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Tag: Chirag Taneja

  • Pepe Jeans partners with GoKwik for COD expansion in India

    Pepe Jeans partners with GoKwik for COD expansion in India

    Mumbai: Pepe Jeans London, the iconic denim brand celebrated for its modern and stylish fashion selections, has formed a strategic partnership with GoKwik, a prominent eCommerce platform. Together, they aim to enhance Pepe Jeans’ online presence in India by extending Cash-on-Delivery (COD) services securely and embarking upon the issue of Return to Origin (RTO) rates. Utilizing GoKwik’s extensive network intelligence with over 100 million shoppers, Pepe Jeans aims to diminish non-deliverable COD orders and fortify its position in the ever-evolving digital commerce landscape.

    GoKwik is set to assist Pepe Jeans London in expanding its digital presence by extending Cash-on-Delivery (COD) services to a broader range of postal codes. This expansion will harness GoKwik’s network-driven intelligence to curtail the incidence of Return to Origin (RTO). RTO occurs when COD orders are annulled during transit, leading to increased logistical expenses, inventory blockages, and potential product damage, all of which can impact the brand’s overall profitability.

    Speaking on the partnership Pepe Jeans India CEO & MD Manish Kapoor said, “The Indian eCommerce sector holds significant promise and displays substantial potential in the years ahead. Cash on delivery is a distinct preference for the majority of Indian consumers, and this preference brings with it the intricate issue of RTO.” He further explained, “Our collaboration with GoKwik will further expand our ability to offer Cash-on-Delivery services in remote regions of India. Utilising their advanced intelligence solutions, we aspire to broaden our presence among various consumer demographics, ultimately enhancing our Gross Merchandise Value (GMV) and mitigating the challenges linked with COD orders.”

    Cash-on-Delivery (COD) enjoys widespread popularity in India and is a crucial payment method for ensuring long-term business expansion. Nevertheless, a significant challenge arises, as more than 30 per cent of COD orders are returned to the warehouse during shipment, resulting in profit leakage for brands. In certain scenarios, such as for Direct-to-Consumer (D2C) brands, this return rate can skyrocket to as high as 60 per cent, with the fashion category being the most affected.

    GoKwik is renowned for its comprehensive data-backed intelligence solutions that analyse shopper behaviour patterns across 200 parameters. It then ranks shoppers under different risk buckets based on their probability of returning orders before delivery, and then places controlled interventions to safely expand COD serviceability while keeping a check on the RTO rate. Through these unique solutions, GoKwik has helped several brands save over Rs 130 Cr of RTO losses.

    “We are constantly committed to building solutions that help eCommerce brands grow at a high speed yet sustainable pace,” stated GoKwik co-founder & CEO Chirag Taneja. “Pepe Jeans have a legacy that is now continuing in the digital space. Through our data-backed intelligence, we aim to unlock their COD GMV by deepening their COD penetration while also minimising their return losses. Look forward to seeing them grow at a phenomenal rate with us” Chirag continued.

    The collaboration between Pepe Jeans and GoKwik underlines their joint dedication to utilizing technological advancements and their deep industry knowledge to push the boundaries of online retail. Their mission is to address the requirements of Indian shoppers and establish a smooth, hassle-free shopping experience for fashion enthusiasts throughout the country.

  • GoKwik saves eCommerce brands Rs 130 Cr in RTO losses for 2023

    GoKwik saves eCommerce brands Rs 130 Cr in RTO losses for 2023

    Mumbai: Brands on the network of eCommerce enabler GoKwik have saved up to Rs 130 Cr in losses from return to origin orders (RTO) in 2023 so far.

    According to data released by GoKwik, direct-to-customer (D2C) brands on its network benefited from its interventions to arrest RTO occurrences. Brands saved over 16 lac orders from being returned to origin. As a result, they also saved over Rs 24 Cr in reverse logistics costs owing to orders being returned while in transit.

    “We are constantly building deep-rooted intelligence & interventions that will help brands cater to the cash-on-delivery-loving shoppers while also mitigating RTO losses smartly. Our solutions are constantly committed to solving deep-rooted problems of the eCommerce industry at the source while also ensuring we contribute to becoming the eCommerce gateway of India. By seeing success stories of merchants, we are rest assured that we are heading in the right direction” said GoKwik co-founder and CEO Chirag Taneja.

