We were often surprised by the lack of investor interest, especially given the size of the market and the potential for e-commerce.

Mobile devices, especially smartphones and tablets, will become the primary means for consumers to shop online, with mobile transactions growing significantly year-on-year.

I run Meesho, which is focused on bringing small businesses online, as e-commerce was primarily about smartphones and selling online at that time.

The shoe business is a $40 billion market, with $2 billion already being done through mail order, supporting the investment thesis that the internet would surpass mail order.

Second Measure analyzes over 50 billion transactions, revealing that there are 1 billion unique transaction descriptions, but not nearly that many actual merchants in the U.S.

We were patient in the first three years, focusing on creating a strong business model to support small to medium-sized merchants rather than copying models from Amazon or eBay.

During the late 1990s and early 2000s, there were many ups and downs for e-commerce companies, but by 2005 and 2006, many were starting to recover.

When we started, only about 30-40% of people who applied to accept credit cards were approved; we increased that to 99% by reframing the problem and building credible models.

We realized it was surprisingly easy to make money from iPhone apps, but we wondered why we never charged for anything online, discovering that accepting payments on the Internet was a hassle.