In honor of our successful integration with Avalara sales tax solution earlier this year, GoECart and Avalara are co-sponsoring the social event /mixer of this year’s Retailer Conference & Exhibition in San Diego, California.
Dubbed ROCKTOPIA, the event will take place on Thursday night June 16 at Jolt’n Joe’s in San Diego’s Gas Lamp District from 9PM to midnight. The event will feature:
Live entertainment!
Food and drinks!
Open bar for the first 100 guests to arrive!
iPad give-away! (See details below.)
Yes, it’s true. Avalara will be giving a FREE Apple iPad to one lucky attendee. However, there’s a small catch! To enter the iPad drawing, you must stop by the trade show booth of each sponsor listed on the passport to have your passport stamped and be entered to win. Consider it your very own ecommerce scavenger hunt. You’ll get to meet some really cool people and you might even learn something new and interesting about ecommerce.
So be sure to stop by GoECart’s tradeshow booth at the Exhibition to get your passport stamped and for additional details. We may even have a few free drink tickets to share if you let us tell you a little bit about the latest version of GoECart- GoECart 360, the only end-to-end SaaS Ecommerce and Order Management System(OMS)!
We look forward to mixing it up with friends new and old on Thursday night June 16 at ROCKTOPIA
About IRCE
IRCE is the world’s largest ecommerce event. This year’s IRCE takes place from June 14-17 at the San Diego Convention Center and will feature 7,000 attendees, 175 speakers, and 500 exhibitors, including GoECart. For more information about IRCE 2011, see http://www.irce2011.com/2011/.
P.S. Did you know that Avalara integration with GoECart gives merchants an easier way to instantly and accurately calculate sales tax! The AvaTax integration with GoECart automatically calculates taxes during your transactions in real time, dramatically reducing the amount of time your business needs to spend on complex compliance processing, while improving accuracy and reducing costs. For more information about GoECart’s integration with Avalara solution, see http://www.goecart.com/mm/Transactional-SalesTax-Automation-Management.aspx
Last week, GoECart submitted its application for the 15th annual Connecticut Quality Improvement Award competition. From the CQIA’s website: “The Connecticut Quality Improvement Award, Inc., America’s first state-level quality award, was founded in 1987 utilizing the Malcolm Baldrige National Quality Award for Performance Excellence criteria in an effort to advance innovative programs that improve quality, performance, and marketplace competitiveness.”
Last year and in previous years, GoECart has won CQIA’s coveted Innovation Prize. The CQIA prize is a great prize for outstanding innovation leadership in Connecticut. For those of you who are unaware, GoECart’s headquarters are strategically located in downtown Bridgeport, CT right across the train and bus stations. This year, we have submitted a nomination application highlighting the innovative new features in GoECart 8.1 Ecommerce Platform. Notable new features include:
An updated discount and promotion engine that enables online retailers to offer highly customizable and focused discounts. Some examples of discounts include: buy one product and get a second product at half off, get free shoes with purchase of a dress, receive 10% off all products in Toys category only, get free ground shipping on orders over $50, and many others
Enhanced supply chain automation functionality via multi-vendor drop ship module enhancements. Updates include the ability to source and manage products from multiple vendors at the SKU level, intelligent routing of orders based on customer proximity, and improved vendor self-service and automation
Amazing rich media capabilities through its advanced integration with Adobe® Scene7
An enhanced rich transactional email module
Robust and advanced integration has been added for FedEx® shipping services
Improved integration with third party solutions that include PayPal® payment services, Avalara® sales tax solutions, and Omniture® web analytics.
GoECart regularly receives awards for product innovation and ecommerce leadership, which are a testiment to the tireless work of our team and their dedication to continuously updating the GoECart software platform and advancing ecommerce. For example, GoECart is also a four-time finalist in the prestigious annual CODiE Awards completion for “Best Ecommerce Solution” and expects to be nominated again this year
We will be sure to keep you posted on the results of the application and on the status of others awards, news and events via this blog. Check back often for updates!
GoECart’s CEO Manish Chowdhary recently sat down with Gregory Skidmore and David Lehn — co-hosts of Greenwich Entrepreneurs Talk Show and WGCH radio program — to discuss current trends in ecommerce and online retail. Mr. Chowdhary spoke about how GoECart helps growing small businesses and middle market companies to break through “growth choke points” and drive online sales in today’s competitive ecommerce climate.
In speaking about important trends for online businesses, Chowdhary pointed to the importance of cloud computing, where shared resources, software and information are provided to computers and other devices on-demand, like a public utility. As an on-demand ecommerce platform provider, GoECart is at the center of the cloud computing storm, providing merchants with the seamless interconnected set of the applications on demand that they need to be successful on the web. These include:
Affiliate Marketing and CRM
Comparison Shopping
Customer Service
Ecommerce Marketplace
Financial applications
Fulfillment and Shipping
Networking and Infrastructure
Internet Marketing and Advertising
Payment Solutions
Rich Media
Sales Tax Management & Compliance
Security and Compliance
Web Monitoring and Analytics
Website Testing and Optimization
Regarding GoECart’s ability to adapt to the staggering pace of change in ecommerce, Chowdhary said, “We have to adapt to any shifts that are happening the internet space. Ultimately, our clients are successful when people buy online from one of the stores that we power. “We have to keep an eye on everything. It is our responsibility to be forward thinking, to be progressive, keeping our clients on that innovative edge but being realistic about what trends are meaningful what trends should we follow and what are fads we should avoid. Because at the end of the day, it’s about generating revenue and profit.”
Manish Chowdhary is CEO of GoECart and the visionary behind GoECart’s best-in-class software as a service (SaaS) ecommerce platform designed to help merchants Sell more™ on the web. He is regularly quoted in the media on topics concerning ecommerce and is a much sought after speaker for industry tradeshows and events.
Gregory Skidmore is the President of Belray Asset Management, which uses the asset allocation techniques of university endowments and pension funds to focus on serving their clients’ best interests. This institutional investment process seeks to: reduce conflicts of interest, lower fees, improve communication, decrease volatility, fund future needs, and increase predictability of returns.
David Lehn is a Managing Director at Withers Bergman, which has been advising individuals, companies, and charities for over a hundred years. They are an international commercial law firm with offices in London, Milan, Geneva, New Haven, New York and Greenwich.
