Ep #3| WTF is E-commerce: Kishore Biyani, Udaan & Meesho Founders Reveal What Sells and What Doesn’t

Those instances of silence for few seconds after Kishore Biyani spoke says a lot about the respect that person earned

Kishore Biyani is a legend, sad to see Future group shut shop. Just the fact that Nikhil Kamath invited Kishore to the podcast tells a lot about this man.

Mr. Biyani confessing to the debt blunder so humbly! huge respect!

Kishore Biyani nailing the podcast. Talking about how a normal person think of a business. Value Addition. Right from the beginning he sticked to his point "No value addition, no business". Perfect.

Nikhil is kicking everyone out of the podcast industry

Kishor Biyani for the first half he was just observing but in second half he showed his knowledge and deep understanding about Indian consumers

Hands down Kishore biyani is a GOAT for all learnings of high and lows yet he seems a hustler by casually using "destroyed" term. Truly inspiring

This is good in many ways - Flow of discussion - Keeping it real and original - Camaraderie amongst the panel - Candidness and personal touch Success is not just money, it also presents opportunities for interesting friendships and related experiences (it is not just because of the money)

Timestamps 0:00: Intro 1:18: Introductions 4:43: What is Meesho? 5:51: Who is Kishore Biyani? 8:20: Rebellion, insecurity and success 16:15: How Kishore Biyani made it big 18:33: Kishore Biyani's inspirations, Tirupati, Saravana Stores 19:49: Sujeet Kumar's Story 24:45: The origins of FlipKart 28:35: Udaan and Sujeet's investments 31:24: Rameshwaram Cafe's incredible numbers 33:15: Kishore Biyani's most profitable business 35:51: The changing ecosystem of Saudi Arabia 39:35: The brands that scaled in India 41:50: Selling online vs. offline 43:07: Do we have any agency over how we shop? 48:35: Influencer Marketing in E-commerce 58:42: Past, present and future of selling in India, The Temple Economy 1:05:31: India's wedding economy 1:07:46: Why do some products sell and others don't 1:15:50: How different generations shop 1:19:33: Amazon vs Flipkart 1:21:43: Nikhil: Multiplexes aren't dead 1:29:26: Why India isn't like the West 1:34:36: Kishore Biyani's philosophy + life advice 1:43:43: ONDC (Open Network for Digital Commerce) explained 1:49:24: Nykaa discussion - the only publicly listed Indian e-commerce brand 1:53:09: Meesho's valuation 1:57:51: How to get into e-commerce and the future of selling online 2:04:09: Concluding thoughts

OMG! Nikhil is building the ultimate podcast without any stupid shit

The podcast suddenly caught fire after 2 hrs of peaceful discussion when it was time to discuss GROWTH vs PROFIT. Vidit and Suujeet justifying losses whereas Mr Biyani holds his ground for profitability. Nikhil Kamath whose company made over Rs.2000 cr profit last year sits quietly and says " ha ye karlo pehle". 😂🔥 BTW amazing podcast. Love it !❤ Havent heard such insighhtfful conversation in a while.👍

