Fashion e-commerce firm Fynd targets southeast Asia amid expansion plans
Bengaluru: Come April, fashion e-commerce platform Fynd is going on an expansion drive. It will start servicing some international markets in Southeast Asia from April and expand beyond clothing, footwear and accessories to kidswear, décor and furnishing.
Fynd is run by Shopsense Technologies Pvt. Ltd, which counts Facebook Inc executive Anand Chandrasekaran, Arvind Sports chief executive Rajiv Mehta and Snapdeal founders Kunal Bahl and Rohit Bansal and Kae capital as investors.
The company, which claims a pan-India presence, currently offers same or next day delivery in 11 cities and has tied up with about 250 brands for Fynd, its app-and webpage-based e-commerce platform.
Earlier this month, Fynd also deployed an omni-channel in-store product called Fynd Store that allows customers to browse through all products of a particular brand on screens placed inside the brand’s physical outlet.
In case a customer cannot find a product or a size at that outlet, it can be ordered from the nearest outlet and delivered to the customer via Fynd Store.
And it is Fynd Store that the company plans to take to international markets from April onwards.
“If you look at Middle East or Southeast Asia, they have very similar structures in terms of how retail organisations are—they’ll have a master franchisee and their own systems. We’ll start off with Southeast Asia first because delivery in-store infrastructure is much more well-developed there than in Middle East. Middle East also we’re talking to a couple of players,” said Harsh Shah, co-founder, Fynd.
Founded by Farooq Adam and Sreeraman MG along with Shah, Fynd first began operations in India in 2012 as an in-store engagement provider and then branched out to an e-commerce platform and, more recently, into an omni-channel or online-to-offline retail firm.
“This model would work in the international market, primarily in the areas where the customer is brand conscious and is clear that he wants a particular product—whether it be size or colour. Many times when customers shop and cannot find products in their size they settle for something which is one level lower in their liking hierarchy. Fynd is trying to solve this problem. Brand conscious customers and mid- to high-value retail products customers - these are the areas where this could work well,” said Sreedhar Prasad, partner, e-commerce and start-ups at KPMG in India.
The company’s strategy for international markets is going to be the opposite of what it did in India—that is, it will first deploy its omni-channel Fynd Store product abroad before launching its e-commerce Fynd app. “In India we started first with e-commerce and then got into omni-channel and the reasoning was (that) with the retailer, sales is the Holy Grail. With e-commerce you can immediately show sales. With omni-channel you need to build it up, there’s the training in store and things like that. Internationally we’ll start with Fynd Store because we need to develop delivery infrastructure and then get onto Fynd app,” said Harsh.
The company currently only retails fashion but plans to open up its Fynd Store product to all categories from March onwards in India.
It claimed to have clocked gross sales of about Rs25 crore in 2016 and expects a three-fold growth in 2017 on the back of its expansion plan.