While online shopping is picking up in India, the influence of Internet on consumer decision making is increasing at a much faster rate. The Internet influences over 30B USD consumer spending in India which is as much as ~ 5X the size of the Indian Ecommerce market.
When it comes to Internet influence, the impact on electronic buying decision ranks at the top. In 2012, as many as 35 million Indians researched online before purchasing an electronic product. This research before buying is essentially aimed at answering some of these specific questions – which product to buy? Is this the best available price? Is the seller trustworthy? What are my other options other than this product? What is the opinion among people about this product? and so on…
BuyingIQ, an intelligent shopping engine is one such player enabling electronic shoppers make smarter buying decisions on the Internet.
Founded by IIT Delhi-BITS Pilani alumni in Nov 2012, BuyingIQ at present attracts over 750,000 visitors monthly, growing by ~40% month-on-month.
The team is being led by Piyush Taneja and Saumitra Purohit. Piyush has a B.Tech from IIT Delhi while Saumitra has an Integrated Masters from BITS Pilani. Both of them had a consulting job at PwC India before they founded BuyingIQ.
Although there are some other players with similar offering in the market, BuyingIQ scores over the competition by performing on the following aspects:
Deal Comparison and not Price comparison – Price comparison is misleading most of the times as it doesn’t consider discount coupons and other freebies available from the seller. BuyingIQ claims to have price data with over 98% accuracy and it further lists all the necessary details like additional offers and discount coupons made available by the seller all put together in one place. This helps the user make a comprehensive deal to deal comparison and not just price comparison which otherwise can be quite misleading for a user, hence providing a much more rewarding shopping experience. Demo – Price Comparison
Alternatives Recommendation Tool – BuyingIQ offers its users an alternative recommendation tool which performs an algorithmic driven comparison of products taking into account – product specifications, user response and popularity of the product to recommend the user with best alternative products available in the market for a product they are interested in. These alternative product recommendations can further be personalized by the user on the basis of specific feature he/she is interested in. Demo – Product Recommendation
Other differentiators being a huge in-depth electronic product catalogue; better in-site search and navigation; and a very elegant and optimized UX – which has ensured large first-time customer retention and a very fast growing, organically driven user base.
In the next few weeks, BuyingIQ plans to release a major product upgrade with community driven features at the heart of, it and plans to release its Android and iOS app by early next year. The current revenue revenue streams for BuyingIQ are in the form of online affiliate partners and display a networks. The company is working on developing newer revenue streams by venturing into data analytics – ecommerce price intelligence service and physical retail listing.
Although the company is currently cash flow positive, BuyingIQ seeks to raise a round of funding to focus on product development, extend its reach across various mobile platforms and venture into physical retail listing.