Shopmatic is a fast-growing e-commerce venture that helps business owners sell their products and services online. From developing a unique web store, to listing businesses on marketplaces and social media channels, to giving insights on how to sell online, Shopmatic helps business owners manage the full spectrum of what is required to grow their businesses, says the company's CEO & co-founder, Anurag Avula, as he discusses its growth plans, in an interaction with Sudhir Chowdhary. Excerpts:
Talk to us about the thought behind starting the brand.
Shopmatic was born of a simple realisation that while millions of aspiring entrepreneurs wish to take their business online, they face threshold challenges like high anticipated capital expense and lack of technical know-how. Founded in December 2014 by Yen Lim, Kris Chen and myself, Shopmatic brings different pieces of the e-commerce ecosystem onto a single dashboard. It has now evolved to enable omnichannel success of the businesses, covering both the online and offline channels for overall business expansion and success.
How has been the business growth of the startup since its inception?
Owing to its unique and disruptive offerings, Shopmatic has observed a 174% revenue growth and 160% transaction growth over the previous quarter and acquired 1,20,000+ sellers. Furthermore, Shopmatic is consistently adding 1,000-1,200 sellers every day and is present across the emerging markets of India, Singapore, Hong Kong, China, Malaysia, Philippines and UAE, with plans of expanding to the rest of South East Asia, this year. By the same token, Shopmatic also aims to acquire five lakh customers with $10 million in revenue and $2 billion GMV.
What are the new initiatives undertaken to empower entrepreneurs?
Under the latest offer, Shopmatic has aligned its pricing model with the success of merchants, charging an annual hosting fee of `50 and 3% of each successful transaction. Merchants may alternatively select from monthly, half-yearly, or annual subscription plans. Furthermore, with the launch of Shopmatic World, a disruptive discovery platform, Shopmatic makes it easier for the entrepreneurs to drive traffic to their online stores by articulating and curating their stories.
How is Shopmatic creating a user friendly interface for technically challenged customers?
A young professional selling pickles or mompreneur baking cakes may not have the time or energy to make the best of the digital opportunity. Shopmatic eliminates such challenges by providing a mobile app that helps aspiring entrepreneurs take their business online within minutes instead of months. The power-packed platform takes care of creating a customised online store, web domain, payment integration, marketplace listing, digital promotions, and shipping and logistics. While Shopmatic World sorts the challenge of online discovery for the businesses, it also provides them with easy-to-understand and actionable insights derived from AI and Big Data analytics.
Any new developments on the technology front?
Shopmatic has removed the silos that existed in online and offline selling for MSMEs and individual entrepreneurs, following its recent merger with Octopus, offline retail management and POS solution provider. Leveraging the synergies, Shopmatic now enables MSMEs to enhance their offline presence through cutting-edge retail management and POS solutions while also establishing their online presence. The offering covers the full-spectrum of tools and services required for small businesses to grow their ventures.