your Business Concept
ShopSting is an e-commerce platform primarily for wooden furniture.
The target market is huge & scope for adding more players is very attractive, especially for the Tier II & Tier III cities where the online purchasing is slowing increasing traction.
1. Better service standards
2. Extensive use of online marketing, especially on mobile, to raise awareness & website visits & email sign-ups for constant interactions with the potential customer.
3. Target demographics include young generation between 25-40 who have a good appetite for online purchasing & also are open for big-ticket transactions online.
4. Option to customise furniture as per customers’ specific home design.
How About Competitors
We plan to differentiate from our competitors in three aspects:
1. PRICING: this will be a critical differentiator because we are direct manufacturers, hence we can offer much better value to customers in terms of Sales Price.
2. E-Commerce market is lead by biggies like Urban Ladder, Pepper Fry. They all focus on select 30-40 Tier I & Tier II cities with sourcing done from contractors with more than 3/4th goods coming from Jodhpur.and we are based in jodhpur with own manufacturing unit
3. EXPORTS: Jodhpur is a handicraft export hub. With the e-commerce infrastructure in place, we are going to cater to foreign markets as well.
How Invest Money
Till date we have invested Rs. 2 Cr. into the business. We have invested the amount in factory setup, manufacturing setup, setting up office and running day-to-day operations.
When You Thnk About Break Even
Currently the business is making profits on monthly basis.
And after raising the targeted funds, and as we start expanding, we expect to break even in our 3rd month itself.
With specific focus on online marketing to the target demographics as defined, we are determined to gain traction & target to clock a GMV of INR 7.5 crore by end of year 1.
How To Use Money In Case Of Funding
We plan to invest the targeted amount of Rs. 3.7 crore in four different heads:
1.With funding from external investors we will expand our teams with best professionals in the industry to better match the expectations of the modern consumer & also be a strong competition to existing well-funded players.
2.Team, technology & marketing is where the funding will be used to start with.
3.Improvement & increase in manufacturing & warehousing prowess are other uses.
4.Clubbed with our traditional, lean & cost-conscious manufacturing expertise, we can add value to customers & stakeholders alike.