{"id":2411,"date":"2015-03-16T03:49:00","date_gmt":"2015-03-16T03:49:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=2411"},"modified":"2022-09-08T03:52:00","modified_gmt":"2022-09-08T03:52:00","slug":"why-focus-is-the-name-of-the-ecommerce-game","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/why-focus-is-the-name-of-the-ecommerce-game\/","title":{"rendered":"Why focus is the name of the ecommerce game"},"content":{"rendered":"\n

Deepti Chaudhary, Shravan Bhat, Debojyoti Ghosh, Sohini Mitter, Forbes \n India
\n Mumbai, 16 March 2015 <\/i><\/p>\n

When \n Mithun Sacheti received a LinkedIn request from Tiger Global in \n the first half of 2011, he didn’t even blink. It was probably \n one of the many that came in every day, he thought. Turns out, \n the chief executive and founder of CaratLane, India’s largest \n online jewellery store, had never heard of the international investment \n firm. (To be fair, Tiger Global does not have a website even today.) \n <\/p>\n

A few days later, Sacheti learnt about Tiger Global’s credentials \n as an investment firm known for backing fast-growing local businesses \n worldwide. He did not waste a minute. A conference call was soon \n fixed up. But, put it down to happenstance and the busy life of \n an ecommerce honcho, Sacheti “forgot” to take the call. \n <\/p>\n

Fortunately, the investment firm still didn’t give up on \n Sacheti and a meeting was set up with Lee Fixel, the media-shy \n partner at Tiger Global Management in New Delhi. <\/p>\n

Two hours later, Sacheti left with a term sheet in his hand. \n And a month later (in June 2011), nearly $6 million were transferred \n to CaratLane’s bank account. The first investment by Tiger \n Global in CaratLane was in place. And last month, the startup \n announced that it had raised $31 million from Tiger Global, the \n fourth capital infusion by the fund in as many years.<\/p>\n

Even a few years ago, this story might have sparked a gasp or \n two. <\/p>\n

Not today. <\/p>\n

The pursuit of Indian startups by global investors is no longer \n an exception, but rather the rule. And the more focussed the ecommerce \n vertical, the faster the chase. Just like Tiger Global first identified \n a category—jewellery—and, then, a company that was dealing \n in it exclusively—CaratLane. “People cannot discover \n the product in a giant website (a horizontal). Secondly, it (horizontal) \n doesn’t allow you to customise products,” says Sacheti, \n explaining why an investor like Tiger Global would prefer to back \n an independent online jewellery retailer instead of adding it \n as a category to the long product list of its large portfolio \n of horizontal ecommerce firms. <\/p>\n

It is increasingly evident that investors in India have warmed \n up to ecommerce ventures that typically stick to a sharp vertical: \n Eyewear, grocery, aggregators for taxi and ticket services, financial \n products and so on. In 2014, 35 verticals were funded by investors \n who put in a total of $261 million into such firms, estimates \n VCCEdge, which tracks investment activity in the country. These \n niches are a far cry from horizontals (or marketplaces like Flipkart \n and Amazon), which engage in multiple categories and are generalist \n retailers. <\/p>\n

Experts call this a step in the evolution of ecommerce in India. \n <\/p>\n

There are currently three heavyweight horizontals—Amazon, \n Flipkart and Snapdeal—slugging it out for the top slot. They \n are all burning cash fast, have not yet reached profitability, \n have either deep pockets (like Amazon) or are backed by loaded \n investors and have left almost no space for a fourth undifferentiated, \n horizontal player. <\/p>\n

But entrepreneurs have quickly realised that online retail is \n about more than the multi-product category play. The Indian ecommerce \n industry is likely to clock a compounded annual growth rate (CAGR) \n of 35 percent and cross the $100-billion mark in value in five \n years, a study conducted by The Associated Chambers of Commerce \n & Industry of India (Assocham) with PricewaterhouseCoopers \n (PwC) has said. According to the study, the Indian ecommerce industry \n is currently valued at $17 billion.<\/p>\n

This expansion also means that, like those in other developed \n markets, Indian customers will scout for specialised offerings. \n <\/p>\n

Investors, too, are keen on backing these ventures as they have \n better margins unlike the horizontals which are grappling with \n profitability issues. Also, many missed the ecommerce bus a few \n years ago as they either didn’t believe in the online retail \n business model or simply didn’t move fast enough. And now, \n valuations of existing big-ticket ventures have become too high \n for them to enter or compete against. <\/p>\n

