A dedicated destination for anyone and everyone to create and sell custom merchandise, that is what Karthik Venkat and Satish Bala have created in the form of My Dream Store. It is a crowd-funded merchandising platform that allows individuals to create and sell high-quality T-shirts.
Founded in April 2014, and based in Hyderabad, the startup is primarily targeting college students through its platform. It is catering to two different sets of audience – A. Which are always on a look out for new and affordable T-shirts to buy and B. Who want to make some cash by working from home.
It is encouraging young designers and entrepreneurs to create self-designed T-shirts and then sell it to India. Young designers come to the website and either upload or create their designs on its design studio and start a campaign.
My Dream Store takes care of all other aspects; like size-calculation, procuring, printing, as well as the distribution of the T-shirt to consumers all over the country. Once the T-shirts are sold and delivered, the profits that the campaign made are given to the campaigner. Most of its sellers are currently Internet Marketers, Designer, Student communities or Aspiring Entrepreneurs.
“It’s great to see how individuals are using our platform to pursue their passion or gain financial freedom. We are sure going to enable more individuals to become entrepreneurs. One of our campaigners made a profit of Rs.5 Lakh in 30 days” Said Karthik Venkat.
The startup has received an angel investment of $320,000 in January 2015 to develop technology platform, marketing activities and acquiring new customers. Its GMV has grown 10 times since March 2015. The current team size is 30. And it is looking for Series A funding to boost its growth.
Present status and future plans
The company claims that it is currently clocking over 1 million page views every month. My Dream Store has executed over 3,000 campaigns. It sells around 400 products everyday. The startup is also planning to launch its app which is under development.
“So far we have more than 3000+ sellers on board, we are currently building a community of entrepreneurs by educating them on various advertising techniques and helping them sell more” said Sumanth Kumar, the marketing head.
In future, the company wants to venture into products like Mobile Cases, Posters, Tote bags, Stickers etc.
For each t-shirt, depending on the apparel chosen and the colours used, there is a base price that My Dream Store’s system gives out. The campaigner sets the selling price. The base price is what it earn and the difference between the selling price and base price is the profit per t-shirt for the campaigner.
Competition and market size
The startup is competing with Fresh Monk, Dressify and Voxpop among others.
Commenting on the market size and market opportunity, Karthik said, “We are currently into T-Shirts, where the organized market stood at $ 2 billion in 2014. Most of this proportion is that of Offline. Here at My Dream Store, we are building an ecosystem where even individuals will be able to capture the online apparel market of $ 2.8 billion without worrying about inventory or investment risk.”
The model of My Dream Store is unlike the regular, for it is not restricted to just selling T-shirts online. It has an additional dimension that allows customers to employ their creativity and encash it.