Home and Lifestyle online market place Askmebazaar, is trying to position itself in the fast growing e-commerce sector and aims to set the standards in authenticity via genuine branded goods and taking on its rivals with a new narrative for brand conscious Indian consumer.
A reporter spoke to the CEO of the start up company Kiran Murthi on his future plans.
Here are excerpts:
Q: In the field of ecommerce sector, there were online companies like flipkart, snapdeal and others who have fared well after initial spark, how do you plan to stay relevant in the field for a long period of time/ How are you different from the conventional players in the market?
A: The merchants in this country have 3 key requirements to run their business- a) marketing b) distribution c) financial services.
AskMe with its enduring business model, its in-depth understanding of the merchant needs and the right mix of offerings is well poised to be at the forefront of the e-commerce industry in the times to come.
Q: Start up: A new buzz of business in India.
India already has great momentum in starting up businesses as we are now the fifth largest in terms of funding and have more than 5 new tech companies starting every day.
The ‘Start-up India’ initiative by the Indian government that was announced last week has been timed very well and we will enable us to be a global leader in the start-up sector in the next couple of years.
India has a reputation that it starts slow but catches up fast and I am sure with this early edge, we will lead in this sector in the times to come.
This initiative will create a favourable ecosystem for start-ups and will be instrumental in catapulting us to the position of No.
1 economy in the world, as predicted by industry estimates, in the next 15-25 years.
Expectations from upcoming budget for e-commerce sector?
In the recent past, we have seen many announcements designed to enable the start-up community and create a favourable environment for businesses.
The ‘Start up India, Stand Up India’ campaign that was unveiled last week talked about a lot of promising initiatives for the start-up community.
We believe that this has created a lot of positive sentiment in the start-up world and are expecting that the upcoming budget will lay down clear roadmaps on the start-up related initiatives announced.
We also expect that the GST roadmap will be shared in the budget for FY 2016-17.
What kind of tax breaks or holiday the sector is expecting?
I believe that India provides a huge opportunity for start-ups.
We rank third among the global start-ups ecosystem with more than 4,200 new age companies.
I do not think that there is any particular type of tax breaks or holidays that the sector is expecting.
Having said that, tax holidays can be a great icing on the cake as they enable the founders to focus more on setting up and scaling their businesses.
We hope that the government will roll out e-commerce and start-up friendly initiatives that will act as catalyst to the growth of the e-commerce sector.
Who is your nearest rival and how would you compete with the established organizations?
The e-commerce industry is young and the opportunity is huge. We are only beginning the scrape the surface. The penetration and adoption levels are low in the interiors of India and the country offers a huge opportunity for the e-commerce companies, as the smartphone and internet revolution goes to the next stage with the roll out campaigns like ‘Digital India’. I also believe that e-commerce is evolving. With the evolution of technology, there are new dimensions that are added to the e-commerce industry with every passing day. The industry has many players with some players having spent a considerable amount of time in the e-commerce business. However, the opportunity is huge, and we believe that AskmeBazaar has the capability to be in the leading set of players in the e-commerce industry in the times to come.