Indian Ecommerce market is very constricted and with rising number of new entrants the prospects for Indian online sellers is bleak. This has led sellers to step out of the domestic boundaries and go international despite the fact that it is not a cakewalk to trade internationally. From curtailing the hassles of appropriate marketplace selection to co-ordinating order and inventory, from tracking customs and duties to handling logistics and payments, international Ecommerce enabler Eunimart is redefining the scope of Indian online sellers in cross-border Ecommerce.
Eunimart, the new buzzword in B2B cross-border Ecommerce, is targeting the specific market which is expected to grow over US$ 1 trillion by the end of 2020 with a tremendous growth rate of 25% CAGR (as presented in a joint report by Paypal and Alibaba). The company has scaled up to a level today that was likely improbable a year back when it was started. Eunimart now boasts of being partnered with top-notch global online marketplaces like Lazada, Linio, Priceminister, CDiscount, Amazon, Ebay, Etsy, Bonanza, Zilingo, Wish, Jumia, Souq and many more. The company has to its name over 2000 registered sellers who are experiencing a progressive growth in the international arena. Possessing a strong portfolio of 200,000 product SKUs has helped the startup acquire increased number of sellers by far. The startup is associated with multiple manufacturers and retailers with a GMV of over INR 10 million. This buzz has triggered Indian brands with annual GMV of over INR 30 million (from online and offline channels) to seek global expansion.
Acquiring distinct visibility on the best international online marketplaces is not an easy task. It is a complicated process and has many pain-points that needs to be properly taken care of. Surprisingly, over 25,000 Indian sellers/manufacturers selling on US market through different channels like Amazon. Ebay etc, couldn’t make a mark yet because of the lack of cross border knowledge; Eunimart aims to assist all these sellers and many more to set a benchmark in global online selling. The start-up claims to have its business model based on four pillars, namely Payments, Logistics, Marketplace and Information Technology. The company offers growth expansion strategies, marketplace listings, super SAAS platform to manage operations, action plan for sales growth, data & analytics to ensure maximum visibility.
Though the upsurge of cross-border trade in recent times has led to the emergence of several close competitors, Eunimart manages to secure its benchmark for its impeccable services. The company’s unmatchable strategies for account creation, cataloguing, re-pricing, inventory management, competitive pricing, promotion, order management, logistics, payment support and performance report has helped it scale great heights from scratch. The major proportion of the company’s clientele, i.e. over 75%, comprises a pool of the most renowned manufacturers with different product categories across the country with an approximate annual revenue of INR 20 million. Data procured from reliable sources suggest that products under these categories especially finished leather products, handicrafts, home & decor, artificial jewellery, clothing & apparels have impressive outbound movement to different countries due to its high demand. The company has come up with a huge Big Data and Natural Language Processing (NLP) platform that shares deep insights from cross-border markets to enable better sales performance by sellers.
Back in December 2015, Shayak, then the MD of Rocket Internet, managing the growth of crossborder ecommerce for Rocket platforms across 21 countries, and Saikat, who used to head performance marketing at Parcelled, started working on the idea of providing crossborder sellers from India a platform to unify the services. They conducted surveys of the major crossborder sellers from India and also evaluated the responses from the major marketplaces globally to understand both demand and supply side challenges. Eunimart was born on 01st May 2016, based on the studies conducted by Shayak and Saikat. Today Eunimart is India’s first true crossborder ecommerce enablement platform. The story is writing itself and India’s future is in good hands.
When enquired of the journey so far, the founders seem to retrospect on the initial days of endless challenges that they had to encounter. The Indian sellers had limited knowledge about selling internationally and educating them understand the significance of global exposure was a Herculean task. Also, Indian sellers are not as advanced as European, American and Chinese sellers in global markets; as such, time and again the end results have not been that great as it should be. It is a matter of time and technology for Indian sellers to upgrade themselves to compete at this level. This is mainly because of lack of proper research on the demographics of the countries to be sold in.
Growth plans for future
Shayak, who travelled wide and far around the world on business trips, knows the lacunas in cross-border trade. However, his firm belief in ‘everything is attainable’ has helped Eunimart make its position steadfast and be a forerunner in the industry. With time, Eunimart has reached a stature where international online marketplaces have come forward for partnerships in order to source Indian sellers and open up the gates to the US$ 1 trillion market. By the end of 2018, the company aspires to acquire 2,000 sellers whose annual GMV is over US$ 1 million and have massive domestic dominance over the market. No wonder the founders foresee business expansion in multiple countries in the years to come.