EasyKray

Marketplace analysis

Since our company deals with Small, Medium and Micro Enterprises in manufacturing and
infrastructure, India has a huge marketplace for this business. India has more than 6.3 crores of
MSMEs and these MSMEs make up 33.4% of India's output in manufacturing. The Micro,
Small, and Medium Enterprises (MSMEs) sector contributes significantly to the country's
socioeconomic growth. The industry has grown in prominence in India as a result of its
contribution to the country's Gross Domestic Product (GDP) and exports. The industry has also
made significant contributions to entrepreneurial growth, particularly in India's semi-urban and
rural areas. In FY21, the combined loan and credit disbursals stood at a Stooping of Rs 9.5
trillion, a 40% increase compared with Rs 6.8 trillion in FY20.

Environmental Analysis

Improving ranking on Ease of doing business, promoting start-up culture, vocal for local, and
making in India Initiative shows the government's will to encourage domestic SMEs.Institute
lending has increased but still could not cover the market. The Government of India has designed
various policies for the growth of MSMEs in the country.

· The Special Credit Linked Capital Subsidy Scheme (SCLCSS) for the services industry was
established by the Indian government in November 2021. This programme will assist
service-oriented businesses in meeting a variety of technological requirements.

· SAMBHAV, a national-level awareness initiative to promote entrepreneurship and local

manufacturing, was started by the Ministry of Micro, Small and Medium Enterprises in
November 2021.

· Mr. Narayan Rane, Union Minister for MSMEs, announced the 'India Export Initiative' and
the 'IndiaXports 2021 Portal' in September 2021. This programme will assist exports in
meeting their objective of Rs. 2,928,000 crore (US$ 400 billion) by the end of FY22, and
then increasing to Rs. 7,320,000 crore (US$ 1 trillion) by FY27.

· To strengthen the local silk industry and create jobs, the Khadi and Village Industries
Commission (KVIC) created the first 'Silk Yarn Production Center' in Odisha in September
2021.

· Mr. Narayan Rane, Union Minister for MSMEs, will launch the Rohtak Technology Center in
September 2021, which will teach around 8,400 people every year.
· In September 2021, the Khadi and Village Industries Commission (KVIC) announced the
SPIN (Strengthening the Potential of India) initiative and constructed a pottery cluster in
Varanasi under the SFURTI Scheme to help around 1,100 marginalised potters.

· The Lok Sabha enacted a law called "Factoring Regulation (Amendment)" in July 2021 to
speed up the payments ecosystem for MSMEs.

Market Gap Identification

● Dark Purchase- Manufacturers do not have a reliable partner to buy their raw material.
Sometimes they do purchase in dark, not having full knowledge of the suppliers.
● Lack of transparency- Again not having full knowledge creates opaqueness.
● Inaccurate data
● Supplier management
● High Cost of credit
● Shortage of skilled manpower
● Absence of collateral

Market Sizing

● $5.94 bill global market size

● 10.2% growth in market size
● India in international inbound supply chain
● Indian export are growing at 17.4%

Government schemes help in growing the procurement market.

User Personas

Major customers of EasyKray would be Small & Medium sized Enterprises and MSMEs, we
have created some hypothetical characters who own different kinds of businesses. Some of them
are stated below.
● Sanjay
○ 39 years old lives in Bathinda
○ He started a business of making buckets
○ Due to Covid his company was short on funds
○ He tried contacting suppliers of plastic and polymers raw material in Bathinda and
Ludhiana but could not get on credit basis
● Karnail Singh
○ 32 years old lives in New Delhi
○ Runs a textile factory
 ○ He got the large order but short on raw material and funds because of some other
investments
○ Preferring to get raw material on credit basis
● Balli
○ 56 years old lives Haryana
○ Has a business of making flower pots of cement
○ Got into a scuffle with cement provider on delivery time issues
○ Searching for a supplier who assures delivery on time

Customer Journey Map

Product Development

Product Design

● We believe that the void left by B2B markets can be filled and utilised by E-commerce
platforms.
 ● It also poses another question that how this will perform in the new market that they have
created.
● We need to get a better understanding of Segmentation, Targeting and Positioning.
● Also, the need will arise to check whether there is any need for new product lines
aligning with the current demand.

