Indian customer understands value for money concept
Indian customer understands value for money concept
Home Utility segment has always been an eye-candy for retailers and many global brands have ventured into the industry like Bonita. In an exclusive conversation with Retailer media, Umang Srivastava, Joint Managing Director of Bonita expresses his views about the brand.
 
Tells us about the inception of your brand?
The brand was conceived about 3.5 years back to fill the gap in the Indian as well as International markets in the Laundry and Storage category. Most of the established brands had started treating this category as a commodity, and innovation and design was lost. Since we had worked with most international brands in this category as their global sourcing partners before launching Bonita, we knew what was missing.  
Bonita's essence is prettiness, as it focuses on design, colours, innovation and quality. It has got success and easy acceptance not only in India but across the world. It would be the fastest growing Indian brand globally and it is a great achievement that we will be available in 20 countries under our own name in such a short period of time. It was a more difficult path as even large Indian companies also do not build brands globally. If you look at the scenario today of most exporters from India, more than 99% of goods exported from India go under the foreign brand name even though all the product creation, innovation and development is done by the Indian companies. But we were adamant and we are now starting to see acceptance and success in all markets.
 
Home Utility is a segment where touch and feel is something that drives customers. In that context, how do you satisfy your customers?
We have worked on all aspects to communicate the utility of the products and their features to the customers. Our packaging shows most of our key features in a user friendly way so customers who visit the stores can get a good feel of the product quality. We have also created product videos showcasing the utility of the product which makes it easier for the customer to experience the product. Apart from this, we also get a lot of repeat customers who have bought our product once and after being satisfied, they want to buy our product again.
 
Online is all about discounts. So how have you priced your products keeping in mind the price sensitive Indian consumer?
There are all types of customers and our experience is that the Indian customer is very intelligent and understands the value for money concept. They are ready to pay a slight premium for better quality and branded goods and we do not overprice our products. The premium is only for a better quality of raw material and design that is put into the product and so the customer who understands quality and design is very keen to buy our products because they know that Bonita products last much longer and works out to be cheaper in the long run.   
             
What are your strategies to compete with other brands?
At present, we really do not have much competition and our focus on quality, innovation and design makes us stand apart. Also, we are present in almost all channels of distribution including Traditional retail, Modern retail, eCommerce, etc which helps us to reach out to all our customers. 
 
 How have you positioned your brand in India?
Our Brand is positioned as a value for money brand which provides great quality products with good and innovative designs at reasonable prices. We are the ideal brand for any consumer who is looking to buy a good quality product to make their daily chores easy and comfortable.
  
Do you have plans to venture into digital space?
We do have our own online website and we also sell through all major eCommerce websites in India as well as in USA and starting shortly in Europe and UAE.
 
Are you planning to raise funds?
Yes. In this financial year, we will be raising funds through VC route. Our brand is getting very good response across the world and we are planning to build it up to the next level and emerge as the largest global brand in Home Utility Category. To take this journey, we are talking to various VCs to help us fund the growth that will come in the next couple of years.
 
What according to you is the future of global brands in India?
For Global brands to exist in India and to sell to the Indian customers, they will have to customise as per Indian customer needs. Brands which are working on this front will succeed and brands who will try to push the same product that they are selling globally to Indian customers without any customisation based on Indian preferences will not be able to succeed.
 
How do you plan to expand your foothold in the country?
We are looking to be available through 3,500 stores in India and through 35 countries by the end of FY 2015-16. Apart from this, we are looking to expand our product range to 150+ items by end of this Financial Year.
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