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Real-time E-Commerce at MyDeals247

Table of Contents

1. Executive Summery.....................................................................................................10 2. Introduction..................................................................................................................12 3. Industry profile.............................................................................................................13 3.1. E-commerce evolution......................................................................................13 3.2. Types of Transactions in E-Commerce Industry...............................................14 3.3. E-Commerce Industry-Indian Scenario............................................................15 3.4. Porter’s Five Forces Model..............................................................................16 4. Company Profile..........................................................................................................18 4.1. How MyDeals247 works?.................................................................................19 4.1.1 Business Model 1: Real-time market place (Buy / Sell Model)..................19 4.1.2 Business Model 2: Volume Based Discounts / Deals................................20 4.1.3 Business Model 3: Personalized Ad display and ‘Pay-Per Lead’ model...21 4.2 E - Commerce Sites Comparison Sheet............................................................24 4.3. Micro and Macro Environment..........................................................................25 4.4. Personalized Paid Ad Model in detail...............................................................26 4.5. Working of Paid Ad model of MyDeals247.......................................................27 4.6. How MyDeals247 is different from other e-commerce companies?................32 4.7. Alexa Ranking and MyDeals247 Statistics.......................................................33 4.7.1. About Alexa Raking..................................................................................33 4.7.2 MyDeals247 statistics...............................................................................33 4.8. Organization Structure......................................................................................38 4.9. SWOT Analysis.................................................................................................39 5. Objective.......................................................................................................................41 5.1 Brief about the project........................................................................................41 5.2. Objectives of the Project...................................................................................43 5.3. Scope of Study.................................................................................................43 IBA, For Academic Purpose Only Page 1

Real-time E-Commerce at MyDeals247

5.4. Uses of Study...................................................................................................43 5.5. Tasks................................................................................................................44 5.6. Responsibility....................................................................................................44 5.7. Targets..............................................................................................................45 5.8. Strategies..........................................................................................................45 5.9. Process.............................................................................................................45 5.10. Sales Script.....................................................................................................46 6. My experience and selling at MyDeals247..................................................................47 7. Project Proposals.........................................................................................................50 8. Findings, Recommendations and conclusions............................................................53 8.1 Findings.............................................................................................................53 8.2. Recommendations.......................................................................................53 8.3. Key learning from the project............................................................................55 8.4. Conclusion........................................................................................................56 9. References...................................................................................................................57

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List of Figures

Figure 1: Evolution of E-Commerce................................................................................13 Figure 2: Categories available at MyDeals247...............................................................28 Figure 3: Small Description and Video uploaded by the advertiser................................29 Figure 4: Questionnaire Page.........................................................................................30 Figure 5: Amount getting credited in the user’s account.................................................31 Figure 6: Alexa Ranking for MyDeals247.......................................................................34 Figure 7: Traffic Rank of MyDeals247............................................................................35 Figure 8: Average Load Time and Top Queries search for MyDeals247........................36 Figure 9: Time on Site of MyDeals247............................................................................37 Figure 10: Time on site of MyDeals247...........................................................................37

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1. Executive Summery

Today's most E-commerce sites routinely experience transaction closure rates in the range of 3 to 5 percent of the total visitors - the primary reason for the failure is most of the sites are too generic - no personalization whatsoever. Most shoppers spend a significant amount of time by going through multiple websites and related comparison websites and still they cannot make a quick decision average time to make a decision to buy any product online is between 2 hours to a week - also, they confine to a couple of choices. Internet users want some of these aspects today: personalized dashboards based on their current needs (what they want, when they want, where they want) pretty much realtime. MyDeals247.com offers a revolutionary idea in the e-commerce industry which identifies individual's preferences, interests and then delivers on-the-fly adjustments that make each customer feel the site was built just for him or her. It's pretty much like having your own e- commerce or online store to fulfill your own needs on daily basis. MyDeals247 brings the lowest offers from the sellers based on buyer’s request in the local markets - all the bids from sellers takes place on real time basis and are very much live. Also, MyDeals247.com provides the current need analytics (on daily basis) to the sellers in the local markets. As E-Commerce has become an important tool for Day to Day trading. Many organizations are now shifting to this trend so as to attract more customers. But due to hackers, cyber crime and others had put an question mark on its reliability. So it was a big challenge for new entrants to win the confidence of customer in their business model and their working. MyDeals247 recognized this gap to promote and at the same time gained profit starting the offline business for volume based deals. IBA, For Academic Purpose Only Page 4

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This project is all about exploring potential clients in the market at MyDeals247.com. As a part of his internship he was asked to go through and understand all the three business models of the company. He was put into volume deals team which is like B2B sales which is quite challenging at the same time interesting to work with a wonderful team. In this department he was asked to do cold calls to Beauty Spa & Saloon, Builders & Developers, Construction companies and MBA colleges and getting the requirements. He is supposed to do cold calls to clients and fix appointments. After fixing appointments in a particular region he attended the meeting and gave business presentations. He has met huge giants in various Industries which is a great experience talking to sales heads, Marketing heads, Purchasing managers. . He was required to decide the target market in Bangalore and for the products, cold calling, set the meetings with the purchase managers and owners of beauty & spa, construction companies, colleges and meet them regarding his company and his products. His project consists of an initial analysis by making some calls and see the response as it was a hit and trail method of getting the leads. He was given a complete details of some of their products, their pricing which they had traded for in the past. He visited many construction companies across the Bangalore to interact with the concern persons. He also prepared the different product catalog for the prospective client.

He also faced some problems in finding vendors for some particular requirements and he was also kept in vendor management team for some time to prepare a vendor database so that it would be helpful for the company to fulfill future requirements.

As he was asked that he will be rotated into various departments if required at the beginning of the internship he was shifted to the real-time market place. He was asked to go through Quikr and OLX to find the prospective customers and call them for posting a buy request on MyDeals247. At the same time he was also asked to get the lowest price within 2-3 hours by going through online shopping websites.

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2.

