Launched back in 2011, Jazzmyride.com (formerly known as Storeji.com) was found to solve the problem of discovery and availability of innovative, unique and reliable auto parts and accessories. To find out the complete story behind this unique online store, iamWire reached out to Sunil Dhingra, Founder and CEO, Jazzmyride.com. Here are the excerpts of the interaction.
Auto parts and accessories are unconventional commodities in the online retail space, how did the portal initially pick up traction?
Initially, leveraging and partnering with marketplaces helped us test the waters and build a solid business foundation. Starting with e-commerce helped us lay the strong technology foundation for the company which has helped us in scaling up quite fast.
How has the overall journey been since its inception?
The journey started with a clear value proposition for Indian consumers and to solve a defined problem of organizing the unorganized auto aftermarket in India. Being the first mover in this unorganized category also had it’s own set of challenges. It was a never before done attempt at organizing this category. From convincing e-commerce portals to launch this category to IP protection of a completely unique product catalogue, technology advancements and a constantly dynamic adaptation to change has been quite an exciting part of the journey so far.
We notice that Jazzmyride is still listed as Storeji on eBay. Which receives higher number of orders- jazzmyride.com or marketplace stores combined?
We have very recently re-branded ourselves to Jazzmyride from StoreJi. Gradually, we are moving to a single brand of Jazzmyride only. The shift is in line with our vision of being a global company for the retail and supply of quality auto parts and accessories.
We always strive to maintain a healthy balance of orders from our sales channels be it online or offline; retail or bulk. We would continue to do so as per the company’s vision and strategy.
And how was the growth in the last financial year?
As a testimony of our core business philosophy and viability of our business model, the company has witnessed revenue growth of more than 250% consistently over the last 2 financial years. Also, we are a rare e-commerce company in India which is net profit positive and cash flow positive since inception.
How is the online competition in this space of consumer goods?
The competition is starting to happen in this category as well. Though this category has existed for quite a long time in India. However, with the changing dynamics of automobile dealers focus on selling accessories through their showrooms itself and also the automobile manufacturers continuing to load the new cars with latest accessories is a competition in itself.
However, since we operate in so many formats of retail, bulk, online, offline and sell to a vast target segment of end-users, retailers, corporates, car dealers, automobile manufacturers, cab operators,etc, every competitor is ultimately our co-opetitor (compete and collaborate)
Is the online demand for auto parts and accessories high?
The automotive aftermarket (parts+accessories) is amongst the top 6 e-commerce categories across US and other developed markets. In India, the opportunity is three folds; fast growing e-commerce market, highly unorganized auto aftermarket and a great domestic and international automobiles market for Indian cars and bikes. We will be a nation with 450mn + vehicles by 2020 from 100mn vehicles today. That is a huge opportunity for anyone to cater to.
Since Indian e-commerce space has witnessed a shallow of supply of quality auto parts & accessories till the recent times, the demand has been picking up now. Further, due to the unorganized play and a significant contribution of long tail of products, the category is also extremely challenging for any e-tailer/ marketplace to be able to easily crack it so far.
Since your company supplies the commodities to offline retailers as well, what are your views on having a hybrid retail model for your business?
Yes, we are definitely marching towards creating a hybrid business model. It is the need of our business vertical because India being a DIFM (Do-it-for-me) market for auto parts & accessories, we need to have a very strong offline presence. Once that is there, it makes a great sense to marry it with online and harness the synergies to the greatest possible extent.
Are there any plans for having a mobile strategy?
All the sizzling mobile transaction numbers clearly indicate we cannot be far from executing a mobile strategysoon. Further, we are very content savvy company and we do not just plan to sell vanilla products unlike traditional e-commerce way. We plan to educate and be a friend for any auto lover looking to jazz up his/her ride by providing quality content of product education and honest advice on the best suitability of any product as per one’s requirements.
However, our primary focus is to first build a basic network and ready ourselves to cater to the expected traffic growth ahead.
Where is Jazzmyride.com heading currently?
We are in advanced stages of discussion for a major set of partnerships. These partnerships will help us strengthen our portfolio of offerings and we also plan to venture into services with such partnerships. Further, we are also in discussion with car retailers to provide them a turnkey and completely managed solution for the sale and after sale service of auto parts and accessories sold by us using their relevant consumer touch points.
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