This project was done for our 'Entrepreneurship' jury at NIFT, New Delhi. We considered ShopClues and identified why it failed as a business. We mapped out its journey and tried to rectify the business model that failed. We also provided additional solutions to the issue.

1. By Priyanshu, Gauri, Bhavini,
Sakshi, Sheetansh
THE RISE AND FALL OF

2. To understand the business model of an
“Unsuccessful Entrepreneur” and to suggest a
successful or feasible business model for it’s
revival.
THE BRIEF

3. Shopclues: The Sarojini
Nagar of e-commerce or just
another sinking ship?

4. the beginning
2011
SandeepAggarwalalongwithRadhika
AggarwalandSanjaySethi,whowasthe
formerGlobalProductHeadofEbay,
cametogethertolaunchShopclues,the
firste-commercewebsiteinIndiathat
operatedonthemanagedmarketplace
model.
ShopCluesstartedoperatingvia
Facebook.Theirplanwastoprovide
buyerswithgreatdeals,knowingthatthe
Indianaudienceenjoyedthebest
bargains.
Theymanagetoapproach12angel
investorsandraised14croresof
investment.

5. the vision
“ShopClueswasnotmyfirststartup,butthe
firststartupthatIendeduppursuingallthe
wayasthefounder...
“IcreatedIndia’sfirstever-horizontal
marketplacethatwasamanagedmarketplace,
amarketplacethatofferedvalueadded
services...
“Ialwaysknewthatatsomepointoftime
AmazonwillcometoIndiasoIdevelopeda
strategythatgaveusveryclearandtangible
advantage:focusonnon-standardcategory...
onsmallandmediumsellers... onsecondand
thirdtiercities.Thiswasquiteadefensible
positioning.”

6. What was the reason behind
it’s initial success?
ShopClues chose to target often
overlooked segments of the population by
creating a platform following a zero-
inventory marketplace model.
The founder and CEO Sandeep Aggarwal,
hoped for long-term success, targeting
profitability.
Shopclues posed a serious threat to other
e-commerce companies as it had a wide
range of merchants.
As per Indian news reports, Shopclues
used to be ahead of Flipkart, which has
7,000 sellers and Amazon which had
16,000.

7. ShopClues came to be
listed amongst the top
e-commerce companies
in India.
Shopclues launched
India’s first wholesale
marketplace TVC and
launches its window
app.
Shop Clues hosted a
competition called “The
Next Big e-Preneur” with
more than 1000 entries
from merchant across India.
Shop clues crossed 100
million monthly visits and
more half a million merchants
and acquired a payment
gateway Momoe.
2014
2016
2015
2016
Important
milestones

8. Financial
journey
2012 2013
2014
2015
2017
2018 2019
present
201
8
2016
Series A: $4 million
2500 transactions a day.
Series B: $10 million from
investors Nexus Venture
Partners and Helion
Venture Partners.
Sandeep Aggarwal
Resigns
Series C: $15 million
from existing investors.
Series D: $100 million,
welcomed Tiger Global
among investors.
It also registered a GMV
of $400 million.
Series E: Joined the
prestigious Unicorn Club.
Brought back its dreams
for profitability, hoped for
an IPO.
Internal Turmoil,
Revenue began slowing
down. 5% instead of 50%
jump, Losses: ₹332
crores.
46% revenue jump, losses ₹208
crore. Cut down on operational
costs, advertising spends and
employee benefits. Competition.
Plans for an IPO failed. Multiple
senior management exits and fired
50 employees. Legal fights.
Rumours of being sold. Snapdeal was
reported to be in talks with Shopclues
for a merger, but it didn’t go through.
Laid off 200 employees to cut costs.
Finally, sold to Singapore-based
Qoo10. $1.1 Bn worth of assets for a
mere $70 Mn valuation.
ShopClues sees
its scale decline
by nearly 50%.