Introduction :

Commonly known as e-commerce or e-Commerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's life-cycle, although it can encompass a wider range of technologies such as e-mail, mobile devices and telephones as well. A large percentage of electronic commerce is conducted entirely electronically for virtual items such as access to premium content on a website, but most electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost all big retailers have electronic commerce presence on the World Wide Web. Electronic commerce that is conducted between businesses is referred to as business to-business or B2B. B2B can be open to all interested parties (e.g. commodity exchange) or limited to specific, pre-qualified participants (private electronic market). Electronic commerce that is conducted between businesses and consumers, on the other hand, is referred to as business-to-consumer or B2C. This is the type of electronic commerce conducted by companies such as Amazon.com. Online shopping is a form of electronic commerce where the buyer is directly online to the seller's computer usually via the internet. There is no intermediary service. The sale and purchase transaction is completed electronically and interactively in real-time such as Amazon.com for new books. If an intermediary is present, then the sale and purchase transaction is called electronic commerce such as eBay.com.

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3. Industry Profile: 3.1 E-commerce evolution

Figure 1: Evolution of E-Commerce IBA, For Academic Purpose Only Page 7

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3.2.

Types of Transactions in E-Commerce Industry

Electronic commerce, or e-commerce, involves selling of goods and services via electronic means - over the internet. Following are the kind of transactions which are well known in India and are executed on daily basis:

1) Business-to-Business (B2B), 2) Consumer-to-Consumer (C2C), 3) Business-to-Consumer (B2C) Business to Business (B2B) In Business to Business transactions, the exchange of Product, Service or information takes place between businesses. It mostly constitutes of volume deals where the number of products required or service required is in large number. It normally takes place between manufacturer and wholesaler or between wholesaler and retailer. The best example of an e commerce company that deals with B2B transaction is Indiamart (http://dir.indiamart.com/). Consumer to Consumer (C2C)

In consumer to consumer transactions, the transaction of Products or Information takes place between two individual users/ consumers. It can be a transaction of new products or used products. Here the seller puts the offer on various e commerce companies and look for a buyer. The seller has to give all the details of the product and also quote a price an initially. The best example for C2C transaction is OLX (www.olx.in).

Business to Consumer (B2C) In Business to Consumer transactions, the transaction of Products or Information takes place between the business and end users/ consumers. In this the products are sold IBA, For Academic Purpose Only Page 8

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online over the internet. Products almost from all the sectors are covered and millions of products are sold online every day. Few of the companies which fall into this category are – Flipkart, Jabong, Myntra, Pepperfry etc.

3.3. E-Commerce Industry-Indian Scenario In the second half of 2011 when India’s 100 millionth internet users logged on and the number of mobile phone users crossed 600 million, it became clear that the foundation for an e-commerce revolution had been laid. The internet has already charging the way connected Indians shop online. Not only opening up a new world of lower prices and choices but it has also emerged as wealthcreating for many online entrepreneurs. Many e-commerce companies which were started in the early of evolution of e-commerce in India haven’t seen much profits, but slowly as the internet user base being increasing day by day they are seeing a double digit growth slowly. Many ecommerce portals mainly in retail domain are experiencing phenomenal growth with online transactions growing by leaps and bounds every month.

Key drivers for this kind of growth are: 1. 2. 3. 4. 5. Increase in number of online sites and also with increase in number of online Change in life Style and not finding time to shop offline. Availability of wide range of products when compared to brick and mortar Increase in middle class groups and with high disposable incomes. Evolution of online market places with many ecommerce portals.

buyers and sellers.

Retailers.

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3.4.

Porter’s Five Forces Model:

Porter’s five forces analysis can give insights about the potential future attractiveness of the industry.

Degree of competitive rivalry: - High    Competitive rivalry among the existing firms in an industry is the extent to which There are a large number of competitors in e-commerce industry. Customer loyalty is very low, so the competition is high in the industry.

firms respond to competitive moves of other incumbent firms.

Bargaining power of suppliers: - Medium   

There is a number of suppliers exist. There is a little bit product uniqueness like discount, free coupon etc. The cost of switching to alternative supplier is low. Page 10

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Bargaining Power of Customers: - High    In e-commerce industry the bargaining power of customers is very high. As the consumers are not interested from whom they are going to buy and they Furthermore, the availability of long-tail products (substitutes) and low switching

tend to compare costs in order to find the best option (price). costs give a lot of power to buyers. The customer is king here. Availability of substitutes: - High     

The threats generated by the availability of substitutes are high due to the large number of shopping malls. They can go and purchase from shopping malls and other shops. It also helps to make them feel happy to go with someone. There is very low switching cost for the customer. Low consumer switching cost, gives a high threat of substitutes to the ecommerce fields.

Threat of new entrants: - High



Threat of the new entrants depends for instance on the extent to which entry barriers are present in an industry (e.g. economies of scale, capital requirements, access to distribution channels and so on).

   

Low investment cost makes it easy for everyone to enter in the industry. Capital requirement is low. There is common technology that people can use easily. There is no need to have high capacity.

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4. Company Profile: Founded in 2009 by Mr. Venu Somineni, MyDeals247.com is the world’s first PERSONALIZED ecommerce platform that caters to the customer needs in the local cities and across the nationwide. Today's most E-commerce sites routinely experience transaction closure rates in the range of 3 to 5 percent of the total visitors - the primary reason for the failure is most of the sites are too generic, no personalization whatsoever. Now-a-days most shoppers spend a lot of amount of time by going through multiple websites and related comparison websites and still they cannot make a quick decision. The average time to make a decision to buy any product online is between 2 hours to a week. Then also, they confine their purchase to a couple of choices. MyDeals247 E-Commerce Pvt. Ltd. is the world’s first personalized ecommerce platform which was started in the year 2009 and based in Bangalore having Global headquarters at California(USA).MyDeals247 is different from other ecommerce players in today’s market. MyDeals247 brings the lowest offers from the sellers based on buyer’s request in the local markets MyDeals247 acts as a facilitator between Seller and the Buyer and make sure that the buyer would be getting the best product/service for the best price by creating healthy competition among the sellers who are associated with MyDeals247. MyDeals247.com offers revolution technology in the e-commerce industry which identifies individual's preferences, interests, then delivers on-the-fly adjustments that make each customer feel the site was built just for him/her. MyDeals247 brings the lowest offers from the sellers based on buyer’s request in the local markets - all the bids from sellers happen real time and very much live. Also, MyDeals247.com provides the current need analytics (on daily basis) to the sellers in the local markets. MyDeals247 has won awards for its innovative business model all over the world:   Online Retail Awards, UK Finn-ovate Asia Awards, Singapore Page 12

