Nykaa – The Story Of A Venture By An IIM Ahmedabad Alumna
Nykaa – A beauty and wellness venture started by an IIM A alumna.
This article is all about why we love the freshness of Nykaa. After only 6 years of its starting, it has easily become the first choice of every lady in India for any beauty product of their choice.
A little background about Nykaa: It was established in 2012 as an e-commerce website for beauty and wellness. It started off as a one-stop shop for the cosmetics and beauty wellness products. It had products from almost all the brands available in India. It was a venture started by Falguni Nayar, an IIM A alumna. After being an investment banker with Kotak Mahindra for almost 19 years, she decided to start her own venture, hence the foundation of Nykaa was kept.
Nykaa has quickly become the first and foremost choice when people tend to buy something cosmetic online.
This is because it is a one-stop solution to everything basic e=required by a woman. From feminine hygiene to luxury makeup it has everything.
The key to right business is the ability of a brand to actually build up trust among its customers. With the introduction of new customers every day it is also important for a business to flourish when its customers come back.
This trust by Nykaa has been developed by delivering 100 per cent authentic products delivered to the customer on time. In order to achieve this kind of speed and authenticity, Nykaa has adopted inventory model where they collect all the items at one place in an inventory and process the order according to the products available in the stock. This ensures that all the bulk orders are received at once instead of one item at a time, which is the case with Flipkart or Amazon. This is a fresh approach which served many benefits with it came to earning the trust of its reiterating customers.
As mentioned by me earlier, Nykaa is the Pandora of products ranging from budget-friendly category to high luxury brands. Nykaa has recently started collaborating and introducing Non-Indian brands like HUDA Beauty, Kiko Milano, Wet and Wild, etc which is an achievement in itself. This has made Nykaa the hoarding spot for all the makeup enthusiasts who can now get their hands on the products which were not available in India earlier.
With the amalgamation of all these techniques and business strategies, Nykaa created a huge customer base for itself. This served as an advantage when it introduced its own makeup and skincare line in the market. With the A-Class quality products, it won the hearts of many makeup users who now had the option of a budget-friendly makeup line with the exact quality of some of the renowned luxury brands in the world.
With all these achievements in its cap, Nykaa also promoted the careers of many YouTube beauty gurus thereby portraying their talent and promoting the career path to the fullest.
The discounts available on Nykaa have saved a lot of penny many a times. If we compare the retail price to the price at which it is available on the website, It usually has a significant difference, hence increasing its customer base again.
In other words, Nykaa has proven to be one of the best startups. With its poised and slow and steady approach, it is about to become one of the best beauty and wellness giants in the market, in the coming years. It is the epitome of trust, wellness and care for all its customers.