‘Discount Kitna Milega is a marketplace that operates in India, optimized across a
wide range of products. We make up a dynamic team that lends skills to each other, thus shaping a strong group that work synergistically to make success a reality. The staff of Discountkitnamilega.com is extremely diverse in nature, with skills ranging from business development, marketing, e-commerce, web design, programming and finance.‘ Udit Kamthania, Founder & CEO, Discountkitnamilega.com
wide range of products. We make up a dynamic team that lends skills to each other, thus shaping a strong group that work synergistically to make success a reality. The staff of Discountkitnamilega.com is extremely diverse in nature, with skills ranging from business development, marketing, e-commerce, web design, programming and finance.‘ Udit Kamthania, Founder & CEO, Discountkitnamilega.com
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Udit Kamthania, Founder & CEO,
Discountkitnamilega.com |
ST
Bureau: When did you decide to take the path of ‘entrepreneurship’?
Bureau: When did you decide to take the path of ‘entrepreneurship’?
Udit: It was unplanned. I
belong to a well-known family of lawyers settled in my hometown Aligarh. Till
2011, I was working as an Investment Banker at Citi Bank. All of a sudden,
tragedy struck and I lost my Mom, which left all of us completely devastated.
This is when I started planning to set up my own business which I could run
from my hometown and stay with my dad.
belong to a well-known family of lawyers settled in my hometown Aligarh. Till
2011, I was working as an Investment Banker at Citi Bank. All of a sudden,
tragedy struck and I lost my Mom, which left all of us completely devastated.
This is when I started planning to set up my own business which I could run
from my hometown and stay with my dad.
I started reading a lot
about entrepreneurship & while surfing the Internet, I found E-commerce as
an emerging segment in India. It seemed very interesting and learned a lot
reading about the field in general. Later, when I decided to launch a website,
I started travelling across the country to get into the depth of products and
finally in 2014, I founded a company “Sangeeta Kamthania Merchandise” and
launched the website.
about entrepreneurship & while surfing the Internet, I found E-commerce as
an emerging segment in India. It seemed very interesting and learned a lot
reading about the field in general. Later, when I decided to launch a website,
I started travelling across the country to get into the depth of products and
finally in 2014, I founded a company “Sangeeta Kamthania Merchandise” and
launched the website.
ST
Bureau: Please tell us about your venture.
Bureau: Please tell us about your venture.
Udit: In 2014, Journey started
as a brand owner of women attire. By 2015, we were selling our products on
almost all major marketplaces and we were getting a decent number of Orders per
day. Almost after 6 months when I started my calculation I was shocked to find
that I was losing more money than making profits & the reasons were
returns, loss in transit, logistics, unnecessary charges levied as if we are
committing some crime, marketplace commissions etc. I myself felt the pain
being a “Seller” on different marketplace websites which made me
believe that it’s good to have customers/buyers friendly policies (return,
cancellation, exchange) but not at the stake of sellers business. Business
ethics are very important.
as a brand owner of women attire. By 2015, we were selling our products on
almost all major marketplaces and we were getting a decent number of Orders per
day. Almost after 6 months when I started my calculation I was shocked to find
that I was losing more money than making profits & the reasons were
returns, loss in transit, logistics, unnecessary charges levied as if we are
committing some crime, marketplace commissions etc. I myself felt the pain
being a “Seller” on different marketplace websites which made me
believe that it’s good to have customers/buyers friendly policies (return,
cancellation, exchange) but not at the stake of sellers business. Business
ethics are very important.
As humans we always
resist change. It’s painful, it’s risky and it’s challenging too. By the end of
2015 I decided to launch an Online Marketplace. When I discussed the idea of
changing the business model from single category to marketplace model, I wanted
to generate new ideas by framing a constructive discussion with my team. I
worked out to develop a clear plan on how to grow my idea into something bigger
and finally in June-2016 we launched “Discount Kitna Milega” (www.discountkitnamilega.com).
resist change. It’s painful, it’s risky and it’s challenging too. By the end of
2015 I decided to launch an Online Marketplace. When I discussed the idea of
changing the business model from single category to marketplace model, I wanted
to generate new ideas by framing a constructive discussion with my team. I
worked out to develop a clear plan on how to grow my idea into something bigger
and finally in June-2016 we launched “Discount Kitna Milega” (www.discountkitnamilega.com).
