Previously we looked at the elaborated marketing strategy of Microsoft, the world’s leading software application provider. Now, let us hop over and look at the elaborated SWOT Analysis of Bijnis.
Bijnis was introduced in the Indian market. The company is of young and dynamic people who are working on revolutionising unorganised manufacturing factories by taking them into the digital world.
Another aspect that has made Bijnis a giant today is marketing. Marketing changes as the world goes online, and when you want to stay up to date – check out our Free MasterClass on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
Want to see how Bijnis has succeeded in the market? In this blog, you will learn about the SWOT analysis of Bijnis. Before we get started, learn more about Bijnis‘s company, how it was established, its products, financial position, and its competitors.
(The 4 Founder of Bijnis, Source: Timesnext)
Bijnis is a digital platform that connects your factory directly to the consumers by providing you with a digital platform. Bijni’s is revolutionizing the unorganized manufacturing industries by digitalizing factories. The main motto of the company is to make the factories smarter, faster, and more cost-effective with the help of technological advancement. It will help both the factory owners and the consumers in terms of growth and profitability. It lets you create your digital ID and through that, you can get orders and sell your products to nationwide buyers the logistics part plays a very important role in it.
It is a revolutionary idea that was founded 7 years ago by Siddharth Vij, Chaitanya Rathi, Siddharth Rastogi, and Shubham Agarwal. Bijnis was formerly known as ShoeKonnect. Through Bijnis not only the factory owners are getting benefited but also the buyers get personalized products of their own choice at their place without being worried about the quality. The digital transaction layer between manufacturers and retailers in the unorganized categories of footwear, fashion, and accessories.
|Founder||Chaitanya Rathi, Shubham Agarwal, Siddharth Rastogi, Siddharth Vij|
|No. of Employees||2,700+|
|Annual Revenue||Rs 2.3 Crore (2019)|
|Net Income/ Profit||N/A|
Services Offered by Bijnis
Various services offered by the Bijnis are:
- Share it with your network of buyers and let it do the talking for your factory.
- Take control of your distribution without worrying about payment, logistics & credit.
- Connecting you to financial institutions & hassle-free credit assistance to improve and scale up your factory.
- Easy-to-use digital tools to help manage Inventory, Cashflow, Production, and Wages & optimise the operational effectiveness of your factory.
- A seamless channel to help you export directly to buyers without any process hassle and take your factories to the world.
Competitors of Bijnis
Various competitors of Bijnis are
- Applied AI
As now we have a better understanding of Bijnis, let’s look into the SWOT Analysis of Bijnis.
SWOT Analysis of Bijnis
A SWOT analysis identifies a company’s strengths, weaknesses, opportunities, and threats. A proven and true management paradigm that allows Bijnis to compare its business and performance with competitors and the industry as a whole.
So let us go ahead and first have a glance at the strengths of Bijnis from the SWOT analysis of Bijnis.
Strengths of Bijnis
As one of the leading companies in the industry, Bijnis. It has numerous strengths that make it stand out in the market. These strengths not only help protect your market share in existing markets but also help you penetrate new markets.
- Business Model: The business model of Bijnis is successful shortly because in India the textile industry and cloth manufacturing factories are in huge numbers and these manufacturers are looking for direct access to retailers that enable them to build their distribution channels without being dependent on agents and wholesalers to generate demand.
- Userfriendly Application: The digital application created by Bijnis is userfriendly that can easily be usable by manufacturers at factories. It is a 3-step process through which manufacturers can easily connect their factories with direct buyers.
- A Surge in Operating Revenue: The 7-year-old company Bijnis has seen a 6.2x increase in its operating revenue which goes from Rs 37 lakhs in FY18 to Rs 2.3 crore in FY19 through logistic fess and the rest through commission on sales on the platform.
