On Day 1 of Goafest 2022, CEO Vineeta Singh had some tips to share in a keynote session.Goafest is again after a 2 12 months hiatus and has efficiently kicked off. One of the keynote audio system on day 1 of the fest was Sugar Cosmetics’ CEO Vineeta Singh. Singh is the co-founder and CEO of Sugar Cosmetics. She not too long ago featured on the entrepreneurial actuality TV present Shark Tank as one in every of the traders or one in every of the ‘Sharks’ on the present.Singh took the stage to present the viewers an concept of how the pandemic had impacted her enterprise and to present them a greater concept of the model she’s making an attempt to construct. Sugar Cosmetics was launched in 2015 and the model has been rising steadily in India ever since. According to a report by Entrackr, the firm introduced a rise in working income – from Rs. 103 crore in FY20 to Rs. 126.f crore in FY21.“Almost 60% of our income comes from gross sales in our 30,000 offline shops,” she paused. “However, 90% of our clients nonetheless proceed to find us on-line. We have been a digital first model at a time when there weren’t that many ladies consumers on-line in the first place. Less than 15% of all consumers on-line have been girls consumers. These days, round 43% of consumers on-line are girls,” she explains.Singh provides that the results of the COVID-19 pandemic have been devastating, however it led to shoppers main a digital-first life – which has been good for Sugar’s enterprise. She says that originally, there was skepticism round what Sugar might do – if an organization that had solely raised round 5 or 6 crore rupees in funding might disrupt a magnificence market wherein corporations like L’Oreal Paris and Unilever’s Lakmé already existed.“The fascinating factor about the COVID pandemic is that it gave us a stage enjoying discipline when it got here to the magnificence {industry}. When we distributed our merchandise by way of e-commerce, it gave us entry to 1000s of pin codes throughout the nation,” she says. Singh additionally mentions that in the pandemic, the firm ramped up focus on content material creation – which is ideated, scripted, and executed in home. She says that the content material final 12 months garnered roughly ‘billions’ of views.Singh says that again in 2015, manufacturers operated very in a different way, with lower than 2-3% of their companies being on-line. This resulted in quite a lot of companies not chatting with younger girls, which has modified in latest instances.She provides that there are quite a lot of corporations that reproduce equivalent copies of the identical product and that this results in a scarcity of brand name and product differentiation. When it involves influencer marketing, SUGAR Cosmetics primarily works with a barter system. The firm hires influencers to create content material which is then promoted in-house, and each events garner visibility in the course of.According to Singh, makeup continues to be aspirational in nature and to immediate a buyer to purchase makeup, educating them on how one can use it will be important – that is the place the firm’s content material play comes into the image.
https://www.afaqs.com/information/promoting/sugar-cosmetics-vineeta-singh-on-the-makeup-industry-trends-and-social-media-marketing
