The auto industry has evolved in leaps and bounds but the spare parts aspect of it still seems to be indifferent to this. Startup boodmo promises to address this gap and how. Read an exciting interview with the CEO, Yevgen Sokolnikov.
SoS: Share with us your business idea and why you chose this specific business to be an entrepreneur.
Yevgen: We visited India with the idea to start a business around e-commerce but after research we found that the spare parts auto industry is not well organized, though has huge potential, if the industry is digitised to offer timely products to the customers. Our revenue model operates on the margin from vendors’ sales.
Thus, we came out with the idea to establish an auto spare part marketplace in India. Also, India offered the great market potential. India’s huge demographic dividend offers not just potential consumers, but skilled workforce as well, for running business. Therefore, we picked India for this business.
SoS: What kind of services do you offer to your clients and list out the key milestones of your business?
Yevgen: boodmo is the country’s largest online marketplace for auto components buyers and sellers. The platform makes it easier for the car owners to find genuine auto car spare parts. The website boodmo.com is a car parts marketplace in India, which aims to organise the replacement parts market and makes shopping process easier and more convenient. We offer genuine parts without promoting any particular suppliers; all parts which are available on website are sorted by producers’ information and filtered by customers’ choice. boodmo also facilitates quick and competent service for the customers.
Milestones of boodmo can be summarised as:
- 2014/15 winter – idea emerged
- 2015 summer – company incorporated
- 2016 autumn – start of sales with 20 vendors
- 2016 winter – start of import operation
- 2017 summer – start of export operation
- 2017 autumn – 70 vendors, 10,000 orders
SoS: What makes your business unique and how do you define your marketing strategies?
Yevgen: boodmo focuses on providing the most comprehensive spare parts catalogues, sourcing spare parts from overseas vendors as well. boodmo has an excellent retention rate of the customers who have used the services earlier, which is an indication that customers’ satisfaction level has been quite high. A multitude of choices, that we offer, gives confidence to customers. boodmo addresses all the complaints seriously, strengthening and enhancing the trust of customers. In addition, we provide free website usage without any subscription fees, which leads customers to believe that it is a transparent platform. Besides, suppliers have their own interface to manage their products which gives them a tool of empowerment to manage their inventories.
SoS: What are the plans for your business in the coming future?
Yevgen: The primary goal right now is to consolidate the existing business in India and simultaneously, explore the expansion options. Since the market is huge and full of promising prospects, boodmo is planning to enter the two-wheeler spectrum as well.
SoS: What is the financial model you work with?
Yevgen: The revenue depends on the margin from vendors’ sale. First year of business was invested in laying the foundation of the platform. As of now we have started our sales, we believe that we will hit good numbers by December end.
SoS: What have been your challenges and the obstacles continuously in your entrepreneurial journey?
Yevgen: The foundation and launch of the platform was the most challenging thing. We spent a lot of time meticulously preparing the online catalogue for spare parts and listing the genuine suppliers. To execute the business smoothly, we also spent a lot of time in training and teaching the workforce. The journey has been tricky and interesting. After the launch, we were able to pick the market trends and as of now, we are doing well.
SoS: What have been the key ingredients that made your entrepreneurial dream a success?
Yevgen: Perseverance, hard work, industrious and innovative team, and customer satisfaction
SoS: What is biggest source of inspiration that keeps you walking through the entrepreneurial journey?
Yevgen: Quote “Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.” Unquote.
SoS: What would you want to convey to the budding entrepreneurs?
Yevgen: No one ever said it was easy being an entrepreneur. Whether you’re in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those components when you will ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, keep your head up and look to the opportunities ahead. It’s not about ideas. It’s about making ideas happen. There’s nothing wrong with staying small. You can do big things with a small team and always deliver more than expected, are a few suggestions for the budding entrepreneurs.