Esteemed industry experts came together to share their invaluable insights, unveiling the essential components necessary for a D2C business to achieve profitability at the India D2C Summit 2023
Mumbai:Â Day one of the India D2C Summit 2023 featured an engaging session on D2C profitability leading to a robust business model for the industry. Esteemed industry experts came together to share their invaluable insights, unveiling the essential components necessary for achieving profitability.
Earlier in the day, B S Nagesh, Founder of TRRAIN and Chairman of Shoppers Stop strongly emphasized that meticulous product design alone holds little value if it fails to meet the needs and expectations of the customers.
Industry leaders shared their insights on D2C Growth Omni Channel Brands Gearing up for D2C Digital Transformation during the discussion, Ashmeer M Sayyed, chief retail officer, DaMensch, highlighted the importance of understanding what sets a brand apart from others. Akhil Srivastava, managing director, Parfait India, revealed that the brand has achieved a remarkable 71.8% rate of repeat customers, indicating a strong preference for its products among women. He credited the success to the company’s understanding of the consumer and the marketplace through digital and social media channels. Neerja Lakhani, founder, Innersense, discussed how the brand focused on sustainability before it gained widespread recognition. By targeting niche markets, the company was able to establish a stronger position in the market.
Dhiraj Agarwal, chief executive officer and co-founder of Campus Sutra, reiterated the importance of adapting to the changing landscape in the fashion industry. With entrepreneurs no longer controlling the majority of business, he emphasized the need to focus on building a strong brand without solely relying on competitors. According to him, the key to success in the competitive D2C market is to establish a unique identity and strategic business approach.
Rishabh Jindal, Head of D2C and Growth at Jockey, shared the importance of customer demand. He feels that omnichannel is the future, and all companies will eventually move towards a ‘phygital’ (blending of digital and physical) future. He also stressed the need for a consumer-centric supply chain to enhance transparency and ensure faster delivery.
The discussion further underscored the criticality of minimizing the delivery time for D2C businesses. The goal should be to enable customers to track their orders and receive them as quickly as possible. Additionally, it was noted that a mix of online stores and offline services is necessary to cater to a wider customer base and meet their diverse preferences.
In another engaging session titled “Conversational Commerce: The D2C Success Concoction” the focus shifted to the importance of maintaining active communication channels with customers for a deeper connection. The panellists shared their expertise on leveraging AI (artificial intelligence), ML (machine learning), and DL (deep learning) capabilities to create conversations that build trust and ultimately lead to higher conversion rates.
Harshada Bansal, Founder of The Tea Heaven, drew attention to the implementation of AI in conversational commerce. Dhruv Toshniwal, Founder of The Pant Project, stressed the importance of commerce conversations and engaging with customers post-purchase. He mentioned how by actively communicating with customers after the sale, businesses can foster stronger relationships and gather valuable feedback. Aashish Batra, Co-founder of myPAPERCLIP, highlighted the role of automated bots in ensuring transparency on websites. Implementing bots can streamline customer inquiries and provide instant responses, enhancing the transparency and efficiency of the online shopping experience. During the panel discussions, it was highlighted that WhatsApp serves as the best retention tool for e-commerce, enabling conversation commerce that nurtures customers and enhances their retention.
The next session on the topic “Driving Differentiation in the Age of Ultra-Fast Delivery” addressed the challenges faced by D2C brands in acquiring and retaining consumers in the competitive market. Vivek Gaurav, Director of Operations at Cipla Health Ltd, shared the importance of customer satisfaction and highlighted that research should be a constant endeavour for businesses. He pointed out that collaboration between different corporations is essential in order to meet customer expectations and provide a superior experience. Ashwanth S, Co-founder & CEO of A Toddler Thing, stressed the significance of data in understanding customer needs and preferences. Through analyzing both numerical and verbal data, the brand was able to gain valuable insights and tailor offerings accordingly.
India D2C Summit 2023, presented by DHL and powered by GreenHonchos, is being held on the 7th and 8th of June at The Westin Mumbai Powai Lake. This year, the annual event dedicated to promoting and supporting the growth of direct-to-consumer (D2C) businesses in India, brings together more than 200 speakers, 1000 attendees and 400 brands and companies for two days of Knowledge and networking.
The event also recognizes and celebrates the achievements of outstanding D2C brands through the India D2C Awards.
