EMI without Credit Card – Onlymobiles relies on AI to disburse quick loans

In Artificial Intelligence, Interviews

Onlymobiles.com is Surat based e-commerce startup, founded by Sanjeev Bhatia in 2016. Onlymobiles.com is an online and offline omni-channel, selling pocket gadgets such like Mobile Phones, Wearables, Tablets & Accessories.

The company currently have a PAN India reach across 21,000 plus pin codes in India, which is contributing to almost 80% of their mobile business. They also have 129 brick and mortar offline retail outlets across the country.

Onlymobiles.com key differentiators that sets it apart from their contemporaries in the ecommerce space include non-predatory pricing policies, wide reach via a network of ware houses and call centres, genuine and company authenticated products and a unique 30-day price protection policy for consumers. The ecommerce venture sources all its products directly from the major brands and retails the same to consumers at affordable price points.

Speaking with IncubateIND team, Sanjeev Bhatia spoke about the journey and future plans of Onlymobiles

Tell us something about yourself and what does Onlymobiles do?

We are into mobile phones retail business. Our group company is a public limited company (Bhatia’s Mobile) and OnlyMobiles.com is our way to reach out to those customers, where we do not have physical presence and offcourse, in the journey, we are trying to offer Omni Channel experience to cutomers.

OnlyMobiles.com now 2 years young and we are covering about 18,000 pin codes thanks to our shipping partners BlueDart, Delhivery and DTDC. We have 2 warehouses to cater our customers – Gujarat & Chennai.

OnlyMobiles.com is a pure e-commerce player in a sense which deals only into mobile phones. We are authorised partners for many brands like Google, Samsung to name a few.

What inspired you to do this and how has your entrepreneurship been so far?

About 4 years back, when online market places like Flipkart, Amazon has really dented our offline retail business, at that time we have thought of launching our own site. Besides, we were also expecting that we will be able to cater to our existing customers. E-commerce was in-thing then and customers were really looking for the online presence of a retailer, from whom they were buying. So, yes, Business was the need and the inspiration.

The experience is like a roller-coaster ride. Naturally, we do not believe in doing business at loss, we have to be on our toes to ensure that we match price also and we match offers also. On the other hand, there were lot of learnings also in managing customers’ expectations and especially on the logistic front. We are highly upbeat with our experience of last 2 years.

What makes you so different from other players in the industry?

There are 2 offerings which makes us different from other players.

30 Days Price Guarantee

We are probably the only e-commerce company which offers 30 days price guarantee to customers. Means, if the price of the product drops within 30 days from the date of purchase, you will get difference amount back in your bank account. This was aimed to create a differentiation and assuring buyers, that they can purchase mobile phones without fearing of the price drops in near future. Mobile phones are probably most volatile in nature, if we talk about price fluctuations.

EMI Without Credit Card

We have been identified as key partner for PayU Monedo in India. The parent company, Kreditech is a world leader when it comes to underbanked customers landing. We have just completed a beta project with them spanning 467 pin codes and we shall go live in the second half of July 2018 to cater almost 9,000 pin codes. This particular facility is marked to them who are financially capable enough to pay EMI but do not have credit card OR to those who do not want to block their credit card limits by taking up loan over it. The entire loan approval is AI directed and customers get approval on real time basis.

Currently, in terms of market penetration where do you stand and what’s your traction till date?

Our site is getting almost 1L+ visitors a day and we are clocking 44L GMV a day. And we are having operational break even.

What challenges did you face the most during this and how do you plan to overcome them?

I think we are lucky enough to not to face any such hard challenges. However, sometimes it become very difficult to manage overall profitability but our sourcing has been quite strong and we are prompt in our delivery efforts. E-commerce is a game where customers always win. So, eventually, we have to keep on upgrading our offers. We are in process to offer No Cost EMI via credit cards – as of now, only 2 players are offering this to their customers – Flipkart & Amazon. I am pretty sure, customers will prefer lower price and No Cost EMI combination.


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