Archive for January 29th, 2007

Should Entreprenuer wait for the right IDEA!!!

This is a debate i have had with most venture capitalist that and generally outcome has been VC’s resoluting that entreprenuers should wait for the right idea before they take the plunge…..i still beg to differ…

Recently was having a conversation with recent proffesional turned entreprenuer and his words are still stuck in my head. “Their are 2 ways to do business one you have a great idea and a dream you follow and try to build the other way is you take the plunge now going with the flow…trying to make money from whatever opportunity which comes your way till the time you are able to find again that great idea and dream you would like to go with 300%.”

Well most of the people may like to conclude that VC’s were rite in first place you need to have great idea…but what part of the statement i didnt agree was taking the plunge once you come accross one.

After talking t him yesterday i was going through my “ARCHIVED collection of Business cards”, it started to hit me that 80% of entreprenuers from the technology industry dont do what they started out with. After couple of phone calls another realization came forward 60% are more sucessful in their new choosen line.  The 60% of them are those entreprenuers which have re-invented their business to always stay ahead of the curve. Some of them went from hardware business to selling Internet connections to IT infrastructure management. Some went from running cyber cafe to running an IT training institute to being successful as Search Optimization Firm. Industry has evolved people have evolved this is a sign of encouragement for entreprenuers. They are not the infosys or TCS of the industry but people who are proud to be in proffesion of running enterprises and taking call to challenges in dynamically changing enviornment.

For them wealth creation is not the only objective for being in business but its about sense of ownership and pride in achieving milestones their own way. In india its often said “those people are successful who dont work for money but make money work for them”  same goes for business just jump in the bandwagon with an opportunity use your entreprenuer skills to make it happen take it to the next level where you can jump boats to other new opportunity. Again remember VC wont think its a bad thing for you to have on your resume : stint of 2 wins and 3 loses. As they invest in people not businesses and from every loss you learn to do 2 things better than with 1 win.

So dont wait for the right idea but jump on board with the right opportunity..the right IDEA will follow its way to you!!!

Indian Online Deal Aggregator – New channel for E-Retailing

In continuation with our effort to bring out advantages of e-retailing. We look at online deal aggregator and how they are different from comparision website and value they can help you derieve.

Worldwide scenario is seeing rise of e-retailing with retailers who had invested in online sales channel comming out of red. This is a sign of encouragement for new breed of organized retailers joining the bandwagon to take the advantage.

Retailers need to maximize their interest by creating online pressence which is compatiable with new channels like comparision shopping websites,online deal aggregation sites etc.

About Online Deal Aggregators

In the west they are also called the leachers but personally i feel that these sites help consumers reduce time in sniffing through dozens of e-retailer sites for finding deal of the week. Its a newsletter website open for public advantage with link directly to the product page on merchants website. They are not selling things to you their motive is to provide right information at right time

Difference between online deal aggregators and comparision shopping websites

comparision shopping websites need more than 2 merchants offering same product for them to compare online. Now With e-retailing still a niche we dont have smaller merchants playing in this space competing at price factor to catch consumers. Most of them people joining the e-retailing bandwagon at this stage are manufacturers directly.

But Doest Fabmall.com, Indiatimes shopping and rediff shopping exist to provide comparision ?

well as an organization foraying into e-retailing one need to understand all of the mentioned providers are e-commerce platforms. They help merchants setup shop and host their catalogue. So same merchant can be hosting his catalog at rediff shopping and indiatimes shopping. This defeats the purpose for comparision shopping websites.

So How to make your Online Shopping cart compatiable for these channels ?

Se for indian retailers cost is a big factor so for now will advice them to look at RSS – catalog syndication this will benefit them in reaching out to a larger audience and be ready portals corping up as new sales channels.

More of this will get answer from this small email interview with Nidhi Modi from allindiadeal.com which will help you understand the new medium of online deal aggregator and whats in for any e-retailer/merchant.

 

How does allindiadeals.com differentiate from other shopping aggregation sites like ULTOP?

www.allindiadeals.com is primarily focused on serving best deals to its visitors. However ULTOP is a good effort to bring the online comparison shopping in India.

We publish new deals everyday or sometimes even 2-3 times a day to serve the fresh data to the shoppers. Lot of people purchase stuff when they find a good deal on it, whether or not it’s on their immediate shopping list. Users visit our site to check the daily deals and plan to buy a product if they are getting something for really cheap prices. I would like to visit Ultop when I would like do initial research about the product, compare or read reviews but it tedious to visit every product to find the good deals.

With live feeds of catalogue not available how are you managing to keep track of new items being posted?

Currently the process is manual, so we do all the hard work of searching the shopping websites and gathering information. Not getting the live feed catalogs from big online merchant is the main constraint.

We understand that we cannot scale up with the manual process and hence moving towards automation (or better call it semi-automated). We have some 22 sellers/merchants registered with us who provide us their catalog data and the number is growing everyday. These merchant are companies like www.gadgets.in and sellers on shopping portals like rediff or Indiatimes and provide us the data in our format.

Deals cease to publish on the expiry date mentioned by the merchant. Also our team checks the website to remove any stale deals.

I had a good discussion with the ileher.com team in Redmond, WA few weeks back regarding the need for automation. You can check the summary of our discussion on

http://ileher.com/2007/01/19/hungry-for-online-deals

What is current site usage statistics in terms of hits etc. How are you monitoring user click through to other shopping sites?

With online shopping is in nascent stage in India, we have around 1500-1700 page loads everyday with 500-600 unique users. However we are getting word of mouth publicity and visitor trend seems to be good.

Yes, we do register the clicks to analyze the traffic we send to other shopping website. Recently we started sharing this data with registered merchant to show them the value addition we are doing to their business.

What is your basic revenue model and what volumes do you need to generate to become a major force or starting point for Indian shoppers?

We do have a revenue model but still not any significant revenues to mention however we earn some money through Google ads. But Google ads are not our main focus for revenues. We plan to move to CPC model soon and also actively looking for affiliation programs.

We just started our journey and it’s a way to go to become a primary online shopping source for Indian shoppers. But we are running fast!

Your own views on e-retailing scenario in India and is their enough products available in Indian internet online space for an online aggregator to function?

There are 38.5 million Indians online as per the last forecast from IAMAI. The Internet offers an audience that will grow to a 100 million users by 2007-08.

Internet & Mobile Association of India (IAMAI) forecasts that e-commerce transactions will cross the Rs 2000 crore mark (2006-2007) which translates into an increase of over 300% from financial year 2004-05.

Great opportunities for merchant and consumer are about to unfold. I agree that e-retailing is still to pick up but it going to explode in a year or so.

e-retailer’s with the advantage of low operating cost with give retailer (only with offline presence) run for their money. Big retailer needs to create an online presence like www.futurebazaar.com, the latest offering from Pantaloon Retails.

There may not be sufficient products available online currently but they will be available in very near future. Anyone who wants to play this game should buckle their shoes now!


Contact Details

E-mail:siddharthpuri@gmail.com Call Me :+91-9910444460
January 2007
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