Average Order Value of LatestOne.com increases by 50% !

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Key Highlights

  • Average order value increased by 50%
  • Average order value for the quarter Oct – Dec 2015 was INR 500.00
  • For the current quarter average order value is INR 750.00
  • High value products (above INR 1,000) have rapidly increased from 10% of sales to 50% of sales, by value.

Mumbai, 14th march, 2016: LatestOne.com announced that the average order value has increased by 50%, from INR 500 to INR 750 per order in the current quarter, as compared to the preceding quarter (Oct-Dec). This was achieved by changing the product mix of online sales, with the introduction of high value products like smart watches, fitness activity trackers, Bluetooth headsets, mobile camera lens etc. LatestOne.Com has successfully shipped / delivered more than one million orders since commencement of operations 18 months ago. Strong and established customer base, good will and trust, with growing repeat customers has played a vital role in increasing average order value. The trust that the valued customers have developed, from their earlier purchases on LatestOne.com, has made the process of introducing and selling, high value products online, easy. During the corresponding period, the Alex ranking of LatestOne.com has also steadily improved to 1,700 in India.

Mr. Ameen Khwaja, the Founder and CEO of LatestOne.com said, “While our traditional customer base for mobile accessories and cables continues to grow steadily, we are seeing an increased appetite for high value products and gadgets. Living up to its expectation, LatestOne.com introduced innovative designs and products such as 2A charging cables, high end charging dock stations and OTG pendrives in the Jan-Mar quarter.”

About LatestOne.com

 Founded in October 2014, the Hyderabad based LatestOne.com is India’s only e-tailer specialized in tech and mobile accessories. Be it Bluetooth devices, mobile covers, tablet accessories, cables, power banks, Android TVs, headsets, smart watches or CCTV’s, LatestOne.com stocks over 10,000 different products in its inventory and operates through its own warehouses.

 

TEMA India Bags Best Global SME 2015 Award

Mr. Haresh Sippy, MD, TEMA India recieving Global Best SME Award from Shri Jayant Sinha, Minister of State for Finance, Ministry of Finance, Government of India

With an objective of bringing to the fore the success stories and potential of the leading Small and Medium Enterprises (SMEs) Dun & Bradstreet and The Karur Vysya Bank Ltd. joined hands to recognize and applaud the leading SMEs of India through SME Business Excellence Awards 2015 on November 23, 2015 in Delhi. TEMA India, one of the leading manufacturers of heat exchangers in the country, was recognized as the Best Global Business SME 2015.

SMEs are widely known as the backbone of industrial development. India is home for nearly 48 million SMEs which contribute more than 45% towards country’s industrial output, generating 40% of total exports and producing 1.3 million jobs every year. Though the Indian entrepreneurs have contributed immensely to the country’s economic and international evolution, yet the sector continues to struggle with the darkness of ignorance and lack of interest from masses.

Commenting on the development, Mr. Haresh Sippy, Managing Director, TEMA India, said “The small and medium scale enterprises play a crucial role in the socio-economic growth story of India. By facilitating employment and business avenues in rural and urban India, the sector provides equitable and inclusive growth across local economies. But in the changing times there is a heightened need to bring to light the success stories of the sector in an attempt to not only showcase the might of SMEs but also to attract, inspire and motivate entrepreneurs. I am deeply grateful towards Dun & Bradstreet for conceptualizing the SME Business Excellence Awards initiative which provides a platform for SMEs to show-case their performance and contributions to the growth of the nation”.

He further said, “This award highlights the high morale and the synergy that exists in team TEMA. I offer my deepest gratitude to all the employees of TEMA India  who helped us to achieve this award.”

The ceremony also marked the release of sixth edition of Dun & Bradstreet’s premier publication ‘Leading SMEs of India 2015’ a leading compendium on the Indian SME industry, by chief guest Shri Jayant Sinha, Minister of State for Finance, Ministry of Finance, Government of India.