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4.1. How MyDeals247 works? MyDeals247 offers three unique business models: 4.1.1 Business Model 1: Real-time market place (Buy / Sell Model) Mydeals247 has a personalized ecommerce platform where the company acts as a facilitator between buyers and sellers .It does not sell anything instead it acts as a mediator between sellers and buyers, Myntra.com etc. It has huge number of suppliers who are connected to its ecommerce platform and whenever requirement is there from the buyers these suppliers will be competing among themselves and mydeals247 will make sure that the customer gets the best price by creating healthy competition among the sellers. Once the user login and post a requirement that requirement will be automatically sent to all the sellers those who are registered with MyDeals247. All the sellers will quote their prices and the top 5 prices will be shown on the screen of the users account after half an hour. The prices keeps on changing for every 1 hour like if any other seller Quotes better price than the top 5 sellers and then customer can select the best offering. In this actually customer feels like as if though he/she has checked many sellers who are ready to fulfill the requirement In A Real-Time Market Place Every inventory on the website starts from the consumer interest. Here the consumer posts a buying request on the website. The system notifies the consumer requests to all the sellers whoever is selling the requested product or service along with the consumer's budget. After getting notified sellers make offers against the consumer request along with the offer expiry times. The system has been designed in such a way that it picks only the top 5 best offers (by lowest price) sent by the sellers. The top five orders are then ranked in ascending order and put on the consumer’s home page. The entire process happens within a span of 2 hrs. Consumers take advantage of the best offers and purchase the same. IBA, For Academic Purpose Only Page 13

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Cost Structure : – Here company work on approximately 10-20% margin

depending upon who will get the shipping cost. 4.1.2 Business Model 2: Volume Based Discounts / Deals In Volume Based Discounts model MyDeals247 deals with only 5 star rated retailers and focuses on general house-hold items, entertainment, education, local events, amusement parks, professional training, and service companies. Here consumers can share the vouchers with their friends and colleagues and can avail heavy discounts on the required products. So in volume based purchase the consumers have to do bulk purchasing and avail the discounts accordingly. 

Cost Structure : - For this category company work on the margin of

approximately 10-15% but the order should be in bulk.

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4.1.3 Business Model 3: Personalized Ad display and ‘Pay-Per Lead’ model

Whenever the consumer clicks on the Ad, there will be a video of 1-2 minutes length and simple product description of about 500 characters maximum will be shown and the consumer will be asked to answer a simple questionnaire about the uniqueness of their product or service in 2-3 questions. Consumers can answer these questions very easily based on the information provided. The video and content that is kept on the website will be provided by the company itself which is advertising and if they don’t have video to be kept MyDeals247 helps the company to make a professional video that could be kept on the website.

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The client who wants to advertise on the website has to maintain an account with MyDeals247 where he are she will be charged some amount to register and then they can start advertising and the amount will be deducted only when the user answers all the questions correctly. An option is provided by MyDeals247 is that if the client who is advertising on their website thinks that he is not getting the number of leads he is expecting he can just simply deactivate the account and get the remaining amount.

If the merchant pays $1 per Ad click, MyDeals247 pays 60% of $1 (i.e. $0.60) to the consumer whoever clicks on the Ad and answer all the questions (as part of the questionnaire) right the first time. If the consumer does not answer all the questions correctly for the first time, there will not any pay to the consumer. It is a great advantage for the merchants to create a real awareness about their products or services using this questionnaire model - eventually, it will lead to word-of-mouth marketing.

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In Personalized Ad display and ‘Pay Per Lead ’ model , Unlike Google Ad words and other advertising models MyDeals247 doesn’t displays random advertisements. It displays the local Ads based on the consumer’s interest within the local city at any given point of time. While registering with MyDeals247 user is asked to select various categories of advertisement which the user is interested in. After the selection, the user will get to see only those advertisements which the user is interested in. For instance, if someone is looking for watches in Mumbai, system consolidates all the local Ads relevant to watches under "Mumbai Talks about...”. Those advertisements will be displayed on the user’s homepage, so the user will see only those products or Services advertisement in which he/ she are interested in.  Mydeals247 came out with different strategy and innovation in the field of

advertisement as they know that in present scenario Merchants are worried about their marketing part and want to promote in best way to attract customers. Though Google ad words have provided them the opportunities but there are some question marks on their reliability.   MyDeals247 worked on improving ROI for the merchants while displaying the Process – The merchant, who signs for advertisement, will provide a video which relevant Ads to the consumers based on their interest at any given point in time. is posted on Mydeals247 website and some questions are asked from the customers about the same video.  MyDeals247 ensures that merchant gets the complete database of the leads that had showed interest in their advertisement and also making consumers happy by paying them which is entirely different model then Google ad words.  Cost Structure : - Depending upon the number of questions to be asked by the

merchant the amount is quoted to them.

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4.2 E - Commerce Sites Comparison Sheet Business Model Auction-Based Deals eBay Fixed Price C2C; B2C; B2B; Amazon Fixed Price C2C; B2C; B2B (small %) Voucher Model Fixed Price Group ON Daily Deals (City Based) Selling Products (recently) B2C Daily Deals (Very few cities) Google Offers Fixed Price B2C Alibaba B2B NO YES Real-Time E-commerce Platform offers dynamic prices by creating competition among the sellers - only top5 Totally dynamic price best offers shown to the consumer. alternative for gift card sharing. MyDeals247 Totally personalized experience to the consumer success fee from seller) Online and Off-line (rural markets first time ever) C2C; B2C; B2B Promote (through personalized Ads) and sell offers based on the That particular point of time. the consumer to get the Best offers when compared to the traditional fixed price model. IBA, For Academic Purpose Only Page 18 Volume-Based Deals (Buy more, save BIG) - true consumer request at NO NO NO NO Real-Time Offers?

