By IANS,
New Delhi : Online retailer Yepmeshopping.com plans to launch more self-owned labels, apart from social media marketing strategy, to cater to the fast-growing online-retail market in tier-II and III cities.
“We have started our own private label in the clothing and accessory line. We see a huge demand in the coming times and the acceptance of these lines in a big way,” said Sandeep Sharma, founder and cheif executive, Yepmeshopping.com.
According to him, increasing disposable incomes, internet penetration and brand consciousness in tier-II and III cities will fuel the future growth of online retail industry.
“There is huge unrealised potential in the tier-II and III cities online retail market as, due to increasing Internet penetration, aspiration to buy brands is phenomenal,” he said adding that 60 percent of the company’s revenues are generated from this segment.
Sharma said the company’s unique selling proposition (USP) was the fact that it bridges the gap between the demand for branded products and the lack of access points for supplies in these cities.
“For example, people over there want to buy Nike shoes, but aren’t able to as there are no stores around. Here is where we come in and provide them the alternative to buy the products online and have it delivered to them,” he said.
Sharma expects the revenues of his company, that was started in 2008, to grow by 300 percent with a turnover of $3 million in this calender year, backed by huge demand from tier-II and III cities.
Sharma added that the company was initially focusing on branded products in categories like apparel, accessories and electronics segments. He eventually expects them to be replaced by the company’s wholly-owned label lines in different categories.
Currently, the online retailer has 400,000 registered users and is planning to expand the base by focusing on the social media platform options on websites to promote the e-retailing concept.
“Look at Facebook! They have come out with a new feature like ‘share your deal’ options in markets aboard. In the same way, we are trying to promote this concept by providing options to our users to suggest products to each other,” he added.
The company feels that its biggest strength in the long run would be a strong supply chain and logistical support through which it will deliver products to customers.