E-commerce offers a great opportunity for Indian entrepreneurs to offer customised production, said Sarath Naru, Managing Director of Ventureast, a venture capital firm.
“The entrepreneurial revolution is one of the biggest opportunities for us to partake,” he said on the Chamber Day of the Madras Chamber of Commerce and Industry.
The e-commerce business will change significantly in the next 5-10 years; to succeed, e-commerce firms will have to evolve from being a mere buyer-seller platform into fully integrated businesses delivering customised products. This requires better manufacturing understanding and experienced people to guide the entrepreneurs, he said.
“There is a great opportunity for India to be in customised production than to be in mass production,” he said.
Countries like China, which have built products on mass production, will have a tough time in the future, he said. China is producing huge volume to bring down costs based on scale.
But, they will find it difficult to adapt to customised production that involves lean, flexible and information technology, he said.
Three key factorsSatya Narayan Bansal, CEO India, Barclays Wealth and Investment Management, urged potential investors to look at three things to encourage entrepreneurs: risk capital, mentorship and market access and network.
He also launched the Chamber’s Start-up Entrepreneurs Ecosystem, which will mentor start-up entrepreneurs.