Vijay Jumani, Co-founder & CEO, hoopos.com 38 years old. Had done his masters in marketing management from Jamnalal Bajaj Institute of Management Studies and likes reading, travelling and watching movies.
The theme behind hoopos is first experimented with a brick and mortar model when Vijay and Radhika Jumani launched their store 'Apple of my eye' in 2006 in Bangalore. Five years and three stores later they decided to take a shot at and launched hoopos.com in 2011. To bring in technical expertise they teamed up with Raveen Sastry and Anubhav Sudha and raise close to USD 6 million from Helion Ventures. Today, hoopos.com is a one-stop shop primarily serving, infants, toddlers and young parents.
Vijay Jumanisay's "When we launched our first store, we knew that we were going to have to invest a lot of time and energy in learning the business. Everything from how to service customers, know software, what are the terms how to actually source and. Even for the creation of the concept we had no past experience. So, we completely relied on consumer research. We did a few focus group discussions, talked to a lot of people, understood what they wanted and built the retail model".
With the growth rate of about 20 percent per month hoopos.com has a current turnover of Rs 15 crore. Recently adding products to cater to the 7-12 year old bracket Vijay is confident of touching the Rs 40 crore mark by the end of the year. Since he has one both the traditional and a virtual shop we asked him what the challenges were.
Vijay Jumani says "Offline will really be a more of an experience. People want to go to toy stores that have a lot of demos. People touch and feel products and experience them before they actually decide to buy them. There is also the same audience that wants a lot of convenience and now for us the job really is to figure out how we can actually let technology deliver an experience, which is even better than offline shopping."
With an average of Rs 250 per sales, serving needs across multiple categories like maternity apparel, toys, books etc. the team is targeting the mid-to-premium segment. Understanding the concerns of a value seeking consumer the website offers 7 days no questions asked policy for returns and is hoping to turn profitable soon.
"We have the skills of technology and retail. As far as retail is concerned we have served them by standing on the shop floor ourselves and that gives us a tremendous amount of edge on how we understand consumers and their needs for this particular segment. So, we have tried to replicate that on the site when you look at the range we carry." says Vijay Jumani
By the virtue of being in the kids' category business, this 90-member team is working on finding ways to delight customers to realise their dream of being the most preferred brand for kids in the e-commerce space in India.
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