Eunimart has been fortunate enough to have become a case study for students at ISEAD Singapore. From 2017 to 2021 Eunimart has been used as a case study for the students of INSEAD, Singapore. Initially it was only a live case study and application of the Blue Ocean strategy in the running of Eunimart. However, once it was realised that the Blue Ocean strategy alone would not work, it became a study with the Ecosystem strategy also applied in the subsequent years. Initially taught only to the GEMBA classes, today Eunimart is a published case study for students at INSEAD Singapore, pursuing even the MBA and MIM courses.
Eunimart was established by Shayak Mazumder and Archana Shah in 2017. It has clients pan India as well as in the Gulf. It started aiding SME s to sell cross border when there were few players in this market helping small craftsmen say in Odisha or in remote areas of say Bengal as the case study says. Today, Eunimart is well equipped with AI tools that aid 5000+ sellers to sell globally by providing various modes to understand competition, predict sales, provide cataloguing and pricing tools besides helping to develop and optimise content as well as portfolio.
The Eunimart case study at INSEAD was conceived by Gabriel Szulanski, Professor of Strategy at INSEAD, and subsequently written by Jenifer Raver and Jean Wee.
At a time when cross border e commerce was gaining ground Eunimart made its foray into the market. Poised for a huge surge in the international market, Eunimart realised the potential of India as well with its growing number of internet users as well as online shoppers.
Sellers were facing challenges on the macro level and what better opportunity than this for Eunimart to step in and handhold the SMEs. At that time sellers had no one to turn to for customs clearance nor were there any arbitration bodies especially for these small sellers. Eunimart could provide them a single platform to aid them in all their needs. SMEs could neither locate buyers with ease nor identify demands and needed someone to show them the path and Eunimart was instrumental in easing this path for innumerable small sellers and help them to sell cross border. MSMEs too faced similar problems.
CEO Shayak Mazumder realised early that
“If the MSME is just selling on one marketplace, it probably wouldn’t need Eunimart. But what if it wants to go to 3 or 4 marketplaces? Then it will need to hire more manpower, to run the marketplaces, update inventory, manage pricing and different promotions etc. With items like jewellery and fashion that shift trends quickly, and changing policies of marketplaces, MSMEs do not have the manpower to manage all this by themselves.”
Eunimart team thus worked upwards from here. However hurdles were many and soon Eunimart decided that this alone would not work and it had to find another strategy to be successful and thus came the Ecosystem strategy.
The realisation came right in time that the previous model did not work for Eunimart since it could not control all four of the following factors available to other successful companies as Rocket. They were
i) payment processing assets,
ii) logistics and operations assets,
iii) information/data, as all of that flowed through the marketplace, and
iv) The marketplace itself.
Eunimart owners and team thus realised that “The success of the ecosystem depended on each participant succeeding rather than one part of the value chain capturing more value than the others. Each part of the ecosystem grew in value as it drove value to other parts of the ecosystem in self-reinforcing loops of value. There was no downstream or upstream in this value chain as there was no particular beginning or end.”
Adopting the AI powered model helped it to grow in every which way. By the end of 2019, Eunimart had more than 3000 merchants on 18 marketplaces extending to 84 countries, and was working with 10 shipping partners with 3 global payment providers, More importantly it was driving $800,000 GMV per month through the platform.
Despite many challenges Eunimart survived well but it has not forgotten its original purpose of helping MSMEs to access the CBEC, by pledging to always keep its platform free to the small players. Its unique model enabled Eunimart to finds its way to becoming a case study for INSEAD, a proud moment indeed.