The Interview
GREG: Good morning and welcome to Greenwich Entrepreneurs. I’m Greg Skidmore, President of Belray Asset Management. I’m here with my co-host, David Lehn of Withers Bergman; he’s the managing director. Good morning, David. You’re the boss this morning. This could be your radio name “The Boss.”
DAVID: No.
GREG: Okay. Anyway, our entrepreneur this morning is Manish Chowdhary. Did I say that right?
MANISH: You got it right the second time. You’re getting better.
GREG: There are many options on how to say his name. So anyway, he is the CEO and founder of GoECart, which is a company that, I believe, helps businesses develop and manage their ecommerce solutions. Is that about right?
MANISH: That is correct.
GREG: Oh, good. So anyway, why don’t you start off and tell us a little bit about your business and then we’ll find out more about you.
MANISH: Perfect, Greg. GoECart, we are an ecommerce solutions provider, so we help small and medium-sized businesses sell online. Not only sell, but the goal is to really help them sell more and keep more of that profit back into their pocket.
GREG: So what type of company will come to you? Is it service providers or people that are selling a specific product? Are you often their first stop when they’re trying to figure out how to sell online, or they come to you after they’ve tried eBay or something?
MANISH: Well, generally, the companies that come to GoECart have had some sort of ecommerce presence in the past. They have taken a stab at ecommerce and they’re hitting some growth choke points and they want to break through and really start driving significant sales and upside. That’s when they begin to look for a superior next-generation ecommerce solution. That’s generally speaking, but we’re not restricted to only working with people who are doing ecommerce before, but anyone who is starting out as well but thinking strategically could be someone that we’ll be interested in working with.
GREG: I like that “choke points.” So what are choke points that people typically hit as they’re developing their online sales?
MANISH: Well, I mean, I think as you may have read the “Crossing the Chasm” by Jeffrey Moore, David. Everyone, you know, you start out, no matter what you do, whether you want to lose ten pounds or you want to learn how to swim, it’s a process. So you’ll start out and you’ll get some early success, and you’ll think that there’s no end to the world and you’re going to be at the top of it. Then you’re going to start hitting some resistance. It’s more likely at that point that things are going to get a little worse before they get better, as Seth Godin describes as “the dip.”
DAVID: Right.
MANISH: So, it’s easy to just simply have a presence online and get some initial success, but as you start to drive volume, as you start to drive a lot of sales, you need all the expertise like marketing, SEO, usability, conversion – all the things that are necessary to scale that business – and that’s where technology can play a big role. That is what we help businesses do at GoECart. Help businesses that have had some success and that want to really take that to the next level can use GoECart platform to build their solution from that point on.
DAVID: So you have a great website. Is developing websites for businesses part of what you do? Is that like one of the first steps or is that something that’s already happening and you need to take that to the next level?
MANISH: So website is such a broad term today, right? I mean, everyone has a website, right? TD Ameritrade is a website. E-Trade is a website, if you speak. Yahoo is a website. Google is a website. Right? What’s happening is the web applications, is the software being delivered on the web. That’s the new terminology, as they have Software as a Service. So pretty much, everything is a website.
So if you’re referring to having content and ecommerce, GoECart provides both. You can build your content, whether it’s your static informational pages like About Us, Contact Us, that kind of stuff. But then you can also put all your product catalog, the checkout, the payment processing, shipping and fulfillment and all that.
DAVID: And that’s part of what GoECart does?
MANISH: Yes, the GoECart is a complete platform. So say you want to set up and start selling online, you would come to GoECart and put your branding, put your logo, put your color scheme, design your site. It’s all done through the web through a very easy to use back-end interface, where you can put your content in. So you don’t have to worry about installing a software, managing a server, backup, security, or “How do I connect to this bank? How do I connect to UPS?” All those tools are built in so you can focus solely on sales and marketing.
DAVID: Okay.
GREG: Now, what trends are you seeing within medium to small businesses? I mean, if you go back a few years, that type of product offering perhaps was only available to big companies. They could build the infrastructure themselves. A little bit what you’ve done is you package the infrastructure and you can sell it in smaller chunks so that it’s more affordable for business owners. Are you seeing smaller and smaller businesses do more sophisticated things on the web? What trends are you seeing within business owners and how they’re selling?
MANISH: Well, there’s some major shift and changes happening on the internet. In fact, one of the latest buzzwords out there is something called “cloud computing.” Now, people are professing the idea of “corporation of one,” meaning you could be an entrepreneur with an idea and you can possibly and potentially outsource every function you can think of, including your infrastructure.
There are providers like Google and Microsoft and SalesForce.com. These are people that are providing from entire servers and infrastructure. The beauty of it is previously, you had to shell out a lot of money to avail this top-tier infrastructure, but now, it’s become a concept or what they call “utility computing,” meaning you pay only for what you use. It’s almost synonymous with your electric outlets, you know. You plug when you need to power your appliances and you pay for what you use.
That’s really a radical shift that’s happening, and it’s empowering all kinds of people. You can pretty much outsource your software development, your testing, and your hosting. You could be a single person and run a multi-million dollar corporation, and it is absolutely possible.
GREG: The thing that’s interesting is you actually, in a way, are employing perhaps a big group of people and resources. It’s just that you’re sharing those resources with other people like yourself, and that makes them more affordable. Rather than hiring a full-time web designer or an ecommerce person, they’re using your resources and other people use them too. It makes them more affordable.
MANISH: Absolutely. The concept of shared resources, I mean, is similar to the time-sharing world back of the IBM days, you know. You can’t afford to buy a super computer but you can rent a portion of the utility power as and when you need. So we combine all our resources at GoECart and we’re able to offer and package all of this at a very, very affordable fee.
GREG: So what’s the competition like for you? I mean, this is an area that, at least as an outsider, appears to be growing. So you must be adapting really quickly, because I’m sure your company today is providing different solutions than it was three years ago. So what has this process been like for you as things are rapidly changing?
MANISH: Well, at GoECart, we are almost at the center of activity. As an ecommerce solution and a platform provider, we have to pretty much adapt to any shifts that are happening in the internet space, because ultimately, our clients are successful when people buy online from one of the stores that we power.
Consumers are influenced by everything that goes around, whether it’s Google or Amazon. For example, Apple launches an i-Pad and that’s creating a mobile revolution. Over time, consumers are going to expect that your website is going to work on mobile devices. We have to naturally adapt to the consumer demand that starts to develop, so we have to keep an eye on everything. You’re 100% right.