Product Ideation

● We look forward to emulating Amazon's strategy in D2C markets to sell their

commoditized products in the B2B markets.
● We also provide financing options with procurement and crediting to various SMEs and
MSMEs across multiple industry sectors.
● Based on our observation, things that we are likely to improve and the current problem
are as given below:
○ Lack of facilities for smaller businesses.
○ Additional third-party costs.
○ Intermediaries and increase in lead times.

Conceptual Design

Establishing the POPs: Point of Parity (POPs) are the attributes that we share with the similar
business are as given below:

● Economies of Scale & Sourcing

● Tie-ups with multi financial institutions
● Getting loans easily
● Quality checks

Establishing the PODs: Points of Distinction (PODs) are the attributes that make us unique and
stand out from the crowd.

● Loan Approval Process

● Repayment is possible in long-term assets.
● Unused materials can be returned within 15 days.
● Lead drop rates

Content Design

● We have written several blogs and Case Studies for the users to understand their needs in
detail and get a deeper understanding.
● We have optimized our content in order to achieve a better ranking in SEO.
● We have also conducted keyword research and ensured that keyword density must be
around 0.7 to 0.8 for a better ranking and achieving high-quality content.
 ● We have also ensured easier visual understanding of products by content to the visitors.

Visuals

These are undoubted, the face of our website, and have direct involvement with the users, for
this, we have ensured the following:

● Maintaining a simple and user-friendly interface.

● More straightforward navigation from pillar to cluster pages.
● Must be Goal-oriented and aims at all three aspects of our business, i.e., Finance,
Procurement and Delivery, reflected in the website itself.
● Ensuring a high degree of trust in the eyes of the visitors.

Product Vision

ENGAGEMENT MODEL

Platforms used to create Customer Engagement:

● Instagram - Mainly used to approach B2B companies.

 ● Direct B2B marketing - Approaching Businesses directly over call/email as per their
requirements
● Email Marketing - Using emails to market our products with the help of targeted
marketing

(email open rate- 127/230, redirects- 72/127)

Metrics Used to Measure Engagement:

● Bounce Rate - Site visitors that enter the site and leave without viewing the second page.
● Story Engagement - Story replies, story taps back and forth, impression and story exits.
● Engagement Rate - Likes, shares and comments are the metrics that help determine
engagement rate.

Growing the Engagement:

Targeted email marketing

FB Campaigns

Campaigns Used :

● Increasing the website visitors using FB

● Increasing brand awareness

Campaign Results :

● Increased CTR (click through rate)

● Number of site visitors increased

Inferences for Improvements:

● The conversion rate needs to be improved

● The email marketing campaign can be combined with other campaigns for better results.

CAMPAIGN
Translating Engagement to Transaction -
Lead Generation is done primarily through two avenues. Tender and bidding as a representative
to partner suppliers in SMEs and MSMEs raw materials and credit requirements. Other being
setting up of an ERP system that assists SMEs and MSMEs to communicate their requirements
whether it be of procurement, loans, or credit for raw materials.
The ERP system engages with SMEs and MSMEs to analyze their credit worthiness and
connects them with financial institutions and suppliers which then make bids to the buyers

The leads generated through ERP and bids are then sent through the system to divide them into
types of customers, orders that are up to a certain threshold ( price, quantity based) are automated
and approved through the ERP itself. Lead is given a financial limit for the credit they can avail
and auto-generated repayment and usage plans are disseminated based on the procurement type.
Buyers can then avail credit through the ERP and set delivery themselves.
When the orders surpass the threshold, a sales representative is assigned to the buyer to support
the buying process, ease the complexities and make customized deals with the suppliers.
Key Account Managers are assigned to handle the accounts based on their history of
transactions, total credit worthiness to gauge whether upselling is possible and increasing CLV,
and through outlook of industry the account operates in. KAM interacts with both buyers and
sellers along with the partner financial institutions to draft customized deals.