Inshorts featured as best news app in Google’s list of Best Apps for 2015

Inshorts featured as best news app in Google’s list of Best Apps for 2015

Emerges as the highest rated news app in Google’s list of top 50 apps in India

India’s highest rated news app – Inshorts which curates important news items of the day and serves them in 60 words, has been included by Google in its list of 50 Best Apps of India. Inshorts is India’s highest rated news app and among the only 2 news apps who have made it to the list. The other popular apps in the list include Facebook, Whatsapp, Twitter, Skype, TrueCaller, Zomato, and Gaana to name a few. The Google apps list is a ready reckoner listing the best apps and games (both free and paid format) that were featured this year on Play Store, thus enabling the audiences to see how their favorite apps and games have fared throughout the year.

On this achievement, Azhar Iqubal – CEO and Co-founder, Inshorts said – “The inclusion of Inshorts in Google’s list of top 50 apps for 2015 validates our brand promise of keeping our users informed by the means of simple, precise and short form content which could be consumed in less than 15 seconds. In 2016, our focus would be upon serving relevant content to relevant users.

Inshorts has witnessed exponential growth in 2015 and has grown from less than 100,000 downloads at the beginning of the year to more than 3 million downloads by December 2015. The app serves more than half a billion page views everyday and 80% of its users as of today come from New Delhi, Bengaluru, Mumbai, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad, Chandigarh and Jaipur. The app has recently launched a Hindi interface to make inroads in Tier 2 and Tier 3 cities and based on its success, plans a foray in Marathi, Kannada and Tamil by mid 2016. With these initiatives, Inshorts aims to increase its reach by an additional 5 million users by April 2016.

Inshorts is currently working on building India’s first intuitive content recommendation engine and is testing its efficiency with the help of its community of beta users called ‘Insiders’ which has more than 20,000 users. With the content recommendation engine, Inshorts aims to identify its users based on their content consumption habits and serve them more alternative content in the genres of their interest. The company is also in the process of partnering with popular alternative content publishers and helping them to increase the reach of their content through the Inshorts platform.

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To preview a timeline of Inshorts, Click HereInshorts- Logo

 

Hansa Cequity joins Adobe Solution Partner Program

Hansa Cequity, India’s first customer marketing company will now work as a Business Level Partner of Adobe to provide digital marketing solutions and integrated technologies to its pan-India customers.

Hansa Cequity, India’s first customer marketing company headquartered in Mumbai today announced it has joined the Adobe Solution Partner Program as a Business Level Partner. This will allow Hansa Cequity to work more closely with Adobe to provide digital marketing solutions and integrated technologies to its pan-India customers.

Hansa Cequity will use Adobe Marketing Cloud solutions such as Adobe Audience Manager (a data management platform), Adobe Analytics (a leading marketing analytics solution), Adobe Campaign (for multi-channel campaign management), to provide integrated customer marketing solutions to its clients in retail, automotive, banking and travel and hospitality domains. In strengthening its relationship with Adobe, Hansa Cequity will receive greater levels of support from Adobe and in turn be able to pass that along to its clients.

“Hansa Cequity is excited to build our relationship with Adobe, and in signing this enterprise agreement, we will have a great Digital Technology partner in Adobe as we continue to expand as a full-service Customer Experience Management Company,” said S Swaminathan, CEO and Co-Founder, Hansa Cequity.

“With customer centricity gradually becoming an integral part of organisational thinking, marketers are looking to partner who can provide integrated services for enhancing their customer’s experience. And that is what we aim to achieve with this partnership,” added, Ajay Kelkar, COO and Co-Founder, Hansa Cequity.

Commenting on the partnership Umang Bedi, MD – South Asia, Adobe Systems said, “Hansa Cequity has been one of the pioneers of data-driven marketing in India. This partnership will enable customers to act on the insights to deliver differentiated customer experiences in this rapidly changing digital world.”

The Adobe Solution Partner Program is designed to create a successful relationship between Adobe and digital marketing companies to help build customer experience solutions and facilitate exchange of resources and support.