10. The failing
business model

11. Key Partners Key Activities
Key Resources
Value Proposition Customer
Relationships
Channels
Customer
Segments
Cost Structure Revenue Streams
Certified merchants--
over 350,000
Kirana stores and Small
Business Owner
Logistics and Delivery
Partner
Investors:
CluesNetwork, Unilazer
Ventures, InnoVen
Capital, GIC, Tiger
Global Management,
Helion Venture Partners,
Nexus Venture Partners.
Providing a marketplace to
Small and Medium
Businesses
Organizing flash sales,
weekly fairs in rural or semi-
urban areas.
Online retail of goods in
unstructured categories
Shipping to over 30000 pin
codes
Seamless shopping
Experience and Customer
Servic
Helping merchants digitize
their business
Ad campaigns and digital
marketing.
Funds raised, Human Capital,
Technological Infrastructure
(e-commerce platform),
Courier & Logistic services.
Key expenses: salaries, marketing and service
Cost-conscious structure
Maintain strict control over expense on advertising
Logistic
Biggest expense is shipping charges and transportation.
Revenue from unstructured segments account for 70% of the
annual revenue
Mid-pricing policy that is affordable and pocket-friendly
Service fee on sales made through the website
Advertising and sponsored listings
All the popular online payment options such as credit card, debit
card, net banking, cash on delivery (COD), EMI and International
credit cards.
India’s first marketplace
model that connected
buyers and sellers
Wanting to sell products
made in India, they
capitalized on the shift
away from Chinese goods
and this later fell under the
‘Made in India' banner.
Primary focus on
unstructured category of
goods
Sell basic and practical
products
Empowering small and
local businesses
Competitive prices
Agreements with
merchants to ensure only
genuine products are
sold.
Services like ShopClues
Surety Program and
ShopClues VIP Club
Campaigns such as Ting
se Leke Tong with
Aflatooni products and
Believable Shopping at
Unbelievable prices
Customer support across
various online channels like
email and website.
Creating the Flea Market
Experience online.
Buyer Protection Program
Online channels: website,
social media pages like
Facebook, Twitter, tv
commercial
Digital marketing
channels like SEO, E-mail
Marketing, Blog-posting
Targets merchants and
consumers
Indian middle class
with household
income from Rs.
3-10 lakhs
Small scale business
owners like kirana
store owners, local
brands
Tier II and Tier III cities

12. Swot
anal
ysis
Strenghts
Threats
Weaknesses
Opportunities
Diverse Product Rang
Marketplace Mode
Affordabilit
Value Deals
Intense Competitio
Changing Consumer
Behaviou
Economic Factor
Regulatory Challenge
Investor Mistrust
Quality Control Issue
Lack of Brand Loyalt
Low Credibilit
Poor Shipping Syste
Lack of innovative tec
False Promises
Technology Upgrade
Strategic Partnership
Market Expansion
Marketing & Rebrandin
Logistical Expansion

13. The Failure lies in the
dissonance between the
company’s business model
and its actions
It claims to have a model that puts sellers
and buyers at the centre, however, it fails
to fulfill any promises.
It uses being “India’s first marketplace model” as
it’s value proposition, even though the company
has done nothing to retain value and trust.

14. what went wrong?
Extreme Cost-
Cutting Measures
Lack of Funds
Legal Cases
Lack of Innovation
Leadership
Conflict
Losing Credibility

15. ShopClues started when eCommerce businesses
were rare.
However, by 2014, Amazon and Flipkart had began
to aggressively market themselves to remove rivals.
They used better and more refined marketing skills
which overpowered any model ShopClues could
produce.
Amazon had enough funds to solidify their position
in the market even with losses, however, ShopClues
could not
Shopclues lacked dynamic and innovative business
strategies and adaptability. Other platforms gained
popularity and consumer trust, while ShopClues
struggled to retain its customer base.
60% of market shifted to Amazon.
tough competition
Lack of Innovation & Adaptability