“Right now, one cannot get funding by competing against \n Snapdeal or Flipkart. It is not so simple to beat horizontals,” \n says Sasha Mirchandani, founder and managing director at Kae Capital, \n an investment firm, which has invested in HealthKart, an online \n health products store. “If you look at the US market, verticals \n have scaled up… take Zappos (a shoes etailer) or Diaper.com, \n for instance,” he says.<\/p>\n

Verticals and horizontals tend to have different economics. Niche \n players need lower capital than a marketplace model does to scale \n up the business. Verticals also tend to burn less cash than their \n marketplace counterparts. “Verticals are interesting as margins \n are significantly better than horizontals,” says Niren Shah, \n managing director, NVP India, an investment firm which has invested \n in startups like FashionandYou and Pepperfry. “These companies \n are not much into discounts and, more often than not, these categories \n are inherently structured to support high margins; some of the \n gross margins are as high as 50 percent,” he says. <\/p>\n

Verticals don’t have the scale of horizontals and not many \n of them will transform into multibillion dollar businesses but \n “they tend to become cash flow positive much faster”, \n says Shah, adding that furniture, home décor and grocery \n are the niches to look out for in the future. <\/p>\n

Take Yepme, which retails its own brands online, and is looking \n at breaking even this year. “We operate after discount and \n coupons at a 48 percent margin because we are only private labels,” \n says Vivek Gaur, CEO and co-founder, Yepme.com, which started \n in 2011. The firm is now planning to take its offerings overseas. \n <\/p>\n

The advantages notwithstanding, unlike for a horizontal, where \n a customer will find something of interest while browsing the \n site, the biggest challenge for a vertical is to identify an area \n which caters to a real customer need and is a real hook. <\/p>\n

In the same context, creating entry barriers against cash-flush \n horizontals is a challenge for verticals as well. A few firms \n have, however, chalked out a thus-far effective strategy to combat \n the Goliaths. Lenskart, for example, not only ships spectacles, \n but also offers a number of features like home eye check-up programmes, \n a try-before-you-buy service, a virtual studio, new lenses in \n old frames as well as an exchange programme. The company also \n has 60 offline stores in the country. “Offline stores that \n do free check-ups are small outlets and mostly in tier-III towns. \n We believe the combination of stores and try-at-home initiatives \n complements our existing web platform. We are doing 500 home check-ups \n every day all over India,” says Peyush Bansal, founder, Lenskart. \n <\/p>\n

Similarly, Pepperfry has planned an execution strategy that, \n he says, can’t be easily replicated by a horizontal. “Horizontals \n have built businesses on mobiles and fashion [categories]. They \n can create catalogues easily because the product exists and the \n brands are well known. For furniture, creating a catalogue is \n a mammoth task,” says Ashish Shah, CEO and co-founder of \n Pepperfry, an online furniture retailer.<\/p>\n

The good news is that investors are optimistic: They say verticals \n are here to stay as the purchasing power of the Indian customer \n is on the rise. Aspirations, ease of multiple shopping options, \n free home delivery are further fuelling the demand. “Verticals \n require a critical mass and a certain purchasing power of consumers. \n The market needs to mature beyond staples… India is getting \n there. Brands are being built in the space,” says Prashanth \n Prakash, partner at Accel Partners, a venture capital firm that \n has invested in firms like Flipkart (horizontal) and verticals \n like Babyoye (baby products), Bluestone (online jewelry), BookMyShow \n (movie and event tickets), Myntra (fashion, apparel) and Urbantouch \n (cosmetics). Prakash, however, has a word of caution. “A \n player’s ability to give a meaningful experience to the customer \n is most important,” he says. <\/p>\n

This is particularly relevant as verticals in India are not just \n about products. Services have also emerged as a strong focus, \n both online and on the mobile. Aggregators like Ola (cab services), \n Housing.com (real estate), BookMyShow, CarTrade (automobile classifieds) \n and Policybazaar (insurance) have emerged as front-runners in \n their categories. <\/p>\n

“There was a time when horizontal classifieds gained traction \n and most dealers concentrated on getting listed. Now in the second \n phase, verticals are gaining traction. Companies are building \n deep services. That is bringing more people to their sites,” \n says Alok Mittal, ex-MD at Canaan Partners, who led the investments \n in CarTrade and also sits on its board. According to him, the \n automobile classifieds segment is being identified as the next \n billion-dollar opportunity. “The used car market is growing \n faster than the new car market. The margins on used cars are about \n 5 percent, while on new cars they are zero.”<\/p>\n

For verticals, the saying ‘what a needle can do, a sword \n can’t’ is most appropriate. But, at the same time, if \n a company’s definition of niche is too broad, it becomes \n a generalist. And if the definition is too narrow, there is a \n fear that it may not have an optimally-sized market to cater to. \n For example, in the furniture space, companies are also offering \n home furnishing, home décor and kitchen goods—areas \n within their purview of offering home solutions. Just offering \n furniture may not be enough —customers buy two to three pieces \n of furniture a year but need around seven to eight bed sheets \n annually. <\/p>\n

