Former Country Manager-Apple India, Sanjay Kaul launches Sofyx – a startup to strengthen the General Trade (GT) business in India
New Delhi, 09 July 2019: Sanjay Kaul, former Country Supervisor – Apple India, right this moment introduced the launch of an thrilling startup – Sofyx, a social commerce platform for common merchants dealing in smartphones and equipment. As soon as celebrated for constructing two key smartphone companies from scratch, Kaul is now dedicating himself to making expertise accessible & inexpensive for small retailers.
To assist obtain the imaginative and prescient, Kaul is supported by his Co-founder Mukesh Kachroo, former Chief Expertise Officer – Acquire Capital Group, USA, ending a 16-year-long tenure with the firm. Mukesh had joined GAIN in its early childhood as a start-up and noticed it via public IPO to being the No. 1 FX agency in the US.
Throughout his days at BlackBerry & Apple, Kaul noticed and recognized varied challenges in the unorganised retail that constitutes 93% of the complete retail business in India. Though a important contributor to the nation’s financial system, the unorganized General Trade sector in India has been disconnected from the digital ecosystem. With the smartphone trade rising at a double digit price, Sofyx bridges the hole and brings collectively the cell reseller neighborhood together with different stakeholders like telecom operators, gadget producers, distributors, and different distributors on a single platform. To place issues in context, in 2018 140M smartphones have been offered in India with simply over half of these promoting from common commerce retailers.
The platform permits business networking, engagement, real-time suggestions, and neighborhood constructing amongst the stakeholders. Moreover, it helps drive business transactions between varied companions. Sofyx additionally streamlines and digitizes in-store operations, shopping for, in addition to buyer interactions. Certainly one of the key targets for the firm is to enhance buyer retention and drive footfall to these small retailers. With this intent, the firm is launching its providers with prime smartphone promoting outlets in Delhi NCR. These outlets contribute to over Rs. 2000 crore in smartphone income per yr.
In accordance to Kaul, whereas bigger companies could also be positioned effectively to plug into a quickly evolving digital India, smaller companies nonetheless lag behind. “I firmly imagine we will rework these small shops into a important channel that manufacturers, distributors and prospects would love to have interaction with.” he says.
Sofyx is backed by a staff of seasoned professionals that deliver deep expertise in mobility business, fintech, CRM, and gross sales/advertising. The staff understands and appreciates the points confronted by common commerce in India and leverages that to construct a personalized product that solves a few of the deeper and unaddressed points. The 4 key challenges that Sofyx goals to handle are:
- Buyer Loyalty & Join: Sofyx offers a plug-and-play loyalty program via its App to the retailers. Inside jiffy store house owners can design and launch a easy program to retain loyal prospects and reward them for referrals. By means of this program, thrilling rewards, presents, and digital present playing cards will be pitched to appeal to native prospects to a particular store.
- Unique Product and Financing Provides: Sofyx bridges the hole and permits manufacturers and distributors to present unique offers to GT retailers. Thus far this has solely been achieved in on-line and OT surroundings. By means of Sofyx, manufacturers, distributors and monetary establishments can simply deliver unique and differentiated presents to GT retailers.
- Streamlined Buy & Environment friendly Retailer Administration: When new manufacturers enter India or incumbents launch new merchandise, they depend on the similar age-old distribution channel. It’s a very tedious and complicated course of counting on archaic instruments and ineffective info stream. With the Sofyx platform, metropolis distributors and GT retailers can have interaction and purchase/promote merchandise immediately. These options might be launched in the subsequent model of the platform which might be launched shortly.
- Demand Technology & Discoverability: General Trade has by no means been ready to talk their worth proposition to prospects due to their lack of ability to make investments in promoting. Sofyx helps bridge that hole. By means of Sofyx Platform retailers can collectively promote their presents, promotions and particular festive offers in their native areas. This service has been launched in Delhi NCR with the prime 100 retailers on a paid foundation. The primary such program is a collective marketing campaign in July and Aug constructed round Rakshabandhan and Independence Day.
“Our estimates present that common commerce in India sells over $12B value of cellphones a yr. In the subsequent 5 years, this business will develop to about $16B a yr as function telephone market transitions to smartphones. There are greater than three lakh common commerce outlets promoting cellphones in the nation and they’re unfold out in each nook and nook of India. Sofyx will allow a important variety of these shops by partnering with them as their single level expertise accomplice.” Kaul additional added.
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