The Silicon Review
24 November, 2020
“At VirVentures, we are well aware that alone we can do so little, together we can create wonders.”
Across the world, people are shifting buying habits and COVID has even hit boomers by forcing them to shop online –many for the first time. The pandemic has accelerated the e-commerce industry’s growth and more businesses are joining the e-commerce business revolution than ever before.
In light of the foregoing, we’re thrilled to present VirVentures Inc — an e-commerce company working on a Business to Consumer (B2C) model. We use marketplaces around the world and our category focused websites to reach customers.
The company was incorporated in 2013 and is headquartered in Houston, Texas.
Rupesh Sanghavi, VirVentures Inc Founder and CEO, spoke exclusively to The Silicon Review. Below is an excerpt.
Q. Explain your services in brief.
VirVentures is one of the fastest-growing eCommerce companies in the U.S. We have relationships with more than 5,000 brands and offer over a million products to our customers worldwide. We sell products in several categories ranging from electronics, furniture, fashion, toys, games, automotive etc. We sell through more than 23 curative web portals as well as 50+ marketplaces like Amazon, Walmart, Facebook, Google and eBay. We process over 20000 orders a day through our warehouse, drop-ship, and 3PL channels.
We have been ranked in the Inc. 5000, the fastest growing among all companies – USA Level for 2020. We are top 10 fastest growing companies in retail category. Before that we have also, with consistent deliverance of all our employees, Brand Partners, other associates we have also made it to Inc. 5000 list of fastest growing companies in Texas.
At Virventures we believe in consistent and visible growth. We have been able to acquire three ecommerce companies in 2020. Our vision is to not only leave the positive marks on customers’ heart but also do our best to let our Brand Partners benefit most by bringing a cut above technologies and the business growth strategies.
With online shopping, consumers can compare many products and find the lowest price. This forces many merchants to compete on price and reduce their profit margin. How can we overcome this pitfall?
We serve customers by optimizing product presence through SEO on the marketplace. Also, we mark our presence everywhere the customer shops so they get consistent choices regardless of channel they choose to shop.
Effective pricing is an essential but secondary aspect of any business which is in line with the competition and will maximize revenue and deliver profit. As far as VirVentures is concerned, we work closely with our Brand Partners by use of competitive pricing strategy.
We also work on product development in terms of quality and features to portray as a premium product provider, justifying the price set for a particular product or differentiating our company from other competitors. This could be in terms of features, discounts, branding, and product itself. This helps to remain ahead in the competition sustaining a tough marketplace.
Q. ‘When people are having fun, they work together better and they produce better work.’ How do you interpret this saying?
We develop new age working culture At VirVentures. We integrate work, laughter, play, learning, growth and fun are an essential part of the workplace. Our organization is a perfect blend of work and fun that has helped us to grow and expand all these years. We offer learning like college, work like startup, fun like party with best friends and offer the best growth phase of life. We always strive to build and nurture a long-lasting trust relationship with associates thereby fostering open communication to understand their needs.
Q. Is your company a ‘leader or a follower’? Do you formulate your core values?
We chart path to our destination through our strategic vision. As much as we do not believe in reinventing the wheel but at the same time we encourage creativity and new developments at every level. Being a part of an extremely dynamic industry for a decade now has naturally instilled a habit of staying updated on technology and market trends. This practice has allowed us to stay ahead of the curve and maintain a foresight on the market trends.
On the other hand, we believe we are easily adaptable to any situation and never hesitate to implement those strategies that have been already adopted by industry giants.
To answer the other part of your question, yes, we do formulate our core values and foundation for those is based on the philosophy and vision of our company.
Q. A good workplace stresses teamwork while still encouraging individual achievement and creativity. Does your company follow the same strategy?
VirVentures puts a lot of emphasis on teamwork wherein every associate or a team member plays their role contributing to the overall organizational performance. But at the same time, we make sure every associate gets equal opportunity to showcase their creativity and their skills to divert their efforts in the right direction. At VirVentures, we are well aware that alone we can do so little, together we can create wonders.
Q. How do you drive traffic and create targeting content for the right audiences?
A successful company is one that reaches the right audience at the right time and with the right content. And that’s what we always strive for at VirVentures. We harness the power of advertisement and social media for promoting our business. We make the best use of SEO tools for optimizing our keywords that suit our audiences. Besides, we make use of blogs, social media posts and events, and infographics to reach the right audience selling the products that interest them.
Q. Are you responsible for the conversion rate for the client’s products? If yes, how do you convert the website visitors into buyers?
For any business, converting visitors into buyers is of utmost importance as it drives revenue and profit. As far as VirVentures is concerned, we follow simple rule: Attention> Desire> Action.
Some of the strategies used by us to grab attention and convert it into final sales action are as follows:
This is how we start turning our website visitors into buyers. We make sure we make a positive impact on them before they arrive; show them the benefits, lead them towards the product they wish, and showcase our products in detail before our customers buy.
Trust is a difficult attribute to measure and a delicate dynamic to maintain. How do you maintain this with your associates?
Trust is one of the primary pillars that our foundation is built on. When you trust your associates and let them realize it, they are going to ensure that they live up to the expectations set. It is human nature to work responsibly when trusted, specifically when no one is supervising.
We always strive to build and nurture trust relationship that has helped us to grow and expand our business. We make sure we are transparent in our decision-making. Honesty is the core of our business. We make sure we give all associates the autonomy to succeed on their terms showing them that we trust them in completing the project successfully. Besides, we make sure even the smallest of achievement of our associates are celebrated by giving them an internal shout-out for their excellent work.
Rupesh Sanghavi: A Reliable Entrepreneur
Rupesh Sanghavi, Founder, serves as the Chief Executive Officer of VirVentures Inc. He oversees all the business segments with a macro outlook and a focus on infusing efficiency, new technology, service development, growth, and expansion. Before kick-starting his entrepreneurial journey, he has worked in diverse industries like automation, simulation, optimization, and development of software in oil and gas, process, and the chemical industry. Rupesh believes in the concept of a work-life balance and encourages the associates to establish this harmony between their personal and professional life. He has an ear for good conversations and good ideas.
As a founder, he very much believes in trusting the employees with given assignments, and that along with many other major factors has brought VirVentures from an office with five employees to over 600 at present.
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