How to stay relevant in amid fierce competition? Learn from Sephora.
Ritesh Mohan
I help retailers to scale their business by 4X by leveraging sales data insights, retail ops & marketing strategies.??Retail Sales growth hacker, ??Franchise expert, International Business,Digital, Retail leasing & BD
Sephora, with 2700 stores, 35 countries, top class e-commerce website, thousands of employees and revenue of over 16 billion USD.
Statistics are mind blowing.
Started from France, the Sephora business model is rapidly expanding.?
Sephora boast of huge product assortment of more than 15000 products.
There is a Beauty Insider program (CRM) available that is membership-based and it allows the members to reach the products at a discounted price.
With these Credentials, how does one stay relevant in hyper competitive marketplace?
The Answer is simple.
“Keep disrupting yourself before anyone else does”.
Sephora runs an in-house entrepreneurship incubator cum accelerator for founders of emerging beauty brands.
And Sephora incubate future generations of founder-led brands through its Accelerate program which includes an exhaustive list of modules right from marketing, supply chain, brand building , new product development and product trials and finally scaling of the brand.
Moreover, Sephora has built an online community of users who are beauty enthusiasts as well as CRM program which is able to retain their customers and engages them with the brand by continuous value additions.
They have this incredible community — not only of customers, but also of their beauty advisors, Influencers and they test the new brand formulations and advise whether it would sell well or not.
The accelerator is an innovation hub for new brands and their founders to learn customer’s insights, buying preferences which help them to work on their product more holistically and more innovatively.
watch my interview on Singles Day on Dubai Business Breakfast at Dubai Eye FM
Insights like:
Fragrances taking over skincare and makeup categories and the rise of brands like Kayali and Phlur amongst the American consumers and the changes in the buying preferences and upcoming trends help new brands to adjust their offerings accordingly.
Founders being incubated by Sephora include
Sephora strategy of staying relevant is one of the best in the industry which ensures that Sephora customers always get something NEW and INNOVATIVE in coming years and it fulfills their commitment towards uplifting women entrepreneurship.
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I help retailers to scale their business by 4X by leveraging sales data insights, retail ops & marketing strategies.??Retail Sales growth hacker, ??Franchise expert, International Business,Digital, Retail leasing & BD
1 周Thanks everyone
Celebrate failure while innovating Ritesh Mohan
Associate Professor (Operations and Supply Chain) at International Management Institute - IMI-Kolkata
1 周Absolutely Ritesh Mohan. I think the shift from Employees to the concept of incubating new businesses in different sectors and thereby making them business partners make companies to get unique and innovative ideas to drive the business and engage customer every time differently. I liked the philosophy of getting disrupted frequently by self than by anyone else.