Riding the surge in online sales, this company is adding innovative measures across multiple categories to further its growth.
At a time when all eyes are on the online startup boom with a multitude of new ventures making it to the headlines for raising astronomical funds, there is one company which has been silently riding the domestic consumption story behind the scenes.
After having started as a manufacturer of dyed and blended yarns in Gujarat and Maharashtra way back in 1987, Olympia Industries has today established itself as one of the leading online distributors in the country. With over 24,000 products across 15 categories, the company currently supplies to over 400 national and international brands, including Amazon India.
Needless to say, having been in business for almost three decades now in diverse economic conditions, Olympia is no novice. Although it has made to BW Businessworld’s coveted list of Fastest Growing Companies for the first time this year, it has always been archetype of constant expansion and empowerment. For the fiscal ended 2014-15, the company posted net sales of Rs 122 crore, recording a mammoth jump of 1831.7 per cent from the 2013-14 financial year. And the year before that, it recorded a 70 per cent growth in net sales.
Over the years, the company has embraced a slew of innovative measures to keep pace with the changing market scenario. For instance, today, Olympia is focusing on building its business in the high growth e-Tailing segment with innovative concepts like weekend and festival sales to attract new customer segments in this highly competitive market. The company has already increased its product offering in terms of enlarging the existing base and adding new product categories.
Going forward, the e-Tailing sector is expected to grow significantly primarily due to a shift in the buying patterns of consumers today. With the ease of shopping and availability of authentic products online today, the company is betting big on this market. “We expect this segment to benefit immensely from the planned 4G Internet connectivity rollout throughout the country,” states the company’s most recent annual report. Already, the high penetration of 3G-enabled smartphone devices across the country is playing a significant role as far as expansion of online businesses are concerned.
Today, Olympia has established its presence in marketing and promotion of baby care, home and kitchen, and beauty and personal care appliances products through e-commerce. What’s more, it has also introduced its own apparel brand. The company currently has warehouses in Mumbai, Bengaluru and Gurgaon and is planning to expand in multiple formats to reach consumers.
paramita@businessworld.in
BW Reporters
Over 14 years in journalism, I cover corporate sectors and write on M&A, private equity, venture capital and healthcare. I also play the role of an editorial lead for proprietary events like BW Healthcare Awards and BW Young Entrepreneur Awards. I am also a guest faculty at The Indian Institute of Mass Communication (Dhenkenal). Prior to BW Businessworld, I have had stints with Forbes India, The Economic Times, India Today and The Indian Express. When not working, I love travelling and discovering new places - soaking in new culture, food and people. I also like to spend time with my fawn Labrador.