When they come to somebody like GoECart, it becomes our responsibility to be forward thinking, to be progressive in keeping our clients on that innovative edge but being realistic as to what trends are meaningful, what trends we should follow and what fads we should avoid, because at the end of the day, it’s about generating revenue and profit.
GREG: Well, let’s take a quick break, and when we come back, I want to get into you personally. You know, I think you came over from India at a young age, or relatively young – you weren’t a baby – and I always love hearing stories like that.
So anyway, let’s take a quick break. This is Greenwich Entrepreneurs, and this is 1490 WGCH. We’ll be back in a second.
[Break 10:51-12:01]
GREG: Welcome back to Greenwich Entrepreneurs. I’m Greg Skidmore, President of Belray Asset Management, and I’m here with my co-host, David Lehn, who’s the managing director of Withers Bergman here in Greenwich. Our entrepreneur this morning is Manish Chowdhary who is the CEO of GoECart.
You, guys, were talking off the air and I heard “dorm room.” Whenever dorm room gets involved in a business, it’s a good story. So where were you, guys?
DAVID: Well, we were talking about how the business started, I’ll let you start with it, but you were in school, the University of Bridgeport in 2000. Why don’t you pick it up from there?
MANISH: Well, David, first of all, I was very pleased to know that you are a UB alumni as well, so that’s a great privilege. Well, I was very lucky-
DAVID: Well, technically, alumni of the UB Basketball ***. It was a great place to go back in the 60s and 70s.
MANISH: Well, I think it’s still very good. I was very blessed that UB gave me a very generous scholarship and that attracted me to UB. I couldn’t be more thankful. That allowed me the flexibility to explore my entrepreneurial spirits early on and founded the company at the University of Bridgeport when I was a sophomore there. Since then, I’ve moved on. They wouldn’t let me stay for ten years on campus.
DAVID: So you had that entrepreneurial bug.
MANISH: Yes, I did. It was something that I think I was born with. I come from a family of business people and entrepreneurs, and it was something that came very naturally to me.
GREG: So is there a family business that you grew up around?
MANISH: Yes. My dad has a salt manufacturing plant. Basically, it’s a family of entrepreneurs – my uncles and everyone – so right from the beginning, we were pretty much inculcated in the school of business.
DAVID: So now you’re majoring in engineering-
MANISH: Yes.
DAVID: -you’re starting your own business while you’re in school, and as you graduate from school – let’s pick it up where you go- I’m assuming this is not enough financially to support you when UB says “You graduate. We can’t keep you in the dorm room forever.” So you have to go pay for your own place to live and you have to get a “real job” for a little while?
MANISH: Yes. Back in 2000, that’s when I graduated; I mean, it was the height of the dot.com. Every kid graduating, that had an entrepreneurial bug type thought they could pretty much be the next Google or Yahoo or some other large corporation, and I was inspired. Internet had just come in and it was shaping the way how things were being done, Priceline.com and all these new business models that were evolving.
We wanted to do something big and we came up with our idea. We actually patented the idea as well. We finally received a patent for our innovation a couple of years back. So, it was a very exciting time. Then, we got into doing the routine software development consulting to pay our bills.
GREG: So you were developing software. So how did you migrate? It sounds like your skills are kind of building, probably your entrepreneurial skills as well as your technical skills, while this is going on. Is this kind of correct? Talk about the progress towards what would ultimately become GoECart.
MANISH: Yes. So we started out with this big dream of creating the next big thing. Obviously, the stock market tanked; then we had the 9/11. At that time, there wasn’t any funding for any idea, good or bad. You know, I really wasn’t big on funding; that wasn’t my forte. I didn’t go to school for Finance, so I went back to what I knew, which is building solutions for people, and that’s how we got into software services. We were helping build other ecommerce websites for our clients.
Then eventually, in a couple of years, we decided that “Why don’t we use that expertise and build a product?” because that’s what we’re really good at: innovation and creating next generation of products. That’s how GoECart came into being. We were supporting the product development from our services revenue, and over time, GoECart became self-supporting and we let go of the services business.
GREG: That’s interesting. So you really transitioned from really a service business to more of a product business almost.
MANISH: That is correct.
GREG: Now why would you do that? Was the web consumer more comfortable with purchasing a package solution, versus a sort paying by the hour to get you to do something? Why did you evolve that way?
MANISH: Right. As industries mature, you know, there are shifts that happen. For example, 1993 or early 90s, when CRM became a big thing – Customer Relationship Management – everyone rushed out to build their own CRM systems. Everyone was developing their own custom application and everyone had their own methodology. But as the discipline matured, people start realizing that it doesn’t make sense to build those systems and invest hundred thousand or million dollars or more in trying to keep up and maintain and manage.
That similar shift happened in the ecommerce base and people got more comfortable standardizing on platforms like GoECart. That’s why it made natural sense for us to move to a platform, as opposed to continue building these biz bulk custom solutions.
GREG: So, you now manage 12 people. That’s probably changed. It sounds like you’re a real company with real revenue now. What’s it like running the company now versus when you started it?
MANISH: Well, I mean, there’s been a huge change. When you start out – as in my case, I did not have an MBA or I didn’t have the ten-plus years of corporate grooming – so you make a lot of mistakes. I made every mistake that every entrepreneur can ever make.
GREG: All right. Give us detail. What were a few of the mistakes that you found to be good learning experiences?
MANISH: Well, for example, when you start out as an entrepreneur, you think every revenue is good revenue. That is not true. There’s a difference between strategic or strategy and there’s tactic. You tend to follow whatever opportunity comes around. You’re not as laser-sharp focused and you’re driving something to an exit to a strategy to a well-defined plan. Most entrepreneurs lose their way, they kind of focus in too many areas, and we did that as well. I mean, that was one of the many mistakes.
Hiring or recruitment – I mean, what kind of people to hire, how you manage them, what systems and processes to put in place. I mean, whether you’re running a tiny business of one person or two people, or you’re running a company of thousand people, believe it or not, I mean, certain things ought to operate in a very similar way.
Recently, I read a book by Michael Grover, the “E Myth”. He goes on to explain, you know-
GREG: That’s a great book.
