‘In recent years, several start-ups in India have emerged that are attempting to re-think and re-invent the e-commerce market of the company. Both Amazon and Walmart have poured billions of dollars in India , which only goes to show the potential of the online commerce landscape.
Despite giant e-commerce players marketing major discounts, in India, most of the sales come from brick-and-mortar stores. Why is it like that? The simple reasons are trust and reliability,’ expressed Mr. Radhakrishnan Naranapatty, Co-founder of Jinglebid talking about the potential of online commerce and the benefits of local commerce.
Starting out as a Chennai based start-up, Jinglebid secured the seed funding rounds of Angel funding, where several angel investors participated from the United Kingdom and India. Having bagged a whopping $100K from Angel Funding, in just five months of its existence, Jinglebid attempts to enable an offline retail experience in the digital world over a reverse-auction platform.
Jinglebid, which has been open to users for the past five, is still in its growing stage, and it has shown exponential potential for growth in such a short span—launched in May 2020, is India’s first reverse-auction shopping platform, and has achieved 8X growth in terms of GMV in just three months. Now, having closed the first angel round of funding with $100K, Jinglebid is all geared up to go big-scale.
Jinglebid aims to bring the best of online shopping experience to digital consumers, while also enabling local retailers and dealers to move their business online. Powered by a robust reverse auction model – instead of the retailers or sellers quoting the product prices, the end-user makes the first move by proposing an amount they are willing to pay. This information gets passed down to the sellers over the platform, who then enter into a bid competition with other sellers and propose a counter-offer, whenever required.
A proven and tested business model, Reverse auction platforms, are starting to catch on in India. Several start-ups are tapping into the opportunities that it offers. Whereas in the USA, for example, you will see leading reverse-auction players such as Priceline to be listed on the NASDAQ, with a massive market value of almost $75 billion.
In India, being at the forefront of developing local commerce over reverse auction platform, Jinglebid aims to enable resilient demand-supply ecosystems in provincial zones. A demand-driven platform that is made for both sellers and buyers, Jinglebid offers a safe and reliable platform that delivers a range of branded, quality products and also empowers local sellers to sustain their businesses, says Venketesh Kannan, Co-Founder of Jinglebid, explaining what Jinglebid’s objectives are.
Presenting equal benefits and empowering both sellers and buyers with a platform that facilitates affordability, better deals, and real-time interactive shopping experience. Jinglebid has adopted a new-age, simplified approach of tackling issues that local sellers and retailers face with moving their stores online. On the Jinglebid app, website, and social media pages, users explore informative posts and short-videos produced in local languages and English to facilitate improved awareness, know-how, and the growth of the company.
‘We believe being interactive with your consumers, in our cases – both sellers and buyers, has enabled Jinglebid to effectively replicate the offline store experience with the bonus of a digitally-driven, reverse-auction platform. Besides, we constantly keep making upgrades, user-friendly additions, and informative data on our website, application, and social profiles to engage consumer interaction,’ expressed Srivas Anantharaman, Co-Founder of Jinglebid.
Backed by the recent funding, Jinglebid has plans of going large-scale, upgrading extended offerings of products, and interacting with lots of happy consumers is what our calendar seems to be booked for. Jinglebid also aims to play an active role in addressing the e-commerce challenges over reverse-auction platforms and incorporate enhanced improvements for creating a sustainable local commerce ecosystem.
‘Foundationally, every company goes out to empower their consumers with a set of specialties, and the big shift is how much value it brings. This is where most companies step back and re-consider their business processes, re-think through the changes, and the future advancements of the business,’ says Mr. Sudarsan Babu, Co-founder of Jinglebid.
At Jinglebid, we practice the same for project management, customer feedback, and planning cycles, which in today’s digitally driven world, is evolving every second. Like just how we did with this article, if you have actually read the paragraphs above, you will have a lot more idea about reverse auctions than you did before!
Do share any inputs, criticisms, and appreciations, if you may, to us. Turning suggestions into improvements and intricately weaving customer feedback into improvements is what we do best at Jinglebid. Let’s engage now!