E-commerce is on everybody’s mind.
Planning to start your own e-commerce company?
Here is all you need to know for setting up the company.
E-Commerce sector is the next big thing in the business. With a market size valued at over $100 Billion, this market holds huge potential for expansion, investment and ensuring lucrative returns.
As discussed in the interview, here are a few more cues for those looking forward in establishing their own e-commerce business.
The split up of this business can be given as :
- 33.3% – Electronics
- 33.3% – Fashion
- 33.3% – other items
What does it need to be the next Myntra or Flipkart or Snapdeal?
The answer is simple.
2. Differentiating factor
It is easy to copy the business model or technology of any company but it is impossible to replicate the business environment.
Hence it is very important to have an environment inside the organisation that believes in company’s mission . The employees should be motivated enough to be happily working for company’s goals, unperturbed by what others have to say about it.
Secondly, “where to invest?”
Finding a narrow segment and creating a niche is the need of the hour.
Rather than competing with existing giants, it is important to find out a segment which is untouched.
As discussed by Mr. Ganesh, the future lies in artificial intelligence. By artificial intelligence we mean a machine that scans customers’ tastes and buying behavior and automatically suggest the next purchase.
If we talk about fashion industry, a machine or technology which can suggest which clothes you need to discard from your closet and which newer ones, have to be added based on your previous purchase.
Stylumia Intelligence Private Limited is currently taking stride in developing this technology.