MANISH: -how you should run your company, whether it’s a corporation of one or corporation of one thousand.
GREG: It’s very true. I think business owners out there would benefit from reading his book. It basically says in building an org chart, even if you fit in two-thirds of the buckets, because they’ll give you an idea of who you need to hire to replace what you’re doing as you grow. Have you literally done that – build an org chart?
MANISH: Yes, and in our company, as we learned and grew and evolved, we have a well-defined org chart. We have functions and departments. Whether the same person is fitting into all departments, we know that the departments exist and our functional responsibilities, so that as we bring on new people, we can place them in one of those boxes, and things work smoothly.
GREG: You’re beginning to do business overseas, correct? Or maybe you have been doing it for a while?
MANISH: Yeah, we’ve always been a global corporation. I mean, we’ve had clients abroad. We had an outsourcing relationship abroad. Now, it’s pretty much in the world of freelance, you know. If you need, say, a logo design, you can go on freelance websites and you have people from around the world bidding on your projects.
GREG: You know, one of the things that’s interesting is David’s firm works with a lot of business owners that have or do business overseas, and that makes things more complicated. One of the things I think we’ve seen in interviewing people is one of the ways business owners, especially small business owners, are growing right now is getting revenue from overseas versus it all used to be domestic. I mean, David, what are you seeing with your clients and the people that you work with, in terms of how they’ve adjusted and adapted to the recession?
DAVID: Well, I think, like you were saying with GoECart, that it’s no longer just a local market. The idea and opportunity to be able to go and expand your market worldwide just creates so much more opportunity. You obviously have issues about how you structure your off-shore corporation if you’re going to do that, and there are tax issues involved with that. But ultimately, it’s just a huge source of revenue.
To do what you were talking about, which I really love, the idea of being laser-sharp about what type of revenue you really want. If you’re in a much smaller market without so much in the way of opportunity because there just aren’t enough potential customers for what you want to do, you kind of limit what you can get in the way of good revenue and you end up taking some bad revenue, I guess you would call it.
To do this worldwide just creates an opportunity to allow you to do exactly what you want to do. It makes running a business probably that much easier on the one hand, because you get to do what you want to do, but on the other hand, you have to understand different parts of the world and what’s going on and how to generate business in those parts of the world.
GREG: I have a question for you. You have seen a lot of data; I mean, you see things being bought and sold. What sales trends – obviously, your clients’ data is proprietary – but in general, what sales trends have you seen over the last year? And have they changed at all?
MANISH: Well, I mean, consumers are going more and more to the search engines. That has been true for a while now. People are starting their search or inquiry at a search engine, so it’s very important that if you’re running an online business of any kind, having online marketing as one of your core competencies is very important.
DAVID: And how has the economy over the last three years affected what you do? Do you see the trends of the economy going down and coming back? Do you think an ecommerce space is headed a curve? Do you think it’s not as affected as much by the rest of the economy?
MANISH: Well, that’s an excellent question. I mean, no space is totally shielded from the downturn. Although online, what’s happening is the channel is shifting. If you have a big snowstorm, people are not going to the store. They can very easily make that same purchase online. However, it’s a general shift now with mobile computing, internet being more ubiquitous. Internet and online businesses are benefiting from that shift and the transition of offline channel to online. So while retail sales might have not done as well, online retail in fourth quarter last year was up 3% year-over-year, and they’re expecting a pretty robust growth in 2010 and 2011, almost double digits.
I mean, I personally think that there’s a lot of innovation that’s happening online. Consumers are adapting, more and more consumers are getting online, they’re getting more comfortable, they’re spending more time email. So, I think online is going to be a growing market for a while now.
GREG: One of the parts of your business is the sale, and there’s the distribution of product. One of the things I’ve seen is like Diapers.com or Staples, they seem to have built a web presence first and then they improved their distribution so that they could deliver the product a lot quicker. Because if I can get a product same day, which I can from Staples in some instance, I mean, why would I make the drive? What are you seeing in terms of the distribution of products? It used to be you wait eight days for it to get shipped across the country, but that’s changing.
MANISH: Well, you’re 100% right, Greg. The companies are finding ways to optimize their fulfillment. In fact, our patent, coincidentally, the one that I own, is in the ecommerce optimization space. Companies like Staples that have such a wide and large geographic distribution centers, they can afford to do it, but it comes at a very high price, because of the cost of stocking the product and so on. Our vision at GoECart and with our patent is to allow any merchant to do that, and internet provides that potential.
GREG: That’s pretty cool. Well, anyway, Manish, thank you so much for being here today. It was fun talking to you and kind of hearing what’s going on with business over the web. I enjoyed your company.
MANISH: Thank you for the opportunity, Greg.
GREG: Absolutely. Visit goecart.com to learn more about his business. David, as always, I enjoy your company.
DAVID: It’s a good day.
GREG: You can learn more about Withers Bergman at withersworldwide.com. This has been Greenwich Entrepreneurs. We will see you again next week, 1490 WGCH.
We are pleased to introduce you to the newest member of GoECart’s client family, flowerspot.com.
flowerspot.com is a sister company of the Native Floral Group, one of the largest fresh flower bouquet companies in the USA delivering over 100 million farm-fresh flowers a year. flowerspot.com leveraged the help of the our professional services team to achieve a fully customized ecommerce solution-with a slew of cool features- within their budget and in record time!
The site is already competing with the major online floral retailers and is a shining example of what can be achieved using GoECart’s Middle Market Solution and a bit of customization. Some highlights of the site include:
A distinctive storefront design that features a product slide show on the home page, custom navigation, many holiday and seasonal promotional elements, multimedia (including video!), and much more
Tips and advice for customers to care for and arrange flowers they purchase.
A dynamic and highly personalized checkout process that lets customers choose bouquet order add-ons like vases, chocolates, teddy bears, etc. As customers choose the options they want, the product image is automatically updated to include the items being purchased!