“These are the reasons for my customers to come back to \n my site. Margins tend to be 30 to 40 percent,” says Ashish \n Shah of Pepperfry. “Horizontals build on ‘search’. \n We are built on ‘browse’. I don’t expect customers \n to enter an exact item in the search bar,” he says. Shah \n can afford to sound confident. In the US and Europe, home and \n furniture account for 15-17 percent of overall ecommerce businesses.<\/p>\n

Shah says it is imperative for his kind of company to engage \n with customers on an ongoing basis. One mode of engagement for \n Pepperfry is through product trials—think cleaning chemicals, \n housekeeping items, ladders, and light bulbs, among others. These \n are products that people need on a daily basis and there are high \n chances of an impulse purchase when they are browsing through \n the site. “They bring customers to me every month: Fifty-five \n percent of business happens from repeat customers, 50 percent \n of traffic is organic,” he says. <\/p>\n

Constant upgradation of their offerings, adapting to customer \n needs and some lucrative surprises will help build brand stickiness. \n “I think if we don’t spend over 70 percent of our time, \n effort, mind space on products, two years later, nobody is going \n to remember us,” says Ashish Goel, founder, Urban Ladder, \n an online furniture store. <\/p>\n

Not surprisingly, verticals—thanks to their niche offerings \n and positive gross margins—tend to attract acquirers. Globally, \n Amazon has acquired niche business like Zappos and Diaper.com, \n two very large verticals. Closer home, Flipkart acquired Myntra \n to strengthen its position as a fashion retailer. In February, \n Mahindra & Mahindra, which owns Mom & Me, one of the country’s \n largest chains of offline stores for baby and infant products, \n acquired Nest Childcare Services, which runs ecommerce site Babyoye.com. \n <\/p>\n

Two weeks ago, online marketplace Snapdeal acquired Exclusively.com, \n an online retailer of premium and luxury fashion, for an undisclosed \n amount. Snapdeal is looking to touch $2 billion in gross merchandise \n value in the fashion category this year.<\/p>\n

There are multiple acquirers present now, says Shah of NVP India. \n Global firms like Alibaba and Amazon are keenly looking at options \n here as well, he adds. <\/p>\n

In India, ecommerce has largely seen consolidation through mergers \n between common VC-backed ventures—and typically in the same \n line of business. “You can’t have three grocery chains \n online,” says Rahul Chowdhri, partner, Helion Venture Partners, \n a VC firm. “People will remember only one name. And consolidation \n of the ‘Myntra getting acquired by Flipkart’ kind will \n take a few more years. All category leaders are still scaling \n up.”<\/p>\n

K Ganesh, serial entrepreneur and promoter-founder of Portea \n Medical and BigBasket.com, says verticals do have the potential \n of going public but Indian regulations regarding profitability \n may come in the way. “IPOs are still about five years away. \n In the meantime, you will see a lot of trade sales and mergers \n and acquisitions at great valuations,” he says. Ganesh says \n in the next three years, India will see 20 companies in the $1 \n billion range and 100 companies in the $200 million to $1 billion \n range. “It’s absolutely possible.”<\/p>\n

While the economics of verticals make sense, these companies \n have their own issues. Over the last 18 months, the play in ecommerce \n product retail has been all about marketing and customer acquisition. \n “The cost of acquiring customers has ballooned and stickiness \n is quite low, so most of the previous customers have to be re-acquired \n like the new ones. With an average acquisition costing about Rs \n 500-1,000 per customer, you’re losing money on every transaction \n in low-value products,” says Devangshu Dutta, CEO, Third \n Eyesight, a retail consultancy. <\/b><\/p>\n

Also, a few companies like Bluegape, an online merchandise portal, \n and Koolkart shut shop as they did not get enough traction. Access \n to capital is also often an issue. <\/p>\n

For BookMyShow, payments continue to be a problem and it is planning \n to focus on that. “Talent acquisition is another area that \n we are looking at,” says founder and CEO Ashish Hemrajani. \n To that end, BookMyShow did a talent drive in association with \n Accel Partners at the IIMs, ISB and other B-schools.<\/p>\n

All said and done, the lure of the verticals and aggregators \n is here to stay. As Anil Joshi, partner, Unicorn India Venture, \n an investment fund, puts it, “For smaller investors, verticals \n are the only option.”<\/p>\n

(Published in Forbes \n India<\/a>.)<\/i> <\/p>\n","protected":false},"excerpt":{"rendered":"

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