Hello readers,today we are in conversation with Ms Shreya who is the Co founder of “Retale”.This Bangalore based start-up has created a fusion of two different shopping platforms and has totally revolutionized the way you shop.So lets know more about it…..
1.Tell us a little bit about “Retale”.
Retale – The flagship app from Comma Technology Services, is an engaging product discovery platform for offline stores in Bangalore. It is a dynamic and informative mobile app bringing you the trendiest products, offers and updates from brands across segments like Fashion and Home Décor.
Retale gives you a virtual sneak-peek into the coolest offline stores in Bangalore, and enables brands to create virtual storefronts.Shopping and going out find a whole new meaning with the social angle of recommending the best products, deals and stores to friends, while earning rewards.Retale has revolutionized street shopping, and will Change the Way You Shop!
Another unique feature of Retale is its ability to provide Retail Merchants a system to manage their content in real-time, and an analytics platform for performance tracking.
2.What inspired the creation of “Retale”?
There are several product discovery platforms in the online shopping space, yet there is a huge gap, especially in the offline fashion market.The most unique feature of Retale is the ease with which it enables “mobile window shopping” of offline stores, in an organized manner. This helps to save on time and effort.Retale enables a great experience of discovering new brands/designers that are offline, through the merit of their products and offers. The intuitive user-interface also contributes to bringing back the joy into shopping!
3.What is your target audience and why?
Our target audience is shopping enthusiasts in the age group of 17-35 years. Retale will simplify the shopping experience for customers who can referred to as “SOBO – Search Online, Buy Offline” and are keen on the touch & feel of the offline experience.We are also looking at targeting the middle-aged housewives segment through a simplistic 1-page UI.
4.What is unique about your company ?
Retale is India’s first organized hyper-local product discovery platform. We are the only app which caters to offline product discovery, and enables brands to engage with their target audience and drive footfalls to the offline stores.
Retale provides information about the latest products, offers and events at stores around you, in an organized manner! It also enables brands to manage the content at their end, through an admin access.
5.What problem does your company solve ?
Retale helps users in discovering new products and staying in touch with the latest trends across fashion and lifestyle categories. Since Retale is an offline product discovery platform, it allows users to obtain a sneak-peek in to the actual collections of stores, with updates about offers and events.
We are trying to bridge the gap between online shopping research and offline shopping.
6.Who are the founders and key team members ?
Every start-up needs a restless brain, a yearning heart and a business approach that aims to constantly improve itself. Saying that Aditya is a manifestation of all that would be ideal!
In addition to that, this ex-Googler, has an approach which is uber-smart and calculative. Aditya says, “When you combine the principles and workings of multiple businesses into your business model, you have no time to lose. When you’re trying to sell a mobile app that is accountable to business owners and is immensely useful to users, every second wasted is a second you could have used to innovate.”
Aditya strongly believes in being 100 steps ahead of competition and enjoys the challenges of marketing and advertising.
Aditya is an alumnus of the Jain University – Center for Management Studies, and had undergone a stint with a health care start up, before moving to Google for 2 years.
Shreya Siroya is probably one of the best examples of multi-tasking! Being actively involved in the marketing function of the family business of real-estate, pursuing her masters at the Indian School of Business and co-founding Retale are some of the different avatars you might find her in!
A total people’s person, Shreya says “The joy you get out of celebrating the success of your team is incomparable” and believes that if you have the best team, everything else will follow.
Shreya is also an alumnus of the Jain University – Center for Management Studies, and has always been passionate about entrepreneurship.
Both Aditya and Shreya have always found entrepreneurship to be their “true calling”, with different experiences fuelling this passion.
7.What relevant domain experience do they have ?
Both Aditya and Shreya have been working extensively in the B2B and B2C marketing functions, respectively. This not only enables a strong understanding of the business structure that Retale exists in, but also helps in identifying opportunities for improvement.
Additionally, Aditya has also worked with a funded healthcare start up and understands the nuances of scaling up a product ecosystem.
8.What risk are you facing?
The risks we face are the lack of sufficient funds for mass-scale visibility of the application, as we scale up to different cities.
9.What is your greatest competitive advantage?
Our greatest advantage has been in terms of brand tie-ups. With over 250+ niche local brands as well as national brands like Pepe, Being Human, Mango, Aldo, Arrow, John Miller among the few, Retale will enable extremely delightful product discovery.
Also, since the brands have signed up individually, rather than a “listing model”, they can manage the content in real time, ensuring that users always have access to the most updated information.
10.What has been your most effective marketing technique?
Engagement activities like brand ambassadors across college campuses in Bangalore, have enabled us to target our audience through key influencers of the peer groups. Additionally, referral programs have also helped in reaching out to networks through Retale users.
11.What outsiders have been most important to your business (eg. Mentors, bankers etc.)
Our mentors have been extremely supportive and helpful in refining the business model as well as the product iteration in the early stages. Our close relationships with retail brands has also helped us in engaging with industry experts, who have been working with us closely in ensuring preparation to scale up and maximize our downloads.
12.What is your advice to young entrepreneurs starting today?
Entrepreneurship is definitely a roller coaster ride, with more ‘downs’ than people can think of! But the exhilarating experience of seeing your team’s success and overcoming challenges is extremely fulfilling. It is very important to focus on the team development and have those people on board who are aligned with your organization’s philosophy and value systems. Also, ensuring you build an “A Team” will only ensure long-term sustainability of the organization.
Also, it is very important to be open to criticism and feedback, which not only helps in improving our way of working, but also avoiding mistakes which have been made by others.
13.How has been your journey so far as an entrepreneur?
As young entrepreneurs running our 1st venture, we are still in the nascent part of our journey. Everyday we learn new ways of thinking and new perspectives on getting things done! Our entrepreneurial experience has been fuelled by a passion to make a huge impact in the retail industry, and thinking big is one of the most important driving factors. We truly enjoy what we do, and Retale as our baby has helped in fulfilling this passion for connecting brands and users.
14. Where do you see yourself and your venture 5 years from now?
Retale is currently live for the Bangalore market. We have plans of taking the product to other cities like Hyderabad, Mumbai, Delhi, Chennai and Pune in the next year. Additionally, we would like the product to evolve to enable more peer-to-peer interaction.
In the next fiver years we are looking to scale nationally, and be the go-to platform for any shopping related information in the offline segment.
So readers isn’t it great ??…….so all the shopaholics get retale on your phone…!