The remarkable success of Direct-to-Consumer (D2C) brands in India is a testament to the innovative and dynamic young entrepreneurs who have disrupted traditional business models. The recent discussion under CMAI’s ‘Achievers Club’ initiative brought forth invaluable insights from Anurag Singh of Aachho, Siddharth Dungarwal of Snitch, and Mahesh Tekwani of SAADAA.
The captivating discussion on ‘Transforming Business and the Future’ was moderated by Mr Rahul Mehta, Chief Mentor, CMAI, and revolved around pertinent business issues and debunking myths for traditional business who are looking to transform.
The highlights of the insightful discussion to achieve success in today’s dynamic business landscape were these principles that served as a roadmap for the three young and dynamic entrepreneurs while looking to carve out their path to success:
- Initiating the business journey, even with the possibility of errors, is paramount as starting outweighs having a flawless initial plan.
- Consistent efforts are fundamental for long-term success, fostering brand trust and customer comfort.
- Prioritizing simplicity and focus while eschewing distractions and overthinking allows for adaptable growth and market relevance.
- Embracing innovation and adjusting to shifting market dynamics enhances competitiveness and sustains market relevance.
- Effective inventory management, crucial in the apparel industry, can be optimized through strategies such as promoting slow-moving inventory and embracing technology for data-driven decision-making, streamlining operations and reducing deadstock.
- Trusting data over instincts is pivotal, enabling informed decisions and yielding better outcomes in inventory and overall business management.
The ‘Achievers Club’ by CMAI is an initiative aimed at uniting a consortium of similar-minded apparel brand owners and manufacturers, collectively aspiring to elevate their respective brands to new heights. Participants within this group have the privilege of gaining invaluable knowledge from industry’s foremost thought leaders, change makers, and innovators, enabling them to glean crucial insights for the expansion of their individual businesses.
Additional notes from the ‘Achievers Club’ discussion organised by CMAI with Anurag Singh of Aachho, Siddharth Dungarwal of Snitch, and Mahesh Tekwani of SAADAA :
The first round of the conversation emphasizes that small brands can thrive and compete effectively in the market by focusing on customer-centric strategies, leveraging expertise, and positioning themselves strategically.
Supply chain optimization was a focal point, with the brands successfully streamlining the production process from months to just 20-25 days through targeted bottleneck improvements.
Additionally, an emphasis on e-commerce expansion underscored the significance of not only leveraging marketplaces but also establishing brand-owned platforms to maintain control over profits and foster direct customer relationships. Offline retail also retained its importance, reducing return rates and supporting a multi-channel retail approach.
Prioritizing the customer experience emerged as a fundamental rule, emphasizing the need for a customer-centric approach and a deep understanding of customer pain points. Furthermore, managing product quality and returns effectively through data analysis and proactive measures was recognized as critical for maintaining a healthy bottom line. Small brands were encouraged to compete with larger counterparts by strategically positioning themselves within market segments and prioritizing quality that matches customer preferences.
One of the key lessons from these discussions emphasized the significance of leveraging expertise. Acknowledging that one doesn’t need to possess all the knowledge, the advice highlighted the importance of bringing in experts and learning from their insights to bridge knowledge gaps. Surrounding oneself with capable individuals who share a common vision was also deemed essential for achieving success.
The final round of the conversation focused on the future outlook of the D2C sector in India, which was projected to be bright and promising. The speakers shared their optimism about the growth potential of the sector, citing factors such as increasing internet penetration, rising disposable income, changing consumer preferences, and favourable government policies. They also discussed some of the challenges that they foresee in scaling up their businesses, such as maintaining product differentiation, expanding into new markets, retaining customer loyalty, and coping with competition.
They concluded by reiterating their commitment to innovation, quality, and customer satisfaction as their core values. The ‘Achievers Club’ discussion was an enriching experience for all participants who gained valuable insights from the success stories of three D2C brands that have grown 300% in a short span of time. The discussion also served as a platform for networking and collaboration among like-minded entrepreneurs who share a passion for transforming business and creating value for customers. CMAI plans to organise more such discussions in the future to facilitate knowledge sharing and mutual learning among its members.
