While most of the eCommerce retailers were juggling with the insecurities of consumers, there was a venture - Indianroots, creating milestones and churning profit even with the restriction of pre-payments only.
While most of the eCommerce retailers were juggling with the insecurities of consumers and trying to prove themselves on parameters of authenticity and reliability, there was a venture – Indianroots, creating milestones and churning profit even with the restriction of pre-payments only.
An NDTV venture together with finest craftsmen and best designers of the country, Indianroots, is a platform where heritage meets style. In less than two years of its conception, the brand headed by Rahul Narvekar, has been awarded Pure Play eRetailer of the Year award at the prestigious Indian Retail and Indian eRetail Awards 2015, organised by Franchise India and Retailer Media together with FICCI and the Times Group. Pure Play e-Retail is recognition of the customer focused eCommerce platform offered by NDTV Ethnic Retail, which receives over 30 per cent repeat customers every month.
Joyous over the award, Rahul Narvekar, CEO & Co-founder, Indianroots asserted, “It has been quite a roller coaster ride. We almost died as a start-up, took a voluntary pay cut across the board to stabilise, but then we pivoted, reinvented and scaled up by moving to a marketplace model.”
IndianRoots represents over 60 designers such as Sabyasachi, RohitBal, Anita Dongre, Neeta Lulla, PranaviKapur, Rajesh Pratap Singh among others and carries products from almost 500 brands while focusing on Indian fashion, apparel and accessories, including designer wear etc. Initially, the platform was created to cater to the ethnic needs of Indian diasporas, while pre-payment being only mode of payments.
“We achieved sales of Rs 61 crore last financial year, an increase by 12 times, and are targeting a top-line of 500 crore this financial year. We are on track to be the leader in this space in the next two years with curated fashion being our focus,” he further added.
In words of Narvekar, their Black Friday sale helped them garner Rs 6 crore plus transaction in one single day. At present, the company has an average transaction size per purchase pegged at around Rs 19,000 to 25,000.
With the primary target group being every fashionable woman in the age group 16 to 70, wanting to assert her Indian identity, the brand is very particular while enlisting designers.“We are a fashion marketplace hence all aspects of a product - the sensibility, the appeal, the form - are crucial. While we do have most of the big names, we are rapidly increasing the penetration of young talent,” affirmed the CEO.
Taking forward the legacy of silk, cotton, embroidery to everything Indian to abroad, the initial challenge was not the cost, but the mindset of consumers, who are willing to spend freely for a foreign handcraft but bargain for Indian handicrafts. Responding to this issue, Rahul said, “Unfortunately as Indians we don’t mind paying lakhs of rupees for a handcrafted handbag from Italy, because it is flauntable; but will haggle over a few rupees for a hand-painted Ramayana saree painstakingly created by a village artisan just because it’s not a flauntable label.”
Further, in order to strengthen its presence, Indianroots is planning a series of ‘experience centres’ across the globe for people to touch and feel the products. These will be interactive centres wherein customers can experience selective products, try them, give their measurements etc.
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