E-commerce sales are booming in India with the likes of Amazon and Flipkart, as well as new entrants in social commerce such as Meesho, vying for a bigger pie. The market is huge, with India recording its highest ever festive sales of $9 billion in October.
Shoppers ordering products online also flooded e-market- places with data points with every product they purchased, according to Delhi-based 1digitalstack.ai, which captures the data points and trains machine learning models to help client companies maximize Sales.
The startup culls data from various marketplaces across the world by “crawling 100 million data points a day with our in-house data science team”, said Rohit Anand, founder, 1digitalstack, which counts Nestle and HP among its clients, and uses its proprietary tech to unravel the “e-commerce black box” to arrive at metrics like return investment (Rol).
Anand, an INSEAD alumnus, had stints in pharma firms in Europe and India, including Ranbaxy and Sanofi. Value Edge in 2008, a data-analytics services business in pharma. It was acquired by WNS Holdings for $20 million in 2016.
Co-founder Tarun Jyot Singh, an MBA from Faculty of Management Studies, University of Delhi, worked with fast moving consumer goods companies like ITC and Unilever.
Since they shared a similar vision, they joined hands to start 1digitalstack.ai.
The founders believe product markets are saturated and restrict shoppers from having a ‘good’ experience. It uses three factors-discoverability, buying-ability and pricing-to arrive at brand Rol. “The epiphany that we had when setting up the company was that even the largest brands cannot do it themselves because it requires tech and crawling at scale,” Anand said. “On an average, our clients on experience 2-5x growth in sales and market share, and a 28% reduction in cost of advertising within a six-month period on e-commerce platforms,” said Singh.
1digitalstack competes with bigger firms, such as RateGain Travel Technologies, which listed earlier this month, and data analytics business Tracxn which is planning to go public.
We are “bootstrapped and profitable”. “For us more than valuations and dollar numbers in a fundraise, what matters is our customers referring us to others,” said Anand.