Fynd is a B2C e-commerce marketplace laid by a team of three co-founders- Farooq Adam, Harsh Shah, and Sreeraman M.G, in the November of 2015. Before Fynd, their team was involved in another project- Shopsense which was a B2B retail and inventory management solution.
According to one of the partners, targeted marketing did the trick when it comes to downloads. By the end of December 2015, the organization faced a struggle with a small number of 10,000 downloads of the app. For this, immediately, they started with on-ground activations, social media marketing, followed by ad push from mobile ad networks, Such as InMobi and STG Media.
All these initiatives and efforts made Fynd achieve an enormous number of 97,000 downloads on Play Store, with 8,000 downloads on iOS. The co-founders, also do not deny the benefits from the experiences gained from their previous business model.
Bringing Stores Online
Unlike other e-commerce companies, Fynd works in a different way, the aim of this organization is to help offline stores sell their products online without changing any dynamics. The firm seeks to partner with an offline brand store, near you- offering you the latest and in-season fashion accessories at the warehouse price; also Fynd applies discount only if the store offers one.
Harsh also states that the primary motive behind this idea of bringing the offline stores online was- despite a number of online e-commerce websites and stores available, about 90% of the urban population is buying fashion offline. The reason behind this is that about 80% of the inventory of these stores is outdated, and these stores try to flush out their stocks through substantial discounts.
On the Success Ladder
The firm, Fynd presently claims to have above 103 live brands on the platform with 12,000 stores and stock points across the country. Also, on an average, Fynd handles about 80-100 transactions a day with an average ticket size of high INR 2,000.
The team also boasts of current operation growing at 30 % per week, with December witnessing 10-15 orders daily with about 29 brands live on the portal. With an app-only strategy, 65-70 % of the orders are from different customers with men’s T-shirts and women’s tops being highest sold categories. Also, Being Human, Nike, and Fab India are the most purchased brands.
The Sales Increment
As sales increasing practice, the firm also holds campaign partnerships which are similar to “Brand Days” held by other e-commerce websites. Also, the team believes that brand companies led to 38% of conversations on the platform regarding sales. One of such campaign with partnerships with Nike and Puma across the Mumbai Marathon, the response, they say proudly, for that was phenomenal.
For the revenue front, Fynd charges a commission of 20% from brands from every transaction made or for a product sold. Fynd is also planning their boundaries to expand in Delhi and Bengaluru.
The Bottom Line
Although there are countless e-commerce businesses across the internet, and many of these competitors are offering relaxations in the form of massive seasonal discounts and Discount coupons. With huge players in the market such as Myntra, Amazon, Jabong, etc. is will be interesting to see how Fynd marks its presence into the market.