Looking to start an eCommerce marketplace, Manish Bhalla, CEO of FATbit Technologies shares some insights and resources from one of the best web and software development companies in an exclusive interview with TechBullion. Further reading: What Does 5G Mean for Mobile App Developers?. Further reading: 10 Tips to Grow Web Development Business During COVID-19.
Please tell us more about yourself?
It’s a pleasure to introduce myself and FATbit Technologies to a business audience. I am Manish Bhalla, founder and CEO of the company.
I would like to say I am someone who is high on aspirations and big dreams. A fervid reader, I consider books to have been my biggest and most favorite of mentors, to date.
My interest in reading extends to magazines and newspapers, and it is this love for books that introduced me to Information Technology way back in 2002 and its wonders. Programming was a self-learned asset I built from books my brother gifted.
I got honesty, hunger to achieve more, and perseverance as learnings from my father. His allegiance to discipline is paying off well, and I owe my achievements to these.
I try and keep my vision sorted to plan and set achievable milestones for my company as well as for myself.
What is FATbit and what unique services do you provide?
FATbit Technologies came into existence for the purpose of helping businesses, especially entrepreneurs create their digital footprint.
After completing 15 years we are counted among leaders who enable large enterprises to expand their digital footprint by entering new markets and developing new competitive advantage.
The services offered by FATbit are unique in the way that we involve ourselves with the client from the very beginning. We contribute to making the solution robust and complete in all senses, incorporating all feedback and improvisations.
From business consultation and competition analysis to innovative elements as part of the software deliverables, FATbit is your one-stop destination to build a powerful digital portfolio.
Could you give us a walkthrough of the FATBit products and what makes you great?
FATbit was a leading web design & development services provider till 2014. Understanding the market matrix and the demand, we ventured into products, and launched Yo!Kart as our first e-commerce turnkey solution.
FATbit identified the industry’s needs for e-commerce marketplaces solutions early on, and Yo!Kart became a premier product in the league. Its popularity and application has won an international award, boosting our confidence and supplementing our energies to grow with more products, adding value to various business ideas.
Since then we have created an edge in the e-commerce and marketplace domain with our list of 20+ products. Not only do we offer ready-to-market solutions, but even MVPs (minimum viable products) to support start-ups launch quickly.
Distinguished offerings like scalable, customizable and affordable solutions have set our brand position as a company that creates a sustainable advantage for start-ups and enterprises alike.
All the e-commerce platforms from FATbit are launchpads for businesses in every domain. Among our B2B2C marketplace offerings we have:
1) Yo!Kart – FATbit’s pioneer product offering, Yo!Kart has powered more than 1000 online business portals, with many more in the pipeline.
The multi-vendor ecommerce platform offers an attractive and affordable platform with Android & iOS mobile apps and product management features to spice up the business value.
Its PWA supported products offer an improved and better consumer experience.
2) Yo!Rent – FATbit’s online rental marketplace platform. Catering to businesses starting from equipment rental, travel gear, furniture, dresses, cars, bikes to musical instruments, recreational goods, books and accessories. With multi-vendor as well as online store capabilities, it can be customized to support both renting and selling, making assets more accessible.
3) Yo!Coach – Yo!coach is a completely customizable solution with a lifetime ownership. A turnkey solution to build an e-learning website, helping clients provide a seamless learning experience for their customers.
4) Yo!Gigs – Yo!Gigs by FATbit is a sheer boon for entrepreneurs looking to launch an online gigs marketplace. It complies to the needs of both the service seekers as well as providers.
5) Growcer – Door to door grocery delivery business boomed amidst the pandemic. Growcer catered to challenges faced by businesses in this sector. It comes with dashboards for seamless order management, a systematic delivery management software, secure payment system and ready-made apps to augment its value. We have made it turnkey and customizable with two options- multi-vendor and online store.
