GoKwik, which is India's largest e-commerce enabler and already working with over 500 D 2 C brands in the country, is eying a global expansion in the coming years as it sees significant business and growth opportunities in many countries.
GoKwik, founded in 2020 by industry veterans Chirag Taneja, Ankush Talwar and Vivek Bajpai, helps solve problems that ecommerce brands typically face during the shopping experience, such as enhancing customer experience, increasing conversions, boosting gross merchandise value and reducing instances of return to origin RTO.
There are similar problems faced by many companies in both developed and developing countries. Latin America, the GCC Gulf Cooperation Council Indonesia and some parts of Europe and the US have similar opportunities. He adds that we are looking for growth in one of the areas that we are looking for growth.
The Gurugram-based start-up is betting big on embedded comnerce, wherein a consumer can read through articles related to specific products.
Commerce is moving closer to content, and the e-commerce industry is changing a lot. A consumer might be reading an article and would be able to shop within the article. It is called embedded commerce and that is where the world is headed. Taneja, who previously worked with The Bombay Shaving Company, said that they would want to play a significant role in it.
The former investment banker believes that ecommerce has a huge potential for growth in India and that growth will happen outside the biggies like Amazon and Flipkart.
That was also the trigger to launch GoKwik.
After COVID, I was sure that ecommerce would grow in India, and it would happen outside big players like Amazon and Flipkart as well. But consumers would want a similar experience, and we could provide that to consumers, says Taneja.
The start-up expects to have more than 10,000 digital-first brands and ecommerce players on its platform by the end of the current year - a big jump from around 500 brands that are currently part of the platform, which has more than 80 million shoppers in its network.
It's helped brands reduce RTO by 30 per cent and improve conversion rates by over 35 per cent, according to its own analysis. RTO happens due to a failed delivery of goods and directly affects the revenues and profits of a brand.
A 520 per cent increase in the number of transactions on an annual basis was reported last year by the platform, which processed over $1 billion worth of orders in its network.