Success Metrics
Average Order Value
Number of Tender Filled/ Number of Bids Won
Leads per month
Increase in Order Value from Buyer X
Quality Rating
Cost of Purchase Order
Cost to Supplier per order
Credit Rate Approval Cycle
Order Cycle Time
Number of Secured Loans/ Total Loans
Number of Unsecured Loans/ Total Loans
Default Rate
Number of Suppliers over 1000 leads
Credit Approval Rate
Return rate of supplies

Go-To-Market Strategy

Identify SMEs and MSMEs in collaboration with government schemes to bid for becoming a
supplier.Onboard SMEs and MSMEs on the ERP system.Collaborate with financial institutions
to onboard buyers and generate leads.Bids through government tender and SMEs and MSMEs
funded by government to generate leads. Collaborate with financial institutions to generate leads
and onboards credit seeking buyers on the ERP system.Use Sales representatives to
communicate with buyers to enable them use of platform for getting credit approval.Disburse
credit and connect with sellers
Product Analytics

The analytics tool which is in-built in WordPress was used to estimate the traffic to the website.
Different metrics were calculated such as the number of visitors to the website, bounce rate,
number of clicks etc.
The screenshots of different metrics calculated are shown below.
PROTOTYPING METHODOLOGY
We started with analysing websites of reputed players in the B2B Space and defined the essential
generic elements. Then, in line with our offerings, we defined the other essential site elements.
Finally, we found out other elements from D2C sites and identified some elements which could
add on to our target customer group's experience. Throughout the process, we kept in mind that
our site and blogs primarily target SMB owners and CXO's.

CUSTOMER JOURNEY TESTING

We connected with a few random acquaintances on Zoom and asked them to share their screen
while we sent them our website link for the first time. We noted that most of them clicked on the
Contact Us section of the website first and then either on the See Our Offerings button on Home
Page or the About Us tab. This allowed us to modify their positions on the website to give more
visibility.
In line with the best practices followed by B2B service providers and manufacturers, we created
blogs targeting relevant keywords, conducted elaborate SEO exercises so that our blogs rank on
the first page of Google SERP, and estimated the organic search traffic. We also tried to map how
an average user jumps from the blog to our website and which parts of the blog are most
thoroughly read by users.

FUNCTIONALITY TESTING
While we did not conduct detailed client-side testing, we ensured server-side testing of each
individual element of the website on incognito mode of the browser. We tested each social media
and other user interaction button to check if the user data was correctly collected by our analytics
plugin and Wordpress Analytics (custom-event tracking).

BOUNCE RATE ESTIMATION

Taking standard click through rates for elements such as buttons, dropdowns, singular images,
galleries etc., we calculated an average clickthrough rate for the overall site as 55%. Thus, our
churn should be around 45%.
At a page-level, we assumed the CTR for each link and button on the page, put in an weightage
of 30% for buttons, 10% for normal links, 45% for image-based and video-based links and 5%
for lead-forms. By taking the total weighted aggregate of CTR, we could find the bounce rate of
the overall page (= 100% minus the weighted aggregate of CTR, mentioned in percentage).
IMPROVING TIME ON SITE (RETENTION)
We have formatted all external links so that they open in a new tab. We also ensured that at all
points of our product, there is an option with clear visibility to go to other pages without pressing
the Back option of the browser. This minimizes bounce rates and actually improves time on site.

POP TESTING
We contacted some industry acquaintances and requested them to point out how our website
matches that of other B2B players whose websites they regularly browse.
We also provided them with the URL of OfBusiness and allowed them to point out their
feedback about their and our website similarities.

POD TESTING
We gave the acquaintances the website link of OfBusiness and asked them to point out some
major differences between the two websites. From that we gained a fair idea about how much we
have been successful in differentiating our offerings.