🎯 Key Takeaways for quick navigation: 00:01 🛒 Meesho founder, Vidit Aatrey, explains that in India, the e-commerce market picks up after both harvesting and post-harvesting seasons as people discover and buy products online. 01:08 📚 Vidit Aatrey shares his background, growing up in Delhi, being the first engineer in his family, and how he initially believed there were only two career paths: government jobs or farming. 08:03 🤔 Kishore Biyani, founder of Future Group, discusses his upbringing, his contrarian thinking, and how he ventured into the fabric and garment industry. 14:14 📈 Kishore Biyani reflects on the growth of Future Group and how he compounded at 30 percent annually over 30 years. 19:53 👥 Vidit Aatrey and Sachin Bansal talk about their college days and the cultural shock they experienced when they first arrived at IIT Delhi. 25:11 📖 Vidit Aatrey and Sachin Bansal mention that they were inspired by Kishore Biyani's journey when they started their businesses and read his book. 27:14 🛍️ Social media plays a significant role in influencing consumer buying decisions, with users often getting inspired by content and influencers on platforms like Instagram. 32:52 💡 In building consumer brands, aligning with influencers who share the brand's philosophy and values is crucial for effective marketing. 46:05 📱 Digital media and mobile phones have made people more individualistic in their preferences, and social media has become a major influencer in shaping consumer behavior. 50:45 🌐 The role of marketing is evolving, and while influencers are essential, finding influencers who align with a brand's core principles is becoming increasingly important. 54:12 💰 Companies are investing significant budgets in marketing, but the allocation of these funds is influenced by various factors, including the changing dynamics of social media and consumer behavior. 54:26 🌍 Effective e-commerce strategies should be local, especially in heterogeneous markets like India, as tier one and beyond have distinct consumer behaviors. 55:09 🌟 Using celebrities in marketing can be effective, but the return on investment (ROI) is hard to estimate, so diversifying celebrity endorsements is a risk mitigation strategy. 55:52 🎥 Localization is key in marketing, with different celebrities used for various regions, as finding one person who appeals to all is close to impossible. 57:39 📰 The future of information dissemination, including finance news, may shift from traditional channels to influencers and content creators. 58:06 💼 The type of products people prefer may not change significantly, but who sells those products may evolve, potentially leading to a new generation of influencers. 59:32 🌐 India's diverse market includes a significant population dependent on government aid, making it important to understand the various segments for effective e-commerce strategies. 01:00:12 💹 India's population is divided into three categories: consuming class (India one), serving class (India two), and farm laborers (India three), with the focus on growing the consuming class. 01:02:12 📈 India's consumption patterns must evolve to drive economic growth, with an emphasis on the consuming class increasing their discretionary spending. 01:08:07 🛍️ Products that sell fulfill customer needs, vanity, or ego, and they need to adapt to the changing consumer landscape, including the rise of aspiration-based consumption. 01:14:21 🔍 Businesses should focus on understanding where consumers spend their time and tailor products and marketing strategies accordingly as channels and consumer preferences evolve. 01:19:43 📦 Different e-commerce platforms can distinguish themselves through unique value propositions, such as convenience, legitimacy, and specialization, to cater to various consumer needs. 01:20:11 🛒 Consumers in e-commerce believe in getting the best selection and an affordable price, making it crucial for platforms to fulfill these expectations. 01:20:38 🤝 The distinction between Flipkart and Amazon has blurred after the Walmart acquisition, highlighting the importance of a company's DNA in shaping its offerings. 01:21:19 💲 Pricing is essential in e-commerce, but it's just one aspect; offering what Indian consumers want is equally important. 01:22:30 🎥 The multiplex industry in India faced challenges due to policy changes, but its relevance has grown as a family-friendly, air-conditioned entertainment option. 01:25:31 🍔 Changes in consumer spending patterns, like investing in mobile phones and dining out, can affect businesses like multiplexes. 01:27:08 📊 The valuation of listed restaurant chains like McDonald's and Burger King differs significantly from unlisted restaurants in India, raising questions about aggregation. 01:31:41 ☕ The coffee culture in India is distinct from the West, where people spend more time in coffee shops, affecting the financials of coffee chains. 01:35:08 🧐 Discovering your "fatal flaw" as an entrepreneur can be vital for personal growth and decision-making. 01:40:04 🤔 Normalizing the acknowledgment of flaws is essential for personal development and growth, especially in entrepreneurial circles. 01:43:05 📚 Psychology, history, and mythology are valuable subjects to explore for personal growth and self-awareness, even in the context of e-commerce. 01:43:57 🛍️ Small businesses, including Mom and Pop stores, play a significant role in platforms like Meesho. Understanding their needs and catering to them is essential for e-commerce success. 01:44:27 📦 India's government initiative, ONDC, aims to onboard small businesses onto a single e-commerce platform, potentially transforming the landscape. 01:45:26 🔄 ONDC seeks to be the UPI (Unified Payments Interface) of e-commerce, making it easy for sellers to upload their catalogs across integrated apps. 01:47:00 📱 The pandemic accelerated the shift to e-commerce, prompting many small Indian businesses to go online, especially via platforms like WhatsApp. 01:48:21 💼 The challenge with ONDC and similar platforms is that if every storefront becomes the same, differentiation and brand identity become challenging. 01:49:46 🏢 In terms of e-commerce investment in India, there are limited options for investors, with Nica being one potential choice for exposure to the e-commerce space. 01:51:54 🤝 E-commerce platforms must focus on building their own strengths and brand identity, similar to what Nica has done. 01:53:29 💰 Growth is crucial for e-commerce companies, and profitability should come after achieving critical mass. 01:56:54 🌐 E-commerce offers advantages like reduced space, time, cost, and enhanced social interactions, making it an attractive sector for entrepreneurs. 02:00:23 📈 Scaling and supply chain optimization are essential for e-commerce businesses to succeed. 02:05:19 🛒 E-commerce is becoming integral to all forms of commerce, and those entering the business should f

Our generation is so lucky that we can learn directly from EXPERTS 😊😊 Thankyou sir !

Quite impressed by the types of questions asked in this podcast. Nikhil knows exactly what to ask.

Best thing about this podcast was having veteran and newbie on the same table. Would love to have have same split for future topics, it gives us learning from past and glimpse of future

Sujeet Kumar is such a chill guy 😅. never knew he was also a force behind flipkart. may be coz of typical bihari nature of not branding oneself. nevertheless.. coming from a very small place in bihar and making a name for himself in start-up world is very inspiring and impressive. bihar needs example like him.

Sujit sir seems such a nice guy. Really as nikhil sir said he is human with no filter. Loved him

The burning desire Nikhil has right now is : 1. Push to know or identify companies/categories where the customer can invest 2. Founders/Influencers to open about sectors and issues so he himself can invest These videos are very raw, founders/influencers speak openly and unfiltered since they do not know where to stop. Maybe after 6-8 videos every other joinee will try to pitch their company later. watch it now or take great insights from these videos. Like Vidit stopped Nikhil not to go below certain metrics was a hint I spoke about. But really great insights from Kishore sir at 1.26-1.29 about customers. Thanks to Nikhil for these podcasts!

Would love to see a 2-3 hours long podcast, only Nikhil and Mr. Biyani

Nikhil's ability to ask right questions, get insight outta everyone. Wonderful . Loved the podcast.