"India lacks the laws to prevent sale of Counterfeit product": Pooja Nagdev
In an exclusive conversation with Pooja Nagdev, Founder, INATUR sheds light on emerging challenges in beauty retail market in India.BY Shipra Srivastava | January 04, 2019 | comments ( 0 ) |
How do you see the market for beauty and wellness market is growing in India?
India is second largest consumer market in the world. The overall Beauty Business in India is growing rapidly with the cosmetics market growing at 15-20% annually. The retail beauty and cosmetics market in India currently estimated at USD 950 million is pegged at USD 2.68 billion by the year 2020.
Where do you see this market growing over next five years?
The country's cosmetics and cosmeceutical market is expected to register annual growth of 25 per cent touching USD 20 billion by 2025.
What would be the share of organic products in the overall market?
There will be a significant increase in natural, organic and Ayurvedic products market share as there is a shift in the preferences of customers towards healthier and natural ingredients.
How did INATUR start?
Inatur started in year 2007 with a vision to bring in honest products with no false claims. The idea was to present Indian ingredients to the newest with no false claims and declaring all ingredients.
What is the current distribution for INATUR?
We reach out to our customers with our own stores and through online retail channel.
Going forward, what would the strategies to scale up distribution?
Going forward we opened our first franchise outlet to reach out to more users and also through SIS stores in likeminded outlets.
What are the major retailing challenging as far as retailing in beauty and wellness category is concerned?
In India there are a lot of challenges in wellness and beauty category. We need more laws and regulations on correct labelling and declaration of ingredients. There should strict laws to prevent sale of Counterfeit products.
Kindly shed light on your omni- channel strategy?
Our products are highly specialized and to introduce them to customers we realized that we needed to have one to one interaction with the customers. For the same reason we opened our own stores that carry our complete range. Coming from India we use more indigenousingredients to support Indian industries and farming. We use ingredients that have been sourced using fair trade measures. We have successfully received GMP certification from SGS and we are also halal certified.
Who do you see as your biggest competition?
I feel that there is no competition and only opportunity. Opportunity to create and develop new unique products that are close to nature and to present them to our customers in a sustainable manner.
Kindly shed light on your major growth strategies for 2018-2019.
2018 has been a great year for the brand. We opened New markets in China, Mauritius and Oman. We also started our online sale in United States and United Kingdom with Amazon. We opened 4 new outlets in Ambience Mall Vasant Kunj, Mantri Mall Bangalore, Garuda Mall Bangalore and Westend Mall Pune.
Any comment on recent e-commerce policy revision?
Tough there is a revision made but there needs to be more changes coming in. Government need to protect small and medium entrepreneurs by putting some strict measures to curtail unfair and discriminating activities of large retailers like flipkart and amazon.
Kindly shed light on best performing product category and price points? Going forward for are the plans to expand existing category portfolio?
Our range is ingredient and result specific. Luckily for us everything at the store is performing well. Brand has been entrusted with a responsibility to create natural and organic products that are result and research driven. Going forward we will like to develop and introduce organic make up and cosmetic range.