Easy India Mart profile at Startupxplore

About Easy India Mart

Understanding the investment opportunity EasyINDIAMART is a free browser extension that automatically finds and applies coupons and regular discounts while the user is shopping online. We help users save on their online shopping while maximizing conversion rates for B2B2C, retailers.or wholesales We reduce shopping cart abandonment by keeping the user in the shopping funnel by offering coupons and discounts at the point of purchase decision. Having EasyINDIAMART installed gives the user peace of mind and reduces the uncertainty that there may be a better price out there for the product they are buying, making them more likely to finalize their purchase. With the installation in the users' browser, we can track their shopping behavior, so we can create user-profiles and target coupons and discounts tailored to each user or group of users. By having data on the behavior and purchase intent of our users, we can send them personalized offers and, at the same time, realize the best ROI for our partners. BUSINESS MODEL AND REVENUE STRATEGY We currently monetize through affiliate marketing. Affiliate marketing is a promotional method in which affiliates (websites-APP) advertise and encourage sales of brands in exchange for a commission of around 5%. Thanks to affiliate marketing platforms, our business model is extremely scalable. It allows us to join thousands of E-commerce sites from one place without much effort. It also centralizes all commission tracking and partnership relationships. Our process for joining a new brand is as follows: We look for new E-Commerce on one of the 40 affiliate marketing platforms we are part of. We apply with an internal tool where we have to give them our website-APP and a brief description of the value proposition EasyINDIAMART offers to their brand. We are accepted or rejected usually within a week. If they accept us, we are already working with them and can offer our users all their coupons and cashback. (our acceptance rate for these programs is 60%). This means that the supply side of our business is always covered, as it is very easy for us to keep growing on the partners' side. This is also true for international expansion, where we can open a new country (from the supply side) in a couple of days. Getting new partners is relatively easy, but the real value that also creates barriers to market entry is the relationship you develop with them. This is mainly achieved by showing good results. It takes months of generating significant GMV until you prove your value to the major E-Commerce players. The more you generate, the more leverage you will have to ask for better coupons, better commission rates, and flat rates. This will increase as we generate better results. This is key to differentiate us from the competition since in the end, the user will go to the extension that offers the most savings. PROBLEM TO SOLVE Online retailers spend millions of INR each year driving traffic to their website with the intention of converting as many visits as possible into purchases. One of the main problems they face is shopping cart abandonment. The main reasons for abandonment are expensive prices, unexpected costs (such as high shipping costs) and online distractions, often created by the need to search for discount coupons on other sites. Retailers also spend millions of INR to mitigate shopping cart abandonment and maximize their sales conversion. Current E-Commerce solutions are focused on trying to provide good customer service and reminder emails to complete the cart but do not address the main reasons for abandonment. B2B2C also make use of coupons to maximize sales conversion, but this ends up being a problem as it forces the consumer to abandon the shopping cart in search of coupons, a task that has become laborious and complicated by the saturation of websites offering coupons, many of them expired, fake or non-functional. VALUE PROPOSAL Presenting coupons and offers available, accessible to the consumer without the slightest effort, and at the moment of decision discourages shopping cart abandonment and maximizes sales conversion, directly mitigating the main reasons for shopping cart abandonment. Having EasyINDIAMART installed gives the user peace of mind when shopping online, as it reduces the uncertainty that there may be a better price or a missed discount online that would save them money on this purchase. A user who has EasyINDIAMART installed is more likely to buy, simply because of the peace of mind that EasyINDIAMART provides and knowing that they have the best price for their purchase. EasyINDIAMART increases on average 10% the shopping cart value of its partners. On the other hand, it provides stores with invaluable information about consumers' shopping habits. MARKETING STRATEGY We currently have four main acquisition channels that will remain the same for this year. Our acquisition channels are: Google Ads: we are currently part of Google's accelerated growth program, which gives us access to a strategy team based at their HQ Delhi in INDIA. This strategy team has worked with some of the most successful startups in INDIA, such as Power-MBA, or Hawkers. They select early-stage startups where they see potential to help them optimize their Google Ads to a very sophisticated degree. Apart from this, we have also hired Ads, who is a freelancer who runs our Google Ads campaigns. He is an expert who has been working with GA for over 3 years. In just two months at EasyINDIAMART, he managed to lower our CAC from around 10LAKH to 30LAKH and going down. We intend to keep Ads, as his results have been spectacular. The goal for this year will be to continue to refine our google ads, making them more and more targeted, and start focusing on acquiring heavy users who have higher AOVs. This will become easier and easier with GA, as the more data you have, the more you can refine. Youtube influencers: We currently only work with YouTube ones as we want as many desktop installs as possible, so