Unit economics, focus, and a channel-specific strategy key for retail success, say leading entrepreneurs

Representatives of leading D2C brands like Zivame, Abcoffee and The Sleep Co., discussed retail success strategies in India on day 1 of India D2C Summit 2024 in Mumbai

Mumbai: Unit economics, a focussed approach and a channel-specific strategy are the mantras for success in retail, according to some of the leading entrepreneurs who were speaking at the India D2C Summit in Mumbai on Wednesday.

Focussing on doing one thing and doing it well rather than spreading yourself thin is extremely important when growing a retail business, said Abhijeet Anand, Founder and Cof EO, AbCoffee.

“Not being impatient, being focussed is the answer. Out of the 65 outlets, 45 were built in the last six months due to this,” he said. The other important thing is to get your value proposition right. “That’s the recipe to build something bigger,” he added.

Sahil Dharia, Founder & CEO, of Soothe Healthcare, agrees. The focus should also extend to the geographies a brand wants to focus on.

D2C Businesses should not expand outside India for the sake of increasing a company’s geographical footprint.

“India is a massive opportunity. I would rather catch one rabbit at a time and for me, that is Uttar Pradesh right now. Unit economics will come from doing one thing right,” Dharia said.

Focussing on the bottom line is extremely important too for success in retail. It also helps with getting the right investors, which is important for a business to scale UP. “Regardless of how the funding waves turn again and valuation multiply, investors need to see the ability of the founders to build a healthy bottom-line business,” Chippy Mehta, co-founder & and COO, of The Bombay Shirt Company said.

A business should also pay a lot of attention to its distribution strategy. “There are many variables that go into deciding your distribution strategy,” Harshil Salot, co-founder of The Sleep Company.

The post Unit economics, focus, and a channel-specific strategy key for retail success, say leading entrepreneurs appeared first on India Retailing.

from India Retailing https://ift.tt/vrNsWfH
via IFTTT

Comments

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp lea

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxiety

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio

Latest Retail Insight, News, Information & Articles from all top sources for the Internet.

Search This Blog