According to one report, the Indian D2C market value was worth approximately USD12 billion in 2022; the same is projected to surpass the mark of USD60 billion by 2027 by growing at a CAGR of 40 per cent, whereas as per another one, D2C brands today are leading the next wave of value creation. What exactly goes behind building a strong brand in this highly competitive and crowded market? Here is a roadmap that can help you create your niche in the D2C space.
UNDERSTANDING THE MARKET: The first step is identifying the gaps through your market research; the key here is to look for the smaller gaps rather than directly aiming at creating a disruptive or innovative product. Look at adding more value in small measures to an existing product as that is what the consumer is primarily looking for, a product that meets all his preferences and requirements; this, in turn, will also help you understand the market gap as a whole. You can then look into bringing in your products, considering that D2C is a constantly evolving space.
This story is from the August 2023 edition of Entrepreneur magazine.
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This story is from the August 2023 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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