No Listing Fee or hidden charges (Charges only the A huge opportunity for

Real-time E-Commerce at MyDeals247

4.3. Micro and Macro Environment In order to correctly identify opportunities and monitor threats, the company must begin with a thorough understanding of the marketing environment in which the firm operates. The marketing environment consists of all the actors and forces outside marketing that affect the marketing management’s ability to develop and maintain successful relationships with its target customers. Though these factors and forces may vary depending on the specific company and industrial group, they can generally be divided into broad micro environmental and macro environmental components. Micro Environmental Factors:MyDeals247 E-Commerce Pvt. Ltd. is a small private firm solely owned by Mr. Venu G. Somneni who function as a CEO of the company, having very small organization structure, some of micro environmental factors which affects MyDeals247 are1. Organization’s Internal Environment:-

Having a small firm top decision is taken by CEO itself whether it is financial decision, HR decision or marketing decision, marketing and sales executive work closely with the MD of the company, so the decision time is very short and didn’t follow any hierarchy. All the employees working in this organization only think “consumer” to become its successful, the goal is to provide superior customer value and satisfaction. 2. Suppliers:-One of the key successes for this company is its suppliers all around India which provides resource needed by the company to produce goods and services; they are the important link in the company’s overall customer “value delivery” system. E.g. suppliers of steel from Jindal steels etc. 3. Marketing Channels:-

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Company has a good team for Marketing & Sales Representative headed by VP of the company Mr. Shashikant Kabra who promotes and sell the products depending upon the requirements received. 4. Customer Markets:Company has a large customer market which will help them to grow rapidly like they have.    Consumer markets (individuals and households that buy goods and services for Business markets (Various Industries and firm) through Volume based deals. Reseller markets (One who requires service and maintenance). personal consumption) through website.

Macro Environmental Factors:E-Commerce Company affects by various macro environmental factors some are as follow1. Demographic:-

Company have a good presence in different state in India which help them to cover a large consumer market, they have presence in almost every state through online business. They are also targeting international market. 2. Cultural Environment:-

Today society is more knowledgeable and aware about eCommerce Company and their benefits. 4.4. Personalized Paid Ad Model in detail MyDeals247 introduces a revolutionary idea to improve ROI for the merchants while displaying the relevant Ads to the consumers based on their interest at any given point of time. Also, the consumers get paid for every click. Here is how: Scenario: Whenever the consumer clicks on the Ad, there will be a video (1-2 minutes length) and simple product description (500 characters maximum). The consumer is asked to IBA, For Academic Purpose Only Page 20

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answer a simple questionnaire about the uniqueness of the product or service (i.e. 2-3 questions). Consumers can answer these questions very easily based on the information provided. If the merchant pays $1 per Ad click (i.e. lead), MyDeals247 pays 60% of $1 (i.e. $0.60) to the consumer whoever clicks on the Ad and answer all the questions (as part of the questionnaire) correctly in the first attempt. If the consumer does not answer all the questions correctly in the first attempt, Mydeals247 will not pay anything to the consumer. It is a great advantage for the merchants to create a real awareness about their products or services using this questionnaire model - eventually, it will lead to word-of-mouth marketing. There is no pressure for the consumers to click on any Ad with this new approach. In other words, when the consumer clicks and answers the basic questions, consumer gets paid a good chunk of what merchant offers. Consumer is allowed to click on the same Ad for more than once, but gets just once chance whether to make it or break it.

4.5. Working of Paid Ad model of MyDeals247 Step 1) The user needs to get registered to the website and select the categories of advertisement in which the user is interested in. Below are the categories which are available. For example if the user selects all the categories, advertisements from all the categories homepage will be displayed on the user’s

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Figure 2: Categories available at MyDeals247

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Scenario: Step 1) Let us say an advertiser wants to do a business promotion of a product for which it is paying Rs. 5 per potential lead to the MyDeals247. So as per the policy of MyDeals247, the registered user gets 60% of Rs. 5 and rest go to MyDeals247. In this case, Rs. 3 will go to the potential lead (user) and Rs.2 to MyDeals247.

Step 2) On the right hand side of the page the advertisement gets displayed. Let us say that user is interested in purchasing book - ‘One Book for Life Success ’. So the user clicks on the advertisement and the below page gets displayed. On this page the advertiser gives brief description and a small video demonstration of the product. The user watches the video, reads the description and proceeds to another page for answering the questions.

Figure 3: Small Description and Video uploaded by the advertiser IBA, For Academic Purpose Only Page 23

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Step 3) To earn money and become potential lead the user has to answer few questions (given by advertisers) based on the brief description and the video which the advertiser has uploaded. Advertisers normally ask such questions which they want the user should know about their product. Below is the example of the same.

Figure 4: Questionnaire Page

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Step 4) If the user answers the question correctly, the promised amount gets credited in the user’s Account. In this case Rs. 3 gets credited to the user’s account and Rs. 2 goes to MyDeals247.

Figure 5: Amount getting credited in the user’s account Step 5) Whatever the money the user makes through Ads will get paid to the user in two ways - real money is transferred into the user’s bank account monthly (or) user can purchase any item online right away at MyDeals247 (discounted with the credit amount). MyDeals247 also transfers the money directly to user’s bank account if the credit is more than Rs 250 once in a month (during the 1st week of following month). For example, if the credit of Rs 3000 for the month of August, user will get the money transferred to his/ her bank on the first week of September (i.e. within one week). Alternatively, if the credit balance is more than Rs 250, user can purchase any item online for the same amount. MyDeals247 also provides with an option to recharge (or) make payments for cell phone using the credit balance. If the balance is less than Rs IBA, For Academic Purpose Only Page 25

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250, it is too small amount for the company to process the Bank transfer. So the mobile recharge facility has been started.

