IDCEE 2013: Wikimart overview - Maxim Faldin (Co-founder & Co-CEO @ Wikimart)


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Maxim Faldin participated in the IDCEE 2013 Panel "The next wave of innovation in e-commerce: What trends and business models will be driving the innovation in e-commerce in CEE?"

Maxim Faldin is a co-founder of Wikimart and its co-CEO since the very first days of the company. A serial entrepreneur, Mr. Faldin co-founded several successful enterprises, including InCount, a Russian provider of B2B accounting services, one of the first accounting firms in Russia. Having built the company from scratch to become a top-20 Russian accounting firm, Maxim got accepted at Stanford Graduated School of Business in 2007. In the summer of 2008, together with his classmate and business partner, Maxim founded Wikimart with the vision of building "eBay of Russia". But it was not until summer 2009 (right after his graduation from Stanford) that Maxim came back to Russia to lead the small Wikimart team. Mr. Faldin holds a degree in economics from the Moscow Sate University and MBA from Stanford GSB.

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IDCEE 2013: Wikimart overview - Maxim Faldin (Co-founder & Co-CEO @ Wikimart)

  1. 1. Wikimart history 2010 2009 2011 2012 $17 mln Fundraising $0.7 mln from Angels Business model $12 mln from Tiger Global & Angels $12.5 mln from Tiger Global Marketplace + Retail B2C Marketplace from Tiger Global & Russian Institutional Investor Marketplace + VMI 1 -powered Retail Key metrics 7.1 GMV, mln $ 5.6 GP mln $ , Retale sales, mln $ 3.4 Merchants Visits (Dec), mln 1,300 400 0.7 1 2,400 2,200 0.4 1.3 2.2 1.5 11.1 4.6 VMI — Vendor Managed Inventory overview 2
  2. 2. Wikimart in reality: sweat, mistakes, and hard-learned business model 2008 2009 2010 2011 2012 2013 Business model "eBay for Russia" “Russian Rakuten” SEO-driven B2C marketplace Marketplace + Stock retail VMI-driven retail + Stock + Marketplace VMI + Stock + Marketplace Market Moscow Moscow Moscow Moscow Moscow Moscow + Regions Key discoveries Classic auction-style model irrelevant in Russia. C2C taken by classifieds 20,000 online Merchant quality Marketplace gross Stock retail remerchants exist in insufficient, can't margin, service quires different Moscow, acquisi- be improved on a quality insufficient, online MKT, sigtion cost low. SEO current scale becomes a threat nificant working works fantastically capital/warehouse Model works, need scale-up. Merchant quality improves Merchants - 400 1,300 2,200 2,400 3,000 VMI-partners - - - - 70 200-300 overview 3
  3. 3. Wikimart business model One-stop-shop Large available selection for all my needs Smart Choice Easy to make the right choice Merchants 2,400 Suppliers 100 Wikimart stock 3,000+ SKU VMI stock 100,000 SKU 23 mln customers 1 Predictably convenient One service standard for every purchase Marketplace merchandise 2,000,000+ SKU Human touch Attitude of a small shop around the corner 1 23 mln people were making online transactions out of 68 mln people regularly using Internet in 2012. overview 4
  4. 4. Main e-commerce models Pure Market Place: endangered species Vertical e-commerce: not a multi-category player Offline stores for online customers: no format yet Vendor managed inventory: future of e-commerce / market place Flash sales: a feature, not a business overview 5