Q. When and how did the idea of LatestOne.com came into being?
A. It all started in an incubation center in the year 2014. LatestOne.com is an outcome of out of the box idea. LatestOne.com is an e-commerce business defined in the category of specialty online retailers focused on latest tech & mobile accessories. We have invented our own ways for doing right things. Due to which we have created a niche segment of customers who like see and buy latest stuff.
Q. Right now LatestOne.com has started to gain market share. What is your strategy?
A. LatestOne.com, today, is a recognized brand when it comes to latest mobile, tech accessories. Our main focus is always on providing high quality latest products at competitive prices. We are an inventory based etailer that give us better control over product quality and pricing. Another important aspect is about reaching out to unexplored territory through efficient marketing and digital sales.
Q. How many people were working for LatestOne.com when initially it was launched? How the number of people working for your company has increased?
A. Initially, we were a small yet passionate team of 30-40 members. Currently, we have a strong work force of 250 plus.
Q. What are the biggest challenges you faced in initial days? What are the challenges you are facing right now?
A. Since, we started as inventory-based model; the catalogue of products was small and difficult to attract customers to the site. We identified the profile of customers that would buy our limited set of products (Example Mobile covers and cases) and targeted only that segment of the customers to ensure we had good conversion rate and sales for the limited product category. Current challenge, which the whole e-commerce industry is facing, is of high percent of cash on delivery and undelivered orders (consumers who do not take product delivery).
Q. How far E-commerce industry is changing and evolving?
A. E-commerce industry has changed a lot in last 5-7 years and evolving as per the online consumer needs and demands. A recent report by Morgan Stanley projected that by the year 2020, India will have almost 320 million online shoppers. That’s 6.4 times more than the estimated 50 million shoppers we had back in 2015. E-commerce is the clearly future of retail.
Q. We have seen that artificial intelligence and new age technology is changing the ways we used to do business. In recent, I came upon an episode of legendary serial “The X-Files” Where it was shown that smaller drones are delivering things on to your door step. What are your views on “Drones Doing Delivery”? Do you think it’s possible?
A. I really like this idea. I believe that with new age technology and improved infrastructure anything is possible. It’s a matter of time that we see these ideas gaining popularity and generating enough demand to make it a viable business solution.
Q. Which products you have made available for sale on LatestOne.com and in near future which products you are planning to add?
A. LatestOne.com is known for launching latest mobile and tech accessories. We have a wide range of mobile accessories. We have added a number of high performance headsets and Bluetooth speakers available on LatestOne.com in last few months.
Q. How would you differentiate LatestOne.com from current market big players?
A. True to its name LatestOne.com will always have the latest products. We will always try and get the best and latest mobile and fashion accessories before anyone else does.
Q. Which product niches is being focused by LatestOne.com and Why ?
A. Latest mobile and tech accessories are major focus areas. We are seeing a lot of traction in mobile audio category. Upcoming mobile audio brands like PTron are gaining popularity due to the high-quality of products and the rapidly increasing demand for Bluetooth audio devices.
Q. What is the secret of your faster delivery mechanism ?
A. We have full control of inventory. We also choose the fulfillment centers that enable us deliver faster. Like a fulfillment center in Kurnool, helps us deliver to Bengaluru and Hyderabad almost in a day’s time and rest of South in 2-3 days. One in Delhi too, is so located that it enables faster delivery. Apart from the location, we have strong technological backbone, with clearly defined systems and processes to ensure the customer is always delighted.
Q. How do you see future of this industry?
A. Extremely positive. If the growth of LatestOne.com is an indicator, we are looking at a rapidly evolving and growing industry.