Get the best out of your Budget process

It is late in the night, the lights in one section of the office are on (no prizes for guessing which function this is), the CFO and his team are busy with the year end closure, getting ready for audits and there is also a budget exercise looming ahead.Budgeting is an annual feature in every company’s itinerary and is quite an elaborate process if its done well. Most large organizations have robust processes and better quality talent to be able to pull this off with relative ease. The issue lies with mid corporate organizations who are neither too large to have the processes and people nor too small to ignore this, especially those who have an investor on board or where the accountability rests with the board. Having seen many such organizations, I have put together my thoughts on how can organizations get the best out of a budgeting exercise. This is in no way comprehensive nor do I claim to be a ‘guru’, this is purely experiential and has come from my exposure of having dealt with such companies

  1. Review and reset yourstandard costing:

Most of the mid-sized companies would have standard cost cards for theirproduct or service lines. Year-end is a good time to dig deep into the records to re-validate the actual costs against the standards and thereby review the need to reset the standards, in line with the real/actual costs. The company may focus on historical costs but the golden rule is ‘Lets not forget to consider inflationary trends’.

  1. Knowing your non-profitable business segments:

During the year we take decisions to enter new and opportunistic business segments. It is a good time to review these investment decisions particularly at the end of the financial year, when the performance reporting is assumed to be reasonably correct. Clearly knowing your profitable and non-profitable ventures, assists in taking ‘exit’ or ‘scale-up’ decisions.

  1. Identifying your key risks and your plan to keep them in check:

It’s a fact that life does not always go as per plan. As they say, there is an element of risk even in crossing the road. Not only is a careful consideration of the underlying risks important, but having a common understanding and agreement over action plans for risk mitigation and allocating finance towards the mitigation is also equally necessary.  Please give an example here

  1. Knowing your sensitivities and What-if’s scenario’s:

All planning exercises are futuristic and assumption driven. Most investors and boards would like to understand the impact of variability in your key assumptions on your revenues, profitability and cash flow. My tip would be to select a minimum of three assumptions, and develop two more scenarios around them (one optimistic and one pessimistic), in addition to the normal (realistic) scenarioto understand how the business model reacts to swings to external influencing factors. Higher the probability of positive swings, higher are the chances that your excel model might work in reality.

  1. Plan for cash shortfall-months:

Most companies are very good in preparing a very detailed P&L budget, but usually ignore the cash flow angle. In my view, cash planning is equally important (if not more important) than profitability planning, for mid-sized companies, knowing most scale-ups are on the back on either consistent operating cash flow-burn or large capex investments. Knowing your periods of cash-shortfalls is important to pre-arrange funding lines, so as to avoid situations of cash-outs.If

you are a seasonality-influenced business, importance of cash flow planning cannot be over-emphasized, so you can fill up your cash-chests to tide over temporary shortfalls.The oft used adage ‘Cash is King’ holds true in most businesses and in most situations still.

  1. Monitoring your own progress:

Whilstmost of us finance professionals invest days in creating a good quality plan, , most are guilty of not following through to monitor the progress of the plan. I see the first step towards this as cascading your approved plan with your operating managers. Whilst they might have been involved in its creation in the first place, it is important for them to know the growth path the company has finally taken and their contribution towards the same. The second step could be in identifying key metrics that would assist in progress monitoring. A tip here, is to turn-back into your plan and use some planning assumptions as key metrics. Include these metrics as part of the Operating managers yearly KPI’s and incentivise them for achievement. Third step is setting processes to report progress on key metrics identified. Reporting could be either automated or manual reporting with pre-agreed frequency. In case the company does not yet have IT systems, my recommendation would be to start the manual reporting and then once settled, bring in/ improvethe automation. Don’t wait for that perfect solution to get implemented, this will only delay things. Ensure that reporting happens religiously, so that the seriousness quotient is maintained. Don’t forget the old cliché “What doesn’t get measured doesn’t get done”.

The success or failure of a budgeting process is determined not just by the intent, a huge portion of the success depends on the organization culture, the enthusiasm of the operating and business teams and a smart CFO who is able to work with the existing systems, people and pull this off. This separates the wheat from the chaff, the good from the ‘Great’

  By Narayan Krishnaswamy, VP Delivery – MyCFO