We are publishing an interview of Mr. Neeraj Chopra, Founder, CartNYou.
About the founders
Mr. Neeraj Chopra, an economics graduate plunged himself into the highly competitive world of the electronic business. After carefully articulating the business and developing a strong business models he migrated to China for further knowledge, expansion and business prospects, and their he joined family business of Importing electronic goods from China.
Though, being an Indian at heart and soul, he always feel that our prestigious nation should be at the acumen of the development in technological and scientific field and he also wanted to venture into the field of electronics in India.
In this advent, we have started to import of the various electronic products from China,which gave have a scope of giving people a great push for exploring the Chinese Items i.e. B2B channels, it was gradually developing into the online ecommerce world as the B2C is also new wave in India,which is sweeping whole nation.
A brief background of what founders were doing before starting the venture.
Founder, Mr Neeraj Chopra, has been in the electronic business for more than 15 years of span globally and it has paved a way for the further expansion in the similar field.
List all the names of the core team members, along with their skill-sets, specific domain expertise & designated roles. How do you see them evolving over time?
Our team includes of :
1. Digital Marketing
6. Web Development
What is the problem you are trying to solve? Can you share with us any insights that led you to believe that this is a big enough problem?
There are numerous problems which erupt during the initiation of the journey. One of the major problem is ambiguity in the ecommerce world, which is not clear for both the sellers and customers. Here, I am going to create a marketplace which is black and white viz. transparent for both the sellers and the customers.
What challenges did you face when you were starting out?
The challenges being a founder I faced were:
1. Hiring committed people: This was one of the biggest challenges I faced, though it did not tarnished my spirits at all and I kept on trying just like King Bruce and now I have succeeded a bit, after working hard on this notable situation.
2. Updating knowledge on the daily basis: As a founder, I am paranoid about the diminishing B2B industry and uprise of the DIGITAL MARKET (B2C) segment. One has to be well versed, with the latest technology and I also read all latest articles on current affairs and economics, to keep myself updated.
How did you get the initial capital? What returns does it have? Tell us about the investors (if any)
Please tell us about the Product / Solution. Explain how you went about the Product-Market Fit Process.
Product – Market Fit Process: Serendipity plays an important role in this. Generally we have seen that the startup pulls the important product out of the main market. So, generally huge customer base is attracted towards the new product and the new startup which is known as Market Pull.
So, we have enlisted some of the unique products and non ambiguity (Black & White Model) in the payment models of both customers and sellers.
What were your assumptions when you entered the market, learning that you have?
Major assumptions was to pull the socks before entering the sea, as I was already aware that this is highly competitive ecommerce world. So, I have already done the ground work for it, and prepare the prerequisite beforehand.
What is the insight that you have about this market, which no one else has? Uniqueness about your Startup.
Insight of the ecommerce world is that, it also showcase the purchase behaviors, popular demands, and top trends that will dominate the e-commerce industry both in the past and present years and how it will impact the customers in the future. I have also studied the behaviour of the customers shop and retailers operate.
In the end, I developed a model of Black and White ecommerce.
What is the strength of the startup and the scale of operations? Who do You Perceive as Your Competition?
The strength of my startup is adaptability and taking risks and making a mark in the ecommerce world. My main competitors are Flipkart, Shopclues, Amazon and Jabong.
What is the revenue model? What is the logic behind it? What is the model you are following – Free / Freemium / Premium etc. ? Explain your thought process.
As we have seen that the big fishes have been running in losses in the ecommerce industry, so we have done the enough brainstorming and created a profitable model for the ecommerce world. But as of now, we do not wish to divulge the details of our revenue model.
Who are the consumers that you are targeting? How is this going to affect them?
We are targeting the customers across PAN India.
How did you get your first customer?
Yet to incept.
What is the big picture of your startup? Is this Product leading to something bigger? If so, how?
Yes, it is leading to something bigger and it is something that people will try to incorporate in their lives.
Since inception, give us a sense of the value of business done by your venture? What is the current turnover? (From Launching till date total no. of visitors on website/persons registered/enquiries and enrollment). Please explain in details:
We don’t want to disclose the data as of now.
What would be your goal to accomplish in the next six months?
In next six months, we want to reach to the right customers at the correct time and we have plans to reach them in the stipulated time with our set goals.Our startup CartNYou has a motto of “What you see is what you get”
What message do you want to convey to fellow entrepreneurs?
For the fellow entrepreneurs, first of all I wish them good luck for the future and wanted to believe in the saying of Abdul Kalam “If you want to shine like a sun, you must burn like a sun”