4.6. How MyDeals247 is different from other e-commerce companies?

Parameters Personalized Ads on Users Request Click Model Pay per Click Return on Investment

Google No Pay Per Click Too High Moderate

Facebook No Pay per Click Too High Moderate

Just dial No

Mydeals247 Yes Pay per Potential lead Very Low (Pay per

Moderate Moderate

Potential High Lead) (Better conversion rate) No (Only one click per

Multiple Random Clicks Benefit to Users on Clicking Ad Sharing User Database with Advertiser

Yes

Yes

user Yes. Users get paid 60% since paid) of the money what

No

No

No

advertiser pay if answered all the questions correctly Yes. Advertisers get the

No No (Apart from the FB Page) No

user Information once the users answer all the

questions correctly.

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4.7. Alexa Ranking and MyDeals247 Statistics 4.7.1. About Alexa Raking Alexa I n t e r n e t , I n c . is a California-based subsidiary company of Amazon.com which provides commercial web traffic data. Once it is installed, the Alexa Toolbar collects data on browsing behavior and transmits it to the Alexa website, where it is stored and analyzed, forming the basis for the company's web traffic reporting. As of 2013, Alexa provides traffic data, global rankings and other information on 30 million websites and its website are visited by over 10 million people monthly. Alexa's traffic estimates are based on data from our global traffic panel, which is a sample of all internet users. The panel consists of millions of internet users using one of over 25,000 different browser extensions. The global traffic rank is a measure of how a website is doing relative to all other sites on the web over the past 3 months. The rank is calculated using a combination of the estimated average daily unique visitors to the site and the estimated number of page views on the site over the past 3 months. The site with the highest combination of unique visitors and page views is ranked #1. A website is typically defined at the domain level. For example, www.yahoo.com , omg.yahoo.com and news.yahoo.com are all treated as part of the same site, because they all reside on the same domain, yahoo.com. Exceptions are made for personal home pages and other hosted sites, for example beekeeperscooperative.blogspot.com , which are treated as separate sites.

4.7.2 MyDeals247 statistics Mydeals247.com has a three-month global Alexa traffic rank of 25,498, and very few visits to the site are referred by search engines. This site's visitors view 4.3 unique pages each day on average. About 53% of visits to Mydeals247.com are bounces (one page view only). The site is relatively popular among users in the IBA, For Academic Purpose Only Page 27

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cities of Bangalore (where it is ranked #134) and Cochin (#208).

Figure 6: Alexa Ranking for MyDeals247

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MyDeals247 rank for the past three months (graphical representation).

Figure 7: Traffic Rank of MyDeals247

Average load time and top search queries for MyDeals247.com

Average Load Time: The Average Load Time, or Speed statistic, is a measurement of the time it takes for pages on a site to load. For a website to be considered as fast the average load time should be around 3 seconds, else it will be a problem for the users. The Average load time of MyDeals247 is 4.743 sec which is very high.

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Figure 8: Average Load Time and Top Queries search for MyDeals247 Bounce Rate for MyDeals247.com

Bounce Rate is the percentage of visits that consist of a single page turn. That is, only one page of the site is visited and no intra-site links are clicked before the visitor clicks on the browser's Back button or enters a new URL in the browser’s address bar. The bounce rate for MyDeals247.com for the past 7 days is 56.2%. Bounce rate should be as low as possible. For an e Commerce Company a bounce rate of 56% is considered as high. Flipkart has a bounce rate of 27%, whereas Jabong has a bounce rate of 38%.

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Figure 9: Bounce Rate of MyDeals247 Time on the Site spent by the user on MyDeals247.com Illustration: from the below statistics the average time spent by the user on MyDeals247.com for the past 7 days is 3.42 minutes.

Figure 10: Time on Site of MyDeals247 IBA, For Academic Purpose Only Page 31

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4.8

Organization Structure

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4.9. SWOT Analysis: Strength:     day.                 Easily availability of products from the market with transport facility. No inventory so no operating cost. Global location with their server in Singapore and USA. 24 x 7 Hours service with maximum purchase in extended hours. Lower transaction costs. Faster buying procedure with direct negotiations with the suppliers. Cost effective No inventory Lower transaction costs One time solution providers Innovative business model Focus on personalization Real time market place Pay Per Lead model Volume based deals Easily available products that the customer need at good cost

Strong Business Model with ample experience of CEO in international One time solution providers for every category in Offline business. Cost effective with hundreds of vendors of any category in the market. Direct communication with the consumers and sellers. Excellent database of users with thousands of them making login every

market.

Weakness:  Long Delivery Time to far away distances. Lack of Organizational Structure. Page 33

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               

Limited man power. Limited exposure. Lesser reliability in market as new entrants. Lower influence in outer regions of Karnataka. Hit and trail method are adopted for finding the leads. No credit term trading due to which lost many consumers. Low Alaska and Google Page Ranking. Many broken link. Some categories are still missing for online purchase. Organization structure. Low credit term trading. Not having any hold out of Karnataka. Alexa ranking is low. Some categories yet to be introduced (online). Stock problems. Unskilled workforce.

Opportunities:        

Global Expansion with new server recently launched in Singapore. High Availability (24 x 7 hours a week). Cut down on local competition. Advertising model which is day today need for every merchant. Can open chains/franchise in other metropolitan including Mumbai, Can start credit terms for volume based deals which attract many Global expansion. Can start operations in other regions. Attracting customers by introducing credit terms.

Kolkata. consumers.

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Threats:         

Models can be easily copied by competitors. Fraud Changes in environment, law and regulations. Privacy concerns. Heavy traffic can shut down the website. Business models can be imitated by big ecommerce sites. Heavy traffic can hamper functioning of website. Can be subjected to frauds. Risk of being involved into selling of illegal entities. Newly emerging competitive online shopping portals.

5. Objective: Executive Training for Volume based Deals at MyDeals247 E-Commerce Pvt. Ltd. Is based on following principles:There exists a high demand from Beauty & Spa, Construction companies, Builders & Developers and Colleges for cement, furniture, steel, bricks, blocks, sand, crushed stone, granite, marble, paints, Laptops, Computers, Projectors, etc. and also Wires etc. So it is the best-selling period for any company that provides the above mentioned items. So this will help him in enhancing his skills on every aspect of sales - Lead Generation, Quotation Making, Vendor Management etc.

