SOCIAL
CEO Falguni Nayar sees India’s rise as third largest consumer market globally by 2030, ET Retail
Nykaa parent FSN E-Commerce Ventures‘ CEO Falguni Nayar has predicted India‘s emergence as the third largest consumer market globally by 2030, asserting she is “excited” about what the future holds for Nykaa, according to a release. Nykaa, in a joint venture with GCC’s retail conglomerate Apparel Group, would open its first international store before the end of 2023, the release said, adding that Gulf Cooperation Council (GCC) offers a large Beauty and Personal Care (BPC) market size of over USD 30 billion and as a region is in its early-stage journey of ecommerce adoption.
India’s entrepreneurial spirit, as well as young and aspirational population makes it the “best place” to build consumer focused businesses and brands, Nayar said at the FSN Ecommerce Ventures’ Annual General Meeting (AGM) 2023, according to a release.
Noting that India’s per capita Beauty and Personal Care (BPC) consumption is likely to grow, the company said “this presents a significant opportunity for Nykaa”, which already enjoys an annual consumption value of USD 80 per capita, over 5 times the national average.
“India has quickly become the most preferred destination for many global brands to meet their growth ambitions…By taking an unconventional technology-first approach, we were able to disrupt and democratise both demand and supply for the industry while reaching over 98 per cent of the market,” Nayar said in her speech.
Nayar said almost one-third of the GMV contribution in FY23 came from the newer businesses, with all of them being built from scratch over the last 4 to 5 years. “Our success here comes from diligently finding product-market fit, executing well with speed, and driving only sustainable growth,” she said.
For fashion, India’s per capita consumption stands at USD 54 and is expected to reach USD 160 by 2030, based on the trajectory of developed markets. The Nykaa customer today spends USD 130 on fashion.
Today Nykaa is the largest beauty specialty retailer in the country, online and offline with an unconventional technology first approach, according to the release.
The Fashion GMV stood at Rs. 2,569 crore for FY23 and now constitutes over 26 per cent of Nykaa’s overall consolidated GMV.
The Beauty and Personal Care (BPC) owned brands now contribute to 11.9% of the overall BPC GMV and Fashion owned brands contribute 12.9% to the overall Fashion GMV.
“Nykd (lingerie brand), and 20 Dresses (western wear brand) have now become sizable, crossing Rs 85 crore and Rs 150 crore in GMV sales for FY23 respectively,” the company said.
At the AGM, Nayar underlined Nykaa’s commitment to “being ambitious and entrepreneurial yet bold and ethical”, striving for long-term profitability and value creation for all stakeholders.
SOCIAL
Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?
In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.
The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.
According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.
Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.
Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.
The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.
This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.
Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.
As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?
Only time will tell.
SOCIAL
Catering to specific audience boosts your business, says accountant turned coach
While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.
When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.
“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.
Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.
“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.”Â
“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.
“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.
Watch the video for more of Sandra Parker’s biggest lessons.
SOCIAL
Instagram Tests Live-Stream Games to Enhance Engagement
Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.
As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.
That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.
Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.
That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.
Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.
Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.
We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.
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