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Technology 2014-07-01

Opportunity in Gizmo world

In the fast growing gadget world, everyone wants to be the first to own the latest electronic gadget. Fast growing gadgets brand, Gizmobaba.com is paving a way of growth for budding entrepreneurs. In a chat with Ekta Sharma Verma, Alok Chawla, Chief Executive Officer, Gizmobaba.com spoke about his brand’s expansions and challenges ahead.

Tell us about Gizmobaba.com

Gizmobaba is an innovative gadgets/gizmos brand. Gizmobaba.com deals in unique products that are not available easily, and works on bringing the latest gadgets to the Indian market. I have always been a gadget freak. On my several visits overseas, especially to the US, I used to make it a point to visit the gadget stores regularly. I found that there exists a huge latent demand for these gadgets and gizmos in India and nobody was trying to address it. Hence, Gizmobaba.com was born.

When did you start franchising?

We started our company in late 2011 where a small pilot was done and product sourcing and backend work began. Gizmobaba.com was formally launched in September 2012 and we started franchising in 2013 end.

What training and support can a franchisee expect from you?

Gizmobaba.com offers complete product training for its franchisees. Also, customers can place order with franchisees for products that are not in stock and we will deliver by courier direct to customer. This is a unique service which we offer that makes sure that a franchisee does not lose sales on out of stock products also. Additionally, slow moving inventory can be exchanged for other products. All dispatches to franchisee are done by courier and we work to ensure that franchisee inventory holding cost is kept to a minimum and turnover on inventory investment is very high.

What is the USP of your brand?

Gizmobaba.com has absolutely unique products. These are impulse purchase products, and a walk in customer will surely buy something or the other, as most products are priced below Rs 1000 and are affordable for all. And unlike the grey market, all Gizmobaba products come with a warranty.

Since yours is still an unorganised sector, what are the challenges that you face?

The sector by itself is not unorganised. Gadget as a category is quite evolved and is growing fast. It’s just that the unique innovative gadgets are not available anywhere. Challenges in early days will be educating customers as well as the channel partners to make them aware that such categories of products also exist and to drive interest in them.

How do you see the gizmo accessories market evolving in the near future?

Gadgets and Gizmos are already growing at a fast pace. The youth today are abreast with the latest technology products and want to own the latest gadgets launched worldwide. As long as the gizmos remain affordable, there will be rapid growth in this segment in the years to come.

What are your expansion plans?

We plan to open 20 franchise outlets in the first year, and then scale up based on learnings in the first year.

Any new diversification that you are working on?

In a way we diversify every day. Every month we launch four to five new products. Though they can all be globally categorised as gizmos, each product we launch is unique, and addresses a different need.

Franchise facts:

Area

Investment

RoI

Breakeven

80 sq ft

Rs 1.5- 5 lakh

100%

Less than 1 year

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