MySmartPrice, a Hyderabad-based price comparison shopping portal, is planning to more than double its gross merchandise value (or GMV, a term used in online retailing to indicate a total sales value for merchandise sold through a particular marketplace over a certain time frame) from the present Rs 40 crore per month to Rs 100 crore per month from next year.
“Our idea is to accelerate our GMV by adding more categories. Also, we want to capitalise on mobile users. We believe it (GMV) is going to grow,” Sulakhsan Kumar, co-founder and director of MySmartPrice, said.
MySmartPrice witnesses close to 17 million user visits, and 11 million unique users per month. The company had raised Rs 2 crore in Series A funding from Accel Partners and Helion Venture Partners in December 2011, and Rs 6 crore in the next round from the same investors in 2013.
Stating that affiliate sites (like MySmartPrice or Junglee.com, an online shopping service by Amazon, that generate leads to ecommerce sites) were aiding the ecommerce industry in India, Kumar said 10 per cent of e-retailing in India was currently coming from affiliate sites.
“E-tailing in India is currently pegged at $4 billion. The market is maturing and is projected to touch $10 billion by 2016. The affiliate sites' contribution is expected to be 20 per cent of this by then,” he said.
According to Kumar, 50 per cent of MySmartPrice’s user base is on mobile and the company is planning to come up with mobile apps for Android and iOS (iPhone operating system) by the end of this October.
Started as a price comparison site for books in 2010, MySmartPrice lists more than 300 product categories, including electronics, apparel, accessories, fashion and shoes, from over 25 partner online stores like Snapdeal, FlipKart, Amazon and Naaptol.
“We are broad in terms of product categories. MySmartPrice’s strength is electronics right now, with close to 80 per cent of sales happening in that segment. Our next additions would be beauty and health, sports and fitness etc over the next two quarters,” he said, adding that the company was targeting to double its revenues from the present Rs 1.2 crore per month, from next year.