Professional Documents
Culture Documents
-BY-
BHASKARA SHARMA-315
GARGI KULKARNI-335
SNEHAL SINGH- 373
DIVYA VERMA-378
1. INTRODUCTION
• The business is all about providing an online platform for needy and poor craftsmen to showcase their
art and earn money.
• It is observed that middlemen exploit these craftsmen to an extent where they cannot sell their
products individually.
• This platform will help them to register these craftsman and sell their product under with a joint name
of ‘VIRASAT’.
B. INDUSTRY BACKGROUND
• In the craft industry having a online portal is a common thing. The best examples of such portals are
fabindia.com, craftsvilla.com. But the problem with these websites is that they hide the identity of the
artist who has made the product.
• But, VIRASAT is a platform through which the identity of the artists and the craftsmen is not lost. It is
enhanced with the name of the website.
C. GOALS AND POTENTIAL OF BUSINESS AND
MILESTONES
• Creating a platform with regard to a particular product which is region specific but provide a portal for
the customers to choose from a myriad array of options in the field of handicraft which may be used in
the form of gifts, clothes, decorating items, home décor or any form of craft that can be promoted
across regions
• Connecting State’s ethnicity to people as we provide more employment and jobs to the socially
exploited and downtrodden classes of society, artists and craftsmen.
• We employ people who are skilled and inherit the skill of creating a product from their ancestor and the
generations over a period of time
• making the final customers as our target group but also the vendors and manufacturers of our product.
• Collaborating with government to encourage initiatives, schemes and incentives to provide subsidies to
the labour community across the nation.
E. FUTURE OUTLOOK AND TRENDS
• VIRASAT is an online website bridging the gap between the vendors and traditionally routed customers
to promote the ethnicity and interaction between the north – south, east-west and cross generations.
The speciality of the platform is the skill used by the labourers who are situated in the haats of the
country, the skill is unique as it is passed from generation to generation. The investment made in the
business is low and the labour available is cheap. VIRASAT also creates a link between the government
and the labourers as the workers shall be identified through this platform where the government will
identify them and provide initiatives, incentives, schemes and subsidies that will help the community
grow. The working of VIRASAT is simple in nature. VIRASAT shall market its platform in various rural and
production hubs where the vendors can approach the website to sell their product for which VIRASAT
will charge a small commission in return and the order shall be placed with them which shall reach the
customer through the speediest courier service to the place of residence of the customer.
5. MARKETING- A. RESEARCH AND ANALYSIS
I. Target Market
We are targeting craftsmen, artisans, smith(s) engaged in the making of the specific products which have obtained
a Geographical Indication and the consumers who buy such products as our customers. In addition, craftsmen and
consumers are the primary end of our business as we are dedicated to act as a platform for trade between these
craftsmen and consumers by supplying different products which have Geographical Indication as well as the
products which are losing its ethnicity by providing various incentives to the craftsmen and artisans and the
products are delivered at the doorstep of the consumer at discounted rate through various postal and courier
services. ‘VIRASAT’ takes the advantage of the low- level demand for such products and is engaged in providing
service through different formats, which are uniquely positioned to fulfil and cater the desires of different
segments of the society.
II. MARKET SIZE AND TRENDS
• Propelled by rising smartphone penetration, the launch of the 4G networks and increasing consumer wealth,
the E-Commerce market in India is expected to have a significant growth. Online retail sales in India are also
expected to have a growth rate reaching up to INR 2 Crores. In specific, products which are very rarely available
like the products which have a Geographical Indication, Antique products will have a huge demand in the
market leading to an unexpected growth rate.
III. COMPETITION
• VIRASAT would commence its operations from March, 2019. Within 5 years of VIRASAT’s existence in the Indian
e-Commerce market, it will become the largest e-Commerce service provider leaving Amazon, Flipkart behind.
The major issue whether VIRASAT would be successful in retaining old customers and attracting new customers
keeping in mind the e-Commerce operators would later become a threat to VIRASAT as the products are very
rare or specific and they cannot be modified as they’ll lose their ethnicity and the Geographical Indication.