16. losing credibility
There was an increase in damaged and fake
products being sold by sellers because of the
lack of regulations and customs checks. Users
complained of dupes, delayed deliveries, no
refunds and held the platform responsible.
Shopclues, the primary intermediary, became
associated with inferior product quality and
scams
The lack of responsive customer support
created frustration and disappointment among
users
Sellers were also claiming that they weren’t
being paid the money they were making from
the sales
60 out of every 100 products were returned
This also lead them to having legal disputes.
Shopclues
Flipkart,
Amazon
Inferior Quality Goods Sold Returning Good that are of Inferior Quality
Customer Dissatisfaction & Poor Customer Service

17. Leadership
conflict
Sandeep Aggarwal was arrested by
the FBI for insider trading.
As a result he was asked to resign
from his post. In 2017, he sued his
wife Radhika Aggarwal for taking
away his voting rights in the company.
He filed criminal defamation against
Sethi and Radhika, claiming they
downplayed his contributions as the
creator and founder of ShopClues
The messy and public falling out led to
the sales margins dropping
drastically.

18. Extreme cost-cutting
measures
Manpower Cost of Operations Other Areas
After 2016, hundreds of
workers were routinely
let go each year.
2017 alone saw the
termination of more
than 200 workers.
The cost of operating
ShopClues fell by a
staggering 60%
between 2018 and
2020
In 2018, costs totalled
Rs. 363.4 crores, while
in 2019, they were just
Rs. 278 crores.
A further sharp decline
of Rs. 148.6 crores was
seen in 2020.
Reduced its advertising
and promotion spending
by 80% in 2018 & 60% in
2019
The cost of shipping
decreased by 100% in
total.
In 2020, there were no
reports of
transportation fees or
recruiting costs, hence it
is assumed that costs
were slashed.

19. Lack of funding
The company was trying to control its burn rate, wanting to
bring it down from $5.5 million in January 2017 to a lower $0.5
million by November 2017
In trying to reduce the burn rate, Shopclues ended up
sacrificing its revenue growth
In addition this period was marked by internal scandals in the
company
As a result the company lost the trust of investors and
wasn’t able to secure further funding.

20. How can this
model be fixed?

21. Rectification can
be done in 2 ways
Making changes in
the aspects that
already exist in
the model
Analysing market
trends that are
being taken up by
key players

22. Making changes
in the aspects
that already exist
in the model
people
growth innovation

23. ShopClues relies on its past to
work as a value proposition.
However, since it did not retain
that position, it needs to identify
and work on providing a new
value proposition that attracts
customers.
Counterfeit Detection methods,
seller ratings and seller
information visible to buyers,
penalties based on seller and
product scores.
A failure to keep up with it’s
promises has led customers to
lose their trust with ShopClues.
The company should invest in good
customer care that addresses
issues and resolves them quickly.
They can also leverage their social
media presence for the same.
ShopClues lacks a proper system
for verification of merchants
selling products on the platform.
This has in the past led to
numerous complaints about
quality issues as well as legal
disputes. A more comprehensive
registration process should be
employed.
02
04
01
03
New Value Proposition
Quality Assurance
Optimising Customer
Satisfaction
Seller Manangement

24. Maintaining transparency with
the sellers throughout the
merchant cycle and ensuring
timely payments.
Having a payment specific
redressal system in case seller
payments get delayed.
Keeping up with tech.
advancements and adopting
elements like machine learning
algorithms and virtual try-on
features would enhance the user
experience and help in consumer
retention.
Investors recognize organizations
that cling to legacy business
models and do not embrace
innovation. Shopclues should
adopt changes in the
marketplace, innovative
products or services that are
fueled by technology. This will
attract investors.
ShopClues in the past has used
clever marketing and advertising to
promote the company. Now, they
can also branch out to influencer
marketing to establish trust with
consumers and promote their
platform.
06
08
05
07
Building trust with sellers
Tech. & Modernisation
Gaining Investor’s Trust
Marketing and promotion

25. Analysing market
trends that are
being taken up by
key players

26. The market potential remains untapped, with
predictions of 500 million online shoppers by
2027, contributing to a market worth $170
billion
The economic growth in India, coupled with a
population of 1.4 billion people, suggests
substantial room for further expansion.

