At the onset of the pandemic, the concept of digital-first direct-to-consumer (D2C) was something that only a few had heard of. However, by the time the world bounced back and entered the new normal life, many D2C brands had become household names. Today, these brands are en route to conquering India’s offline market, which to date, was dominated by a handful of players in every segment. Brands such as SUGAR Cosmetics, boAt, Mamaearth, mCaffeine, Kama Ayurveda, WOW Skin Science and many others have not only leveraged digital penetration to carve a niche for themselves but are trying to give stiff competition to legacy players. According to a report by Statista, the total addressable D2C market is expected to grow by over 15 times from 2015 to 2025 in India. In 2020, the total addressable D2C market was valued at $33.1 billion. By 2025, the total addressable D2C market is forecast to grow almost threefold and reach $100 billion, with fashion and accessories leading as one of the largest D2C segments in India.
“This growth is being driven by many Indian brands embracing D2C, with once small or non-existent categories like fitness accessories, gardening equipment, and costume jewelry now becoming large enough to have brands being born online first,” said Bharati Balakrishnan, Country Head and Director, Southeast Asia and India, Shopify. One of the key drivers of growth in the space going ahead would be the adoption of an omnichannel approach by D2C brands. An effective omnichannel strategy helps D2C businesses meet customers where they prefer to shop, increase brand awareness, attract new customers, and create multiple touchpoints for existing customers. However, just like any other new endeavor, this also comes with some challenges. Before we dive into it, let’s look at some of the advantages of going omnichannel.
This story is from the May 2023 edition of Entrepreneur magazine.
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This story is from the May 2023 edition of Entrepreneur magazine.
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