Friends BigBasket, in today's date, from eggs to bread and detergents which used in washing machines are bigbasket providing at home. And now everyone in india knows bigbasket.
I will tell you everything on this post about BigBasket Business Model, Revenue Model, its Hidden Startup Secret and many more things that you do not know.
And here the factor will also tell that which Strategy BigBasket used to come to number one in india's grocery business today. Where I will tell you some such point, where if you also want to start a grocery business and how to engage with your customer, I will tell you everything on this post.
Company Details
| City: | Bengaluru |
|---|---|
| Founders: | Abhinay Choudhari, Hari Menon, Vipul Parekh, VS Ramesh, VS Sudhakar |
| Founded: | 2011 |
| Industries: | Delivery, Delivery Service, E-Commerce, Grocery, Internet, Retail, Shopping |
| Number of employees: | 5001-10000 |
| Revenue: | INR 177.9 Cr(FY22) |
| Official Website: | bigbasket.com |
BigBasket Business Model
Friend BigBasket is india's biggest online grocery brand. Where you will get daily grocery item on this platform.
And report as per 2021 big basket is currently available on more than 30 cities and has started taking more cities under its control as well.
If you see you in the covid then no one else can competes such a big brand like big basket. As you know, starting a brand has to face a lot of difficulties, so today I will tell you what difficulties BigBasket has faced.
Just before to BigBasket, a founders established fabmart.Com in 1999, a digital platform that sells a variety, toys, and groceries. In 2006, fabmart has been sold to the a Supermarket Chain.
There was nothing in india by saying online payment. Meaning you can say that online payment did not come in india. Other people also used to scare to pay online. Learn More About Hidden Startup Secrets Of Bharatpe
In starting, customers used to come to their platform but orders did not come. They understood that time and they have launched an their offline store.
And for some time his offline store was working very well but, later founders sells fabmall to aditya birla group. Therefore, they stopped their work.
Grocery Startups India
Then a few years after sold of fabmart, hari menon who was also the founder of fabmart. He decided that he will come back on the Market again and will remain a successful Startup of his own. Because they knew that as technology increases, people's needs will also increase.
And at that time amazon, snapdeal were new comes to the market and were very impressed to see their work. Keeping an idea forward, all the founders together again started bigbasket in 2011.
And when he was about to start this Startup, many people said many things. As this model of yours will not be able to last long on the market. Because people thought that their first Startup was not going well like this, in some way this Startup will also be.
So friend here comes an important thing and we should learn from here that we have to stick to our idea, try onces, don't think about what will happen.
So after that he started it and let me tell you an anecdote about one of his founder which you will like very much.
They already had this goal that all vegetable, fruits, grocery items should be provided to the customer on one of their platforms.
Hidden Startup Secrets
So, they took his first target of grocery and fruits item. Their founders used to walk up from 4:00 a.M. Everyday in the morning and go to the market.
So, that they can get fresh fruits and vegetables and can provide to their customers.
After working for some time they came to know that grocery online in india does not work because there is no good infrastructure in india.
So, first they identified the problem and within 3-4 years they made their infrastructure very strong in india.
Then came in 2016 where they launched some very cool features. In which you will get more than half of the grocery items and morning's essential items delivered to you at the comfort of your home within one and a half hours.
Its means in 90 minutes Bigbasket Delivers the order to its customer. They also came to know here that if they want more customers then we will have to focus on fast Delivery.
In view of this, bigbasket started listing all the items that can be fast delivery on its platform. And from here their success started they used to work only on the Marketplace Model earlier.
Let me tell you what the Marketplace Model and Inventory Model
Marketplace Model
An online marketplace business model is the structure an internet-based Marketplace uses to attract buyers and sellers, sustain revenue, and remain competitive. It's similar to offline business models in some ways and different in others.
Inventory Model
Inventory model is a mathematical model that helps business in determining the optimum level of inventories that should be maintained in a production process, managing frequency of ordering, deciding on quantity of goods or raw materials to be stored, tracking flow of supply of raw materials and goods to provide uninterrupted service to customers without any delay in delivery.
Earlier they used to buy fruits and vegetables in the morning and whenever someone placed an order on their platform, they used to deliver them quickly.
And there were also some big companies that were competing the BigBasket.
BigBasket Competitor
Just like peppertap and grofers there are many other companies that were competing. And the biggest computer left on the markets is grofers(blinkit).
Like you know I told you that bigbasket used to work on Marketplace Model but they had to come on Inventory Model to increase their profit margin. Learn More About Aman Gupta's Marketing Strategy That Make Boat No.1
Not only had to increase profit, they had to make their website strong, their network was to be strengthened and along with this they wanted more new customers.
