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The Nykaa Queen And Her Conquests

Sachin Parikh, CFO of Nykaa advices Startup Stories India to focus on sustainable growth. To acquire customers and to make sure they keep coming back.

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The Nykaa Queen And Her Conquests

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  1. The Nykaa Queen And Her Conquests People thought she was crazy. People thought she was too old. People thought she would fail. But Falguni Nayar, at 50yrs, leaving her stellar job as Managing Director of Kotak Mahindra Capital Company gave herself the tag of CEO of Nykaa, became a successful entrepreneur and proved the people wrong. Nykaa is a beauty e-commerce platform started in 2012. The word Nykaa is derived from the Hindi word Nayika or Heroine---the heroine of your life—YOU. Falguni’s Success Mantra According to Falguni Nayar, CEO and founder of Nykaa, to conquer you should have knowledge. Know your passion : Her passion was to become an entrepreneur. She loved doing business, it was in her blood. She transferred love into passion.

  2. Know your market : A sunrise industry like the beauty industry was ready for beauty online. Falguni was convinced that beauty would explode in India as it had the world over. Nykaa began as a multi brand retailer, selling the beauty, plus a lot of education to help the customers. Know your customer : Until recently she looked through every one of the 1,20,000 orders placed on her website every month. In the process becoming an expert at judging customer’s professions and style of living by glancing at their orders. Know your business model : Nykaa began with a brilliant business model. 1.It is an inventory based company. 2.Products are genuine and authentic, sourced directly from brands. 3.Hassle free shopping experience, incorporating virtual makeover tool, assistance and advice on phone, tutorials and articles on beauty trends etc. 4.The company constantly adds new labels to its stock. Know your marketing : Nykaa depends on high quality content marketing for marketing strategy to showcase global trends. Uses email marketing and social media marketing to leverage their products. Sachin Parikh, CFO of Nykaa advices Startup Stories India to focus on sustainable growth. To acquire customers and to make sure they keep coming back. It is essential for e-commerce to cut marketing costs. Know the Art of Retailing : 1.The Beauty Book – Online beauty advice about how to buy, what to buy and how to wear it once you buy. 2.Being tech savvy on all social media platforms. 3.Extremely clear communication with customers. 4.Right mix of discounts and quality products.

  3. Know when to roll up your sleeves and jump in when things get dirty. Be an adventurer, take a risk. And last but not the least – Know how to cherish the journey rather than focusing on the end result. With this strategic plan the Nykaa Queen keeps on scaling new heights and conquering new market territories.

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