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.
