Amit Sharma, Co-Founder and CEO of ShopX
SHOPX functions towards broadening the access of digital eCommerce
Despite a lot of hype around it, online Commerce continues to be a minuscule portion of the offline retail market. The majority of the population in smaller towns and cities still prefers shopping offline at their nearby retail stores.
ShopX, a digital platform, was launched with the mission to empower one million retailers and thereby enable 400 million middle-income Indians to reap the benefits of online commerce. These are people who are otherwise untouched by conventional e-commerce platforms in India.
ShopX, a technology-led business, aims to bring digital eCommerce access to the 400 million middle-income mass market consumers in India, as against the 15-20 million active internet buyers through true omnichannel commerce.
SHOPX transforms small merchants and retailers with a technology enabled platform that brings them into a nationwide network. The retailers, therefore, are also given access to latest products as well as platform services such as credit, payments and loyalty from around the country.
By leveraging this approach, SHOPX aims to expand the overall addressable digital commerce market size significantly. The company strives for the largest retail opportunity globally in the next ten years, exceeding in scale and potential both in modern trade and conventional eCommerce.
Bengaluru-based ShopX operates on a profitable and scalable business model. ShopX does not pay for acquiring customers; instead it charges a minimal fee while getting the retailer on-board. To use the application, retailers are pre-selected and join ShopX by paying a small fee.
Small Merchants now adopt ShopX for unprecedented range & selection of products, the convenience of at-shop delivery, and expanding their income in a risk-free manner.
To simplify and enable easy credit assurance, ShopX has formed a unique e-commerce model in partnership with local Kirana and telecom stores.
With ShopX's unique Digital Offline model, small retailers are able to create their credit profile by leveraging their demographic and transaction data with ShopX.
Incorporated in 2015, ShopX has aggressively expanded its reach with small retailers in Tier I, II & III cities in India, and gives access to technology & online shopping . The idea is to provide a wide product range to local mom-and-pop stores who otherwise have limited access to these products.
Its wide range of products includes categories such as FMCG, mobile phones, and accessories. In addition, it offers digital services including mobile and DTH recharge, bus/flight booking, and utility bill payments.
The ShopX platform is also used for promotions and new product launches. Its robust distribution network helps increase market share of brands cost effectively.
Backed by strategic investors and mentors including Nandan Nilekani, Jagdish Kini, and Pramod Varma, ShopX has an established digital offline network of 49,000 plus retailers spread across 250 plus towns and ten states.
With over five million customers, an annualized GMV of 250 Crores multiplying every month, ShopX carries out more than 50,000 digital and physical transactions a day.
Giving us a lowdown on the company's business model, Amit Sharma, CEO and Co-Founder of ShopX tells us, "We are a leader in this space and aim to reach one million retailers and hundred Million customers."
ShopX has been a zero-marketing company for most of its history, growing mainly through word of mouth generated by happy returning customers.
Skeptical about traditional advertising mediums, SHOPX relies completely on the strength of its product and customer experience. ShopX has been very well received by the retailer and trader community and is able to grow through word of mouth to a large extent.
The ShopX clientele boasts of name such as L'Oreal, Motorola, Revlon, Blackberry, iPhone, Asus, Metro, Skull candy, Nivea, Moto, Colgate, Vanish, Olay, Intex, Patanjali,JBL, Himalaya, Fair and Lovely, Lenovo, Karbonn, Parachute, Pampers, Sansui, Gionee, Head & Shoulders, Panasonic, Oppo, Infocus, Samsung, DTDC, Listerine, Wild Stone, etc.
ShopX is making bold bets to build long-term business and societal value. With around hundred employees, it has a team of young, highly passionate and self-motivated individuals, all playing their roles in a dynamic, fast-paced workplace. ShopX is the appropriate place for those who are driven by the idea of transforming retail by utilizing technology.
A business veteran with experience in building and leading teams, Mr. Jagdish Kini, the ex-CEO of Airtel (South Region) and Managing Director of Gillette India is an advisor to ShopX, along with Mr. Pramod Varma, a technology veteran and a chief architect in UIDAI Aadhar Project and ex- CTO of Sterling Commerce. Both of them are extremely passionate about creating an impact through ShopX.
The former UIDAI chairman and Infosys co-founder, Mr. Nandan Nilekani has put his faith in the vision of building a highly scalable small-retailer centric business that changes the overall landscape of retailing to extend digital access to millions of people. His Investment has been used to assemble a solid technology platform and a scalable business model.
With a degree from the University of California and over sixteen years of experience in technology, start-up building, and e-commerce, Amit Sharma, the Co-founder & CEO of ShopX has designed and built one of the first Grid Computing Management Platforms in the world.
He holds two international patents for the same as a lead inventor. Apart from raising multiple rounds of funding and starting two successful businesses in the past, Amit has also led the Startup Leadership Program in Bangalore.
India is not US or even China. India is India and we need to solve uniquely Indian problems with unique, made-for-India business models. Ideas imported or copy-pasted from other countries generally work well for 20-30 million people (What we call "India 1"), but any brand or company serious about going beyond to the next 400 million people needs to think about new ways of using technology.
In India, we have a unique opportunity of leapfrogging the western trajectory of growth, just as we have done through mobile phones (as against landlines), and in data access (going to 4G very quickly). In retail, we can move beyond large format retail to a different, Omnichannel vision.
Successfully ran omnichannel market development exclusive partnerships with brands like Micromax, IKALL and many leading FMCG Companies.
Launched ShopXpress: A highly efficient and innovative B2B supply chain solution
Turned profitable on Mobile Phones as a category.
The first assisted Bill Payments platform using the new BBPS standard developed by NPCI
Launched a "Store of the Future" concept store to showcase how Omnichannel Commerce can truly take off in emerging economies.
Start with a constructive vision of the future instead of just chasing financial numbers.
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