5.1 Brief about the project Founded in 2009, MyDeals247.com is the world’s first PERSONALIZED ecommerce platform that caters to the customer needs in the local cities and across the nationwide. MyDeals247 offers three unique business models:

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1) A Real-Time Market Place (Buy / Sell Model) 2) Volume Based Discounts 3) Personalized Ad display and ‘Pay Per Lead’ model The task allotted to him is a Business Development Manager was of “volume based model” And “real-time marketplace model of Mydeals247”. As the project was to explore business opportunities for volume based model especially construction companies, builders, beauty & spa and MBA colleges category in Bangalore and Rajasthan. Along with it he was also having the responsibility to see how market react for this business model and where the acceptance of model is more, which area of market will help them to improve target sales. This will give him ample opportunity to understand how to find new and target market for certain type of products, buying pattern / behavior of the customers. From the time this task was allotted to him, he covered the following regions – Koramangala, Vasanth Nagar, BTM Layout, Basvangudi, Shivajinagar, Domlur Layout, R T Nagar, Indiranagar and to look in for potential and high priority customer. His task was to find the customers, pitch in for volume deals will be providing on a phone call and what could be the possible benefits tour clients can reap from the model. He requested the client to fix a meeting so that he can visit their office and explain the model in detail. Once the client agrees for the meeting, he visited the client ’s office and gave them a presentation on company’s model. After the presentation and a question hour session, the decision is taken by the client on the closure of the deal.

He was also shifted to real-time marketplace where he was asked to get more and more buying post request on the company’s website. He went through the different website like Quikr and OLX and generated the leads of the customers who are willing to buy products, after that he called those customers to post a buy request. IBA, For Academic Purpose Only Page 36

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5.2. Objectives of the Project

1) 2) 3) 4) 5)

To work on the principles of segmentation , targeting and positioning in Meeting clients, understanding their requirements and selling them the accordingly Creating awareness among the people about MyDeals247 and its Searching vendors for the requirements, negotiating and finding best Preparing quotations for clients and at the same time preparing

the market looking for potential clients or generating leads for MyDeals247 product offerings price in market. Purchase Order as well. 5.3. Scope of Study

1) The project was restricted to internet marketing. 2) What could be the target market or segment for this kind of real-time

marketplace model? 3) What is the perception of customer about such a model? 4) How can the company aim on more customers for business growth?

5.4. Uses of Study 5) The study will help the company to identify the areas of improvement and the client perception about the model. 6) Company can focus on providing flexibility to client’s needs and demand for business growth. 7) Company will be able to come up with a marketing strategy as per the customer’s requirement

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5.5. Tasks: Following tasks were assigned by the company guide:     Basically field work and direct marketing was to be done, so that he gets A step wise approach is to be made on daily basis to approach the Cold calling, fixing appointments with them, giving presentations, followMoreover the lead generation process along with their references is After that conforming their requirements, working on their quotations from

a glimpsof a real life practical knowledge. customer and makinng him a prospect out of the suspect. ups, handling their objective and queries forms part of this task process. being crucially taken into consideration while forming the tasks lists for the week. the vendors and most importantly a constant follow up with every one of them makes the task a solid one.     As working in a team and being a team leader, keeping morals high for Giving the training to the new interns of the company and teaching them Working on real-time marketplace model to find out the customers who Giving the 5 lowest price to customer within 3-4 hours. himself and others in a group. company’s business model. want to buy a product.

5.6. Responsibility:

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5.7. Targets: As a Business Development Manager, he was provided with targeting requirement of 10 Lacs in a team. 5.8. Strategies:

For achieving this target various strategies were made by him for eg: Actually the company is a facility providers, whatever is the bulk

requirement is they provide that at best price in the market. So he differentiated construction companies, beauty & spa, builders and colleges as mentioned above.    As a team lead he distributed different category to different person with After that he made small weekly targets of at least 2 meeting for each After getting the requirement, that person is eliminated from the queue different area so that no overlapping occurs. person. of arranging the meetings and then he only focuses on closure of the deals. 5.9. Process:

For achieving the above said task he was constantly working on building strategies:  He started with making cold calls and arranging meetings with the After getting insight he again do a pre-sales preparation prior to meeting gathering information about the construction companies and

customer and also tries to know that what they are looking for exactly. the client i.e. 

builders keeping an foresight what requirements can get from them. On reaching customer , he usually greets them very politely with a smile for giving their valuable time. IBA, For Academic Purpose Only Page 39

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       5.10.

Then he proceeds with giving brief overview of the company and After that to keep him /her engage in discussion he usaully give some

business model. live example to explain the business model. When they are in situation to understand the model, he asks them for Then he gets the deadline time also within which he has to send them Then after coming back to office he searches for the local vendors and After getting the vendors and understanding their payment terms he After getting approval about the quotations goods are delivered. Sales Script: their requirements. the quotations and also discuss about the payment terms such as RTGS. also inform the another office situated in Nellore, Andra Pradesh. usually transfers the same to clients adding some profit of the company.

Hello Sir/Madam I am xxxxxx, Business Development Manager, calling from Mydeals247. It is an online retailing company which is the 1st personalized e-commerce platform company in the world. We are established in 2009 and provide extensive services. I would be pleased to mail you our company information and product portfolio. Kindly have a review and if you can fix up an appointment. Our business development manager can visit and brief you about our services Thank you Sir/Madam Have a wonderful day ahead

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6. My experience and selling at MyDeals247:

