ShopX reports 400% increase in quarterly revenue

PUNE: Retail network firm ShopX said on Friday that it had grown revenues by 400% in the quarter ended August 31, with a 130% increase sequentially. This has been its highest revenue grossing quarter, CEO Amit Sharma told ET.

The company also reported a two-fold increase in retailer sign ups and an average order size increase of 40% per retailer from April to July. “Small retail businesses faced several problems, and the first step was to remain deeply connected with our customers: the small retailer,” said Sharma.

The company engaged closely with its retail partners over the early months of the pandemic, identifying specific demand patterns across stores, leading to a targeted merchandising strategy on the digital ShopX platform. The company’s B2B business had turned profitable in June after factoring in marketing and other costs.

“Our approach has been to focus on the fundamentals: real revenue over other meaningless metrics, profit over unsustainable growth, and customer interest over short-term opportunism. With this approach, we are looking at becoming the largest retail network company in India in the years to come,” he said.

The company has signed up with 34 fast moving consumer goods brands in the last two months, including the top seven consumer brands and all the leading mobile brands. “Gross channel margins (the margin that ShopX gets from suppliers/brands) also improved by 50% in the period, said Sharma.

ShopX reports 400% increase in quarterly revenue ShopX reports 400% increase in quarterly revenue Reviewed by TechCO on 9/05/2020 Rating: 5

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