When We Have Money, We Start Making Mistakes

When We Have Money, We Start Making Mistakes

Rajh V Iyer 28/12/2018 5

No one can understand the importance of values and ethics in business more than Jack Ma, the founder of Alibaba Group, who has lived and grown through humble beginnings. Adding further to his wise thoughts, I believe, that in the world of today that is entirely driven on machines, it is important to keep our brains and hearts less mechanized and more thoughtful of the people (read valuable customers) who bring us our bread and butter.

And the only way we can focus on providing the best to our customers is by following the golden rule of Do Good, Be Good, Get Good. Jack Ma translates this golden rule in language of business in this very sound quote, that reads;

 “Never ever compete on prices, instead compete on services and innovation.”

This quote got me thinking of the e-commerce world of today. I doubt if it needs an extensive research to state that the e-commerce industry of India is sky rocketing. Amazon, Flipkart, Snapdeal and other e-commerce giants are at cut-throat competition with each other. The revenues are being bought through dramatic discounts on high-end products (Now who wouldn’t buy a cell phone by a renowned online store on an attractive 90% discount?) to expand customer base and overpower competitors. While staying competitive serves as an important growth-inducing ingredient for businesses, staying only competitive in price wars makes us appear disillusioned.

Outstripping one another to make headlines seems to be the driving force. Now, not only does this strengthen the dangerous idea, that to succeed, one must indulge in all sorts of clever manipulations, it also slightly deviates the online stores from their end-purpose, which is to maintain customers’ loyalty.

Aside from all the flattering discounts, one of the striking reasons attracting majority of India to such stores is the ease of being able to scroll through a variety of products on one single platform. But, the fear of quality is the sole reason that keeps many a bit hesitant till date. And when respectable e-commerce giants start to focus on price wars, it is only natural that, at times, the attention to quality gets a bit side-lined, even though not intended. This results in disappointment of the people that help our businesses sustain, i.e., the customers.

While the giants are busy playing their best bets, iCustomMadeIt has uniquely stayed true to its purpose.

The sole reason for birth of iCustomMadeit was to make it easier for the individuals to be able to purchase niche products, that are especially made to order. Being the first ever online store for bespoke products, ICMI understands its uniqueness and importance in India and hence, has not deviated from its goal of providing the customers exactly what they want.

We have been managing enormous challenges ranging from getting an intended buyer’s motorbike customized as per their specifications, to getting a dress designed as per a reference image shared by the intended buyer, to even planning a travel as per the individual’s itinerary! And that’s what the company is known for; reaching out to customers, penning down their whims and desires, and delivering the result that is nothing short of what they wished for.

Committed to trying and succeeding without indulging in price competitions

The fact that our daily routine at work involves nothing but keeping up with this thorough system, and devising ways of providing a comprehensive platform for the visitors on our website, is a testament in itself that we believe in not running the races of attractive prices as much, but in ensuring that our customers are contented doing business with us. It is challenging, no doubt, but we are committed to trying and succeeding as India’s most trusted online store for one-of-a-kind products of top notch quality.

Discounts are awesome always. The point is to ensure that the quality of product, and service at large, goes through no discount.

This article isn’t to state that offering discounts isn’t a great way to attract happy buyers! Discounts have always served as an instrumental technique to make it easier for intended buyers to pick stuff they had their hearts set on, but not wallets. It all boils down to ensuring that the delivered product’s quality sees no discount.

iCustomMadeIt sustains because of its loyal customers

We think of our business as a tree in a community park. The shade of the leaves is for everyone to enjoy. And to ensure that the shade is wide enough, the visitors in the park feed the tree water. And hence, those visitors are very valuable to the tree! Similarly, the visitors on our website are valuable to us, and their faith in us motivates us to keep growing and reaching out to a wider audience. 

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  • Heather Bell

    Just got paid today aaaaaaand it’s gone.

  • Alex Menzies

    Great article !

  • Sophie Mellor

    Using data analysis can better inform your decision, you can better determine the impact of your purchases/investments.

  • Matthew Evans

    Excellent. Make it rain with knowledge.

  • Liam Ward

    Such a good post! Props for sharing real facts. It's clear you invested a lot of time into this.

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Rajh V Iyer

Investment Guru

Rajh is a serial entrepreneur with ventures in knowledge process outsourcing, hospitality, retail, IT and e-commerce. He has over 25 years of corporate experience and expertise in key roles of leadership, strategy, planning & management. Rajh is especially skilled at developing new profit centers within scheduled timelines and costs while ensuring operational efficiencies through long-term strategic planning. His core expertise includes delivering customized and cost-effective solutions to meet the operational and financial goals of the organization and its stakeholders. Rajh holds an MBA in Marketing from the University of Mumbai. 

   

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