SupportBiz presents an exclusive conversation with Padmaja, co-founder of MyMoi.
Since when has MyMoi been in operation?
We have been operating for a year now.
What is the background of the founders?
Aarthi has a work experience of over 10 years in the media industry, which includes working as a radio jockey for Radio City. She also freelances for Walt Disney.
Padmaja is a creative consultant, who has worked for over 20 years in various advertising agencies in Chennai. She also designs products for theindiantwist.in.
Shanti is a management postgraduate with 10 years of experience in the service industry (retail). She has worked with several firms like like Shoppers’ Stop and Pantaloons.
How did you decide to start MyMoi?
Padmaja came up with this idea of starting a gift registry, after observing the couples in several weddings get a lot of gifts that are not to their liking at all and which end up not being used at all. MyMoi was started with the intention of reducing wastage in terms of gifts.
A survey conducted by us showed that 76 percent of wedding guests would prefer that the to-be-wed couple give them a list of ideas to choose gifts from. That was motivation enough for us to go ahead.
What are the different kinds of products you offer?
We offer products across various categories - cookware and tableware, home appliances, idols, apparel, jewellery, etc.
How big is your team?
We are a team of three. We outsource the gift packaging and the courier services.
What are the major challenges that you face?
The concept of a gift registry, though quite popular abroad, has not caught up all that much in India yet. One reason for this is that people think it is inappropriate to ask for gifts. Due to this, we find that a lot of people are hesitant to register with us.
What are your views about the e-commerce industry in India?
Indians are warming up in a big way to online shopping now as compared to earlier, when online security was an issue. With people becoming busier and facing time constraints and other hassles in going out to shop, more and more people are opening up to online shopping, which offers the ease of shopping right at their work desk or home.
What do you think is the scope of the e-commerce industry in India?
There is huge potential for growth. Once people realize that they actually save both energy and fuel by shopping from the comfort of their homes, the growth will be enormous.
What have been your proudest moments as an entrepreneur?
Every time a satisfied customer writes to tell us how much their gifts were appreciated, it makes us highly proud.
What are your expansion plans in the near future?
We are considering expanding our vendor list. We are looking at getting in touch with more vendors who sell quality products that are also pocket-friendly.
What advice would you give to a potential entrepreneur?
Your idea should be unique and capable of interesting people. At the same time, it should be simple enough to be explained in one sentence.
It is also important to observe market trends and the pulse of people before plunging in. But once you do, give it all you’ve got!
Corporate Website: MyMoi