GetitBazaar Banks On Rebranding, Market Expansion

by CXOtoday News Desk    Jul 16, 2014

kiran murthy

In a strategic move, getitBazaar, India’s leading SME Bazaar that helps small and medium businesses to sell their products to buyers from across India, have announced their new trade name “askmeBazaar” for its operations. According to the company, the rebranding is the outcome of the corporate entity rebranding itself as ‘askme’ for its entire consumer facing offerings. The new name is seen to have better connect and a more direct relationship with what is offered by the company. The new branding will appear across all customer experience platforms, including the new company website.

“This change in branding is a logical step in our growth and gives us an umbrella under which we can continue to expand our products and services during our next phase of development,” said Kiran Murthi, CEO, askmeBazaar. In an exclusive interaction with CXOtoday, Murthi said on his business model, “We are trying to create an online bazaar where shopkeepers will sell their products directly to the consumer. In around 2 or 3 weeks we prepare the content and digitalize the product of the seller in that online market. We are just a platform for them to know the power of digitalization.”

He believes that the huge investment in the online retail segment has given a huge rush in the market and now setting up a business and convincing purchaser with new ideas in the biggest challenge for players in the market. The other big challenge is delivering value to the demand of the consumer.

According to Murthi,Ecommerce in India is in its growth stages. Ecommerce is here for good and there will be a huge rush of SMEs onto this new medium as the sector scales up and platforms like ours achieve penetration. we are quite sure the resultant benefits will go all stakeholders including buyers, sellers, service providers, platform owners and partners.”

Read: Top Trends That Will Drive E-Commerce in 2014

He expects interest in this sector to grow faster now with many new players who had not considered ecommerce joining in. Online commerce in India will mirror the real world marketplaces that we see today like a Chawri bazaar or Chandni Chowk or a Lajpat Nagar with many sellers trying to sell to attract their own buyers in the same market. Buyers will choose and decide what they want to buy from whom; we want to support all sellers including local brands, unbranded goods, SME products along with large brands and international goods.

While the company started its Journey with Punjab and Assam, it now has distributors in every city now. Jodhpur, Kota, Udaipur and various other small cities.

In the online segment, Murthy sees maximum traction in consumer (electronics, apparel, home furnishings, appliances, décor, games, jewelry, handicrafts etc) and industrial (switches, motors, transformers, switchgear, chemicals, dyes, rubber etc). “We are segment agnostic and want a good mix of all categories to sell,” he says.

The company is currently working with around 25 companies who are using its platform for selling their products online and he expects number to reach around 300 in the coming years. “The new name is an extension of our endeavour to connect sellers and buyers on the platform,which offers a common distribution, logistics, payment and settlement infrastructure to all our sellers,” he added.

(With inputs from Manish Arora)