MARKET RESEARCH
Nykaa is coming from the Sanskrit word nayaka, which means “one in the spotlight.” Nykaa was established in 2012 by Falguni Nayar, a previous managing director of Kotak Mahindra Capital Company. It started as an e-commerce platform that offered a collection of beauty and wellness products. Nykaa is a cosmetics retailer that offers products both online and in stores. It exclusively serves the Indian subcontinent. Nykaa offers a variety of e-commerce channels, including websites and mobile apps, as well as 76 physical locations. It is a unicorn company with a valuation of $85 billion (US$1.2 billion) as of 2020. The company transitioned from an online-only to an omnichannel approach in 2015 and started selling clothing and accessories.
MISSION
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Nykaa Fashion's mission encompasses offering a diverse array of fashion and lifestyle products, ranging from clothing to accessories, to meet the varied tastes and preferences of its customers.
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Central to their mission is a commitment to maintaining high-quality standards and ensuring the authenticity of their product offerings, fostering trust among consumers.
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Nykaa Fashion places a strong emphasis on prioritizing customer satisfaction, striving to deliver excellent service, seamless shopping experiences, and responsive customer support. This dedication to enhancing the customer journey underscores their core mission in the fashion and lifestyle industry.
VISION
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Nykaa Fashion's vision is to be the ultimate destination for fashion and lifestyle brands. They aspire to lead the industry by consistently staying ahead of fashion trends and embracing innovation in products and technology.
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Central to their vision is a customer-centric approach, where they tailor their offerings to meet evolving needs and preferences.
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Nykaa Fashion aims to provide a cutting-edge and personalized shopping experience, establishing itself as the go-to platform for customers seeking the latest trends and high-quality lifestyle products.
TARGET AUDIENCE
Brand - Nykaa Fashion
Age- 25 - 50years
Gender- Female/Male/Kids
Economic level- Middle class to high class Life style- daily life, fashionista , dinner parties.
Psychological makeup- art lover, jewellery lover, fashion conscious, graceful taste, college educated, occupational accomplishments.
Consumer habits- Shopping, reading, watching movies, shopping once a month at least at middle to high- profile retail establishment, fashionable products with good quality.
These individuals value their independence and take pride in their accomplishments, seeking clothing and accessories that reflect their elevated sense of style and taste. They knows about ethical fashion and healthy practices. Who appreciates the art of couture and the fine details in it. Someone who enjoys the little things in life and is working hard for herself. They are sophisticated and refined in their fashion choices. They appreciate classic and timeless pieces that exude elegance and craftsmanship.
SWOT
INTERNAL ORIGIN
HELPFUL
to achieving the objective
attributes of the organization
STRENGHTS
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Nykaa Fashion's strengths lie in its strong brand association with Nykaa, a trusted name in India.
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Their diverse product range spans fashion, accessories, and beauty, appealing to a wide audience.
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Leveraging Nykaa's customer base in beauty enhances cross-selling, and their e-commerce expertise capitalizes on India's booming online fashion market.
HARMFUL
to achieving the objective
WEAKNESSES
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Competition The fashion ecommerce industry in India is highly competitive, with established players like Amazon, Flipkart, and Myntra.
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Nykaa Fashion must contend with intense rivalry. Supply Chain Challenges, Managing inventory, logistics, and ensuring timely deliveries can be a complex task in the fashion industry.
OPPORTUNITIES
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Market Growth , The Indian fashion and lifestyle e-commerce market continues to expand, presenting opportunities for Nykaa Fashion to capture a larger market share.
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Digital Transformation, Accelerated digital adoption in India provides opportunities to reach a wider audience and improve the online shopping experience.
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Private Label Expansion, Developing and promoting in-house fashion brands can offer higher margins and exclusivity.
THREATS
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Nykaa Fashion faces challenges like potential market saturation and fierce competition as ecommerce matures.
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Adapting to changing consumer preferences in fashion trends is crucial. Additionally, staying prepared for regulatory shifts and mitigating supply chain disruptions, including those from global crises, are essential for sustained growth and resilience.
EXTERNAL ORIGIN
attributes of the environment
BRAND AMBASSADOR
Nykaa fashion has announced Bollywood actor janhvi Kapoor as it's brand ambassador. Kapoor will be seen in fresh new avatars as she expresses her unbridled love for all things fashion. She will be first seen in campaign film that established how the nykaa experience, designed to be different for the beauty and fashion shoppers, is equally seamless across two separate apps.
PRODUCT RANGE
CATEGORY
