You must be aware that e-commerce firms have been looking at markets where they can enter and make their mark in the industry. While we know that markets like the US and China are very lucrative and have a huge audience as well as the spending power is also big, the thing is that you need a bag full of cash and even more to enter and make your mark in these markets. Therefore, e-commerce firms are looking at other markets that are lucrative, growing and comparatively easier to enter. One such market is the Indian market which is similar in comparison to China but when we look at it, it is not as competitive as the Chinese e-commerce space.
Looking at the opportunity, an EU e-commerce firm named Joom has entered the Indian market by launching a new platform for local merchants and exporters. The company says that they have onboarded more than 350 merchants from eight Indian cities at launch and plan to onboard even more as the platform begins its operations. Joom says that they plan to launch a massive promotion campaign in the second half of 2023 and hope to 10x its sales in that time.
The company does have a logistics firm named Joom Logistics as well and they say the merchants will be able to take advantage of its logistics solution to deliver faster and at cheaper rates. Joom was founded in 2016 so it is not as if the company has been operating for decades and yet it has its own logistics solution which is quite impressive. Joom claims to have 25 million monthly active users as well as 20 million active buyers so it is already one of the big players.
Looking at the Joom website, we can see that the brand currently offers products in men’s fashion and clothing as well as pet supplies and electronics as well. Also, it does look like the website was developed by taking inspiration from AliExpress as the interface looks pretty similar. Talking about the Indian market, it does have products from India listed on the site right now and newer brands have been onboarded right now.