The beauty industry of the world has not lost its magic and charm. Besides garnering steady growth, the industry has also gained loyal customers with generations. Cosmetics play a crucial role in our lives, from making tutorial videos to looking beautiful at weddings and other functions. People love to visit cosmetic stores to get the latest beauty products. However, online cosmetic stores have replaced brick-and-mortar cosmetic stores with the development of technology. Among them, one of the most popular online cosmetic stores is Nykaa. Moreover, the success story of Nykaa is an exciting journey. Let’s discuss the same in detail.
The success story of Nykaa began in the year 2012 when the online cosmetic store was set up by Faluguni Nayar, an IIM Ahemdabad MBA graduate. It played an essential role in overcoming the myth that e-commerce and beauty fail to work in India. Nykaa is an Indian-based online cosmetic store that offers customers beauty and personal care products for both men and women.
The inconsistency of the beauty items market of India led to the establishment of Nykaa. Initially, they started as an online corporation. Later, they shifted the platform to a cross-channel strategy wherein they began retail outlets of Nykaa in metropolitan cities of India.
How is Nykaa so successful today?
The success of Nykaa solely lies in its strong marketing strategy. Moreover, Digital marketing is the leading player. The beauty product focuses on marketing strategies like Social media marketing, content marketing, Youtube marketing, and Event marketing. Nykaa promotes its beauty and personal care products through social media by creating multiple accounts. Their social media marketing solely depends on content created by influencers.
It also promotes its products through youtube ads and videos based on tips, hacks of beauty, etc. Their blog “Nykaa beauty book” is another marketing strategy to promote its brand. In other words, it is content marketing strategies like these that helps Nykaa stand out among other beauty and personal care products.
Apart from its successful marketing strategies, the business model of Nykaa also plays a pivotal role in the success of the brand. According to its model, the products purchased from different brands and distributors are sold directly to the customers. This prevents the company from selling forged beauty products to customers.
The success story of Nykaa has also had its ups and downs during its journey. Especially during the outbreak of the pandemic. The company witnessed a fall of 70% in its sales. However, Nykaa removed all the undeliverable items. They replaced it with essential items. Furthermore, It recovered from the loss by almost 90% towards by the end of 2020.
You can also check this out OYO – The Success story
Hence, the success journey of Nykaa continues to be an inspiration to many. As for their plans, the company aims to expand its offline store by opening around 180 stores.