“Only two things are needed for a business to succeed – customers and revenues. We ensure both,” affirms Shayak Mazumder, Founder and CEO, Eunimart, a unified SaaS platform enabling end-to-end omnichannel trade and commerce management across borders via online channels of sales.
Consumer behaviour is changing rapidly thanks to the explosive growth of e-commerce. With so many choices at their fingertips, savvy shoppers tend to spend a lot of time researching their purchases before committing to a purchase decision. The fleeting nature of consumers has led many brands to spend to the tune of $100,000 annually for every new channel of sale but the success rate has been dismally low. Therefore, creating an omni-channel customer experience is critical for the success of any retail business.
Founded in 2016, Eunimart centrally manages inventory, orders, logistics, supply chain, marketing and payments across multiple currencies, simplifying omnichannel and cross-border sales for small and medium retail brands. It is the world’s first open-source platform enabling merchants to succeed on any channel of sale – B2B or B2C, retail or e-commerce, domestic or international.
Currently, Eunimart is engaged with over 250 businesses in India yielding USD 17 million in GMV with over 80 percent gross operating margin and have raised nearly USD 2 million in investments.
Building a smart global operating system
With the concept of omnichannel retail emerging as the new normal, Shayak anticipates that by 2026, 85 percent of customers will become brand and channel-agnostic.
The e-commerce landscape constitutes a variety of stakeholders – from shipping aggregators to e-commerce marketplaces, warehouse management systems, to on-demand warehousing and delivery companies to firms that specialise in returns optimisation. Each of these segments have a number of players. So, brands have choices. With the addition of services, managing data becomes complex along with the added costs. This triggered the founders to set up Eunimart with a mission to empower brands in capturing the full potential of global commerce with a one-stop control centre in selling on any channel. Their journey is to ‘Eunify’ the world with a smarter ‘eunified’ global operating system.
Having expanded its presence in 25+ marketplaces, 100+ countries, offering a 2x increase in revenues and a 35 percent cost reduction, brands that ship with Eunimart avail up to 50 percent reduction in shipping costs. Eunimart’s AI simplifies cataloguing, pricing, content, imagery and increases the customer conversions by 2x and scaling cost effectively. This is where Eunimart stands out as a market disruptor.
Eunimart has a strategic hold over its product management, pricing, predictive sales, and inventory management. As a milestone they have progressed to an AI-based marketing tool in automating and predicting the ROI in 2019, followed by customer engagement. Following this, they advanced to fintech wallets, loans, forex hedging and banking integration. With their strategic interventions, their clients have experienced a 200 percent growth within six months of taking services.
With its advanced artificial intelligence, Eunimart has been able to add more than 240 customer companies, a USD 17 million in GMV and a 24 percent annualised MoM growth. Some of their marquee customers include Salasa, the largest fulfilment platform in the Middle East and Mango.
Meet the founders
Shayak is a retired officer from the Indian Navy, a NBCD officer, and a helicopter operator. He is a serial entrepreneur armed with a degree in MBA from Insead and an ex-MD of cross-border commerce company Rocket Internet. Shayak has helped businesses from LATAM, Africa, South Asia, and China in scaling across the world.
Archana Shah, COO, has 17 years of experience in advertising and film making. She has been recognised as the Goldman Sachs 10K women and is an MIT Scale Labs alumni.
An ESADE alumni and an e-commerce entrepreneur, Angad Ahluwalia is the GM India at Eunimart. He was the global head of e-commerce at Bioplus. The other team member is Sourav Banerjee who heads growth and is a serial entrepreneur with several successful exits.
Eunimart’s global advisors include Serguei Netessine, Vice Dean of Wharton; Olga Maslikhova, an early investor @classPass; and Gebriel Szulanski, chaired professor of strategy at Insead. The other advisors are Babak Kia, professor at Boston University; Shankar Desa, Director of ecommerce and DTC at Google; Fay Wells, an ex-Facebook, Disney, ESPN, Netflix; Bas Gevaert, Senior Director, SMB at PayPal; Alexa McCulloch is chair, HBS Alumni Angels and Chris Bechtel is a growth marketing champion.
Partners galore
The startup has partnered with 50+ key players. Among the marketplaces, Eunimart has tied up with Amazon, Etsy, Flipkart, Bonanza, eBay, Shopee, Lazada, and Wish. DTDC, Delhivery, UPS, EcomExpress, Aramex, FedEx, DHL, Gati are its logistics partners. When it comes to payments, it has partnered with Axis Bank, Stripe, PayPal, and Payoneer. As a result, the startup’s strategic positioning differentiates it from the competition. As compared to the other channel advisors, Pitney Bowes and Shopify, who do not offer a larger platter, Eunimart offers a multichannel e-commerce, cross-border, marketing automation global supply chain.
Eunimart’s major achievements include HSBC as their strategic partner. They have been awarded by the Government of India and selected by the Alchemist Accelerator Program. The enterprise was associated with the Google Surge program in 2019. Interestingly, they were the subject of INSEAD Singapore case study and had also won the Wharton India Start-up Challenge.
With its advanced artificial intelligence, Eunimart has been able to add more than 240 customer companies, a USD 17 million in GMV and a 24 percent annualised MoM growth. Learn more.
