Shopify’s country head and director, India and Southeast Asia, Bharati Balakrishnan in her recent interview said that the company sees a huge opportunity to help Indian merchants to adapt to the current digital environment and help them grow. The company claims to be focused more than ever in India.
According to Shopify’s yearly report, the annual revenue of Shopify Inc rose 21 percent to $5.6 billion in 2022. Within the same, merchant solutions revenue rose 26 percent to $4.1 billion and revenue from subscription solutions increased 11 percent to $1.5 billion. In the conversation with Financial Express’s BrandWagon Online, Balakrishnan talked about the importance of the Indian market and Shopify’s role in its digital transformation.
Shopify helps merchants take control of their online presence, while other platforms may focus more on stocking up products and selling them at a discounted rate.
Bharati Balakrishnan, Country head and director, India and Southeast Asia, Shopify
Shopify’s Presence in India
Shopify has been present in India for around 10 years. It was around 2010-2012 that the company started its operations in the country. However, during its first five years, it worked as a partner ecosystem helping merchants to mark their online presence.
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Talking About Shopify’s journey in India so far, Balakrishnan said, “In 2015, e-commerce in India hit a $10 billion annual GMV sort of number and we saw the first D2C brands emerge, which are now iconic household names. In 2018, e-commerce became a $25 billion market. As a result, two things happened — many new categories were born. That led to more D2C brands being born first online. So, categories like fitness accessories, costume jewelry, fitness, clothing, plus clothing, which were really niche, and did not really take what wouldn’t really consider large online suddenly started becoming big. In all this, the next thing that happened was a lot of traditional brands which were offline first started taking e-commerce very seriously.
What Makes Shopify Unique
Answering what makes Shopify different from other e-commerce platforms available in India, Balakrishnan said Shopify assists merchants take control of their online business and manage as per their requirements while others don’t work that way.
“We are a product company and fundamentally, we’re the fastest commerce platform when it comes to innovation and development by miles. Shopify helps merchants take control of their online presence, while other platforms may focus more on stocking up products and selling them at a discounted rate. Our platform is easy to use and allows for a customised shopping experience for each individual merchant. Shopify is an e-commerce platform that helps merchants set up, manage, and market their online stores. We offer a range of plans for businesses of different sizes, from startups to large enterprises. Our platform provides various tools that enable merchants to sell their products online and offline, as well as manage their inventory, customer relationships, and more,” she elaborated.
We offer increased revenue share for our flagship enterprise product, Shopify Plus, and we’ve recently doubled the revenue share percentage for our partners.
Bharati Balakrishnan, Shopify
Partner Programme
Talking about partner programme of Shopify, Balakrishnan explained that the e-commerce giant provides skills, rewards and engagement opportunities to its partners who help merchants boost their online presence via Shopify.
The company also offers certifications and badges for partners to show their skills and keep pace with new product releases, said Shopify India Head. “For example, we offer increased revenue share for our flagship enterprise product, Shopify Plus, and we’ve recently doubled the revenue share percentage for our partners. And we host various events and educational resources to help our partners stay engaged and connected to our ecosystem,” she said.
Shopify’s Role In India’s Digital Transformation
Balakrishnan emphasised that the Indian market has a lot of growth potential, hence an important country for Shopify. She further asserted that the merchant base using Shopify in India is increasing and the company is also focused on improving services and products to suit the requirements.
“We’re also investing in our partner program in India, and we have many talented partners who are helping to grow our merchant base and ecosystem here,” she added.
Shopify plans to play a vital role in the digital transformation of the country. Balakrishnan said India offers a huge opportunity for Shopify to help merchants optimise their online business and adapt to the ever-changing e-commerce scenarios. From helping merchants to improve conversions to efficiently managing the business and increasing their customer base, Shopify’s wide range of tools makes every move simple.
“We’re also focused on providing local support and resources to our merchants and partners in India, to help them navigate the unique challenges and opportunities of this market,” she added.
Helping With Technology
In her earlier interview with Free Press Journal, Balakrishnan expressed a lot of potential in India’s role in the creator economy. As social media commerce is already skyrocketing, Shopify’s India Head explained how the company is helping its Indian partners adapt to technology.
“With social commerce now expected to have 228 million native consumers by the end of 2022, a 45% jump from 2021 as shoppers discover newer ways of buying goods online through YouTube, WhatsApp, Facebook and Instagram. As the Indian population becomes more digitally connected, especially in the untapped Tier II and Tier III cities and rural India, the social commerce market in India is expected to skyrocket. Social media platforms have been the ‘go-to’ for independent merchants in India to advertise and promote services through the pandemic,” said Balakrishnan.
Indian Brands on Shopify
According to Balakrishnan, Indian businesses must leverage multiple channels to reach and cater to the right audience. Brands such as Lakmé, boAt, SUGAR Cosmetics, Colorbar, Vahdam Teas, Duroflex and Borosil among others are based on Shopify.
“Given the size of the Indian market, I believe there’s a role for many channels. Every brand uses a combination of channels to reach and engage with its audience. We are an enabler for brands who want to not only reach their audience directly but also connect and interact with their consumers,” she said.
“In India, we are for the old and the new and the small and the big. Our focus is to help both new merchants starting their business on Shopify, and also partner with large-scale, high-volume retail businesses like GoColors and Duroflex that are radically transforming their respective industries to best serve their customers,” added Balakrishnan.
