http://idcee.org/p/maxim-faldin-wikimart/
Maxim Faldin participated in the IDCEE 2013 Panel "The next wave of innovation in e-commerce: What trends and business models will be driving the innovation in e-commerce in CEE?"
Maxim Faldin is a co-founder of Wikimart and its co-CEO since the very first days of the company. A serial entrepreneur, Mr. Faldin co-founded several successful enterprises, including InCount, a Russian provider of B2B accounting services, one of the first accounting firms in Russia. Having built the company from scratch to become a top-20 Russian accounting firm, Maxim got accepted at Stanford Graduated School of Business in 2007. In the summer of 2008, together with his classmate and business partner, Maxim founded Wikimart with the vision of building "eBay of Russia". But it was not until summer 2009 (right after his graduation from Stanford) that Maxim came back to Russia to lead the small Wikimart team. Mr. Faldin holds a degree in economics from the Moscow Sate University and MBA from Stanford GSB.
Pic's are here: http://www.flickr.com/photos/idcee/sets/
More @ http://idcee.org
Follow us on:
YouTube: http://www.youtube.com/user/OfficialIDCEEChannel
Facebook: https://www.facebook.com/IDCEE
Linkedin: http://www.linkedin.com/groups/IDCEE-3940138
Twitter: https://twitter.com/idcee_eu
Google+: http://gplus.to/idcee
Flickr: http://www.flickr.com/photos/idcee/collections/
2. Wikimart history
2010
2009
2011
2012
$17 mln
Fundraising
$0.7 mln
from Angels
Business model
$12 mln
from Tiger Global
& Angels
$12.5 mln
from Tiger Global
Marketplace +
Retail
B2C Marketplace
from Tiger Global
& Russian
Institutional Investor
Marketplace +
VMI 1 -powered Retail
Key metrics
7.1
GMV, mln $
5.6
GP mln $
,
Retale sales, mln $
3.4
Merchants
Visits (Dec), mln
1,300
400
0.7
1
2,400
2,200
0.4
1.3
2.2
1.5
11.1
4.6
VMI — Vendor Managed Inventory
overview
2
3. Wikimart in reality: sweat, mistakes,
and hard-learned business model
2008
2009
2010
2011
2012
2013
Business
model
"eBay for
Russia"
“Russian
Rakuten”
SEO-driven B2C
marketplace
Marketplace +
Stock retail
VMI-driven retail +
Stock +
Marketplace
VMI +
Stock +
Marketplace
Market
Moscow
Moscow
Moscow
Moscow
Moscow
Moscow +
Regions
Key
discoveries
Classic auction-style model
irrelevant in Russia. C2C taken by
classifieds
20,000 online
Merchant quality Marketplace gross
Stock retail remerchants exist in insufficient, can't
margin, service
quires different
Moscow, acquisi- be improved on a quality insufficient, online MKT, sigtion cost low. SEO
current scale
becomes a threat nificant working
works fantastically
capital/warehouse
Model works,
need scale-up.
Merchant quality
improves
Merchants
-
400
1,300
2,200
2,400
3,000
VMI-partners
-
-
-
-
70
200-300
overview
3
4. Wikimart business model
One-stop-shop
Large available selection
for all my needs
Smart Choice
Easy to make the right choice
Merchants
2,400
Suppliers
100
Wikimart stock
3,000+ SKU
VMI stock
100,000 SKU
23 mln customers
1
Predictably convenient
One service standard
for every purchase
Marketplace
merchandise
2,000,000+ SKU
Human touch
Attitude of a small shop
around the corner
1
23 mln people were making online transactions out of 68 mln people regularly using Internet in 2012.
overview
4
5. Main e-commerce models
Pure Market Place: endangered species
Vertical e-commerce: not a multi-category player
Offline stores for online customers: no format yet
Vendor managed inventory: future of e-commerce / market place
Flash sales: a feature, not a business
overview
5