The idea is to be innovative & create different products: Chirag Nangia
The idea is to be innovative & create different products: Chirag Nangia

Home Décor, over the past decade, has seen immense scope and acceptance amongst consumers when it comes to online purchasing. Despite a large chunk of this industry is still unorganised, many online retailers have jumped into home décor looking at consumer’s apprehensive approach towards buying furniture and other home décor products online. The esteem of this industry in online retailing is a corollary of higher average ticket size and the profit margins in comparison to other segments of retail.

Over the past decade many online startups have tried their luck in this lucrative segment and some of them have emerged as today’s market leaders. Thecrazyme, an online startup in home décor space offering an array of décor products has too created a niche in the market in almost no time.

In a candid conversation with Retailer Media, Chirag Nangia, Founder & Creative Head, Thecrazyme shared his thoughts on this evolving online home décor segment and its outlook in the coming future. He also shared his plans towards making TheCrazyMe an omni-channel venture and an ultimate destination for buying home décor items.

Please share your background. Your education and whether entrepreneurship was something you always wanted to do?
I have done my schooling from the prestigious Doon School in Dehradun and completed my commerce degree from Delhi University.  I am a Chartered Accountant by profession. Having worked along ace professionals in the Mergers and Acquisition Department at Price Water House Coopers Pvt. Ltd, Gurgaon, I knew it was about time as I desired to delve into an avenue more inspiring. Entrepreneurship was something that I always fancied and I decided to take the plunge.

How was the idea of your Start-up conceptualized? What is the need you are addressing in the market?
I wanted to do something creative and was always fascinated by funky accessories. Little did I know that was my calling and an idea came to my mind to start my own line of funky and creative products. In terms of need, the home industry was lacking at experimenting with fun and innovative ideas. We are essentially addressing it to the Indian audience where we are bringing to life young and quirky lifestyle products that have a creative edge to it.

In today’s competitive eCommerce environment, how do you manage gain that consumer trust as big online giants have eaten the entire market?
We manage consumer trust in the eCommerce industry through our product quality, innovative designs and a niche product line. Focusing on services like quick delivery and listening and resolving a customer query is all a part of client retention so that we give them an experience that always makes them return to our website.

What are the recent trends and the future outlook of e-Commerce industry in India?
The eCommerce industry is growing rapidly, but a considerable low penetration rate has been noticed in bringing the products to tier-2 and 3 cities’ notice. The trend that is picking up is getting those cities’ attention and focusing on establishing a target audience there as well.

What is your Business Model?
Our business model is an inventory based model where we make our own design and plan to outsource it to (MFRS) MANUFACTURERS' AUTHORIZATION FORM need to define who make the products. Our plan is to expand to offline regions through various tie-ups and some BTL activity. So, our model is both, an online and an offline mode.

Who is your target consumer? Could you please share how you have detailed your consumer?
Our target audience is between the age of 18 to 35 years. However age is just a number and we have seen even the elderly raving about our product line. Ultimately, it’s the products that everyone is attracted to regardless of age as every consumer is on the lookout for something stunning and new. We help them with the freshest of designs that are yet to be available with any other brand.

Have you raised any funding so far? What are your plans to use this funding for?
We are a bootstrap company and currently have no plans for raising any external funding.

What has been your A-ha Moment in the business?
The joy of designing new concepts and watching them grow into a product that you once pictured just on paper is always an “Aha” moment.

What has been your biggest challenge so far in scaling -up? How are you addressing it? 
Our greatest challenge in the eCommerce industry is to sustain in the market due to growth and competition in the market. It gets tough at times when we have to be innovative and create a different product each time. Our focus upon product quality and customer satisfaction along with pricing the products at attractive rates too can be grueling at times.

How do you see growth scenario is this business? What are your future scale-up plans?
Nowadays the growth scenario in the eCommerce industry is expanding increasingly. Every other day new product stake the top shelf in the market. Luckily, we make sure every month we introduce additions to our product line with something even better than before.  Our future plans are to launch TheCrazyMe retail stores soon and also build upon few tie-ups within the offline sector. 

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