ITM BUSINESS SCHOOL,NAVI MUMBAI
To Explore Business opportunities for Volume Based Model of MyDeals247, especially Schools / Colleges category in Bangalore and its nearby area.
Faculty Guide: Prepared by:Dr. Ganesh RajaKapil Garg Company Guide:(App id: 2329)Mr. Shashikant Kabra ITM Business School
SL NO.Section:Page No.
6E-Commerce Sites Comparison Sheet8
9Micro and macro Environment13
11Research Design & Methodology18
15Tasks, strategies & Process27
This is to certify that the Industry Internship project report titled To Explore Business opportunities for Volume Based Model of MyDeals247, especially Schools / Colleges category in Bangalore and its nearby area is a bona fide work carried out by Kapil Garg, a student of PGDM program 2012-14 batch of the Institute for Technology & Management, Kharghar, Navi Mumbai under my guidance and direction. Signature of Guide:Mr. Shashikant KabraVPBusiness Development+91 80500 84444MyDeals247 eCommerce Pvt. Ltd.
I am extremely grateful to Institute for Technology & Management, Navi Mumbai for having given me the opportunity to undergo a longer duration of Summer Internship than the regular.
Dr. Ganesh Raja played an extremely important role in making my project easier by guiding me whenever required and following me up with necessary inputs every now and then.
Mr. Shashikant Kabra, VP, MyDeals247 eCommerce Pvt. Ltd. Bangalore, being my chief mentor taught me a whole lot of things that I had never even thought about before entering the Corporate. His assignments and tasks were of utmost importance to me in gathering quality knowledge and experience.
As E-Commerce has become an important tool for Day to Day trading. Many organizations are now shifting to this trend so as to attract more customers. But due to hackers, cyber crime and others had put an question mark on its reliability. So it was a big challenge for new entrants to win the confidence of customer in their business model and their working. MyDeals247 recognized this gap and to promote and at the same time gain profit started the offline business for volume based deals.
Now when I joined the company as intern their was an untouched category as Schools and Colleges where they need to focused but due to some uncontrollable circumstances unable to do in the recent past. So I took the responsibility for the same.
I was required to decide the target market in Bangalore and nearby areas for our products, cold calling, set the meetings with the Purchase managers and owners of schools or colleges and meet them regardingg our company and our products.My project consists of an initial analysis by making some calls and see the response as it was an hit n trail method of getting the leads.
Iwas given a complete details of some of our products, their pricing which they had traded for in past and thought that their might some requirement occcur for the same in schools and colleges too. Ivisited many Schools across theBangalore to interact with the concern persons.
AN OVERVIEW OF THE COMPANY
Brief About Company:- MyDeals247.com is the worlds first PERSONALIZED ecommerce platform Totally personalized to the customer needs in the local cities and across the nationwide One stop solution for the customer needs buy / sell products/services, volume based discounts, and creates word-of-mouth marketing through personalized Ads Promotes the products or services very effectively Attracts new customers in no time
About Mydeals247Today's most E-commerce sites routinely experience transaction closure rates in the range of 3 to 5 percent of the total visitors - the primary reason for the failure is most of the sites are too generic - no personalization whatsoever.
Most shoppers spend a significant amount of time by going through multiple websites and related comparison websites and still they cannot make a quick decision - average time to make a decision to buy any product online is between 2 hours to a week - also, they confine to a couple of choices.
Internet users want some of these aspects today:personalized dashboards based on their current needs (what they want, when they want, where they want) pretty much real-time. MyDeals247.com offers a revolutionary idea in the e-commerce industry which identifies individual's preferences, interests and then delivers on-the-fly adjustments that make each customer feel the site was built just for him or her. It's pretty much like having your own e-commerce or online store to fulfill your own needs on daily basis. MyDeals247 brings the lowest offers from the sellers based on buyers request in the local markets - all the bids from sellers takes place on real time basis and are very much alive. Also, MyDeals247.com provides the current need analytics (on daily basis) to the sellers in the local markets.
E - Commerce Sites - ComparisonSheet
Business ModelReal-Time Offers?
eBayAuction-Based DealsFixed PriceC2C; B2C;B2B;NO
AmazonFixed PriceC2C; B2C; B2B(small %)NO
GroupONVoucher ModelFixed PriceDaily Deals (City Based)Selling Products (recently)B2CNO
Google OffersDaily Deals (Very few cities)Fixed PriceB2CNO
MyDeals247 Real-Time eCommerce Platform offers dynamic prices by creatingcompetitionamong the sellers - only top5 best offers shown to the consumer. Volume-Based Deals (Buy more, save BIG) - true alternative for gift card sharing. Totally personalized experience to the consumer No Listing Fee or hidden charges (Charges only the success fee from seller) Online and Off-line (rural markets first time ever) C2C; B2C; B2B Promote (through personalized Ads) and sellYES
Totally dynamic price offers basedon the consumer request atthat particular point of time.A huge opportunity for theconsumer to get thebestoffers whencompared to the traditional fixed price model.
Like e-commerce companies, Mydeals247 have different kind of revenue models. So basically it has 3 Business model:-
a) A Real-Time Marketplace (Buy / Sell Model)
It is an online buying and selling model and that why it is called as e-Commerce Company which is completely real time market place as it is totally dependent on providing value to customer in terms of price range with their specific product.
Company work on the policy of Zero inventories and zero operating cost.
Simply customer posts their requirements and their after a waiting time allotted to customer and meanwhile the requirement is being processed at back end office and the best 5 choices are provided to customer with deadline time and if demand is fulfilled by website the goods are delivered to consumer destination by the seller directly.
Cost Structure: Here company work on approximately 10-20% margin depending upon who will get the shipping cost.
b) Volume Based Discounts
This model is an offline business model which is also a profitable one.
Strategy adopted by company Buy more, save more.
Deals with only 5 star rated retailers.
Categories involve - general house-hold items, entertainment, education, local events, amusement parks, professional training, and services companies.
Here company have different category like Real Estate, Schools/Colleges, Boutiques/Spa/Hair Saloon, Hotels etc. So company garbs the requirements from here having bulk quantity and then delivers the same with competitive prices in the market.
Cost Structure: - For this category company work on the margin of approximately 10-15% but the order should be in bulk.
c) personalized Ad display and Pay Per Lead model
Mydeals247 came out with different strategy and innovation in the field of advertisement as they know that in present scenario Merchants are worried about their marketing part and want to promote in best way to attract customers. Though Google adwords have provided them the opportunities but there are some question marks on their reliability.
There is a large gap between the paid ads/ non-organic results and organic results. Today also people are following the organic results. Thats why MyDeals247 came out with personalized Ad format where they showcase the power of particular organization with their USP directly on their website.
MyDeals247 worked on improving ROI for the merchants while displaying the relevant Ads to the consumers based on their interest at any given point in time.
Process The merchant, who signs for advertisement, will provide a video which is posted on Mydeals247 website and some questions are asked from the customers about the same video.
MyDeals247 ensures that merchant gets the complete database of the leads that had showed interest in their advertisement and also making consumers happy by paying them which is entirely different model then Google adwords.
Cost Structure: - Depending upon the no of questions to be asked by the merchant the amount is quoted to them. Micro and Macro Environment
In order to correctly identify opportunities and monitor threats, the company must begin with a thorough understanding of the marketing environment in which the firm operates. The marketing environment consists of all