A business segment which is an old, all players, big or small, are losing money and yet investors are ready to pump in more and more funds. Baffled? It is the online retail business or online retail e-commerce (e-com). The retail e-com is growing at over 40 per cent a year, every month around five new ones jump on to the bandwagon and investors keep cutting cheques with a hope that there is a pot of gold at the end of the road.
This increased variety is a major factor behind the growth of e-commerce sites as they put online stores head-to-head with local shops, and build on it with the convenience of home delivery and lower prices.
The eCommerce giants Snapdeal aims to touch the $1 billion sales mark in 2014, a year before its target. Online shopping is growing fast in India and smaller towns are playing a leading role. They match metros when it comes to transactions, whether they’re buying toys or two-wheelers. More than half our business comes from users in 450 non-metro towns. This segment is growing faster than the metros.
To get the cost advantage now people have started to come to smaller towns to start the ecommerce websites and here we have one from our Belgaum, www.wearitin.com
It is an exclusive inner wear collection store catering to all age groups in India and retailing the best premium brands that will fulfill all your inner wear shopping needs online.
We caught up with Prasad Melge and others from Wearitin team to as to why they envisaged this project-
Why the Ecommerce way?
Wearitin Team ——–> Its the future of business, e-commerce has grown immensely in India for various reasons like :
1. Convenience – it’s much more convenient as you dont even have to step outside your house.
2. Variety – Customers can browse through a huge array of products in different styles colours, shapes, sizes etc at their own leisure.
3. No Pushy Salesman – You do not have to worry about anyone telling you what to buy and what not to and even if you dont buy, there are no strings attached.
4. India will have 243 million internet users by June-2014 with a year-on-year growth of 28%. Its a huge untapped market which we would be glad to be a part of, with wearitin.com
What from Belgaum ? And not the metros?
Wearitin Team ——–> All of us are Belgaumites who are working towards not just the growth of our website but also towards our city to be recognized on the global map as one of the IT hubs. The cost factor also works in the favor of wearitin.com
How did this idea strike?
Wearitin Team ——–> One of the founders has been in the business of innerwear for decades together, so wearitin.com was quite evident.
Who all are involved in this?
Wearitin Team ——–> Wearitin.com is the brain-child of Mr Prasad Melge (MD) and Mr Rohit Balekundri (CEO) along with the continuing support of Ms Sushma Joshi (Manager) and Mr Vivekanand M Shastri (Head of Marketing) and Mr Karthik K (IT dept).
Did you make any feasibility studies prior to launching this site?
Wearitin Team ——–> Obviously. There was a study for over 3 months analyzing the pros and cons of various factors involved in this business such as logistics, manpower, technical assistance, margins, marketing, scope, competitors etc and only once we were satisfied with the results did we decide to launch wearitin.com & plunge into the bold inner-wear e-commerce market
Do you plan to stick to undergarments or with time you will cover others garments?
Wearitin Team ——–> Yes. Wearitin.com will only deal with innerwear in the future as well. The only difference you will find is addition of many more international brands and styles.
Dont you think having an ecommerce site from Belgaum will have some kind of logistics issues?
Wearitin Team ——–> Absolutely not. Wearitin.com is associated with Blue Dart and First Flight and with such ace courier service providers, operating even in remote locations is as easy as a knife through butter, considering our geographical location from most of the major cities like Mumbai, Bangalore, Hyderabad etc, we are assured there would not be any issue with our logistics department.