The e-commerce industry is a force that no investor can afford to ignore. Initially, e-commerce was all about getting your product online at a reasonable cost. However, now we have moved into a more exciting phase where it’s about ’emotional’ products – the products or ideas that people can associate with, by employing influencers or social media followers. The way customers relate to brands and how profit is generated has changed so drastically that almost every professional is being challenged to reconsider what they are doing in order to stay relevant.
The ambitious and creative businessman, Farhan Munshi, at the age of just 23 years, exploded his e-commerce growth by embracing new digital platforms, stealing the march long before his competitors even thought about it. Accruing over 1M followers on social media through various influencers, Munshi transformed the buzz into sales of branded hoodies and other apparel on his drop-shipping store to the tune of USD 2 million in revenue. Furnished with a broad knowledge of business concepts and strategies, he increased gross monthly sales from USD 50,000 to USD 300,000 in four months. Small beginnings make great endings. He shaped his business by creating Facebook ads, which he learned by watching YouTube tutorials.
We will continue to see a convergence in the digital and the physical world. Those who conquer that trend will be market leaders. At an early age, Munshi recognized that ‘digital’ permeates every step of the purchase chain – right from product discovery to actual purchase. His decision was way beyond his parents’ expectations, who desperately wanted him to become a doctor. “I came from a family where expectations were always high to succeed, but not entrepreneurially,” Munshi says. “‘Success’ in my family was getting a good job, marrying and settling down, but this wasn’t for me; I had to find my own version of success.” While he lost money on his first venture, he dove right back in and ramped up his business to become the next e-commerce tycoon; as rightly said, fortune favors the brave!
The inspiring journey of Farhan Munshi is a beacon of focus, determination, and success. “If I didn’t wake up every day and feel motivated and ready for the day, there is no way I would have gotten this far,” concludes Munshi.