First day of my SIP, I was given the training about the company profile of MyDeals247. MyDeals247 has three business models. It has three innovative business models. First business model of MyDeals247 is real-time market place. This model is also called Buy/Sell model. Here it has personalized ecommerce platform where the company acts as a facilitator between buyers and sellers like Myntra.com, Mymartprice.com, tradus.com etc. Here consumer posts a buy request on the company’s website. The system notifies the consumer requests to all the sellers whoever is selling the requested product or service along with the consumer’s budget. The system has been designed in such a way that it picks only the top 5 best offers and purchases the same. The trainer taught the second model of the company volume based deals. Here the company deals in bulk. This is an offline model of the company. It is completely B2B sales model. Here the customer buy, better the discount he will get. After that the trainer talked about the third model of the company that is paid Ads model. In this model, unlike Google Ad Words, YouTube and other advertising models, MyDeals247 doesn’t display the random advertisements. It displays the local ads based on the consumer’s interest within the local city at any given point of time. On the next day, I chose the volume deals business model of the company. In this model I was given the beauty product category on which I had to work. After deciding the task I went through, Justdail.com, Alibaba.com, Asklaila.com, YellowPages.com etc. for generating the leads of the clients who have requirement of beauty products. After generating leads in MS Excel in structured way, I prepared a sales pitch for clients. Then I started making cold calling. I convinced some clients for having a face to face meeting and I got a couple requirements. I followed up them till 9th of May. After that my Guide held a meeting with us and discussed about the beauty product requirement in Bangalore. We found that there are very small requirement and there is very low margin in beauty products. Then we decided to choose a new product category. So we took the construction material product category. Then we IBA, For Academic Purpose Only Page 41

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focused on the construction companies across Bangalore. Again I generated new leads of construction companies in Bangalore by going through different websites as Justdial.com Alibaba.com, YellowPages.com etc. I prepared new sales pitch for construction companies. My work was to get the requirement of all types of construction materials like cement, sand, steel, timber, paints, furniture, bricks, cement blocks etc. from construction companies, builders, developers and architectures. I made cold calling and fixed some appointment. After fixing appointment in a particular region I used to attend the meeting and gave business presentation. I have met huge giants in construction industry which is a great experience talking to sales heads, marketing heads purchasing managers. My project consists of initial analysis of by making calls and sees the responses as it was the hit and trail method of getting the leads. I visited many construction companies across the Bangalore to interact with concern person. I also prepared the product catalog of beauty product, construction materials for the perspective client. I got some clients who asked me for sending the company profile and product catalog. So, here I also learned how to write a business mail. I used to send company profile and product catalog to the perspective clients. When the client was ready to purchase construction material from us I used to go through Justdial.com, alibaba.com, YellowPages.com etc. generated the leads of local venders (Suppliers) in Bangalore. I used to call to the local venders in Bangalore. I used to tell them about myself, my company profile. I said that we are an e-tailing company. We have urgent requirement of these products or services. We want to set-up a good business relationship with you. We will give you the regular requirement. I told them that your price should be competitive and negotiable because we already have some suppliers who are giving us very competitive and negotiable price. We will give you regular business. When used to approach to a customer I usually greets very politely with a smile for giving their valuable time. Then I proceeded with giving brief overview of the company and its business models. After that keeping him/her engaged in discussion I usually give some live examples to explain the business model. When they are in situation to understand the model I ask them for their requirements. Then I get deadline IBA, For Academic Purpose Only Page 42

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with in which I have to send them the quotations and also discuss about the payment terms such as RTGS. Then after coming back to office I search for the local venders. After getting the venders and understanding their payment terms I usually transfer the same to the client adding some profit of company. After getting approval about the quotations goods are delivered. I was also asked to give training to new interns in the company. I used to give the training to new interns and taught them the business models of the company and how to work on them and solved their all the queries. It was totally a new experience for me. It taught me how to speak confidently and how to make eye contact to create interest among the listeners. It was really an amazing experience for me. I was also asked to make calls to international sugar exporters. First of all I generated the leads from different websites. Then I called the sugar exporter and negotiated with them to get the lowest price. I was the only one who got the lowest price within the given time within a team of six people. It taught me that most of the international transactions happen only through the Letter of Credit (LC). I also worked on real-time market place for some time. This is the online model of MyDeals247. I used to go through OLX and Quickr websites and generate the leads of the customers who are willing to buy product or services. After that I used to call them and tell them the company profile and convince them to post a buy request on the website of MyDeals247. I also filled up the product category of the company. For this kind of work I used to get the product information, specification, model and images from the particular website of the particular product. In essence, I have learnt a lot of things that helped me to understand the business transactions, environment and culture. I learnt how to make the transaction through RTGS. I learnt how to recognize and adapt to other personality and behavioral styles to improve customer’s relationships and increase sales. I learnt how to negotiate with the client and understood the client management. I learnt how to negotiate with the local venders and how to create competition among the venders in the market and understood the vender management. IBA, For Academic Purpose Only Page 43

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It was a great opportunity to work in the company which gave me hands on experience on B2B sales where there are many strategies are used during pre-sales. Working in this company is quite challenging as company being a start-up which doesn’t have brand image to make relationship that easily w ith big clients. I understood the value of the brand image. I learnt how to generate leads. I learnt how to meet the potential customers and understand their needs. I learnt how to prepare quotations for the client. I learnt the importance of follow ups in the business and how to convert the suspect into potential customer. 7. Project Proposals: 1) Volume Based Deals:

“To explore business opportunities for volume based m odel of MyDeals247, especially beauty & spa, builders & developers, construction companies and MBA colleges’ category in Bangalore and Rajasthan its nearby area.” Statement of the Problem:-

Today E-Commerce is the need for every consumer. And in current scenario many terminologies had been added to this service like of extended hours, digital marketing etc. But many companies adding and shutting down to this era frequently has put some question mark on its reliability. And it is a great challenge for the new entrants to prove their reliability and at the same time also attract more customers to their website. But the main problem is that knowledge about these companies and their working in India is not up to mark, and even there are many prospect buyers available in India who wants to purchase but due to the lack of awareness among people the company is unable to approach them.

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For the same reason MyDeals247 E-Commerce Pvt. Ltd. started a new model for volume sales or offline business to increase the awareness among the people.

Methodology used to get prospect Buyers:1. Sales Funnel With the idea of the Sales Funnel, he uses the metaphor of a funnel (wide at the top, narrow at the bottom) to monitor the sales process. At the top of the funnel he has "unqualified prospects" – the prospects who he think might need his product or service, but to whom he never spoken. At the bottom of the funnel, he has people who had provided his the requirements and quotations for the same had been provided to them and now waiting for their approval so as to deliver the products. Analysis of the information:-

From the data collected till now he understands that it is little bit difficult to penetrate in existing market, because consumer is very price sensitive. Acceptance of the proposal will only occur if he quotes them the best competitive prices in the market. There are a lot of negotiations going between the seller and the consumers. Target Market:-

From the information analyses he got to know to whom he has to target and so he made different category or segments of schools as – 1. 2. 3. 4. Construction companies Builders Developers Architects Page 45

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5.

