BE ADAPTIVE TO THE DYNAMICS OF BUSINESS – CEO with “Small Enterprise”
Manufacturing in India is a key to achieve higher economic growth and to facilitate manufacturing. procurement of machine spare parts is a key element Industrial supply chain of spare parts is disordered and messy Bookmyparts have created industrial products online store to help manufacturing world source spare parts online. This will help factories to buy parts conveniently and quickly saving their time. efforts and money
Due to lack of timely availability of machinery spare parts manufacturing units suffers production loss productivity and labor losses With Bookmyparts’ hassle free online industrial supply we aim to alter the dynamics of supply chain of machine spare parts business Excerpts from the interview with Viren Mehta, CEO, BookmyParts:
Tell us something about the business model of your company which is quite unique due to its diverse nature. What inspired you to launch this company?
Currently, manufacturing particularly in SME and MSME sector, which contributes significantly to GDP growth is heading for a down-slide due to several factors
One of the factors is the availability of machine spare parts. In India, the supply chain for machine glare parts is highly complex and messy. Manufacturers face issues such as delay, higher cost, and quality. There are other problems like availability of spare parts for imported machinery. All these problems affect the productivity and competitiveness of manufacturing sector.
Another issue was the gap between manufacturers of spare parts and the user of parts, as there have been several non-value added elements in the supply Own like a dealer, distributor, trader, etc. Due to these, the cost of spare Parts goes up.
Bookmyparts.com intends to change the status quo and wants to create ease of doing business for manufacturers through its online platform where sourcing and selling of machine spare parts become convenient cost-effective and easy to manage. We launched Bookmyparts in the latter half of 2016 and started with an inventory of 20,000 machine spare parts available online with the detailed description, technical data. price and every bit of information to facilitate procurement of spare parts through Bookmyparts online platform.
What was the core objective of launching Bookmyparts and where you find your company today?
Since our launch in 2016 Bookmyparts.com has been growing consistently over the last 113 months and now we have around 50,000 machine spares online with 300+ manufacturers and suppliers on board. We are catering to customers throughout India across several states including Assam. Orissa. Tamil Nadu. Rajasthan. Punjab Delhi & many other cities/states in South as well Our major business comes from Western India including Gujarat and Maharashtra as both these states represent industrial clusters.
How is Bookmyparts changing the face and contributing to the business landscape of India and the entrepreneurs as a whole?
Bookmyparts.com has been able to break the notion “can products like machine spare parts and accessories be sold online?” We have proved that it is possible to sell machinery spares online also. Bookmyparts.com has been able to facilitate manufacturers whose machines were not working due to non-availability of spare parts and help them increase their Productivity. Secondly, many customers are happy because they get the spare parts at a lower price for which they used to pay more since the manufacturers are now sure Of the availability of spare parts they no longer need to stock spare parts and block the inventory. it is available to them online. Bookmyparts provides free shipping and doorstep delivery. So this has actually created ease of doing business.
Being a visionary. where do you want to see Bookmyparts 10 years down the road?
We wish to see Bookmyparts expand its footprint across Indian manufacturing landscape particularly to SMEs and MSMEs to support them in buying and selling of machine spare parts in the coming years. We intend to provide 360 degree assistance to this vital segment of Indian manufacturing sector in terms of complete machining solution and maintenance.
Do you think the fiscal policies of Government will help start-ups and other small businesses to grow in this competitive market?
Govt. of India and respective state govt. have announced very good policies to help startups however it requires a lot of efforts to execute these plan and policies to ensure that benefits are reaching out to startups. Most startup requires fund and govt. needs to ensure that allocated funds reach the deserving startups through a simplified process. A lot needs to be done in this area.
How do you plan to expand the reach out of your company?
Bookmyparts intends to reach out industrial clusters across India through ambitious marketing and branding campaign. Unlike B2C e-Commerce platforms we do not intend to push through discounts instead our strategy is to add value. We will be setting up warehouses physical offices and increase product portfolio to expand the reach of our platform.
7. Do you see a need for more such companies in India and what’s the future of such companies in India?
India is the second largest manufacturing hub in the world. There are ample scope and Opportunity in the online marketplace for machine spare parts industry. According to an estimate, the value of output for Machine spare part manufacturing is 21 Billion USD and it is likely to go up with Govt of India‘s special initiatives like Make in India, Digital India and so on.
8. Tell us your achievements that your company has earned!
Bookmypans’s achievement so far is Me launch of a unique platform when we started, we had huge challenges in front of us to make it happen as the concept was very new and people used to think machine spares can’t be sold online. Bookmyparts.com is recently felicitated by Digital India Excellence Award 2017 at PAN IIM World Management Conference held at Indian Institute of Management, Lucknow.
How was your journey as the owner of Bookmyparts as a whole?
The journey has just begun and there are miles to go. So far it’s been very challenging and exciting as well In the year 2018-19, we have a couple of important projects and milestone to achieve.
10. What message would you give to the small businesses to grow and succeed in the competitive market?
For Small Businesses of India to grow and succeed in the competitive market one needs to be agile with the constantly changing the dynamics of business in terms of technology. customer expectation new trends and keep themselves updated with these changes.
Also one can refer the Basic Elements of Effective Spare Parts management System.
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