IV. Estimated Market share
• At the initial stage, it is difficult to estimate the market share of VIRASAT. But after a year of
commencement VIRASAT would gather around 20-30% of market share.
B. MARKETING PLAN OR STRATEGY
• Sales and distribution- Sales would take place through the online portal called ‘VIRASAT’.
• Pricing- The price of the products would primarily be divided 40:30:30 ratio. 40% would
be the manufacturer’s part. And rest 60% would be divided equally among VIRASAT and
the delivery network.
• Advertising and Promotion- 1. media platforms.
2. Social networking promotion
3. Banners in metropolitan cities
B. MARKETING STRATEGY
Solitude leads to loneliness, but our service is here to bridge the gap
A. DEMOGRAPHICS:
• Craftsmen
• Consumers
• All age groups
• Any income group of people
• All Ethnic groups.
B. POSITIONING STRATEGY-Leading e-Commerce provider in such specific products.
C. UNIQUESELLINGPROPOSITION-Connecting State’s ethnicity to people.
6. OPERATIONS
• FINANCIAL DETAILS INCLUDING PROFIT & LOSS ACCOUNT AND BALANCE SHEET ARE ATTACHED IN THE
APPENDIX.
9. CRITICAL RISKS
A. Potential Problems
In the initial years, our suppliers will be very hesitant to sell their products, because online platform will be
something very new for them and they will be dubious to sell it online because of cyber-attacks. So it will
be the duty of VIRASAT to convince them under the government of India initiative i.e., digital India, and to
make them aware of Make in India programme and give them a recognition.
B. OBSTACLES AND RISKS
Most of the works are very precise like Zardosi, embroidery, patchwork, etc. which is mostly done by
older generation of people, and convincing them to carry the legacy forward will be biggest obstacle we
have to face. Moreover, the biggest risk will be of losing the track the order of the products that people
has placed.
C. EVALUATE WEAKNESS OF BUSINESS
VIRASAT has been made with such an idea that its foundation is very strong and has no lacunae, but
since every business has its strengths and weakness, VIRASAT weakness is that it is solely dependent on
the craftsmen, artisans, artists, etc., if they break a tie-up with us we will suffer a huge loss and
ultimately we will not be able to cater the demands of our customers and its repercussions will be very
bad for our balance sheet.
D. NEW TECHNOLOGIES
New Technology will obviously be a hindrance for the craftsmen since they are used to their old
techniques, and are efficient in that, but for VIRASAT this will not be a great obstacle since, with the
machinery we will also be training them and guiding them for few weeks so that they earn mastery in
them.
E. ALTERNATIVE COURSE OF ACTION
Since, the first day of incorporation our plan is to do business all over India, but in case if for the first five
years the orders are not up to the expectation, then we will target that state from where we are getting
max. orders and then we will also plan of setting-up of offline stores.
10. MILESTONE SCHEDULE
• Rising demand for handicraft products in developed countries such as USA, Canada, Britain, France,
Germany, Italy etc.
• Developing fashion industry requires handicrafts products.
• Development of domestic and international tourism sector.
• E-Commerce and Internet are emerged as promissory distribution channels to market and sell the craft
products.
• No major competitor.
SWOT ANALYSIS- THREATS
Expenses
Payroll - - - - -
Depreciation - - - - -
Utilities - - - - -
Insurance - - - - -
Rent - - - - -
Profit before interest and taxes 1,25,00,000 1,27,00,000 1,80,00,000 2,12,00,000 2,40,00,000
EBITA - - - - -
Interest expenses - - - - -
EBITA - - - - -
Interest Expenses - - - - -
Cash balance at the close of the accounting period 28,00,000 26,00,000 24,00,000 22,00,000 20,00,000
ASSETS
Years 1 2 3 4 5
RESULT
- - - - -
LIABILITIES
V. SHORT-TERM LIABILITIES - - - - -
RESULT - - - - -
GLIMPSE OF THE PRODUCTS ON THE WEBSITE