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Why Mysmartprice's Business Model is so successful?

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Mysmartprice’s Company Overview


MySmartPrice is a leading online platform based in India that specializes in providing price comparison services for a broad array of products. Founded in 2010 by Sitakanta Ray and Sulakshan Kumar, the company aims to simplify and enhance online shopping by offering users the ability to compare prices across a wide range of online retailers. The platform covers a diverse selection of categories, including electronics, fashion, books, and home appliances, among others. By integrating multiple e-commerce platforms, MySmartPrice ensures users can find the best deals and make informed purchasing decisions. The company is known for its user-friendly interface, comprehensive product listings, and reliable customer reviews. Business Model: MySmartPrice operates on an affiliate marketing business model. The platform aggregates product listings from various online retailers and provides users with the ability to compare prices and product features. When a user clicks on a product link and makes a purchase from the retailer's site, MySmartPrice earns a commission on the sale. This model allows the company to offer its comparison services free of charge to users, while still generating revenue. The company also focuses on providing quality content and reviews to attract and retain users, further driving its affiliate marketing success. Revenue Model: The primary source of revenue for MySmartPrice is the commission it receives from affiliate sales. Each time a user clicks on a product link on the platform and subsequently makes a purchase on the retailer's site, MySmartPrice earns a percentage of the sale. The specific commission rate varies depending on the retailer and the type of product purchased. Additionally, MySmartPrice generates revenue through advertising. By leveraging its substantial user base, the platform attracts advertisers looking to reach a targeted audience, providing an additional stream of income.

https://www.mysmartprice.com/

Country: Karnataka

Foundations date: 2010

Type: Private

Sector: Technology

Categories: Internet


Mysmartprice’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: rewards me, design/aesthetics, provides access

Functional: saves time, simplifies, reduces effort, informs, variety


Mysmartprice’s Related Competitors



Mysmartprice’s Business Operations


Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Advertising:

This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.

Affiliation:

Commissions are used in the affiliate revenue model example. Essentially, you resell goods from other merchants or businesses on your website or in your physical store. You are then compensated for referring new consumers to the company offering the goods or services. Affiliates often use a pay-per-sale or pay-per-display model. As a result, the business can access a more diversified prospective client base without extra active sales or marketing efforts. Affiliate marketing is a popular internet business strategy with significant potential for growth. When a client purchases via a referral link, the affiliate gets a portion of the transaction's cost.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Discount club:

The discount club concept is built on perpetual high-discount deals utilized as a continual marketing plan or a brief period (usually one day). This might be seen as a reduction in the face value of an invoice prepared in advance of its payments in the medium or long term.

Online to Offline O2O:

Online to offline is a term (often abbreviated as O2O) used in digital marketing to refer to systems that entice customers to purchase products or services from physical companies while they are in a digital environment.

Sponsorship:

In most instances, support is not intended to be philanthropic; instead, it is a mutually beneficial commercial relationship. In the highly competitive sponsorship climate of sport, a business aligning its brand with a mark seeks a variety of economic, public relations, and product placement benefits. Sponsors also seek to establish public trust, acceptability, or alignment with the perceived image a sport has built or acquired by leveraging their connection with an athlete, team, league, or the sport itself.

Group buying:

Group purchasing, also referred to as collective buying, provides goods and services at substantially discounted rates in exchange for a minimum number of customers. Typically, these websites offer a discount of the day, which becomes active after a certain amount of individuals agree to purchase the goods or service. In addition, numerous group purchasing sites operate by arranging discounts with local businesses and increasing foot traffic in return for lower pricing.

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