6) Yo!Yumm – With changing times, the food business has transported exponentially to the online sector. Yo!Yumm empowers food delivery business owners with attractive designs and impeccable capabilities, garnished with engaging mobile apps for a consumer satisfaction that is unmatched.
7) VivoCabs is a distinguished mobile app (both Android & iOS) supported solution for entrepreneurs in the lookout to launch a cab booking business. This premium turnkey solution is also available for personalised branding through our white-label purchase option.
Apart from these there are others like BIZixx, FunAway, Yo!Drive, PaperWeight, and many more, serving almost all industry verticals.
These days, having a great e-commerce marketplace doesn’t mean you’ll make money online, how can FATbit solve this problem?
The journey of e-commerce dates back to when the internet became open to the public and Amazon launched online. From then to now, the world has come to terms with the online way of buying and selling.
Every business is trying to launch an e-commerce version, to enhance outreach as well as sustain amid times of social distancing. But yes, merely launching an e-commerce website does not ensure the business takes off. FATbit does its bit in its own unique ways:
- When approached by prospective business owners or entrepreneurs looking to launch their e-commerce portals. We help them brainstorm and understand as to what are the problem(s)/gaps that they are filling in the industry? What are their unique selling points (USP)?
- We know that the value is felt only when the client is happy and affirms that convenience is delivered at the price paid.
- Our policy to be a part of the client engagement process end-to-end has had a big impact. We are clear of the client’s expectations from the very start and work towards building the product to that level from day 1 of the engagement.
- Cross-functional team helps our clients with market research to gauge the competition and deliver the best solutions for real-world problems.
- When they are trying to enter into a business with no prior experience, we suggest they must scale as they grow, testing their business model with a small size of target audience.
- Our clients get not only pre-launch marketing support, helping get more vendors, but post-launch marketing assistance as well. This aids in branding, helping attract more buyers.
- Our IT strategy is always to keep a marketplace up and running 24-7, enabling a continuous revenue stream for our clients.
- We design solutions that are easy to optimize and scale. With every business milestone, the marketplace can be upgraded to a smarter or a better product.
- The client should be able to realise tangible results as value for their money. Furthermore, the value proposition must be a fair-deal, satisfying the business requirements of our clients.
The global e-commerce revenues are projected to grow to 6.54 trillion US dollars in 2022, where do you see the future of B2B marketplaces?
I think the future belongs to those who are ready for the unexpected. B2B marketplaces are a way for e-commerce businesses to bring forth a new platform for their corporate sales and purchase.
- The penetration of AI and IoT into mainstream IT has made automation a common facet of almost all developments, and this is exactly what B2B marketplaces will cash on.
- With transactions secure and trusted, business owners today are more confident than ever.
- Adding to improved business management, B2B marketplaces will save tremendously on their in-house costs incurring to faster execution of orders and transactions.
- Business buyers of today also enjoy the digital experience provided by the sellers. The wide array of product purchase options and reduced deal-times have provided an amazing experience to the B2B ecosystem.
- Better communication and marketing channels will help them with better procurement cost of materials and services, saving a lot on time, energy, paper work, and more.
- Businesses going the consumer-centric or client-centric way seem to have a bright future, and these are some of the primary strengths of FATbit. Our agile practices and specialized generalists equip clients to lead in the exponentially changing B2B landscape.
- B2B marketplaces will serve more than just buying and selling. With providers becoming long-term partners adding to the business efficiencies, the marketplaces that satisfy customer hunger through a variety of channels will take the game.
- Management systems like WMS, IMS, and ERPs in e-commerce have contributed to improving legacy processes like approval, documentation, invoicing, re-ordering, inventory and more, making the operations efficient.
Giant e-commerce marketplaces like eBay and Amazon have taken over the internet in recent years, how can one really stand out in this overly competitive market?
Well, the aim is not to compete with Amazon or eBay, the aim is to be at par, taking their positives and growing towards much better customer satisfaction.
FATbit identifies for businesses, both start-ups as well as its enterprise clients, what needs to be developed fresh, to create their space among such behemoths in the e-commerce industry.
