SHOPX Achieves 2.7 Cr GMV in a Single Day
Backed by strong network, best in class technology, ShopX reached 1 crore GMV per month within a year of inception, swiftly scaling to 2.7 crore GMV in a single day. This stupendous growth can be attributed to strong demand across FMCG and consumer electronics segment in Southern and Western regions.
Commenting on this milestone, Mr. Amit Sharma, CEO, and Co-Founder of ShopX said, “Over the last few years our focus has always been to deliver focused value and the best shopping experience on our platform to the retail partners. We are delighted to announce our latest milestone wherein ShopX achieved product sales of INR 2.7 crore GMV in a single day with an improved profitability. It is a testimony to our continued efforts of helping online shopping to reach 600 million middle-income population. To achieve such milestones, we encourage our teams to leverage “first principles” thinking to significantly change the way traditional offline sales are accomplished.”
Incorporated in 2015, ShopX has aggressively expanded its reach distribution, engagement with retailers in Tier I, II and III cities in India. With a strong focus on seamless product distribution, ShopX has built logistics efficiency through its “LMDN” last mile delivery network and near Sourcing at state level. ShopX’s smart category and product assortment management driven by data analytics resulted in marketing frugality along with zero customer acquisition costs. Furthermore, Direct Brand Partnerships through ShopX’s platform has eradicated dependency on the prevailing market practice of deep discounting. ShopX provides the retailer with a large portfolio of products that ranges from personal care brands such as Fair and Lovely to aspirational brands such as iPhones.
ShopX is backed by strategic investor Nandan Nilekani and mentors including Jagdish Kini [ex- CEO, Airtel (South Region), Managing Director, Gillette India], and Pramod Varma [earlier: Chief Architect, UIDAI Aadhar Project, CTO Sterling Commerce]. Within a year of launch, ShopX has empowered 40,000 Retail Partners across 200 towns in 10 states; serving more than 1 million customers, making it one of the fastest-growing companies in the country. The Company aims to provide the 600-million middle-income population in India (as against the current 50 million active internet buyer base) access to digital commerce through its Retailer Partners.
Bangalore-based ShopX is India’s fastest growing digital offline platform and provides retailers across India significant benefits. ShopX’s proprietary technology, when partnered with a retailer, transforms the retailer into a technology-enabled platform that allows him to service his many customers in more engaging ways. The Retailer has access to new products, new services, and platform services (like credit, payments, and loyalty). With this approach, the Company is helping to expand the overall addressable digital commerce market size significantly.
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