Buyforless: Betting on Lower Prices to Win Market Share
Online shopping portal buyforless.in, set up in September 2010, aims to deliver popular products at minimal rates. The portal is owned by Total E-commerce Solutions Pvt. Ltd and it is drawing beads for tapping the e-commerce platform to the maximum extent.Nirav Mehta, the Director at buyforless (BFL), has 7 years of experience working with corporations in India & USA. He has held several leadership positions in training and development, operations support and vendor management, he brings this experience to buyforless.in merging and benefiting from the best of both worlds to Indian consumers. Whereas, AshishTyagi, Director at BFL, has 13 years of experience in the IT sector alongwith a MBA in Finance and Retail Management. Using his experience, Ashish professes to assist buyforless.in in training, service delivery, development support and marketing.
Buyforless.in procures all the relevant products from global markets such as United States, Europe and Singapore. They have also tied-up with a number of logistic companies to take care of deliveries, pickups and COD collections, the latter comprising a large share among the modes preferred by the customers. “Most of the sales on our website are using COD as a payment option. I guess since we are a new company people need to be confident before shifting on to prepayment. We are into brand building and as we grow more and more people will prepay. The most preferred medium though still will remain COD as it is with most of the e-commerce websites”, says Nirav.
Currently, BuyForLess is targeting low selling margins and considerably high sales. Their margins are around 10-15% gross. From the marketing perspective, they are currently harnessing the services provided by the Social Media, Google Ad words, Newspaper adverts and mass e-mailers.
The buyforless team professes to unleash a lot more potential, provided their financial needs are met. BFL being a self-funded company has limited budgets and this is the main reason that their “top line is capped”. Willing to use all marketing mediums in order to reach out to maximum number of potential customers, the BFL team is fighting the huge spawn of eCommerce sites. The fittest will survive.
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