Entrepreneurs Today reached out to Dibyodip Saha to learn more about his journey as the founder of Sunmart. Sunmart is an innovative omnichannel retail company aimed at revolutionizing the retail industry in rural India. In 2018, he founded Sunmart with a vision to modernize and organize the retail sector in rural areas.
Saha was inspired to start Sunmart after observing the issues prevalent in the retail industry, such as price disparities, the sale of expired products, and a lack of transparency regarding product quality. He recognized the need for a more organized retail chain that could provide better access to high-quality products and services for customers in rural India.
Saha’s most memorable and inspiring moment was during the COVID-19 pandemic when Sunmart delivered essential items to customers’ doorsteps. This helped the company gain traction in the e-commerce industry and helped customers in need.
What’s unique?
Sunmart’s unique business model sets it apart from its competitors. The company combines physical stores with a mobile app to provide customers with a wide variety of products and same-day free home delivery service. This omnichannel approach makes shopping more convenient for customers, who can order products from the comfort of their own homes and have them delivered to their doorsteps quickly.
Mitigating challenges
Dibyodip Saha faced various challenges while building Sunmart, his retail business. One of the significant challenges he encountered was hiring and training new people. Being a start-up in a rural area, it was not easy to find skilled and experienced staff. It was also challenging to provide adequate training to new employees due to the lack of infrastructure and resources. However, Saha overcame this challenge by adopting a rigorous hiring process and investing in employee training programs. He also offered competitive salaries and benefits to attract and retain talent.
Another major challenge that Saha faced was arranging a variety of product assortments to meet the changing needs of customers in rural India. It was difficult to determine what products would sell and at what price point. Additionally, managing inventory was a significant challenge, given the vast range of products offered by Sunmart. Saha addressed this issue by conducting market research to understand the changing needs of customers and stocking products accordingly. He also implemented a robust inventory management system to ensure that the right level of inventory was maintained at all times.
Apart from these challenges, obtaining financing was also a significant obstacle for Saha. Starting a retail business can be expensive, and obtaining the necessary financing can be difficult, particularly for a new business owner without a track record.To manage risk, Saha keeps Sunmart’s overhead expenses low and focuses on keeping the product assortment limited to reduce dead stock. This helps in reducing the risk of unsold inventory and managing finances effectively.
However, Saha overcame this challenge by developing a comprehensive business plan and approaching investors and lenders who were interested in supporting his vision.
Achievements so far
Sunmart has achieved several significant accomplishments since its founding in 2018. The company has managed to increase its revenue and profitability, which are key metrics for measuring the success of any business. Sunmart has also captured a substantial market share in the rural Indian retail industry, indicating its success in meeting the needs of its target customers.
The company’s focus on customer satisfaction is another noteworthy achievement. By prioritizing customer feedback and ratings, Sunmart has been able to improve its products, services, and overall customer experience. Moreover, the company’s emphasis on employee satisfaction has helped to create a motivated and engaged workforce, which is essential for driving business success.
Finally, Sunmart’s commitment to innovation is another significant achievement. By investing heavily in research and development, the company has been able to launch new products and services that differentiate it from its competitors. This focus on innovation has helped Sunmart stay ahead of the curve and maintain its market dominance.
Future Plans and Goals
Saha’s goal for Sunmart is to launch the platform in 100 new locations within the next year and connect people through the app to provide them with same-day home delivery. The plan to achieve this is by establishing 20 stores in every quarter and setting up a team that understands the metrics.
Lessons Learned
Saha believes that listening to customers, innovation, believing in oneself, and staying curious are essential traits for any budding entrepreneur. He also emphasizes the importance of being resilient and not giving up in the face of challenges.