We have grown in this field and learned how to master the art of establishing businesses in their domains.
So the key is to remain focussed on what can help bring power and uniqueness:
1) Local Market Leadership in a Niche – Unlike eBay or Amazon, who have established themselves as players in all fields, we recommend targeting a local market niche and building leadership to bring desired customers or vendors.
2) Data-driven – We understand the importance of user history and customer behavior, and build offerings on the client app or website that consume this data for an impressive and more satisfactory user journey. Such features make the clients stand out from the crowd of e-commerce businesses in the domain.
With the coronavirus pandemic and WFM trends, it seems this is the best time anyone can start an e-commerce business, what is your advice for anyone considering to start an e-commerce marketplace?
There are people who have used the pandemic and the lockdown as an opportunity to build businesses and solve problems that are making everyday living a challenge.
FATbit has been able to help launch many online grocery, food delivery and shopping businesses with its turnkey solutions Growcer, Yo!Yumm and Yo!Kart.
As an owner of a software solutions company that has played a convincing role in the set-up of distinguished e-commerce and marketplace businesses globally, I think we have had an opportunity to contribute towards efficient Workforce management (WFM) amid the pandemic.
The message is to be pioneers in times when the world tries to revive.
Besides providing software and e-commerce marketplace platforms, what extra services does FATbit provide for clients?
FATbit believes in client satisfaction, and thus client feedback has always been in our approach and processes. We were fast to learn that the software industry is expanding exponentially and soon there will be space for only those players who leave a lasting impression going that extra mile for their clients.
Our expert consultancy services, including business model analysis, competition analysis, unique value proposition analysis and go-to-market strategies drive growth and add value for our clients. Giving them a clear insight into the competitive market enables them to take business decisions meticulously.
We have built our knowledge and intellect with specialized generalists that equip each service with advanced concepts and capabilities that minimise gaps between client expectations and final deliverables.
Increasing their revenue and giving them a scalable business model is what FATbit yearns for.
Tell us your success stories on helping businesses run successful e-commerce platforms, do you have any use cases to share with us?
Our e-commerce and marketplace solutions are self-hosted and completely customizable, making them the first choice of billion-dollar enterprises worldwide and across industry verticals.
Yo!Kart has capabilities to enable clients enter new markets within a short time and accelerate their growth of business. Some of these success stories are discussed here:
- UNI diamonds – an Israel-based online B2B diamond sale and purchase e-commerce marketplace. Using agile and DevOps, a scalable solution was delivered while following a strict timeline. Furthermore, we helped them launch and deliver 5+ successful digital tenders and trade shows in 2019. At the world’s largest diamond trade shows, this solution was presented as the 1st online B2B system for diamond trading.
- Superlivery – It’s an online grocery marketplace operational in Brazil. Through continuous integration and continuous delivery, an automated process was achieved with enhanced business agility. Special emphasis was given to enhanced user-experience while considering customer journey.
- OGI – An e-commerce website developed to locate specific machinery parts. The solution was focussed to move inactive inventory efficiently. So, the issues with surplus inventory like market volatility, management miscalculations, and others, have been tackled through OGI. Third party integrations for shipping, tax calculation and more were done to add new capabilities.
- Using Yo!Kart, we developed a powerful e-commerce marketplace for an international brewer. They wanted to go online with some striking transaction features. The system we built for them facilitated the distributor to end-customer transactions and improved price and service level transparency.
- Like these, there are other success stories also, you can explore these and a lot more on the FATbit website.
Do you have more information for our readers?
The key focus of FATbit Technologies is to set the ball rolling for entrepreneurs and enhance the digital transformation journey for our enterprise clients across the globe. We continuously engage with our clients to drive innovation, striving to transform new ideas into industry solutions.
We have now ventured into building attractive and engaging mobile apps, both as stand-alone applications and for our turnkey solutions as well.
You can read a lot more at https://www.fatbit.com/.