Page 17 - 10 Futuristic Women Entrepreneurs in India 2022

COVER STORY

“When I started Nykaa, it started
as an e-commerce business.

I was quite keen on building
a brand and I knew building
a brand is not easy. It takes a

long time. I knew that customer
trust is very important and I
also wanted some amount of
“virality” so that we can reach

customers far beyond what we
were trying to reach through
The second was the concept of brand-funded what we call is paid medium.
sales. “We respect the brands that our partners In my early days, I used to
are building. A lot of horizontal platforms want to consciously study- how to get
acquire customers and hence they discount or
virality, and all my research
they see brand discounts as a way to build GMV.
told me it’s very hard to get MAKING
We did not look at it that way,” says Nayar. The
virality. So today when we built NAYKAA A BIG
strategy at Nykaa was that if brands wish to discount,
a brand in such a short period
they pass it on to consumers. Some luxury brands SUCCESS
do not do that and instead offer free products. of time, it’s something I thought
Another popular trend they did not follow was the that would never come easily. “I think at Nykaa we believe that
‘beauty box’—a concept that was becoming For that, it’s important to have a assortment is the most important
popular not only in India, but also the US. brand message. Earlier today, thing in e-commerce, even
Customers subscribe to these, and every month, even Falguni Peacock said ahead of price. And from day

the company sends four to five beauty prod- that brand messaging and 1 we went about building an
ucts. After sampling them, the customers decide the brand’s soul is important. assortment which was customer
to buy it. Nykaa decided not to launch beauty At Nykaa we search very hard demand led rather than push
boxes. “Nayar and her team made their own for what is our soul, what is strategy and it has been a key
choices, and did what they thought was the our message and what does pillar of our success. We also relied
right choice for their business and its customers. our brand represent. Once on digital marketing from day

The company’s revenue model works majorly you truly believe you are an
on the margins it earns by selling every product. honest brand, and what you 1. We used all digital mediums
With all the masterly strategies unlike its contempo- say, what you believe and what including influencer marketing. A
raries, Nyka has become a global giant attracting number of these have come into
you do is all folding into one,
millions of customers clocking huge revenue play for our success. The kind of
it goes a long way. When all
The unique strategies followed and implemented by quality customer base we have
this started falling into place,
Falguni Nayar makes her stand out from the odd and built has been because of our
thereby making her this bold and brave lady standing it was a big discovery for me.” successful marketing strategy.”

on the Forbes list thus creating her own identity

16| Thecorporatereview.com | India | Vol. 3 | Issue 1 | January 2022 |17