A super-intelligent delivery calendar that lets customer enter their zip code and choose a delivery date based the visitor’s zip and the nearest flowerspot.com warehouse
Amazon.com-like social and viral marketing capabilities like the ability for customers to add a personalized greeting card to their order and/or free email event reminders
A custom back-end vendor administration capability that lets flowerspot’s nationwide warehouse partners manage inventory and order fulfillment
Tight back-end integration with FedEx Ship Manager API®, including: Shipping Rate Calculation , Service Selection, Label Generation and Address Verification
Integration with other members of GoECart Thriving Partner Ecosystem™, including MaxMind® for intelligent auto-routing of time sensitive orders based on customer location, GeoTrust™ and McAfee Secure™ for security and compliance; ExactTarget® for email marketing; Omniture® and Google™ for web analytics; ShareThis® for social bookmarking, and others
Automatic and intelligent routing of orders to appropriate warehouses based on inventory levels and customer delivery address
Automatic, intelligent assignment of the best warehouse vendors using multiple delivery logic parameters, including zip code distance calculations
The site is also sure to get added attention because it utilizes GoECart’s Intelligent SEO™ capability that automatically optimizes web pages in the storefront for display in the major search engines like Google™, Yahoo!®, and Microsoft® Bing™
We encourage you to visit flowerspot.com at your earliest convenience. We’re sure that when you do, you’ll be just a few clicks away from joining their fast-growing base of customers who have already opted to “See it. Send it. Smile!”
We are pleased to welcome Avalara® to GoECart’s Thriving Partner EcoSystem of best-in-class software and service providers. Avalara is leading online sales tax automation solution. Previously only available to Fortune 500 companies, the technology is now available to small and mid-sized merchants has been successfully integrated with GoECart.
The integration provides GoECart merchants with best-in-class sales tax automation capabilities, including:
Seamless access to all jurisdiction assignments and real-time tax calculations
The most up to date rates and boundary information available
Superior processing logic to manage complex tax issues like situs, nexus, tax tiers, holidays, exemptions, certificate management, and product taxability rules
A speedy and seamless tax engine (calculates sales tax transparently and in under a second!)
Recently, Manish Chowdhary, founder and CEO of GoECart was interviewed by Greg Skidmore and Pedro Ramirez of Greenwich Entrepreneurs. Listen along to this podcast, where Manish covers topics such as search engine optimization, spending habits, customer expectations, and the future of ecommerce. Learn more about the history of our company and our humble beginnings, and how we grew into the best-of-breed ecommerce solution that we are today.
Because of his expertise in areas ranging from ecommerce, entrepreneurship, business strategy & execution, and online marketing, Manish Chowdhary is a highly sought out speaker who often helps other entrepreneurs learn and grow their businesses. By empowering local entrepreneurs, GoECart strives to improve and contribute to our local community.
Gregory Skidmore is the President of Belray Asset Management, which uses the asset allocation techniques of university endowments and pension funds to focus on serving their clients’ best interests. This institutional investment process seeks to: reduce conflicts of interest, lower fees, improve communication, decrease volatility, fund future needs, and increase predictability of returns.
Pedro Ramirez, Jr. is a successful Weath manager, at Belray Asset Management. There, he consults clients on defining financial goals, identifying risk tolerance and pinpointing investment time horizons. He uses this information to create custom financial plans and investment solutions. His plans and investment strategies seek to reduce risk and help clients protect their capital.
Greenwich Entrepreneurs airs Fridays at 9:30 – 10:00AM (Eastern) on News Talk AM1490WGCH.
Listen to the podcast here:
The Interview
GREG: Good morning and welcome to the Greenwich Entrepreneurs Podcast. I’m Greg Skidmore, President of Belray Asset Management. I’m here with Pedro.
PEDRO: Good morning, Greg. How are you?
GREG: Pedro’s a wealth manager here. So anyway, I always enjoy his company. Our entrepreneur this morning is Manish –I forgot to say your-
MANISH: Chowdhary.
GREG: Chowdhary?
MANISH: Yes.
GREG: Oh, good. He is the CEO of GoECart. I guess if you, people, want to follow along while the show is going on, you can go to his website, www.goecart.com. Manish, welcome!
MANISH: Thank you very much.
GREG: Why don’t you just sort of start off and tell us a little bit about your company and we’ll take it from there?
MANISH: As you said, my name is Manish Chowdhary. I’m the founder and CEO of GoECart. GoECart is a leading ecommerce solution provider. We help small and medium-sized businesses sell online, so if you’re either a company looking to get started online or if you already have an online store and looking to grow it, I think GoECart may be a good place to look for resources.
GREG: Now, talk to us a little bit about your typical customer. What do they look like and what’s the range of dollar size? I mean, if I’m doing $5 a month online, do I call you?
ANISH: Well, I don’t think, you know, we classify clients based on dollar value. What we look for in a client is their desire to grow online and how seriously and how strategically do they think about their online business, and whether it’s going to be an integral part or it’s just going to be something that they want to leave on the side. I mean, online business, like any other business, needs supervision, needs management, and needs active participation. So if they consider online to be a decent component or it may become a decent component of their overall business, I think that’s the kind of clients we want to talk to.
PEDRO: It’s funny when you said “five dollars.” I actually would say yes, because they’re someone who either hasn’t thought about it or has and is not being successful. A corollary to that would be you see the numbers from CyberMonday, and I believe it was “online is growing 11-15%.” The numbers are much smaller than regular brick and mortar, but it continues to be a growth facet of business.
MANISH: Yeah, we just got some report from ComScore, which is a measurement company. This year they’re tracking online retail to grow by 3%, which is obviously much better than offline retail. I mean, we have two categories of solutions, small business and middle markets, so we kind of have clients that do sometimes start off with nothing, because they’re starting a new online business, and then people like Sean Nelson of Lovesac that you had recently, who are doing millions of dollars online. So it’s a pretty broad range of offering.
GREG: Now, Pedro, you came from a garment industry, if we go back far enough. I believe you understand like merchandising and product placement and stuff like that – so maybe you can jump in here when I ask this question – but the store is about placing the products and there’s all this psychology components to it. Do you get involved in the construction of the store to help people buy more, or are you more of the-
PEDRO:The store or the site?
GREG: The site, I mean, the online store. Or are you more the infrastructure behind the scenes?
MANISH: Excellent question. Because one of our mantra is really helping merchants “sell more!” So a lot of our clients are merchants who are coming from an existing online store, they are using a different platform and they’ve had some kind of a bottle neck or they’re not able to grow further. What’s happening is the expectations for your online store are driven by some of the larger sites on the internet, like Amazon and Buy.com and so on. As a consumer, you expect almost the same kind of performance and the same kind of sophistication even from any website that you go to, because the competition is so large.