we can't use mobile-based social networks like Instagram or Tiktok. We have run more than 50 influencer campaigns. They all follow the same structure. The influencer introduces EasyINDIAMART and makes a purchase, to show how easy it is to save with EasyINDIAMART. Then they mention how many stores we have, so the user understands that EasyINDIAMART can help them save on most of their purchases. Then there is a call to action by the Youtuber, emphasizing to download it on desktop and not on mobile. We take them to a registration page where we get their emails and subsequently convert them into installers by sending reminder emails for users who come via mobile. We also usually give gifts to these influencers to maximize our installations. In terms of pricing, we do from INR-100 to over INR25k for a single promotion. We try to work on variable payment, so we pay a fixed INR 500 for each installation the influencer brings. This minimizes the risk for us and motivates the influencer to get as many installations as possible. Here is an example of an influencer campaign on Youtube, which has been one of the most successful to date, getting more than 20k installs: EasyINDIAMART is one of the biggest youtubers in Spain, with over 10 million subscribers. For this year, we have him and 10 of INDIAN biggest influencers and 30 smaller ones lined up to sign exclusivity with us, where we will pay them a monthly fee for a certain amount of videos for a duration of 3 to 6 months. This not only guarantees a constant influx of users but also blocks them from our competitors, who will not be able to work with them for the duration of our exclusivity. We plan to renew the exclusivity if the CAC is reasonable, Facebook Ads: We use FB ads to maximize retention by targeting our existing user base. With FB ad targeting, we target only users who have EasyINDIAMART installed to reactivate inactive users and attract more light users. This channel is currently the one we spend the least of our marketing budget, but we will try to increase it after our round, after the good results we have had capturing our users. We will use our high-quality coupons to remind users that they have them available on EasyINDIAMART, Member gets Member: We have a "Member gets member" program where we give INR 500 (5 INR) for every friend that users invite to join EasyINDIAMART and sign up. For now, we have not put too much emphasis on this program, but it has brought us good organic growth. We will also roll out this program in 2021, to have at least INR 5% of our growth coming from this program by the end of the year. SCALABILITY EasyINDIAMART is a highly scalable project for several reasons: First, the technology needed to operate the business is already developed and ready to run with millions of users, with the only variant the cost of servers growing with the user base. This allows us to grow at a very high speed without having to worry about technological barriers or slow and complicated new developments, which is one of the main reasons why technology start-ups have to slow down. Of course, there will be improvements and features added constantly, but the development effort has already been done. Secondly, with the affiliate marketing business model we can grow and expand exponentially. This is thanks to affiliate marketing platforms. Working with these platforms gives us access to thousands of stores, so there will never be a lack of offers and coupons for our users. Finally, the current EasyINDIAMART team is positioned to manage millions of users, covering all necessary aspects of the business. We are not dependent on additional programmers and analysts to continue to scale our business, and will only need to hire when we want to add speed to our growth. COMPETITIVE ADVANTAGES unique EasyINDIAMART value proposition consists of four features that differentiate it from solutions currently on the market: EasyINDIAMART is an extension located in the browser. By being in the browser, the user is always aware of it and it becomes part of their shopping experience. Unlike other coupon websites, the user does not have to leave the website where he/she is shopping, saving time, hassle and avoiding shopping cart abandonment. Being located in the browser, we do not compete with other coupon websites, since the user does not have to choose us more than once. EasyINDIAMART only has to be downloaded once, unlike coupon websites that have to be chosen by the user each time they want a coupon. Once the user installs they EasyINDIAMART, ever have to revisit a website to search for coupons. EasyINDIAMART directly combats shopping cart abandonment. EasyINDIAMART is the only solution in the Spanish market that directly combats the main reasons for shopping cart abandonment: high prices, unexpected costs and online distractions. EasyINDIAMART mitigates these problems by presenting coupons and offers at the time of purchase, or in other words for the consumer: real savings just a click away, without the hassle. works EasyINDIAMART during the entire online shopping session. Being in the browser allows us to always be working. We are always promoting the sale. The user may be visiting just to look at a product they are interested in, but EasyINDIAMART displays offers whenever they enter the merchant nonetheless (in a non-intrusive but visible way), encouraging sales from users who had no intention of doing so. EasyINDIAMART records the buying habits of its users. Unlike any other service on the market, with EasyINDIAMART we know the buying habits of consumers and can use them to maximize sales, greatly benefiting our partners. This allows us to show them personalized daily offers based on favorite stores, products viewed, preferred discounts, etc., maximizing their effectiveness. We also offer discounts in similar stores when a user enters the online store of a competitor we do not work with, prompting that consumer to go look at the offers in EasyINDIAMART partner store, driving traffic from the competitor and ensuring a high conversion rate.