“Quick commerce is here to stay,” B.O.A.T. co-founder Aman Gupta declared. He asserted that rapid commerce, as opposed to e-commerce, is the foundation of many companies. “This paradigm shift has been facilitated by people’s desire for faster product delivery, which is where startups come into play,” he continued.
Speaking during a session at Razorpay’s D2C and Retail Summit, Aman Gupta said that payment gateways have improved over time, becoming faster, easier to use, and more secure. This has led to a number of changes in digital commerce. “When we first started, we had to deal with a lot of cash because customers preferred ‘cash on delivery’ services over digital payment complexities.”
“Investors doubted the potential of D2C brands when we started, but today, there are multiple brands in the startups market which are growing on the shoulders of these digital channels,” he added, attributing the rise of D2C brands to the digital channels.
Regarding the increasing quantity of direct-to-consumer (D2C) businesses in India, Aman Gupta predicted that in a few years, the nation will be home to millions of brands across all market categories. Using skin care as an example, he said that some companies have established their own clientele within the industry. There are companies providing Korean skin care products, but mCaffeine has established its business on coffee-based products, whereas Nat Habit has built its business on natural components. “Therefore, the number of brands in India will increase over time in every category.”
Shark Tank star Aman Gupta responded to enquiries on the influence of a founder’s social status and notoriety on the expansion of their company by stating that there is no “one size fits all” solution. Speaking about actress and D2C hair extension entrepreneur Nish Hair’s creator Parul Gulati, Aman Gupta claimed that her social media influence has greatly aided in the company’s expansion. Aman Gupta made it clear that this would not be the case for everyone, and in these situations it would be best to concentrate just on the business.
Maintaining customers should be the main priority. Establishing a community is a smart first step in that direction. “By creating our community and introducing our items there before going on sale, we have been able to keep a large number of customers. The final objective should be to maintain hands tight on the market. All of us will face challenges, but we must continue in a way that gives us confidence, Aman Gupta said.