That is where GoECart shines. We provide the right blend of technology, infrastructure and services to help merchants sell more. Part of that does include helping them with merchandising. It is all done primarily through the software itself, so we give them the tools to enable them to do this easily, quickly and efficiently.
PEDRO: And you help them as they do it, right?
MANISH: Yes. There’s always two components: we have the software, which you can do use on a self-service model-
GREG: So basically they can ask if there’s a self-service model?
MANISH: Yes, because our goal is to provide merchants with services at a very reasonable cost. If they have the expertise in-house and they want to use our software and use the technology and the tools, what we generally do is we’ll train them on how to use it, how to make the maximum use of it, and if they want our help in form of professional services or consulting, then we can help them in that capacity as well.
PEDRO: Do those services- oh, sorry.
GREG: No, go.
PEDRO: One of the things that’s always gotten me, so let’s make the assumption that we have a fabulous site, and “fabulous” as defined by ease of customer use and they go in and they pay products or place and all that, but what about, how does the customer find that site? That’s one of the things I’ve always chewed on, so to speak. So now, do you help? ‘Cause isn’t that more of a marketing function?
MANISH: Well, it is. However, in the online world, getting found is a very important component.
PEDRO: Yes it is. Exactly.
MANISH: See in the offline world, we’re sitting here in Greenwich, Connecticut, you want to go buy a piece of apparel, you’re only going to go so far.
GREG: Right.
MANISH: But in the online world, going to Tahiti, French Polynesia is same one click away from the local J Crew Store right down the street. So the distance from desire to delivery is only one click and that’s where, which is also a big equalizing factor because that puts everybody at easily accessible. But then also, if you’re not able to compete against the big boys, you’re also at a major disadvantage.
PEDRO: But my point actually is more, let’s use J Crew, obviously a clothing store, if you pass the J Crew, obviously you’ve thought of them and you can say “I’d much prefer to shop online” but you don’t pass Pedro’s clothing store. So how do you compete on that level?
Let’s assume that the sites are equal, but that’s what’s always gotten me about online. Any business – because we’re talking to entrepreneurs, entrepreneurs at all different levels; they could be start-ups out there – any mid-range make the assumption that the site is fine.
MANISH: 90% of most commerce inquiries originate from a search engine. Most people first go to a search engine if they’re looking for something to buy or even research.
MANISH: It’s a core aspect of our platform. So you’d ask, “Why would you use GoECart?” GoECart provides a far better and superior platform for merchants to get indexed in the Google natural results so that they’d get found easily for relevant keywords.
PEDRO: Now, I’ve never heard of that term “Google natural results.” What is that?
MANISH: Well, basically, it’s like a newspaper. A newspaper has a PR, which are PR stories, and then they have advertisements.
PEDRO: Okay.
MANISH: And Google, if you look, the results that go down the page from one to ten vertically down, they are unpaid listings that Google considers important for certain keywords and they promote them accordingly.
PEDRO: Okay.
MANISH: And along the side, on the right hand side are the advertisements.
PEDRO: Right.
MANISH: So if you’re providing a great website that has meaningful content and is optimized for search engine and it has a lot of equity and links built in, then you will rank high in the natural results that you don’t have to pay for.
PEDRO: Right. Okay.
MANISH: So we really help merchants get ranked high on those listings.
PEDRO: So that’s great. That seems one-stop.
GREG: You know, I was just looking at your website as we were talking, and it looks like, on a small business version of your software, there are two versions: There’s a standard and a professional, one is more expensive than the other. What that got me to thinking a little bit is now how much of your business is the sort of the self-serve and how much is of corporate clients that you have to engage more intimately?
MANISH: Well, as I mentioned, you know we have clients, Fortune 500 clients, you know like Pitney Bose and then we have small clients. Some clients may have a very large business, multibillion-dollar business but their online component might be really negligible.
GREG: What I’m curious about is, you know, and I was fishing through this, but I see small businesses now being able to put money into online sales and marketing where it was too expensive before but now it’s getting affordable. So, you know, if we talked to local merchants around here – I don’t mean someone that was like trying to start an internet business – I just thought the local merchant, he’s now able to sell online. So, I’m curious the big enterprises have been putting money on online stuff heavily for a long time but it’s the small business owner that I’m sensing. So are you seeing that trend in your sales?
MANISH: Well, having an online store or a website is almost expected today.
GREG: Yeah.
MANISH: So it’s like having your phone number listed on the Yellow Pages, so that you almost are expected to have a presence online. Now the question becomes “How large of a presence and how big of a sales channel are you looking to make it?” Are you looking to simply aid your offline consumers with an online presence or are you really driving an online strategy?
GREG: Right.
MANISH: And that’s where the key difference lies. So the barriers to entry on having an online presence and having an online store have come down significantly. But if you’re really looking to take on the big guys and trying to compete, there’s a lot of competition online.
GREG: Right, right.
PEDRO: Kind of foreword to that then, are you seeing more people as wanting to have an online presence or an online store? Do they want to do the business online?
GREG: Seeing the brochure, versus something that-
PEDRO: Although I think your point was interesting. With Belray, we do have a website that a part of it is actually educational, and that’s what we want: educational. But if we were – and we’re a heavily regulated business – but if we wanted to actually- so let’s just make the assumption right now: we’re in the education and we’re using the internet as an educational tool. But what happens is all of a sudden we said “Let’s make the internet a business model, a way of getting a new business,” are you seeing people staying more with the educational or some sort of a presence or are they moving towards wanting to actually do business on the net?
MANISH: I think it’s both, because you probably hear a lot about the social media. Nowadays, commerce is very closely intertwined with the content, you know. It’s no longer, “I’m going to just put up my products and hope people are going to come and buy.” I have to make them aware, I have to give them education, and hopefully through that process, I’m not only going to get customers to buy but also improve my brand loyalty and brand recall and retention.
So they’re really merging, and that’s the new web 2.0 kind of thing. Today, I mean, just yesterday, I booked a hotel room in New York. I mean, the first thing that I looked for was reviews. I mean, if I’m looking to get a good deal, I don’t know, I mean, I trust the reviews. Now-
PEDRO: I’ve done that.
MANISH: The content is what drove the sale.
GREG:Yeah.
MANISH: So you can’t really differentiate the two, and you have to marry the two together.
