Title: Nykaa, India’s Leading Beauty E-commerce Player, Remains Unfazed by Competition
Indian beauty e-commerce giant, Nykaa, has asserted that it has not yet felt the significant impact of competition, despite the entry of several competitors into the market. Anchit Nayar, the CEO of Nykaa’s beauty business, believes that a majority of their business comes from repeat customers, and Nykaa has successfully secured a large share of the customer base. Speaking at the Nykaaland event in Mumbai, Nayar emphasized that they are not the first movers in this industry, as platforms like Flipkart and Purplle were operating before Nykaa entered the scene.
Nayar also expressed great confidence in the Indian consumption story, citing the country’s growing number of middle and high-income households, urbanization, and the digitalization of the beauty business. Nykaa’s average customer spends approximately $80, while the national average spend on beauty products is as low as $5. This substantial gap indicates the potential for growth in the beauty sector, as middle-class consumers increasingly seek premium products to address their concerns better.
Falguni Nayar, the founder and CEO of Nykaa, echoed Anchit Nayar’s sentiments, stating that the trend of premiumization, wherein consumers transition from mass to masstige products and eventually to premium options, will continue. She believes that once consumers experience the benefits of premium products, it becomes difficult to revert to lower-quality alternatives. Furthermore, Nykaa is well-positioned to weather inflationary pressures due to its focus on the premium segment.
According to Anchit Nayar, the availability and awareness of beauty products are key hurdles for the sector’s growth. Nykaa is actively working to overcome these barriers by organizing its first-ever beauty event in collaboration with BookMyShow.com. The event, running from November 4th to 5th, will feature over 80 iconic international and Indian beauty brands, providing consumers with a comprehensive experience of the beauty world. Alongside the exhibition, attendees can enjoy live music performances, indulge in food, and take part in various interactive activities such as foot massages, hairdos, and beauty courses.
Nykaa’s commitment to enhancing the customer experience extends beyond the event. Influencers such as Ashish Chanchalani, Diipa Buller-Khosla, Aastha Shah, and Sunayana Fozdar were present at the preview day, alongside Bollywood actress Janhvi Kapoor. Owen Roncon, the chief of business – live entertainment at BookMyShow, expressed excitement about Nykaaland, highlighting the immersive and innovative experiences it offers.
Nykaa continues to lead the beauty e-commerce space in India, capitalizing on the country’s growing demand for premium beauty products. With its relentless focus on customer satisfaction, extensive brand offerings, and unique experiential events, Nykaa remains unruffled amidst increasing competition.
Read More: [Nykaa’s fashion foray and pipeline-style biz model worries analysts](https://www.businessinsider.in/business/corporates/article/nykaas-fashion-foray-and-pipeline-style-biz-model-worries-analysts/articleshow/95405203.cms)
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