Q. What is PRC.in and How does it work?
So, PRC.in is an ‘Online Industrial Supply Store’. We stock ‘n sell more than 15,000 products across 150+ categories, with 10 brands ready for sale, as of October 2015, and another 35 brands that we will be launching towards the beginning of January 2016. How it works is really quite simple. All you have to do is go online to www.prc.in and place your order, make the payment and we ship your requested items from stock.
PRC Industrial Supplies is primarily targeted towards manufacturers and businesses with industrial intent, and by definition is majorly a B2B service. That being said, PRC also has a lot of products that are of the DIY type and we do sell to individuals and non-industry consumers also. Appropriate taxes and invoices are available when you choose to buy for your company, compared to simple retail invoices in case of individuals. We are waiting for the formal announcement from the government regarding GST and on the basis of that we will be launching excisable billing also. We have only recently started our services in July 2015 and are adding new products and features not just to the website but also to the business model as a whole.
Q. What are these features that you are adding to the business model? Can you please explain some of them?
Sure. So one of the most basic features the website has is that it allows different type & size of customers to buy from us. We broadly divide our customers into 3 groups – One time or Guests, Regular or Registered and Premium Buyers. Another feature we are currently working on is a quotation based model in which customers can get a formal price quote for the products and prices offered on our website. They can also get customised price quotes for items they want to buy in bulk. All of this is done in real-time and customers get the quote by email almost instantly.
Another feature we plan to launch by Q1 2016-17 is to offer credit facility to our Premium Buyers. This facility is pre-approved and offered only to customers that buy a minimum amount every month. These are just some of the features I have mentioned to give you a glimpse of how we think. In reality there is so much going on that for regular updates on what is new with PRC, you should sign up for our newsletter (add link here) which will not only give you this information but will keep you informed about other stuff like brands being launched, stock clearances and special offers.
Q. What do you think are the gaps in the online industrial supply space and how are you bridging them?
Ecommerce is the great enabler of our times. It has the power to connect the need of the consumer with the consumer almost instantly. Thus, the growth potential. A drawback though of such growth potential, or I should say something we need to guard against as ecommerce businesses, is that we tend to forget that businesses should first have satisfied customers. We should not lose focus on ensuring that our customers get world class quality service, no matter what their size. Customers want that, and in the long-run they choose one brand over another for this very reason. Why they choose website A over website B is what matters to us.
SIMPLICITY, SPEED, SUPPORT & SERVICE is the promise we make to our customers when they buy from us. Everything we do, is done with all focus on actual industrial needs, not only in terms of products but also operations. We understand what factory owners want and how they want it. Customers don’t need to change their practices when they buy from us, or atleast they don’t have to change too much. They can rest easy that the products they buy from us have been sourced responsibly. They can expect after sales service in case something goes wrong. They can be assured that all wrongful practices have been eliminated from their purchasing decisions. Same goes for our vendors where we take over the entire activity of taking a brand online with only offline support from vendors, something they are already used to. E-commerce is only an enabler for us, what we really are is an Industrial Supply Company.
Q. How is the landscape different from the B2C space where companies like Flipkart and Snapdeal operate?
In B2B, a product is bought for reasons of value addition to a company or business, where as in B2C the reason for the purchase can be many. Or you can simply say in B2B one buys out of only need and in B2C one buys out of want or need.
In B2B, when a company buys a product that does not perform or does not reach a factory owner in time, the extent of the loss is not limited to just the cost of the product, it goes way beyond that. In B2C, the loss is usually limited to the product cost and that is why a Returns Policy is sufficient.
Q. What parts of India do you currently supply to? What are your plans in terms of geographical growth?
So we are headquartered currently in New Delhi and we supply to all parts of India. The only difference is that some services are not available in certain areas and delivery times also change depending on area. Cash On Delivery is one of the services that is currently not available everywhere but we are working on it and soon should be able to make it available all across the country. In terms of geographical growth, we plan to cover to all major industrial towns in India by either being present in, or around that area. We also have plans to be present in some major cities for strategic advantage in terms of sourcing and logistics.
Q. By when do you expect to enter a phase of operational profitability? As with all ecommerce companies these days, are you looking to get funded?
To grow at a rapid pace, young businesses need to continuously pump money into marketing and manpower. Basis this, we expect to be operationally profitable by FY 2017-18. When you’re looking to grow at the pace we are, external funding usually helps. We are in the process of raising funds and you’ll be hearing from us on that front, hopefully soon.
Q. What are your future plans or vision for PRC and where do you see PRC in 5 years?
ndia is a giant of a market and especially so for Industrial Supplies. In terms of vision, there is just one goal. I want the Indian manufacturers to think of us as a company or partner who they can actually bank on to understand and fulfil their needs. Whenever you need something for your factory, you know you’ll get it on PRC, you know you’ll get it in stock, you know you’ll get it tomorrow morning. I don’t know about 5 years, but I would love to take my company public.
For more information,
Website: www.prc.in