GREG: Sure. Let’s talk about you for a second. I mean, you started this business when you were fairly young. I mean you’re not old yet!
MANISH: I used to be younger, yeah.
GREG: Yeah. Exactly.
PEDRO: Didn’t we all?
GREG: And so why don’t you- you started in college?
MANISH: Yes. So the company was born in a dorm room at the University of Bridgeport.
GREG: Okay.
MANISH: I still remember 860 [13:43] Hall.
GREG: Shut out the 860 [13:45] Hall.
MANISH: Exactly. University of Bridgeport, my Alma Mater. I was very blessed that they had given me a full scholarship which allowed me to explore my entrepreneurial spirit very early on, and I’m immensely grateful for that. Basically, there was a good opportunity and I had a friend who needed to pay for college, although I had my scholarship so I don’t have to worry about it. We got and started selling computers. Back in the day, there was market for assembled computers and we started selling-
GREG: So did you buy the parts and put them together?
MANISH: Well, my friend wanted to, because he didn’t have any capital and I was working fulltime at the time, so instead of him going to the computer show every weekend and getting one computer, selling one, I said “You know what, I’m going to be the financier and I’m going to be a business guy. Why don’t we buy ten computers and we sell ten a week as opposed to going one at a time, and we quadruple our business?” And so-
GREG: Did that work?
MANISH: That really worked because we were basically the “go-to” guys in college if you wanted a new computer. But you know that the market for assembled computers just depleted, and I knew that the way to go forward was towards the internet and software. Then we moved from that to starting doing consulting. People thought that this was a hobby and we were doing it just for fun, but I was really serious. I said “Now that we’ve established the company, we’ve got to keep it going.”
PEDRO: Were you out of college already at this point?
MANISH: I was-
PEDRO: Or this was still in college?
MANISH: I was already getting out of college. Everybody was looking for a job. Everybody started getting a job, whereas I continued on because I was just driven to make the company succeed. I didn’t have a short-term view about it because I wanted to do something really, really big.
GREG: You know, I think young entrepreneurs often have a problem with convincing people that have known them for a long time that they’re actually, you know, serious. It’s a serious business. I mean if your parents’ friend has known you since you were 12 and he runs a company, you know it’s not his fault, but it’s a leap to go from imagining you in diapers or something to advising him on his ecommerce.
So do you have any advice for young entrepreneurs to help them get people to think about them differently as their business grows?
MANISH: Well, I think I learned this a little bit late and after a lot of pits and falls. I think my biggest advice for young entrepreneurs would be to surround themselves with other previously successful people and basically get an education track, find a mentor and attend or be part of CEO organizations. Really surround yourself with successful peers. I think the best learning, in my opinion, happens through people who’ve been there before like you. That was the realization I got later and obviously I wished I’d done that sooner. So joining an organization like Young Entrepreneurs Association, Vistage, or other round tables, I think, is great, and continue that learning experience. Because I never had expertise in HR or finance or marketing; I never went to school for that. I went to school for engineering.
PEDRO: Right.
MANISH: So I had to pretty much self-teach all those various things that you need in order to succeed in business, which was a slow and long process.
GREG: So you basically decided- were your parents entrepreneurs?
MANISH: My parents are entrepreneurs. They are business owners. My dad runs his own salt manufacturing facility back in India. So I was very fortunate that I had the entrepreneurial gene and that’s what really got me started.
PEDRO: It started that way, because it was interesting, the point you made.
Was it ever difficult? I think I know the answer but I’ll ask the question anyway. When your friends in school were getting jobs and you were pursuing this, did you ever find it like, “Am I really doing the right thing?”
MANISH: Well, I never doubted-
PEDRO: That’s what I thought that would be-
MANISH: -that I wanted to, because never did I ever doubt whether I would be successful or not. The question was “When?” and “How long is it going to take?” I never thought it was going to take even half as long as it has taken so far. I don’t even consider myself to be immensely successful at this point, because success is always relative, you know.
PEDRO: The length of time that’s a- I could do the “aaaahhhh.”
MANISH: Yeah.
PEDRO: It’s so- It’s such a poignant point.
GREG: We had, Sean Nelson, the chief exec over at Lovesac. Now we were talking about this, how-
PEDRO: I’ve had this conversation with numerous people.
GREG: Time is so important. You just got to get the ball rolling, because, you know, you’re so lucky you started this when you were 24. I mean, you were younger. But whatever, the point is, you’re just lucky because you have that much more time for this to mature and develop and the seeds to grow and all that. I mean do you sense that, now as time is passing, you’re seeing things, seeds that you planted years ago and they’re turning out as something?
MANISH: I mean, the last ten years have been the greatest learning experience of my life.
GREG: Yeah.
MANISH: And I could not have done if I had started now, or it could be much more difficult. I think that learning, the energy that you have as a young entrepreneur, you have full confidence and you refuse to give in. You know, I’ve gone through so many different challenges and obviously as you grow, you got more responsibility and so on, but-
GREG: Now let’s hear about a few of those challenges.
PEDRO: We weren’t going to let you go on that one. I thought the same thing.
GREG:You’ve opened up the Pandora’s Box. But we have 90-year-olds on the show. They’re hilarious because they’ll tell you everything, because it just doesn’t matter anymore. So we’re not going to, you know you don’t have to tell me everything that-
PEDRO: This is not dirty laundry time.
GREG: We’re not trying to nail you against the wall on this, but what are some things that were tough and but good learning experiences?
MANISH: Well the first and foremost, you know, see I came here to study. I did not have any contacts in America, so I had absolutely no one to fall back on. I had to start this with no contacts, no money, I came on a full scholarship, and I was determined to prove people wrong that they thought that I was doing this as a hobby in college and it’s not going to last, but I was absolutely determined. So obviously the first round of investment to financing came from my credit cards.
PEDRO: Yeah.
MANISH: Thankfully, credit was loose back in those days. So obviously I ran up a big debt. That was what worried me, because we were growing the business, we got the basic infrastructure, we were working out of a home office, you know, where basically every room was an office and also I slept in. I recruited my friends from college, they would come and work. So it was, you know, I think most people thought that this is something that I will simply, you know, it’s a matter of time.
We started doing consulting and doing services business and so on, and getting clients while I was working fulltime, while going to school fulltime. So, I had basically, three different fulltime initiatives running in parallel, and my hours were 80, 100, 120 hours. Any time I was awake, I was thinking about I’ve got to make all these three things work because I wasn’t ready to give one versus the other.