Project engineers

And for colleges as:1. 2. 3. MBA colleges Engineering colleges Universities

Responsibilities Undertaken a) Meeting clients, understanding their requirements

Here he also has to meet the client to understand their requirement, deadline to deliver the order and also look after the most important part i.e. mode of payment. b) Searching vendors for the requirements, negotiating and finding

best price in market

After getting the requirements, next task will be to find vendor that too the person giving lowest price, because company work on motto of “Providing Best Price in Market”, “Zero Inventory, Zero Operating Cost” So, for single requirements he has to search many vendors and then finding the least price also keeping in mind what mode of payment is there with the client. c) Preparing quotations for clients and at same time also preparing

Purchase Order

After getting the price from vendor, difficult task will be to include companies margin and that too such as after including companies profit it should not exceed market price. The prepared quotations are sent to clients. IBA, For Academic Purpose Only Page 46

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8.

Findings, Recommendations and conclusions:

8.1 Findings  price.   Beauty & spa were inclined as they are getting same quality product at In colleges category MBA colleges were more inclined as they have the least price with best service. more needs of Laptops/ Tabs. Difficulties Faced:  .  hectic.  Language issue was also there during traveling to the client’s Finding vendors was a difficult task and then negotiations were bit Most of the construction companies already have permanent venders. Many a time credit issue was there with the clients as in construction Construction companies were more inclined as they are getting the best

companies, schools & colleges many a times business is done on credit basis.

destination and many construction companies and beauty & spa which we approached out of Bangalore.

8.2. Recommendations

1) 2) 3)

MyDeals247 should invest in advertising as it has very little awareness. The company should revamp its website, as it has a hit rate of 56% Almost all the e- commerce companies today have come up with a Page 47

which is very high as compared to other e commerce firms.

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mobile app. MyDeals247 hasn’t come up with a mobile app yet. So, it is losing out on customers who access internet through mobile phones. 4) 5) Need to increase the number vendors for each product and manage The company hasn’t automated its mobile recharge facility. Sometimes them effectively. takes a week for user to get its mobile recharge done. So company should automate it at the earliest. 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) Approach the clients for schools and colleges in starting months of the Call MBA colleges & engineering colleges at the end of academic year Increase the reliability among the vendors so can get the credit and that Snowball sampling can help a lot in contacting the clients and making Vendor’s database should be managed properly. Need to increase Alaska and Google page ranking to increase reliability Vendor’s information should be well maintained in the database . Target small scale businesses so that people come to know about our Improve the website, very static and not attractive which was even Getting referred by present clients to expand or improve the business Build relationships with companies offering products using renewable year like Jan- Feb. where they generally start looking for vendors for their requirements. credit terms can be passed to clients. relationship.

among the customers.

strengths and then go for big players in different sectors. suggested by some of the clients at the time of meetings. which can help to build strong business Relationships. sources of energy which is an important market to be targeted in the future.

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8.3. Key learning from the project 1) Understanding how different people make decisions and how that affects t h e ability to sell to them. 2) Learning to recognize and adapt to other personality and behavioral styles to improve customer relationships and increase sales. 3) Recognizing the sources of stress/conflict/frustration and annoyance with customers and solutions for overcoming them. 4) Generating ideas to improve the customer experience.

5) How to improve the effectiveness of customer meetings.

6) Identifying the selling skills that come naturally and those that need to be cultivated. 7) Understanding each customer’s risk tolerance.

8) Identifying the reasons customers buy products and services.

9) Creating action plans based upon on the ideas generated from the event to achieve individual, team, and company goals. 10) Analyzing the possible opportunities in market.

11) Understanding the role of a business developer.

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8.4. Conclusion As the above discussion shows there is a potential market for construction companies, builders and beauty & spa category in Bangalore, which recognize the big improvement within few years and expecting further developments with upcoming construction companies, builders, developers and beauty & spa, the future looks very “Promising” or very “Bright” for the company This project was a great learning experience. It’s a great opportunity to work in a company which gave hands on experience on B2B sales where there are many strategies during pre-sales. Working in this company is quite challenging as company being a start-up which doesn’t have brand image to make relationship that easily with big clients. Because of companies strong and attractive business models definitely businesses get attracted in the future and company should be well equipped to serve both big and small scale business and try to maintain long term relations with them. There is a huge potential market to be served by company in various sectors and it should make sure it is ready for everything by being proactive and reactive. As Bangalore has been our target during my internship I came to know about many developments happening in the city and many businesses coming up like Business schools, International restaurant chains, International schools and all these businesses in the course of trying reaching customers they might tend to bend towards our Advertising model which is affordable and future looks very good and promising for the company.

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9. References

1) 2) 3) 4)

http://mydeals247.com/my_deals/how_it_works/works http://mydeals247.com/my_deals/faq_home/faq http://www.alexa.com/ http://offersplanet.blogspot.in/2012/03/cpm-cpccpl-and-cpa-programsdifference.html

5) 6)

Reference article from Business Standard magazine: http://www.business-standard.com/article/companies/online-ad-market-at-rs-2940-cr-by-2014- report-113040400454_1.html

7) 8)

http://www.cr-nielsen.com/uploads/soft/130508/2_1412006791.pdf http://www.inflexionconvex.in/wp-content/uploads/2013/02/E-commerce-IT-ManuKumar- Jain.pdf

9)

Reference article from InformationWeek:

10)

http://www.informationweek.in/software/13-04-18/growth_and_progression_of_ecommerce_in_india.aspx

11)

http://www.mydeals247.com/my_deals/show_page/aboutus.

12)

http://www.siliconindia.com/news/business/10-Best-ECommerce-Companies-inIndia-nid-143417-cid-3.html

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