27. Social media platforms now serve as
powerful shopping destinations,
offering users an integrated
shopping experience
This content plays a crucial role,
providing personalized shopping
experiences through advanced data
analytics
Influencer marketing holds
significant sway in India, with
influencers acting as trusted
advisors.
An integrated model (offline +
online) is deemed critical for success
in the Indian market
Strong distribution capabilities and a
superior cost advantage, particularly
against online players, are highlighted
as essential from the outset.
Fashion has become the largest
category in e-commerce, capturing
a 25% GMV share and
experiencing over 40% growth in
2022.
Social Commerce Integrated Model
Fashion

28. Understanding the needs of Indian
consumers, leveraging the growth
of digital infrastructure, and
establishing key partnerships with
logistics stakeholders like Railways
and India Post
Strategy for competition is to keep
innovating.
The introduction of 'Meesho Mall'
aligns with its 'User First' approach,
aiming to meet diverse consumer
needs by offering a wide range of
products, including branded
items
This is intended to provide it with
much-needed money.
Lessons from Amazon Meesho Mall

29. Correcting the
model

30. Key Partners Key Activities
Key Resources
Value Proposition Customer
Relationships
Channels
Customer
Segments
Cost Structure Revenue Streams
Certified merchants--
over 350,000
Kirana stores and Small
Business Owner
Investors:
CluesNetwork, Unilazer
Ventures, InnoVen
Capital, GIC, Tiger
Global Management,
Helion Venture Partners,
Nexus Venture Partners.
Strategic Logistics and
Delivery Partners like
Indian Railways
Brand
Providing a marketplace to
Small and Medium
businesses
Online retail of goods in
unstructured categories
Organizing flash sales,
weekly fairs in rural or semi-
urban areas
Seller Management and
multiple verification
checks
plus branded goods
Marketing campaigns:
influencer marketing,
social media advertising.
Customer Care: timely
response and
comprehensive redressal
system
Funds raised, Human Capital,
Technological Infrastructure
(e-commerce platform),
Courier & logistics services.
Key expenses: salaries, marketing and service
Cost-conscious structure
Biggest expense is shipping charges
Logistic
Advertising and influencer marketing
Store Maintenanc
Technological infrastructure
Revenue from unstructured segments
Mid-pricing policy that is affordable and pocket-friendly
Service fee on sales made through the website and
Advertising and sponsored listings
All the popular online payment options such as credit card, debit
card, net banking, cash on delivery (COD), EMI and International
credit cards, UPI
from brands
Operates under the 'Made
in India' banner,
capitalizing on the shift
away from Chinese goods
Primary focus on
unstructured category of
goods
Empowering small and
local businesses
Competitive prices
Agreements with
merchants to ensure only
genuine products are
sold
with availability of
branded goods for certain
segments
Flexibility to innovate with
market trends and adapt
to new needs of the
masses. Growing with the
ever-changing market.
Services like ShopClues
Surety Program and
ShopClues VIP Club and
campaigns
Creating the Flea Market
Experience online.
Customer support on
website as well as social
media.
Transparency throughout
the merchant cycle,
especially for payments
Quality checks and
assurance: Counterfeit
Detection methods, seller
ratings and seller
information visible to
buyers, penalties based
on seller and product
scores.
Online channels: website,
app, social media pages
like Facebook, Twitter, tv
commercial
Digital marketing
channels like SEO, E-mail
Marketing, Blog-postin
Offline Stores
Targets merchants and
consumers
Indian middle class
with household
income from Rs.
3-10 lakhs
Small scale business
owners like kirana
store owners, local
brands
Tier II and Tier III citie
Tier I cities.

31. These are some of
the learnings
sandeep aggarwal
mentioned on his
linkedIN

32. Thank you!

33. Resources
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