India's smarter-shopping Phenom(2)

A major challenge for online businesses is to reassure customers that their credit card details are in safe hands. Flipkart set out to put customers at ease from the beginning.

"One of our very first marketing campaigns, the hugely popular 'No Kidding, No Worries', was aimed at clearing up some prevalent concerns customers had about online shopping. Each ad addressed one aspect of the issues - from cash-on-delivery to assurances of original products, availability of warranty and the option to replace the product within 30 days in case of defect," he says.

With e-commerce still in early stages in India, Bansal has no immediate plans for Flipkart to go global as he feels it has "just scratched the surface" at home.

The main reason e-commerce has been slow to take off in India, he believes, is due to slow broadband and Internet penetration. "While the situation is improving rapidly, especially with the growth of data-enabled smartphones, the start was delayed."

Internet shoppers had for years been discouraged from buying physical goods, Bansal says, as there was a lack of reliable Indian shopping sites. But he explains online ticketing sales took off sooner, which helped consumers become more familiar with Internet shopping.

"It's only now, with serious players entering the fray offering customer-friendly policies and a transparent shopping process, that e-commerce is truly catching on in India," he says.

The country is slowly opening up to entrepreneurs, he explains: "The attitude of the government, society, investors - everyone - has become more welcoming. As a result, industries are also becoming more conducive to new businesses."

Flipkart has been a key player in developing the Indian e-commerce story and is "committed to giving back to the communities" that have helped it grow.

Bansal believes that a successful company is one that not only chalks up business milestones but also sets an example as a socially responsible organization.

"Commitment to a corporate social responsibility program enriches the company culture and drives employee pride and brand integrity - all essential to an organization's all-round growth," he says.

Whenever he is asked to give advice to budding entrepreneurs, the first thing he says is to always have a cofounder.

"Entrepreneurship is not easy, and having a like-minded partner to share ideas and responsibilities with is a huge bonus. Binny and I believe in discussing each and every idea. While he is analytical, I am more strategic, and this makes it a perfect partnership.

BIO

SACHIN BANSAL

CEO and co-founder, Flipkart

CAREER HIGHLIGHTS:

2013: Received The Economic Times Entrepreneur of the Year award 2010: Flipkart emerged as leader in the e-commerce sector in India 2007: Launched Flipkart

2006: Joined Amazon in India

2005: Graduated from the Indian Institute of Technology Delhi with a degree in computer engineering

QUICK TAKES:

Key to success of Flipkart?

Our obsession with customer satisfaction.

What is the secret to enjoying your job?

Flipkart is not just a job for us. Both Binny (co-founder) and I are passionate about what we do, and that makes work really enjoyable.

Most encouraging phenomenon in India?

The rise of entrepreneurship: The country is slowly opening up to entrepreneurs.

Biggest challenge for e-commerce in India?

The lack of Internet penetration.

How do you relax during downtime?

I like to read, listen to music and spend time with my family.

What benchmarks does Flipkart set?

Keep raising the bar.