e-commerce market is estimated to grow to a ~$200-300 Bn market by 2030: Arroon Gawalli, Founder and CEO Kreditnotes
Arroon Gawalli, Founder and CEO Kreditnotes an online marketplace that strikes the best deals on brands in exchange for old goods
1. Can you explain how this module assists in B2B, B2C, and C2B markets?
Kreditnotes uses a very unique module that integrates B2B, C2B and B2C business models. The C2B module (the USP of our brand) enables customers to get rid of their old goods by selling it to us. These goods are further channelized and sold to dealers.
The B2B module caters to brands by providing a platform to market, sell and list their vouchers, products with offers and obtain leads from direct customers to Kreditnotes. This module is a representation of affiliate marketing for the partnered brands.
The B2C module enables customers to purchase vouchers from over 200+ brands using the Kreditnotes available to them in their Kreditnotes Wallet.
In a nutshell, we may conclude that Kreditnotes’ module assists the market in following ways- –
● C2B – Purchasing old goods from customers and selling them to dealers.
● B2B – Providing business to the associated brands in the form of customers who get coupons from selling their goods and will transact with such selected brands.
Future Potentials –
● C2B – Renting of used goods online.
● C2B – Selling used goods online on the platform after refurbishment.
2. Can you share your inspiration behind the creation of this concept and what motivated you to build it?
We intended to provide a solution where customers will be able to sell their pre-owned products and avail the best value of it. Through this, they will be able to shop for new products. It is a hassle-free solution as with Kreditnotes customers can sell categorised pre-owned products and can pay bills, shop for groceries, do shopping with top brands and even book for travel by a single click. Hence, it is a “one-click-selling solution.”
With regards to the Digital India innovations, Kreditnotes is a complete online initiative that provides services to the customers through its e-portal.
Being one of its kinds, Kreditotes is an exclusive digital platform in India, enabling customers to avail all services online. This is the motivation I have that Kreditnotes is contributing a step towards Digital India.
Sometimes inspiration comes from oneself. Few months back, I made the decision to sell my old phone. I began looking for good offers online and I did discover a few e-platforms. I successfully submitted my advertisement on the platform I had selected. To see if there were any possible customers for my product. I used to frequently check my phone and fortunately, I received a fresh lead. I quickly established contact with the seller since I was eager to speak with them.
To my astonishment, the merchant started haggling on the phone despite having quoted the price online. The seller was willing to sell it for far less than the price that was given. The sale was unsuccessful as a result. Likewise, I had multiple leads, but none of them worked out. These occurrences made me feel insecure and discouraged me from online selling. So after a few days, I removed my advertisement.
This encounter gave me the idea to introduce an e-platform (Kreditnotes) that would simplify and streamline the process of selling old things online.
3. Can you provide an estimate of your projections for this year and outline your future plans?
Many people in our country struggle with the difficulties of selling used goods online. With a growing emphasis on sustainability in every aspect of our lives, Kreditnotes is a unique brand that allows customers to sell their pre-owned goods. It also ensures the products to be used effectively and up to its life cycle. This is an effective way of having an ideal waste disposal when the product life cycle finally comes to an end.
By promoting products trade through our C2B module, we seek to bring about a change in people’s perspectives.
As far as the target is concerned, the e-commerce market is estimated to grow to a ~$200-300 Bn market by 2030. Considering even 10% share in this market would imply ~$20-30Bn TAM (Total Addressable Market).
Of the above, at least 70% would be the market for white goods and automobiles which translates roughly to ~$14–20Bn SAM (Serviceable Addressable Market)
We aim to capture at least 3-5% market share by 2030. Our overall target is to achieve 42 million dollars by 2030.
4. What strategies have you implemented to reach and engage your target audience?
Our strategy is to provide the best value to our customers for their pre-owned valuables without much effort. We have planned marketing in three phases. Firstly, we are informing people about the brand and about the unique selling solution. Next, we plan to provide maximum offers to our consumers so that they get the most from this deal. Lastly, we aim to add value to our existing customers so that they remain Kreditnotes’ loyal customers.
Our target audiences are the consumers (sellers) who have spent a lot of money in multiple brands. This is an opportunity for our customers to shop from similar brands for less money (i.e. via credit points earned in the e-wallet of kreditnotes). Our marketing strategy entails collaborations with premium brands, offers and trust building through various channels.5.
5. Can you talk about some of the key partnerships and collaborations that your company has established
Keeping in mind the diversity of customers, we have partnered with over 200+ brands, including luxury brands, wellness brands, fitness brands and many more. Kreditnotes has also partnered with Porter and Moeving who are our logistics partners. Porter and Moeving are leading brands in the transportation market. They play a crucial role in our ecommerce journey as our primary concern is to provide a seamless pick up of the goods from our seller’s place offering them a convenient and satisfactory service. We intend to cater to all pin-codes and provide timely services to all the customers (sellers).
6. What sets your company apart from competitors in the Recommerce space, and what unique value do you bring to the market?
Kreditnotes is an exclusive platform in many ways –
● It is an early entrant to capture the B2B2C space in this market. This in itself is a unique business solution. We have already applied for a patent and this will provide us distinction and a competitive advantage.
● It is a one-stop platform for sellers to get the best price for their used goods.
● It is a frictionless and hassle-free process to sell goods
● Kreditnotes will be rewarding sellers with exciting brand cashbacks and offers. This is an encouragement to recommerce as well.
● Kreditnotes is also helping its associated brand partners build their customer base through this e-portal and in turn is optimising the growth for both; the Kreditnotes and its affiliated partners.
7. What impact do you hope to make through your company, and how do you measure success in your business?
People who want to sell their used goods without much hassle and get the best possible deal for it, Kreditnotes is a ‘one-stop-shop’ for them. It is a distinctive e-platform to sell used goods that provides the best price for such goods in the form of coupons from the top brands in India. Unlike classified platforms, social media platforms or traditional resellers, Kreditnotes offers a quick and seamless process to sell goods and builds trust within the consumers to adapt to the digital recommerce.
Our sellers are our prime audience. Their satisfaction of using Kreditnotes and enjoying its benefits is the biggest success parameter for us.