One of the many joys of working at Start Co. is watching the progression of our program alumni. Their success exemplifies the power of hard-work and effective business strategies in the field of entrepreneurship.
Today we wanted to highlight Lucky, one of our 2019 accelerator alums. As an eCommerce fulfillment company, they enable eCommerce brands to utilize retailers as distribution networks, so a consumer can buy directly from the brand and then conveniently pick-up the order from a consumer outlet closest to them. The consumer outlet receives increased foot traffic. The eCommerce brands improve their conversion rates and keep higher margins with same day fulfillment. This means Lucky’s service is a “win-win-win” scenario for everyone involved.
We ask the founder and CEO, Sneh Parmar, more about his company and his startup experience in this interview.
How did you come up with this new direction for the business?
“The idea behind Lucky came when I started using a particular brand of toothpaste which took a week or more to receive. When speaking with a friend, I realized that I could have been picking up this toothpaste locally and without paying for shipping. That’s when Nafis, my co-founder, and I, began to think of the benefits of creating a solution that enables eCommerce brands to leverage pre-existing retailers and shops as distribution channels.”
What’s the Future of Commerce in your view?
“The current version of commerce is pretty binary: solely retail or eCommerce. Most brands only focus on one, whereas the brands that use both channels can’t connect the data and capabilities from each to improve the other. We think that there is an omni-channel solution enabled by technology where distribution channels guide commerce more and more. Think about it like this – what if every brand could have the benefits of retail distribution BUT connect it to their eCommerce channel as the purchase experience.”
What advice for founders do you have?
“I urge entrepreneurs to be quick to market in order to receive feedback early and often from customers. This speeds up the iterative process and allows your business to upgrade and perfect your product while receiving customer feedback. Urging quickness does not mean to ship out a bad product. The initial product should be good enough that someone is willing to switch over to your product. That proves that the friction required to shift products is worth the value that your product provides”
What’s the company culture like at Lucky?
“At Lucky, we have built our culture on looking to always affect people in a positive way. To ensure we do this, we emphasize hiring based on cultural fit. We look for talent with a sheer passion and ability to make Lucky’s mission their own. We believe the people involved create and live out the true company culture. Thus, our team, individually, brings their own unique ideas and capabilities together to affect others in a positive manner and influence the future of commerce.”
How does Lucky overcome the adversity involved in building a business?
“We have learned to reach out to our network of advisors, investors, and mentors early and often. I was pleasantly surprised in our network’s willingness to help overcome problems. This is a testament to the importance of bringing on partners that believe in the company’s mission and bring value. The most important factor is that you have the courage to ask. There is truth in the quote that ’people want to hear bad news the day it happens, good news can wait a week.’”
What one of your Memphis Favorites? Our go-to in Memphis meal is the specialty flights of food and beverage at Flight Restaurant and Wine Bar. Coming in at a close second is a plate of Gus’s World Famous Fried Chicken.
Learn More About Lucky
Check out these websites to continue to learn more about the potential of Lucky’s next-gen eCommerce solution.