Nykaa strengthens its omnichannel strategy

In preparation for omnichannel expansion, Indian fashion and beauty retailer Nykaa plans to boost its offline presence and open 300 physical stores in 2022.

The company’s omnichannel expansion plan puts it on track to establish a stronger foothold in India’s cosmetics and fashion space than before. In addition to cementing its presence, it is poised to accelerate exceptional revenue growth after a 57% increase in revenue between 2019 and 2020, according to data and analytics firm GlobalData.

According to GlobalData Q4 2021 consumer survey, online remains the preferred option for purchasing beauty and personal care products in India. However, 63% of respondents still prefer to buy beauty and personal care products from physical stores. With a strong presence in the online space, Nykaa aims to act on consumer preference for offline channels that offer product trial to determine the quality and nature of the product.

“Nykaa has shown outstanding performance in the online cosmetics and fashion retail landscape from 2019 to 2020, which was among the most non-essential categories during the pandemic. With an established online presence, Nykaa now plans to capture market share in the overall Indian cosmetics and fashion market, which is expected to be valued at US$188 billion in India by 2025. to grow offline will help it meet the needs of consumers who prefer to try cosmetics, beauty and fashion products before they buy,” commented Ankita Roy, Retail Analyst at GlobalData.

Tanya J. Hill