- Getting Fundings: Bijnis’s mission to raise a $30 million fund for expanding the base of manufacturers has got successful where startup founders including Zomato co-founder Deepinder Goyal, Ofbusiness founder Asish Mohapatra, and other top executives have shown interest in investing in the business.
- Positive Reviews: Bijnis is getting positive reviews and feedback from its customers where customers i.e. factory manufacturers are feeling happy and blessed to see growth and a change in what it was operating previously.
Weaknesses of Bijnis
Strategy is all about choices and weaknesses are areas where companies can improve through SWOT analysis and leverage their competitive advantage and strategic positioning.
- Low Investment in New Technologies: Given the scale of the expansion and the multiple geographic regions in which the company will expand, Bijnis’s overall integrating processes require more money to be invested in technology. Current investments in technology are not aligned with the company’s vision.
- Financial Planning is Not Being Performed Properly and Efficiently: The liquid asset ratio and liquidity ratio indicate that a company can use its cash more efficiently than it currently is.
- Expenses & Losses: Although the company has seen a 6.2x growth in revenue from the operation at the same time the company’s total expenses have seen an 8x increase from Rs 1.15 crore in FY18 to Rs 9 crore in FY19 and an 8.5x increase in total loss from Rs 88.5 lakhs in FY18 to Rs 6.7 crore in FY19.
- Highly Reliant on Fundings: The business is getting highly reliant on generating funding from investors and this can cause the company to put its legs in the deep hole of huge debts and equities if the business fails to achieve what it’s trying to achieve.
- High Competition: The daily stock is high compared to its similar competitors, so the company has to raise more capital to invest in the channel. This could affect the long-term growth of Bijnis.
Opportunities for Bijnis
Opportunities are potential areas for companies to focus on to improve results, increase sales, and ultimately profit.
- New Customers Through Online Channels: The company has invested huge amounts of money in its online platform over the past few years. This investment opened up a new sales channel for Bijnis. Over the next few years, companies will be able to seize this opportunity by better understanding their customers and meeting their needs through big data analytics.
- Technological Advancements: Technology provides various benefits in a variety of fields. Costs can be saved by self-operating. Technology allows for much better data collection on customers and improves marketing efforts.
- Transport Industry: The transport industry has been prosperous in recent years and has powerful growth potential in the future. The company can see a reduction in the cost of transportation and logistics.
- Economic Recovery: Economic recovery and rising consumer spending after years of recession and slow industrial growth are opportunities for Bijnis and its customers i.e. factories to attract new customers and increase market share using online platforms.
Threats to Bijnis
Threats are environmental factors that can harm a company’s development. Here are some of Bijnis’s threats:
- New Entrants: A mow down of new players have entered the market and are gaining market share taking up the market share of existing companies. Bijnis faces a threat because these new entrants may steal its customers.
- Competitor Technical Advancements: New technological progress by a few competitors within the sector constitute a threat to Bijnis since customers who are drawn to this new technology may switch to competitors, reducing Bijnis overall market share.
- Agents & Brokers: The business of agents which were previously used to deal with the factories owners has got affected by Bijnis interruption. These agents and brokers can stand to take revenge by affecting the image of Bijnis in the market through fake rumours and news.
This ends our extensive SWOT analysis of Bijnis. Let us conclude our learning below.
Bijnis is a digital platform that lets you connect your factory to consumers in a digital way with a significant presence. In the SWOT Analysis of Bijnis, we observed that the company is yet to enjoy strong brand recognition and trust with its customers.
It has a well-structured logistical basis and has reached across all the market verticals it serves, but it also suffers from an increase in the number of manufacturers and competitors in the same vertical and better R&D efforts by its competitors.
With increasing competition in a new vertical, companies are yet to learn how to fight their own battle by winning over their customers with better marketing efforts. In a changing world where digital marketing is of great importance, being well aware and having hands-on knowledge in the field is a must for all marketing enthusiasts.
If you are looking forward to making your career in digital marketing and are interested in learning more and upskilling, check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.
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