Unfold the Success secrets of HomeShop18
Homeshop18 is a leading online as well as a TV shopping platform. The company was launched in 2008 and is owned by the Network 18 group, a division of Reliance Industries. Homeshop18 initially started as a TV channel and later became the country’s first-ever 24/7 home shopping channel broadcasted all over the country. It offers customers a wide selection of products across various categories such as clothing, cameras & accessories, automobiles, computers & tablets, mobile phones, electronics, fashion accessories, footwear, groceries, home & kitchen, health & beauty, electrical appliances, jewelry, and sports & fitness.
Customers can access these products on HomeShop18 TV channel, homeshop18.com or the HomeShop18 mobile app. The current selection of products at HomeShop18 is quite huge, as there are more than 1500 brands on sale, comprising both Indian and International brands. One of the key differentiating features in HomeShop18 is that for many products, customers can watch the live demo and decide accordingly.
The HomeShop18 journey has been an exceptional one in many ways. HomeShop18 was a completely new business model for India due to which consumer knowledge was not available to them. In the beginning, nobody imagined what will be the company’s future. They started accessing a wide range of products and brands which were suitable for changing consumer needs. With Homeshop18 being a TV home shopping business in India, it reaches to the volume of masses leading to huge sales, while eCommerce business attracting more digital customers.
A critical aspect of success for HomeShop18 was its focus on excellent customer service. They provided 24/7 customer support to improve service by handling product calls, queries, and complaints. Another strategy for their success was the investment in data analytics to know consumer behavior which helped them to expand across products and categories that were in higher consumer demand.
In 2008, it raised $16 million from SAIF Partners and an additional $5 million from Capital18. In the following year, South Korea’s GS Shopping paid $18.5 million for a 15% stake in the company. It has raised a total of $30 million from hedge fund OCP Asia, and Network18. The current transaction values HomeShop18 at $330 million. Network18 being the majority shareholder in HomeShop18.
Homeshop18 business approach and periodically restructuring is the path to move towards a sustainable and profitable business. Homeshop18 has focussed the business in selected areas and reorganized the company to make it leaner and more focussed which has significantly enhanced value for customers, vendors, and partners.
Having established a strong business in Teleshopping, they have also seen that e-commerce business show robust growth. HomeShop18 now plans to strengthen in the integrated digital commerce sector. In recent times, consumers are moving towards innovative interfaces that adds more convenience to view and purchase products. Hence, HomeShop18 has made their plans to produce rich demo videos, live streaming on the website, connect to customers by creating mobile apps for various interfaces such as iOS, Andriod and Windows platforms. Moreover, providing personalized recommendations of products on both online and mobile platforms to enhance purchase. HomeShop18 will continue to grow in the future as it always evolves to meet the changing consumer needs.