    RTO or return to origin is when undelivered orders are returned before delivery causing a major setback to operations for e-commerce brands as they add to logistics costs, inventory blockage, loss of true conversions and leaking profitability.

    The chances of RTO are significantly higher in cash-on-delivery (COD) orders than in prepaid orders. GoKwik offers a range of solutions backed by data and analytics that can predict customer behaviour and help sellers prevent RTOs while ensuring expansive COD serviceability across regions.

    Through GoKwik-led interventions, brands also had over 16 lac products readily available to be shipped which would have otherwise been in transit for 20-30 days leading to inventory blockage and damage, data released by GoKwik shows.

    Fashion brands saved around Rs 15 Cr, electronics brands around Rs 61.7 Cr, beauty brands around Rs 2.75Cr, and footwear brands around Rs 5.5Cr in inventory blockage owing to GoKwik interventions. Moreover, among these categories, electronics saw the highest reduction in COD RTOs with 28 per cent. Fashion brands recorded an 11 per cent drop in COD RTOs, footwear recorded a 16.6 per cent drop, and beauty and personal care saw 10 per cent.

    Around 40 per cent of the brands in the GoKwik network continued to increase their COD share by 16 per cent and reduced COD RTO by up to 18 per cent.

    Homegrown consumer electronics brand boAt saw up to a 32 per cent drop in RTO rate and a four times increase in COD gross merchandise value with the help of GoKwik’s interventions. Footwear brand Attitudist also recorded a 15 per cent reduction in RTOs with these interventions. Boult Audio further brought down RTOs by 40 per cent and Fireboltt by 30 per cent respectively.

    Many other brands including Swiss Beauty, The Man Company, Neeman’s, Wallmantra, and Lenskart were able to expand their COD serviceability pan India while containing RTO rate.

    GoKwik’s smart suite of solutions helps brands start COD, expand COD, reduce return to origin and contain return to origin depending on the stage of COD serviceability their brand is in. GoKwik is committed to solving these problems at the source by risk-based interventions such as adding extra layers to order completion to avoid RTO, behavioural analysis of the shoppers, risk profiling and placing pre-order interventions such as COD captcha, COD confirmation prompts, prepaid discounts and more.

  • Bombay Shaving Company appoints Chirag Taneja as chief revenue officer

    Bombay Shaving Company appoints Chirag Taneja as chief revenue officer

    MUMBAI: Men's skincare brand Bombay Shaving Company (BSC) has on-boarded Chirag Taneja as Chief Revenue Officer (CRO) in its bid to strengthen its online presence as it aims to cross the INR 100 crore revenue mark this year. Chirag Taneja will lead the entire online business including D2C technology, e-commerce, and brand for Bombay Shaving Company. Chirag’s astute business acumen and deep understanding of digital marketing and analytics will enable Bombay Shaving Company, an internet first brand to achieve its business goals at an accelerated rate.

    Before joining BSC,  Taneja  was the founder CEO at Ketchupp – an online Metasearch engine for food discovery and successfully sold the business to Cartoq. 

    On joining BSC, Chirag Taneja said, “Digitally native vertical brands present an exciting business opportunity because of the potential scale backed by data and the ability to track user journey to the T. Technology has reached the personal care category and BSC is leading this change from the front. Solving consumer problems with technology at the core is key for me. I am looking forward to building one of India’s most loved men’s skincare brand and already seeing signs of scale in my early days.”

    Bombay Shaving Company (BSC) CEO & founder Shantanu Deshpande  said, “Chirag is an accomplished marketer and experienced leader. He has expertise in implementing metrics-driven online marketing strategies, managing a P&L, growing businesses and building out committed and high-performing teams. He brings a great balance of tech and consumer to BSC. With his knack of understanding the industry, I am confident that he will achieve greater milestones and further strengthen the brand.”

    “We are in the process of hiring strategic partners across levels and recruiting Chirag is our first step towards the same.” He further added. 

    In December 2019, BSC had raised INR 45 crores in Series B led by Sixth Sense Venture Partners. Existing investor Colgate Palmolive Asia Pacific, a subsidiary of CPG giant Colgate-Palmolive had also participated in the round.