Now here comes the matter of funding because it is so big and they will need a lot of funding to do all this work.
Bigbasket has raised a total funding of $808m over 18 rounds. Their latest funding round was a series f on sep 23, 2021 for $11.5m.
And by the end of 2016, bigbasket had spread to around 8 major cities in india. And after that their only target was to reach small towns because without tier2 and tier3 city you can't capture a large audience.
Marketing Technique
So, for that they used amazing Marketing technique. Bigbasket used to make shah rukh khan his first brand ambassador.
And you can also see this below ads where shah rukh khan is promoting bigbasket. And especially this ads became very popular and in india shahrukh khan, amitabh bachchan is very popular.
Especially in small houses everyone knows about shah rukh khan. Due to this people of small towns also started trusting big basket. Also they strengthened their grip on small towns.
If you look at them, they have done a lot of work on each and every step like their delivery team.
If we talk earlier, when the big basket product, their truck driver used to provide things to the people. But, later adding a delivery person with truck driver to provide customer orders which to improve their Company Reputation.
But we know that if we go to someone's house, that person will recognize us.
Similarly, if we send the delivery boy after dressing him up properly, then he will maintain the image of our Company. It is representing full brand in front of the people.
Second if we talk about delivery vehicle. BigBasket has also installed real time gps on its vehicles. So, as to minimize the time and it will be helpful for the delivery person to identify the customer's home.
Due, to which people will know from the smartphone itself where their delivery person is. Similarly, after raising the funding invested in all the other technologies.
Work on the next biggest thing that this Company focuses a lot on its customer support. Due to this, it keeps 100 to 200 employee on its Company only to solve the customer's query.
That means their target is to solve the customer's problem within two to three days. Similarly started giving more value to the customer.
Not only this, they also used technique that if 10 minutes late then 10% discount will also be given.
If you don't like something and want to refund, then you will get cashback in that too Learn More About Hidden Startup Secrets Of 1mg
Due to this technique, today big basket is in a very good position in Markets. This all technique has build the trust of the customer.
If you see in today's date then they have more than 50,000 stores keeping units and more than 12,000 farmers are connected.
Those who regularly provide fresh fruits and vegetables by bringing them to their warehouse. Similarly they are connected with their farmer and also connected with our customers.
And friends in march 2018, alibaba group, which is the largest company in china has invested huge amounts on bigbasket. After this bigbasket became a Unicorn Company in India.
The operational revenue of BigBasket business-to-business sector increased by 73% to rs 6,558 crore in fy21 from rs 3,794 crore the previous fiscal year (fy20). 97.5% of the business's operational revenue comes from the wholesale of food and other home goods.
If you see after covid-19 then the growth of this Company has increased a lot in actual.
At this Company was thinking that they will target tier2 and tier3 city later. But, now both tier2 and tier3 city has reached them.
And gradually this Company is listing many products on its platform and is making its services even stronger.
So, friends here I will give you a great idea which if you implement then you will become successful in online grocery sector.
Friend we can't compete with BigBasket. But, we know that what is sold within 5 km in our surrounding. If you launch your website and list grocery items there then you will get to see the result.
If you start working in this field, then you can really make lots of money. This type of brand has become popular in most of the big cities. But, if you start in your city then you will definitely make a successful brand.
So, friends if you want to make your grocery website then you can Contact Me:) atulyasahu9937@gmail.Com
Now tata has bought this brand and we all know that tata group has a lot of money. So, this brand has a good backup.
FAQ
BigBasket still uses traditional marketing techniques to market their products but they have also come up with creative ways to attract new customers.
Big Basket has been a major player in the Indian e-commerce market since 2010. In order to maintain and grow their customer base, they have created a number of creative ways to attract new customers by enticing them with special deals and discounts, as well as making it easy for people to shop online.
Qualification Of Bigbasket HR?
The ideal applicant would enjoy interacting with new individuals on a regular basis and be able to assess a prospect's potential by asking insightful questions.
To create and manage a pipeline of potential applicants, they need possess great organisational abilities.
They ought to be dedicated to attending meetings and surpassing quotas.
- Strong Communication Abilities.
- Bachelors Degree.
- Working Knowledge Of The Microsoft Office Programme Package.
- Strong Interpersonal And Organisational Abilities.
- Shown Capacity For Quota Compliance.
So, this was the Hidden Startup Secret and Business Model of BigBasket which we saw on this post.
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