Because you often hear about these stories about the guys that you know, they went to Harvard and they dropped out. But I wasn’t determined to drop out because of, well, one I couldn’t, and second, I did not want to.
GREG: Right, right. Now going back to the debt thing for a second, I want to talk about that because I think a lot of businesses, I know a lot of, especially the young ones, okay, the easiest line to credit is credit card debt. So all the young entrepreneurs I know, that’s how they finance their stuff. So, you’re getting on the other side of where it sounds like your business has real revenue now and it’s growing. It’s a real thing. You’re beyond the survival phase where “is this going to survive?”
MANISH: Well, thankfully, we’ve got millions of dollars in revenue, we’ve got hundreds of clients, and we’ve been around for a long time, so we’ve been very blessed.
GREG: So if you could go back and talk to yourself, you know, eight years ago when you had debt and it was tough, what would you say? Like “Don’t worry about it” or “It’ll work out later”?
MANISH: No. I mean, I worried about it because I think that it’s stupid not to worry.
GREG: Yeah.
MANISH: I still worry about it even when we do have money, because it’s a matter of financial discipline. That was something that we needed and I did not have an alternative. I mean, that’s not the preferred way to start a company. My advice to anyone is if you can find an investor, that’s perhaps the best way to go forward.
GREG: Yeah.
MANISH: Because that does multiple things. It makes you accountable for the money that you have even more than if it were your money.
GREG: Yeah. Absolutely.
MANISH: I think that one of the big things that we talked about Sean and other that we haven’t done so far is taken money from an investor. So that’s very unique to grow a business to this magnitude completely organically. We have zero debt and zero external investors and zero external capital. That is what took us this long, because it’s so hard to grow a business organically, particularly a software business of our kind. So-
GREG: Well, it’s interesting because, to speed up the growth of a business, it’s very hard. Right? I mean, you can get lucky, but if you take luck out of the picture, I mean you either have to take an infusion of capital that lets you do some things, or it just takes time!
PEDRO: Kind of a corollary to that, because one of you just put it up. Let’s assume, I mean this happens in science fiction theater all the time, we could make a tape of you right now, that you could see back when you were getting out of school, what would you tell yourself?
GREG: Oh I like this.
MANISH: Wow.
GREG: You want to think about it for two seconds?
PEDRO: You know, it’s interesting how we talk about the process – and all entrepreneurs we have listening – we’ve all gone through evolution and the mistakes. You know, sometimes you need to make a mistake, and the mistake is fine, it happens. It’s done. Some mistakes could have been avoided and-
GREG: Again, make this mistake now. Do it.
PEDRO: You know, I often think to myself, “What would I say?” Because you were talking about how you were very passionate – you knew, you felt it –and while passion is fantastic, there’s always reality that it may not work. You can be as passionate as you want but if the formula isn’t right, you come up against challenges.
GREG: So what would you say to that?
PEDRO: Did I give you enough time to think of something?
MANISH: Absolutely. In fact, if you ever ask me what kind of mentor would I like, a mentor that has had more failures in their life than successes? Because success-
PEDRO: I could mentor.
MANISH: Because it’s the failures that teach you. Successes are forgotten. There’s a great saying that “Sometimes you’re successful in spite of your flaws, not because of your flaws.”
PEDRO: That’s right.
MANISH: Back in those days, I think the biggest, looking back, I would certainly have a greater regard for humility. Because when you’re young, you think you know everything.
GREG: Right.
MANISH: You know, you don’t have as much respect or appreciation for experience and wisdom, because you think “You know what, it doesn’t matter. I’m smarter.” But the world doesn’t quite work that way. There is a place for experience. There is a place for all those softer side of things. You know, you’re a young hard-hitting, hard-charging guy, but in life, you have to slow down, you have to sensitive because you need people around you to help you succeed.
I think that’s one thing that a lot of the young entrepreneurs sometimes forget: that it’s not them alone. By being a founder and CEO, you’re simply navigating, but it’s each of your on-board staff that’s actually going to help you succeed, so, appreciation for that.
And learning, never forget learning. And never think that you’re an exception. Never think that you are so special that you’re going to buck the trend. I think by assuming the worst, you’ll be preparing yourself for the challenges. There is no easy way to success. I mean, that’s one thing that I- I thought that I’ll be done in two or three years. I mean, everybody back in the day, internet dream, you’ll be a multimillionaire, you don’t need to work. I think real successful businesses and companies and entrepreneurs have learned the art and skill of business. You cannot be immensely successful unless you’ve mastered that.
GREG: Right. Well, Manish, thank you so much. We’re sorry we’re coming to the end here, and so anyway, we’ve got to wrap things up. But it’s been very fun talking to you today. I appreciate it.
MANISH: Thank you Greg. Thank you, Pedro.
PEDRO: Thank you for your time.
MANISH: It was excellent and I hope to come back here when I’m even more successful.
GREG: Absolutely. Absolutely.
PEDRO: That’s good.
GREG: So anyway, thank you Pedro. I enjoyed your company.
PEDRO: Greg, as always.
GREG: And anyway, this has been Greenwich Entrepreneurs. Be sure to visit Manish’s website which is www.goecart.com. If you want to give him a call – I’m sure he’d be happy to answer any questions – it’s 203-336-2284. Just ask for Manish I’m sure somebody will find him.
MANISH: Absolutely happy to talk to anyone. We’ll welcome any calls. Anything that I can contribute, I’m always more than happy.
GREG: Okay, well thanks so much and we will see everybody again on the next podcast. This has been Greenwich Entrepreneurs.
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We are pleased to welcome Avalara® to GoECart’s Thriving Partner EcoSystem of best-in-class software and service providers. Avalara is leading online sales tax automation solution. Previously only available to Fortune 500 companies, the technology is now available to small and mid-sized merchants has been successfully integrated with GoECart.
Recently, Manish Chowdhary, founder and CEO of GoECart was interviewed by Greg Skidmore and Pedro Ramirez of Greenwich Entrepreneurs. Listen along to this podcast, where Manish covers topics such as search engine optimization, spending habits, customer expectations, and the future of ecommerce. Learn more about the history of our company and our humble beginnings, and how we grew into the best-of-breed ecommerce solution that we are today.
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