The e-commerce industry in India is reaching new heights every year. With so many platforms allowing entrepreneurs to start an online company with very little capital investment, people are feeling confident about starting their business instead of trying to get a job.
, a 19-year old serial entrepreneur, is making headlines in this industry. He has a record of creating more than 30 e-commerce stores on Shopify alone. Considering his age, this is a mammoth achievement.
While most guys of his age dream of earning thousands of dollars later in their life, Utkarsh is someone living that dream. One of the 30 stores that he created now makes approximately $50,000 to $100,000 every day. It's his knack towards e-commerce that led him to reach such impressive heights at such a young age.
As India is gearing towards a new era of online shopping, Utkarsh Raj has his say on what should entrepreneurs do to make their businesses successful. His words of wisdom on digital marketing and e-commerce are something that every young entrepreneur should listen to.
And, we are honored to have Utkarsh with us today to get an insight into his world and how he deals with pressure at such a young age.
1) Hi, Utkarsh. It's a pleasure to have you with us today. We would like to begin by asking you how it all started. What made you enthusiastic about e-commerce and when did you learn that you should take this up as your career?
Well, thank you for having me here. Firstly, I would like to thank my parents who didn't interfere with my idea of getting into e-commerce from a very early age. I was 15 when I saw my friends purchasing stuff online. Things like branded shoes, watches, t-shirts, and electronic gadgets – that sort of stuff. This concept of getting things delivered right at your doorstep intrigued me. I wanted to know what goes on behind the scenes of these websites. That made me explore e-commerce further.
While researching about this industry, I came to know about dropshipping. And I soon realized that many websites use this technique to start online businesses. I just wanted to help new entrepreneurs fulfill their dream of starting a business. And, that's the idea that made me take this up full-time in my career.
2) That's quite fascinating. Considering you are an Indian, how do you think the Indian market is behaving compared to the rest of the world? If you would bring one change to make this industry better in India, what would it be?
I'm proud that India is doing so well in this industry right now. According to recent statistics, India's revenue from e-commerce was approximately $49 billion in 2019 and it is expected to jump to $120 billion by the end of 2020. This means the growth rate stands at 51%, which is the highest in the world. That speaks a lot about how the industry is doing in India.
Your second question is a tricky one, though. With the country doing so well, it's hard to pinpoint a specific area that needs polishing. But if you insist, I would have to say entrepreneurs should focus more on digital marketing. Indians are very creative when it comes to creating dropshipping websites, but I feel they lack a small step in marketing their business. Small companies should pay attention to social media marketing and tie-up with influencers from YouTube, Instagram and TikTok. They should also consider paid advertisements with the platforms. That's the best way to put your brand among the crowd and let your product quality stand out.
3) What message do you have for new entrepreneurs who want to become successful in this industry?
I say this to every entrepreneur who seeks my help: don't rush your business. Watching your business grow is like raising a kid. You can't expect a 6-month old baby to know all the letters in the English alphabet. Similarly, you should give your business some time to respond. Whether it is Indian entrepreneurs or any other businessman in the world, overnight success in the e-commerce industry is a myth.
We are ever so grateful to Utkarsh Raj
for spending time with us today. It has been a pleasure talking to you, and we hope our readers will feel enlightened with your expertise in this industry.
Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.