Nakul Bajaj, Founder, Darveys

Mr. Nakul Bajaj, an avid trend follower himself, is one of the driving forces that is revolutionising the luxury shopping experience in India. He founded Darveys in 2013 with the vision to create India’s largest luxury ecommerce company by connecting Multi brand retailers across the globe to consumers in India. He thereby over the years created a one-of-a-kind digital luxury retail platform; Darveys which empowers Indian consumers with the ability to shop 120+ Luxury brands sourced from 500+ authorised multi brand retailers across the globe at the lowest price the respective items are available across the globe.

 

“Adaptability is key”, said Andreessen. The key to all the evolving trends in any sector; the key to survival in today’s world. Our world is changing rapidly, and with extremely unique inventions, taking into consideration the changing situations globally. With such uncertainties in the future, or on the other hand in the present era as well, it is the era of instability and risk. The luxury industry in India stands as a question in several minds.

How should the luxury fashion sector prepare itself for growth and survive the competition in the existing industry? We all know that adaptation is the key factor for success, but what we lack is the awareness about how to adapt. Indian players are trying to create a strong base by introducing innovations and technologies in the industry which will help them build the future world for luxury and e-commerce. From AI to personalization, creating and presenting what the customers expect from the brand. A most important aspect to adapt to this change is to study the user flow of your buyers, where they spend time online, and what are their requirements for a better user approach strategy. The luxury sector has undergone series of dynamic changes over the years. But if we talk about the trending Omni Strategy, it has brought about a change in various sectors. Where the firms face a challenge of providing their customers with the same experience that they would wish as in a physical store, following the Omni Strategy has played a major role, by giving the same experience on all platforms to help them retain the buyers, as well as grow in the future. The trend of e-commerce and luxury fashion will prevail by setting the trend of adaptability.

The customers help build your brand and are the most important part of the business. So, the way they purchase goods and the demands they place keep changing constantly, which should be catered to, by having a flexible marketing strategy. Personalization and execution need to be given more importance to help you get the consumer behavior study for a defined direction. Expecting growth of the company by building an online space where the products aren’t tangible is completely based on the trust and faith you create in your customers about your brand. When a customer buys products from the online store, they expect to be provided with genuine products along with the services to seamless. As the shift from physical stores to online services is a major challenge for both the company as well as the customer, the strategy that the company uses to provide the same comfort to their consumers online and build trust will act as an important step in the adaptation of e-commerce in luxury fashion.

Apart from the adaptation to e-commerce in luxury fashion in India, what the firms need to focus on is the penetration of accessibility. Unlike other countries, India has so many towns and cities with a low rate of internet accessibility. With the initiative taken by telecom companies in India, access is being provided to all the possible places. But, this can only act as an advantage if we as a company provide them accessibility to luxury fashion as well. People in such areas are aspirational luxury buyers, but due to a lack of resources or availability, they do not get a chance to be a part of the target audience in India for such firms. Providing access to this audience with not just the products available in India but also the products imported from abroad will increase the growth of the audience reach as well as the company’s welfare. For example, if we provide such accessibility to a customer residing in Ambala to shop online from a variety of products available in New York’s luxury stores at the same prices, there will never be a looking back.

Gen Z is the most socially active are aware of the changes in society and doesn’t face a major challenge adapting to the same. Whereas, Millennials to Baby Boomers are the generation who gradually adapt to the changing trends or in some cases don’t adapt at all. Making e-commerce user-friendly for all generations will help them adapt easily and in a better way with less difficulty.

Similarly, there is another concern that arises with the above-mentioned issues, which is the change in the meaning of what a vacation was meant to be. Nowadays, people go out on vacations and spend most of their time roaming around in stores, figuring out what they would like to purchase, comparing the products at different brands as well as different stores of the same brand. This issue can be resolved by sitting at the comfort of your house, browsing through websites like Darveys, where the luxury brands are available at discounted price and comparison is also easy just with a click of the button and luxury items are shipped from authorized retailers across the globe to consumers in India.

A lot of people’s travel has been attributed to exploring the culture of the places they visit, to nurture the social and get inspired to become what they wish to be with the wonderful experience. Providing them with the trend of comfort at their doorstep will help bring back the culture of meaningful vacation. To enjoy the moment planned by you, to be nurtured as a man or a woman. Therefore, luxury fashion portals such as Darveys look forward to providing such an experience to all the present as well as potential customers.

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