business tool for sellers, retailers and marketplaces. The company focuses on it’s integrations such as, manage orders, inventory and payments from multiple channels in a single interface. eVanik works in close integrations with the leading e-commerce sites such as Amazon, ebay, Shopclues, Voonik etc. In this interview, Mayank Kumar talks about his E-commerce business suit and the impact of E-commerce on Indian economy.

Could you explain the concept of eVanik- The e-commerce business suite?

eVanik is a company of 10 enterprising techies, closely working with me – Mayank Kumar. Despite not being from the Top B Schools, the product has turned out to be one of the finest in its category today. The company has a strong foundation of ethics, creativity, customer centricity and continual innovation. People work with passion and focus. In addition, there are people in the Support and Customer Service team. We started this as a learning by the challenges we faced as a seller on multiple marketplaces. Now we keep adding more and more integrations and customers every day.

After working in Corporate sector for 16years, how it was like to set up all on your own?

Yes, I worked for 16 years in the Corporate sector before starting on my own in the year 2012. After experiencing the top notch executive profiles in some of the large Indian & MNC companies, it was not easy to start the second innings of my career and that too totally on my own.

I started single handedly in a 10×10 single room office space in Gurgaon, with very limited capital in my hand. It wasn’t an easy decision and the struggle continues even today after being bootstrapped for the last 4 years. The good thing was that I was focused to my objective and wanted to create something that helps the ecosystem of the most upcoming industry – E-commerce.

In order to chase my dreams, it was important to dirty my hands and get into the ecosystem. With less than 5 lac of capital in my hand, we got ourselves registered as sellers / aggregators with marketplaces. Since then, we have achieved a turnover of few hundred crores.

How big you think is the Indian E-commerce market?

India is adding three Internet users every second and is I guess already the second-largest Internet market globally in terms of users. The market is rapidly growing in it’s size and by 2020 it might rise up to more than $115 billion.

What do you think is the Impact of E-commerce on Indian Economy?

Recently, there was an interesting report in which IAMAI ( Internet And Mobile Association of India ) has said that there are 100 million Indians accessing the Internet at present. Though not all are regular users of the World Wide Web, even if 10% people use the Internet regularly, there is a lot of people using Internet. If predictions are to be believed, by the year 2014, India will lead the world in Internet usage. E-commerce is neither a “boon” nor a “bane”, it is just the “change” that we brought in ourselves.

India is today an outsourcing hub because it has made a name for itself in providing the best solutions in any IT related job. Due to this, Indian economy is also booming. The kind of boom that Indian economy has seen in the last two decades has been the best in its 60 years of independence. With the growing use of Internet even in the interiors of the country, E-commerce is playing a vital role in Indian economic growth.

Once the Indian government spreads broadband usage across the country, E-commerce services will add to more GDP every year. This is not a prediction, but a mere analysis of how things are fast moving forward.

How arduous or difficult your journey has been so far?

eVanik took birth in middle of 2014. The last 2 years have been full of struggle. We are still a bootstrapped company with our seller business company funding our technology arm. The growth is still organic and slow and the costs still out beat the revenue multi fold.

However, the dream will keep getting chased till we find success. eVanik has today emerged as the finest software product in its category far ahead of competition. 3000 plus sellers benefit from eVanik OneWorld Suite, eVanik SmartBooks and eVanik Merchantogue Pro.

What makes eVanik unique from it’s competitors?

There are several players in this category in the market who are offering parts and pieces of what eVanik offers. In terms of the user base, eVanik has acquired customers in a matter of few months, what others took years to acquire.

However, the more important thing was to understand the challenges and nuances in this ecosystem from the Marketplace side and the Seller side and develop a platform that addresses these challenges and eliminates all the pain areas.

eVanik believes on being flexible when it comes to customizing solutions for its customers unlike competition offering standard packages and solutions.

What according to you are the drawbacks of E-commerce in India?

There are several of them such as High investment is needed to start such a project, More in-house responsibility for order fulfillment and technology, It is necessary to frequently update your product catalog. You need the technical skills to do this, it is often difficult to achieve your own house style, As a pioneer, you are faced with huge technological challenges and etc.

But I’m sure , these drawbacks can be concealed with the increasing response and the acceptance that E-commerce businesses are getting from it’s current and professional users.