Mayank Kumar is a Co-founder and CEO of eVanik, a trusted business tool for sellers, retailers and marketplaces. The company focuses on it's integrations such as, manage orders, inventory and payments from multiple channels in a single interface. eVanik works in close integrations with the leading e-commerce sites such as Amazon, ebay, Shopclues, Voonik etc. In this interview, Mayank Kumar talks about his E-commerce business suit and the impact of E-commerce on Indian economy.
Could you explain the concept of eVanik- The e-commerce business suite?
eVanik is a company of 10 enterprising techies, closely working with me – Mayank Kumar. Despite not being from the Top B Schools, the product has turned out to be one of the finest in its category today. The company has a strong foundation of ethics, creativity, customer centricity and continual innovation. People work with passion and focus. In addition, there are people in the Support and Customer Service team. We started this as a learning by the challenges we faced as a seller on multiple marketplaces. Now we keep adding more and more integrations and customers every day.
After working in Corporate sector for 16years, how it was like to set up all on your own?
Yes, I worked for 16 years in the Corporate sector before starting on my own in the year 2012. After experiencing the top notch executive profiles in some of the large Indian & MNC companies, it was not easy to start the second innings of my career and that too totally on my own.
I started single handedly in a 10x10 single room office space in Gurgaon, with very limited capital in my hand. It wasn’t an easy decision and the struggle continues even today after being bootstrapped for the last 4 years. The good thing was that I was focused to my objective and wanted to create something that helps the ecosystem of the most upcoming industry – E-commerce.
In order to chase my dreams, it was important to dirty my hands and get into the ecosystem. With less than 5 lac of capital in my hand, we got ourselves registered as sellers / aggregators with marketplaces. Since then, we have achieved a turnover of few hundred crores.
How big you think is the Indian E-commerce market?
What do you think is the Impact of E-commerce on Indian Economy?
Recently, there was an interesting report in which IAMAI ( Internet And Mobile Association of India ) has said that there are 100 million Indians accessing the Internet at present. Though not all are regular users of the World Wide Web, even if 10% people use the Internet regularly, there is a lot of people using Internet. If predictions are to be believed, by the year 2014, India will lead the world in Internet usage. E-commerce is neither a "boon" nor a "bane", it is just the "change" that we brought in ourselves.
India is today an outsourcing hub because it has made a name for itself in providing the best solutions in any IT related job. Due to this, Indian economy is also booming. The kind of boom that Indian economy has seen in the last two decades has been the best in its 60 years of independence. With the growing use of Internet even in the interiors of the country, E-commerce is playing a vital role in Indian economic growth.
Once the Indian government spreads broadband usage across the country, E-commerce services will add to more GDP every year. This is not a prediction, but a mere analysis of how things are fast moving forward.
How arduous or difficult your journey has been so far?
eVanik took birth in middle of 2014. The last 2 years have been full of struggle. We are still a bootstrapped company with our seller business company funding our technology arm. The growth is still organic and slow and the costs still out beat the revenue multi fold.
However, the dream will keep getting chased till we find success. eVanik has today emerged as the finest software product in its category far ahead of competition. 3000 plus sellers benefit from eVanik OneWorld Suite, eVanik SmartBooks and eVanik Merchantogue Pro.
What makes eVanik unique from it's competitors?
There are several players in this category in the market who are offering parts and pieces of what eVanik offers. In terms of the user base, eVanik has acquired customers in a matter of few months, what others took years to acquire.
However, the more important thing was to understand the challenges and nuances in this ecosystem from the Marketplace side and the Seller side and develop a platform that addresses these challenges and eliminates all the pain areas.
eVanik believes on being flexible when it comes to customizing solutions for its customers unlike competition offering standard packages and solutions.
What according to you are the drawbacks of E-commerce in India?
There are several of them such as High investment is needed to start such a project, More in-house responsibility for order fulfillment and technology, It is necessary to frequently update your product catalog. You need the technical skills to do this, it is often difficult to achieve your own house style, As a pioneer, you are faced with huge technological challenges and etc.
But I'm sure , these drawbacks can be concealed with the increasing response and the acceptance that E-commerce businesses are getting from it's current and professional users.