By Srinath Srinivasan
Shopsense had started off as an analytics company for customer engagement in 2012. By 2015, it had evolved into assuring conversion for top retail brands, with a new name, Fynd. Harsh Shah, who founded the company, says, "Today we have the ability to integrate product inventories of retail brands and distribute them to demand channels such as Amazon, Flipkart and also on our e-commerce site, fynd.com." The company powers offline stores of fashion brands to have an online presence-basically making products in a brick-and-mortar store available online.
Recently, Reliance Industrial Investments and Holdings invested nearly `295 crore in Fynd. Today, Fynd powers over 8500 brands across the country and has a real-time inventory of 800,000 products.
"We help users get the products in the stores of our partner brands on online demand channels and on our website. That makes us offline-to-online. Once the order is placed, we fulfill the order from the nearest strore of the brand. We are working on making this experience omnichannel in the near future," explains Shah. Fynd-powered tablets can help customers in the store find visually similar products. Fynd does not retarget customers and leaves that job to its brand partners and demand channels which enable product discovery. The owner of the demand channel owns the customer data.
"We focus on customer retention only on fynd.com as that is our e-commerce platform. On other platforms, we enable our partners to improve conversion rates and increase purchases," says Shah. Fynd makes money by getting a commission for every transaction that takes place through it. For its partners, Fynd has been able to improve sales by 4-8% by featuring their offline catalog online. Some of the top brands that Fynd works with include Nike, Aldo, Global Desi, Red Chief, Raymonds, Woodlands and Being Human.
Demand channels such as Amazon and Flipkart have a different model of working i.e., their businesses are based on warehousing-from one place(warehouse) to many other places (delivery locations). Fynd, on the other hand serves customers by enabling supply from many places (retail stores) to many other places. In order to achieve this, Shah says that there are three pillars, namely, demand channels-partner brand's website/ discovery platforms, fynd.com and Fynd powered stores. Fynd takes care of logistics for orders on its site through delivery partners.Given the current economic slowdown, Shah says that there's 20-40% decrease in offline sales and 20-25% decrease in e-commerce since the last festive season."