PriceMap is a Startup that will change way you go for shopping while thinking you have made the best deal with the money and time available. The next big thing in this world will be the Online2Offline commerce as it will not only be reducing the gulf between the new-age online stores and the traditional brick and mortar shops but also acting as an instrument to rule out the general skeptical tendencies of shoppers while buying products online.
System of Working
PriceMap is an application and based on a very simple paradigm, Search -> Share -> Shop.
- A Customer will search on-line for the product he/she wants to buy on any of the popular websites eg. Amazon, Snapdeal etc.
- Once decided what to buy, they share the link with PriceMap app installed on the phone.
- Then using the app, they identify the city markets where they want to search for this product and a time deadline by when the retailers must respond back.
- As shopkeepers respond back to the customer’s query, the shopper gets to know which shop in which market is having what they want (or something similar) and is offering what deal.
So essentially, as stated above, PriceMap is a product discovery platform which brings the convenience of on-line shopping to physical retail.
Unlike other aggregators who require retailers to upload deals on a regular basis, PriceMap requires zero IT support from retailers. Retailers are good to go as soon as they install the app. Due to this very lean model, retailers love PriceMap.
Revenue Generation for the Startup
PriceMap has targeted multiple revenue streams which will come from sellers and advertisement.
Number of Users
- PriceMap has more than 800 registered sellers across categories like watch, mobile, footwear, home appliances, kitchen appliances, home audio-video, digital camera.
- On the Buyer side, which was launched in Sept, has close to 10K users in less than six weeks.
The rapid growth in number of users talk about the success & popularity of Price Map.
Currently, PriceMap is bootstrapped by the founders. But it is in advanced discussions for seed funding.
Online Buying not necccesarily the best deal
The common perception that Online purchasing is most economical may not always be correct. We can understand with the following example: Mr.X had purchased a laptop table from Snapdeal. The next weekend, he had a chance to visit Panchkuian market in Delhi and was shocked to see the same table from same manufacturer being sold at 30% lower price. This triggered the thought that online is not necessarily the best and cheapest option all the time.
How the Idea Clicked with the founders
The founders of PriceMap observed that since it is the comfort and convenience which brings people to online shopping in the first place. So the idea was that “what-if” we can bring the same convenience to brick and mortar retail. The idea was further validated by a thinkwithgoogle post, where Google has found, through customer surveys, that 3 out of 4 shoppers actually prefer to buy from a local shop provided they are made aware of the following facts:
- Is the shop carrying the merchandise the shopper is looking for?
- If yes, what’s the best price they are willing to offer?
- What else they may have which goes along with the merchandise?
- Where is the shop located
- What are the timings of the shop
PriceMap answers these queries for a shopper in real time.
About the Founder’s
Founded in April 2015 by Suresh Kabra, Shishir Dubey and Basabjit Dey, PriceMap – The startup is based out of the National Capital Region This mobile app enables users to discover products at brick and mortar stores in their vicinity at the best prices. It is providing digital connect to the local store and completing the cycle of “bricks to clicks and back to bricks”.
Founders’ Opinion on the Scope in this Sector
India is home to an estimated 12 million mom-and-pop stores and they dominate the country’s $600 billion retailing business. Almost 99% of shopping is still offline in India because customers still want to touch-and-feel, which can only happen at physical stores. The retail outlets have already made the investments, and now need online demand generation.
PriceMap is targeting this sector and offers a solution which brings the convenience of online shopping to brick and mortar stores. It generates footfalls in the physical store from buyers who would typically buy online
Price Map is convenient for both buyers & sellers
The app is addressing multiple problems for both buyers and sellers.
- On the customer’s front, it is addressing theissue of product discovery. With PriceMap, a buyer need not hop shop-by-shop to just find what he/she is looking for, as the app allows one to discover what they exactly want and where the product is available at the best price. This helps customers to economize on their time and energy spent on shopping.
- For sellers, PriceMap is bridging the gap between online customers and offline retailers. It allows brick and mortar stores to have an online presence with zero additional IT costs. Sellers don’t need to upload any product images, descriptions, prices and inventory level. There is no MIS required for integration with PriceMap. It thus, drives footfalls to the shops.