Exclusive Interview with Chirag Taneja, Co-Founder and CEO, GoKwik




by Analytics Insight

February 2, 2022

Cutting-edge technologies like artificial intelligence and machine learning are enhancing the smooth functionalities of the D2C e-Commerce space in the last few years with AI/ML algorithms. The global AI market size is expected to reach US$997.77 billion in 2028 with a CAGR of  40.2%.

Here is an exclusive interview with Chirag Taneja, Co-Founder, and CEO of GoKwik, who elaborates the functions of the company through D2C e-Commerce space with AI/ML algorithms to gain RTO (Return to Origin).

 

Kindly brief us about the company, its specialization, and the services that your company offers.

GoKwik is an e-Commerce enabler helping D2C brands increase conversion rates, reduce RTO, and enhance GMV. The company is solving the problems D2C and e-Commerce brands face at the conversion stage of their shopping funnel. There are three products in the line with a checkout suite that offers a seamless shopping experience to these brands’ customers.

The team is solving one of the major problems in the D2C e-Commerce space— the problem of return to origin. Through AI/ML-driven algorithms and customizable interfaces, the company is aiming to create a seamless shopping experience throughout the funnel and beyond. Moreover, the UPI suite helps customers prefer UPI payment over others because it is a one-step process from a five-step process.

 

With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company?

The mission is to democratize the shopping experience in the D2C e-Commerce space. The team believes in the merchant first philosophy— thriving when they succeed. Thus, it is always driven by the passion to solve the problems D2C e-Commerce brands often have faced and continue to face.

GoKwik is a remote-first company born in the middle of a pandemic and has grown 100x in the last year alone. It is home to over 100 people and more than 250 brands within a span of 14 months. Simultaneously, it is continuing the mission to provide the best shopping experience in the D2C e-Commerce space by blending technology and talent with a remote-first approach. It has been an adventurous ride till now.

 

Brief us about the proactive Founder/CEO of the company and his/her contributions towards the company and the industry.

Chirag Taneja is the CEO and Co-Founder of GoKwik with expansive knowledge across varied fields, the dynamic market, and analytics. He has helped multiple brands to adopt an internet-first approach in their businesses.

His entrepreneurial venture began back in 2015 when he established Ketchupp, a search engine that solved the problem of “what to eat” using AI interventions. This business expanded to international markets and was then successfully sold to Mindworks Global. In his second stint, he ran the entire online commerce business at Bombay Shaving Company— a large premium men’s grooming brand in the country funded by Colgate Palmolive, Reckitt Benckiser, and marquee financial investors. During this stint, he gained deep expertise in the D2C e-Commerce market and complex problems they faced which inhibit growth.

With an aim to democratize D2C shopping and help the merchants attain maximum GMV realization, he then founded GoKwik in the middle of the pandemic.

Chirag incorporates a merchant-first philosophy into GoKwik and is constantly working on ways to further democratize the shopping experience and change the face of the D2C eCommerce industry. He has differentiated GoKwik by incorporating AI/ML-enabled custom algorithms tailor-made for each merchant helping them boost conversions along with 100% RTO protection.

 

Kindly mention some of the major challenges the company has faced till now.

The company has faced many challenges which range from starting a company during the pandemic to solving a very hard data-driven problem that begins with ensuring the availability of valid data.

There were also some very unique challenges while building the correct blend of AI and ML algorithms to create a unique product that will solve the exact problem the customer was facing.

Challenges faced in machine learning are usually the same across the board regardless of the company. At first, there is a problem of availability of valid data to build machine learning and analytics solutions on.

When the company ties up with new merchants, it helps them make sense of their own data that is combined with GoKwik network data. It helps in building a rich customer profile that furthers deep learning models.

It also proved expertise and product competence by doing a few pilots runs with brands and was able to demonstrate benefits.

 

What is your biggest USP that differentiates the company from competitors?

The biggest USP is that the company is effectively combining technology, user experience, and personalization into one model specific to a brand.

GoKwik is a data science first company. As an e-Commerce enabler, it aspires to unlock value from data, technology, and AI to improve conversion, reduce RTO risk, target the best customers, and increase GMV.  It is also one of the first brands on a mission to solve these common but majorly impacting challenges D2C e-Commerce brands face.

The company is striving to build the best-in-class checkout experience for D2C brands that solve for personalization, “Return to Origin” (RTO) reduction and conversion rate improvement across the entire funnel. The large network data and state-of-the-art ML models are proving to be the game-changer. So yes, product, time, technology and talent are the biggest USPs.

 

Please brief us about the products/services/solutions you provide to your customers and how do they get value out of it

It provides three products that solve customer problems at the conversion stage of its funnel. The range of products is created, enhanced, and constantly upgraded to provide a 360-degree solution to common merchant problems. From providing a smooth checkout process, one step UPI payment process, a dashboard that has all the real-time data available to customers to offering 100% RTO protection and helping them easily enable the COD payment option, the team covers it all.

The team works closely with D2C merchants to optimize the funnel to deliver higher ROI, by providing a smooth, easy, and light user experience. It applies proprietary deep learning algorithms to predict consumer behaviour including but not limited to product affinities, RTO, credit risk, and payment preference. The company embeds these solutions into products to deliver superior value.

 

How does your company’s rich expertise help uncover patterns with powerful analytics and machine learning?

It is no surprise that the applications of deep data science-backed by machine learning are seeping into every aspect of one’s life. These detailed technical elements when applied in the correct context can enhance the customer experience manifold and solve complex problems. This is what the company aims to do for the D2C e-Commerce industry.

The objective is that the team wants to increase e-Commerce GMV by democratizing online shopping. GoKwik wants to enable merchants to provide an amazon type shopping experience to their customers.

How is one doing this? It is done by blending first understanding customer behaviour patterns across various parameters and then creating a customized model that will solve the exact problem a merchant is facing.

This requires vast amounts of browsing, shopping, and logistics data. From collecting, analyzing, and applying, the team does it all. And the best part is each model is intelligent and is very personalized to specific merchant requirements. This is why they yield results in the shortest span of time.  The data science and applied AI team has a rich experience of over 100 years, and the company is grateful for it.



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