Hyderabad based entrepreneur Ranjith Boyanapalli is quite literally offering the best price possible on his website buytheprice.com.
Hyderabad based entrepreneur Ranjith Boyanapalli is quite literally offering the best price possible on his website buytheprice.com. It is India’s fastest growing online shopping portal for consumer electronics. He claims it houses more than 10,000 products, buytheprice.com ships to more than 3,000 locations in India. It has been recognized as one among the top 20 hottest e-commerce portals by Dataquest.
In a sea of e-commerce websites buytheprice.com is determined to be different. It is smartly loaded its model with a key differentiator, a sharp focus on electronic gadgets and electrical appliances from big boys like Samsung, Nokia and Apple to ensure consumers have access to good quality products.
Co-founded in 2009 by Ranjith Boyanapalli buytheprice.com claims it is India’s fastest growing online shopping portal for consumer electronics. With over 200 brands and the average order value worth Rs 5,500, Ranjith is bullish on becoming a USD 100 million company by 2014.
"I passed in 2006 and I had about 3-3.5 years of experience before I could launch this venture. So pretty much it is fair to say that we didn’t have a lot of savings to fund this entire venture myself so of course I pitched in and got a few loans from friends and family who are more than understanding and we started it," Ranjith Boyanapalli, Founder & CEO, buytheprice.com told CNBC-TV18.
"Obviously if you look at where the venture stands today and you try evaluating it obviously it has been a great return on the initial capital that has been put in, so multiple-hundreds of times. we are doing about close to 2000 transactions today on a day basis and the best part is that our average order value pretty much should be the highest in the industry because of the technology that inspires trust in the consumers to be able to place high ticket items online on buytheprice.com."
"So things go right and we manage to execute the same way that we are executing over the next twelve months. The end of the year we should be on a conservative basis close to at least about Rs 100 crore."
Helping Ranjith reach its target is his team of 72 working out of Hyderabad, Mumbai and Delhi. Key to the site’s excesses building customer loyalty and stickiness, Ranjith says attractive discounts, real time prices and a wide range of branded products have all helped draw and repeat customers.
Who is the target?
"The physical consumer electronics endurable marketing in India is about 1.1 lakh crore so pretty much everybody who is using any of these products is a target audience for me. It is just about the cost and way to reach them but predominantly we are moving after since we being an online store is somebody who is internet friendly," he said.
"Consumer electronics and gadgets tend to be a little more male-centric than female-centric so our raget to specifically say starts from 17-18 years to about 40 years with 80% predominantly being male. As far as the question from a geographical region is concerned, we have been seeing that we have been getting orders from all the corners of the country. So both metros and tier-I, tier-II, tier-III cities we have been getting a whole lot of orders," he added.
Shipping more than 10,000 orders across seven major categories like mobiles, computers, cameras, kitchen appliances and home appliances to more than 3,000 locations in India, scaling up is also meant a sharp focus on improving the customer interface and investing in technology.
Use of Smart technology
"We have invested a lot more in technology, you could see smarter things like the ‘smart search’, so only on our website, as you type, you get to see the product names along with their images and prices so that says one click for a consumer who is looking to search through the search box and buying a product."
"Similarly, you have things like 85% of the people who purchase on our website end up paying one particular item in an order so the minute somebody clicks on ‘buy now’, we take him directly to the cart page."
"We do other smart things like we have come up with our own ‘WOW Score’ so what it mean by ‘WOW Score’ is there are so many invisible footprints that are left by consumers who visit your website, so a product cannot be rated just purely based on those small percentage of people who take time out to rate and review the particular product," he said.
Not just customers, Ranjith Boyanapalli has also managed to woo investors like Rajan Anandan, Managing Director of Google India, Rehan yar Khan, Founder of Flora2000.com and online flower retailer and Sunil Kalra, a full time angel investor. Funds raised will be used to fast track expansion plans.
"Our long-term goal is to be India’s largest online retailer of consumer electronics. Right now some of the focused areas for us are increasing our infrastructural operations, fulfillment abilities in different geographies, which basically includes Bangalore, Ahmadabad and Chennai. So we expect to open all the three centers in another two-three months period," Ranjith said.
"This will give us enormous flexibility and in terms of sourcing apart from that definitely reduce the logistics cost and time even more than what it is today. Apart from this we are investing in few technology and catalogue content to be able to play a role in the pre-buying experience of the consumer," he added.
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