We wish to make most sought-after products more affordable, says Amit Gupta of Surpluss.in
"Surpluss.in was conceived with an idea to reach out to digitally active consumers across India, empowering the aspirations of these consumers"
By Sanjeev Sinha, ET Online | Updated:
Surpluss.in claims to be India's leading e-retailer of overstocked, unboxed and refurbished products, ranging from high-end mobile phones and tablets to apparels and other consumer products. In the next 3 years from now, the recently-awarded, young startup wants to occupy the consumer mindshare in a significant way, and intends to clock a turnover of $50 million in 2 years. In an interview with Sanjeev Sinha, Mr Amit Gupta, director, Surpluss.in, talks about the USP of their startup and shares his business outlook. Excerpts:
What was the idea behind the launch of surpluss.in and when was it started? Who are the key promoters?
Surpluss.in was conceived with an idea to reach out to digitally active consumers across India, empowering the aspirations of these consumers, and make the 'sought-after' brands and products more affordable. Surpluss addresses this market need in a transparent manner and solves the ageing and unsold inventory of the brands. Hence to leverage this huge opportunities, a group of likeminded entrepreneurs having decades of experience in sales, logistics and information technology, among others, converged under the brand Surpluss.in.
What is its business model and what is so unique about surpluss.in in the cluttered ecommerce space?
Surpluss.in is positioned as the Number 1 e-retailer in the end of life (EOL), surplus, overstock, and open box segments. The newly-launched ecommerce platform is working on inventory model. Surpluss exclusively deals in overstocked, unboxed, refurbished products, ranging from high-end mobile phones and tablets to apparels and many more. The recently-awarded, young start-up is already selling products from Samsung, LG, Xiaomi, OnePlus One, HTC, Alcatel, Xolo, and other brands in the mobile and tablet segments. In addition, Surpluss has gained a lot of popularity in its recently-introduced apparel category, covering jeans, footwear, sarees and other summer wear like bikinis. In the apparel and lifestyle categories, the company has products from Levis, Benetton, CK, Guess, Zara, Armani, Gant, Ishimaya, and a host of other elite brands.
What about the industry? What kind of challenges you are facing as an e-commerce company?
There is a huge market opportunity in this segment, which is mostly being handled in an unorganized manner currently. Internal estimates of Surpluss put this opportunity at around $20 billion, which is expected to grow to $50 bn by 2020. The 45% smartphone penetration along with the 3x increase in average household income by 2020 makes this industry the most promising sector. In addition, organized retail is rapidly shifting online among top 75 cities. 40% organized retail is through online channels catering to 400 million strong middle class. We don't foresee any such challenges as we are operating in a niche category where our target consumer is aware about the product or services he is getting from us. As per our vision, we cater to people's aspirations. Great brands at great prices with great user experience.
What was the idea behind the launch of surpluss.in and when was it started? Who are the key promoters?
Surpluss.in was conceived with an idea to reach out to digitally active consumers across India, empowering the aspirations of these consumers, and make the 'sought-after' brands and products more affordable. Surpluss addresses this market need in a transparent manner and solves the ageing and unsold inventory of the brands. Hence to leverage this huge opportunities, a group of likeminded entrepreneurs having decades of experience in sales, logistics and information technology, among others, converged under the brand Surpluss.in.
What is its business model and what is so unique about surpluss.in in the cluttered ecommerce space?
Surpluss.in is positioned as the Number 1 e-retailer in the end of life (EOL), surplus, overstock, and open box segments. The newly-launched ecommerce platform is working on inventory model. Surpluss exclusively deals in overstocked, unboxed, refurbished products, ranging from high-end mobile phones and tablets to apparels and many more. The recently-awarded, young start-up is already selling products from Samsung, LG, Xiaomi, OnePlus One, HTC, Alcatel, Xolo, and other brands in the mobile and tablet segments. In addition, Surpluss has gained a lot of popularity in its recently-introduced apparel category, covering jeans, footwear, sarees and other summer wear like bikinis. In the apparel and lifestyle categories, the company has products from Levis, Benetton, CK, Guess, Zara, Armani, Gant, Ishimaya, and a host of other elite brands.
What about the industry? What kind of challenges you are facing as an e-commerce company?
There is a huge market opportunity in this segment, which is mostly being handled in an unorganized manner currently. Internal estimates of Surpluss put this opportunity at around $20 billion, which is expected to grow to $50 bn by 2020. The 45% smartphone penetration along with the 3x increase in average household income by 2020 makes this industry the most promising sector. In addition, organized retail is rapidly shifting online among top 75 cities. 40% organized retail is through online channels catering to 400 million strong middle class. We don't foresee any such challenges as we are operating in a niche category where our target consumer is aware about the product or services he is getting from us. As per our vision, we cater to people's aspirations. Great brands at great prices with great user experience.
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Who are your target customers and what is your strategy to increase the customer base?
The digitally-educated consumers, who are inspiring to own branded products at affordable prices, are our target consumers. We are very carefully choosing the brands and add to our catalogue. We wish to operate as a niche player and are targeting niche consumers who value brands and understand the aspirations attached to the brand. We are committed to provide a seamless and easy shopping experience to our customers through our portal.
Since you are following inventory model, do you think you can manage the logistics issues smoothly? Any special measures you have taken to handle the logistics?
The inventory model is a transition phase for us. We want to migrate to a controlled marketplace model. Since logistics will be the backbone and a crucial component of customer delight, we have already started a pilot for our own logistics – Pluss Forward.
How many SKUs are on offer at the moment and what is the plan to increase the categories?
Being in the surplus market, we do not play on a wide range of SKUs. Our model is to offer value to consumers in each SKU we offer. Currently we are adding SKUs vertically and not horizontally. For example, in mobiles we are adding more brands and even sourcing globally to occupy the top mindshare of consumers. However, we will expand to categories like cars and real estate.
What is the current volume of business, the targeted turnover and expansion plans? What kind of new products or services you are planning to launch?
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We intend to clock $50 million in 2 years time. In 3 years from now we want to see Surpluss occupy the top mindshare among the digital crowd. So before buying a mobile or jeans or laptop or sneaker, consumers should hunt it on Surpluss. Lately, the company has started venturing into emerging online categories like home décor, home furnishing, health care, fashion jewellery, and lingerie. All new categories introduced are aligned with the company's vision of 'Powering People's Aspirations'. This basically means providing aspiration brands at a 'never before' price. Along with addition of new categories, Surpluss.in has also expanded its existing categories & sub-categories with more products. In healthcare, for instance, Surpluss has added digital healthcare gadgets like glucose monitor, digital blood pressure monitors, weighing scale, leg and feet massager, infrared walkers etc. Marketing up-market brands, Surpluss.in has gained a very strong foothold in its category. The brand is also developing a mobile app to further enhance the seamless shopping experience of its consumers.
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