Discount Kitna Milega is
a marketplace that operates in
India, optimized across a wide range of products. We make up a dynamic team
that lends skills to each other, thus shaping a strong group that work
synergistically to make success a reality. The staff of Discountkitnamilega.com
is extremely diverse in nature, with skills ranging from business development,
marketing, e-commerce, web design, programming and finance. Complementing each
other where another lacks, we are able to form a close bond who work hard at
what we do best – bringing satisfaction to all our members. Relative to other
industries, DKM has a team of young members (the old ones remain young at
heart!), brimming with ideas on how to improve the site. Many of our avid
members have even come aboard to help develop the site, as they know the
intricacies of the DKM site. With new ideas constantly being evaluated and
discussed, the fun in bringing this site to you never cease.
a marketplace that operates in
India, optimized across a wide range of products. We make up a dynamic team
that lends skills to each other, thus shaping a strong group that work
synergistically to make success a reality. The staff of Discountkitnamilega.com
is extremely diverse in nature, with skills ranging from business development,
marketing, e-commerce, web design, programming and finance. Complementing each
other where another lacks, we are able to form a close bond who work hard at
what we do best – bringing satisfaction to all our members. Relative to other
industries, DKM has a team of young members (the old ones remain young at
heart!), brimming with ideas on how to improve the site. Many of our avid
members have even come aboard to help develop the site, as they know the
intricacies of the DKM site. With new ideas constantly being evaluated and
discussed, the fun in bringing this site to you never cease.
ST
Bureau: What opportunities do you see in this sector?
Bureau: What opportunities do you see in this sector?
Udit: Throughout the world
online shopping has grown exponentially. The world of eCommerce has recently
emerged and progressed at an astonishing speed in India with many new and
existing organizations, businesses, and customers.
online shopping has grown exponentially. The world of eCommerce has recently
emerged and progressed at an astonishing speed in India with many new and
existing organizations, businesses, and customers.
One of the most
important factors in the equation is the rate of internet penetration in India
& if you look at the numbers, in every few seconds (about every 5 seconds)
an Indian experiences the internet for the first time.
important factors in the equation is the rate of internet penetration in India
& if you look at the numbers, in every few seconds (about every 5 seconds)
an Indian experiences the internet for the first time.
With many new online
ventures springing up rapidly and existing businesses recording unprecedented
growth rates, there is still a lot that needs to be done to reach the true
eCommerce potential of the country and compete with other big players of the
region.
ventures springing up rapidly and existing businesses recording unprecedented
growth rates, there is still a lot that needs to be done to reach the true
eCommerce potential of the country and compete with other big players of the
region.
According to Internet
and Mobile Association of India this year the number of mobile internet users
in India was expected to reach 371 million by June 2016. There were 306 million
mobile internet users in India in December, 2015. Of the 306 million internet
users, 219 million users are from Urban India, which registered a Y-o-Y growth
of 71%, while the user-base in Rural India has gone up by 93% from December
2014, to reach 87 million in December 2015.
and Mobile Association of India this year the number of mobile internet users
in India was expected to reach 371 million by June 2016. There were 306 million
mobile internet users in India in December, 2015. Of the 306 million internet
users, 219 million users are from Urban India, which registered a Y-o-Y growth
of 71%, while the user-base in Rural India has gone up by 93% from December
2014, to reach 87 million in December 2015.
Not surprisingly, as
much-awaited Reliance Jio entry into 4G (crossed 5 crore mark in 83 days)
India’s internet and mobile use has exploded, so has e-commerce. Though
eCommerce is still a small fraction of the overall Indian retail market—just
about 6% but it’s growing rapidly and expected to mount exponentially in coming
years. Analysts believe that online shopper penetration could grow to 20% by
2017.
much-awaited Reliance Jio entry into 4G (crossed 5 crore mark in 83 days)
India’s internet and mobile use has exploded, so has e-commerce. Though
eCommerce is still a small fraction of the overall Indian retail market—just
about 6% but it’s growing rapidly and expected to mount exponentially in coming
years. Analysts believe that online shopper penetration could grow to 20% by
2017.
Online shopping serves a
lot of the pent-up demand for people in small cities, where there’s a lot of
money but doesn’t have lot many retail stores.
lot of the pent-up demand for people in small cities, where there’s a lot of
money but doesn’t have lot many retail stores.
Indian e-commerce’s has
massive potential, this will not only transform shopping trends but also
significantly impact several other eCommerce arenas such as online job hunts,
logistics, property and rental transactions.
massive potential, this will not only transform shopping trends but also
significantly impact several other eCommerce arenas such as online job hunts,
logistics, property and rental transactions.
ST
Bureau: Did you face any challenge in your entrepreneurship journey?
Bureau: Did you face any challenge in your entrepreneurship journey?
Udit: Frankly the truth is
that, the life of an entrepreneur is like a roller-coaster ride. Though it’s
pretty exciting but at the same time scary too. So, either you scream or you
enjoy depends on you.
that, the life of an entrepreneur is like a roller-coaster ride. Though it’s
pretty exciting but at the same time scary too. So, either you scream or you
enjoy depends on you.
In 2014 when I first
launched a women attire website www.eliteattires.com I
use to face a lot of competition not with the actual competitors but with
“Replica” business. Even my real cousins & close friends would ask me “Why
do you sell your products at almost 3 times of sale price of other big
eCommerce websites, is it because you have just started & they are big
giants or something which we don’t know as they sell products on discounts as
high as 80%”. I use to smile and make them aware of the difference between an
“Original” & “Replica” products. I am still unaware if they believed me or
not but now I am sure when these big eCommerce players started blocking,
penalizing sellers of replica products and are taking preventive measures to
stop selling replica products my friends & cousins would have started
believing me.
launched a women attire website www.eliteattires.com I
use to face a lot of competition not with the actual competitors but with
“Replica” business. Even my real cousins & close friends would ask me “Why
do you sell your products at almost 3 times of sale price of other big
eCommerce websites, is it because you have just started & they are big
giants or something which we don’t know as they sell products on discounts as
high as 80%”. I use to smile and make them aware of the difference between an
“Original” & “Replica” products. I am still unaware if they believed me or
not but now I am sure when these big eCommerce players started blocking,
penalizing sellers of replica products and are taking preventive measures to
stop selling replica products my friends & cousins would have started
believing me.
Now, in 2016 with a
changed business model we are facing new challenges. Many small/medium scale
sellers have either quit or they are planning to quit online business because
of many factors like high returns, product loss/damage in transit, high
commissions, cancellation & other charges etc. which leads to real
nightmares, when they realize they are losing capital forget about making
profits. These factors have forced sellers not to believe on new Marketplaces
which make the task of my team even more challenging to get new sellers
on-board with us. We are trying to change the philosophy because the gap is too
wide.
changed business model we are facing new challenges. Many small/medium scale
sellers have either quit or they are planning to quit online business because
of many factors like high returns, product loss/damage in transit, high
commissions, cancellation & other charges etc. which leads to real
nightmares, when they realize they are losing capital forget about making
profits. These factors have forced sellers not to believe on new Marketplaces
which make the task of my team even more challenging to get new sellers
on-board with us. We are trying to change the philosophy because the gap is too
wide.
ST
Bureau: What are your plans for next 2 years?
Bureau: What are your plans for next 2 years?
Udit: I believe life is short,
break the rules. As a company we know the competition is very high but I am in
a position where I can say that if we can stick to what we are doing at the
moment, we can make it a huge success. I am doing tons of research on business
strategy, marketing, and anything related to the art of making risk free
marketplace for both the sellers & buyers.
break the rules. As a company we know the competition is very high but I am in
a position where I can say that if we can stick to what we are doing at the
moment, we can make it a huge success. I am doing tons of research on business
strategy, marketing, and anything related to the art of making risk free
marketplace for both the sellers & buyers.
Besides looking for
investors to take it to the next level I would definitely like to keep looking
for more & more sellers which in turn will help us in increasing the range
of products & categories at best prices to attract more & more
customers and repeat purchase.
investors to take it to the next level I would definitely like to keep looking
for more & more sellers which in turn will help us in increasing the range
of products & categories at best prices to attract more & more
customers and repeat purchase.
ST
Bureau: How do you motivate yourself?
Bureau: How do you motivate yourself?
Udit: I think in life we
always need someone who keeps on cheering you on & reminding you just how
good you are. My family is my biggest strength & motivation factor. I
started on a path that over time gave me the skills I needed (process still
going on). It has never been plain sailing till date. I have faced severe
challenges from the complexities of the markets but I just never give up.
always need someone who keeps on cheering you on & reminding you just how
good you are. My family is my biggest strength & motivation factor. I
started on a path that over time gave me the skills I needed (process still
going on). It has never been plain sailing till date. I have faced severe
challenges from the complexities of the markets but I just never give up.
I am competitive with
myself. If I set my mind on something, I just go for it and keep trying until I
get it. “We grew over the years. A lot of it comes from experience, and
learning more and then growing more,”
myself. If I set my mind on something, I just go for it and keep trying until I
get it. “We grew over the years. A lot of it comes from experience, and
learning more and then growing more,”
Today, we are associated
with good Online Sellers across India and this is the secret to give our
customers exactly what they want, with high standard products and excellent
services. These relationships are long-standing and have prospered over the
years. I know E-commerce has its own challenges. But if you can overcome them,
I strongly believe E-com is one of the great opportunities in India in the
coming years.
with good Online Sellers across India and this is the secret to give our
customers exactly what they want, with high standard products and excellent
services. These relationships are long-standing and have prospered over the
years. I know E-commerce has its own challenges. But if you can overcome them,
I strongly believe E-com is one of the great opportunities in India in the
coming years.
Interviewed by Startup Terminal Bureau
all the best for the idea success nd hard wrk….
Gud luck….All d very best….
Gud luck….All d very best….