Things retailers do to maintain their leadership position

Retaining the No.1 slot:

The corporate world is full of competition, sales numbers, turnover, etc, companies after tasting success in their sector, most often struggle to maintain their leadership position.

The challenge – How to bring innovation into the business? How do we reinvent the business proposition? How to tap new customer segments and markets?

This article will highlight a few brands that have taken their leadership stance to a new level and have become like a Thought- Leader in their sector.

Xiaomi :

How many of you know the meaning of the MI logo used by Xiaomi on their phones?

Not many, I guess.

The MI in the logo refers to ‘Mobile Internet’.

So what does MI sell?

Most of us will answer – cell phones, laptops, and tablets but there is more to it.

Xiaomi is creating a connected ecosystem of white goods, home appliances, phones, tech, and cars.

They are designing this ecosystem to remain open to all (crowdsourcing of ideas) to encourage other entrepreneurs to design products to work within the ecosystem.

As of June 2024, there were 654.5 million smart appliances connected to the Xiaomi Internet of Things (excluding smartphones, laptops, and tablets!), and in April this year, Xiaomi launched one of the most exciting new cars in the extremely competitive EV market- the SU7. This car competes very well with the Porsche Taycan but at about $30,000 a vehicle.

Sephora:

We all know Sephora has become the Go-To destination for all beauty, fragrance, and skincare-related brands for Gen Z.

Recently, I came across a news article wherein they have initiated an incubator center to promote and guide entrepreneurs who want to build innovative products and bring new R&D into the beauty sector.

One of the latest outcomes from that incubator is a brand, whose name has caught my attention (since it happens to be my favorite sweet dessert).

Yes, I am talking about Kulfi Beauty.

Founded by Priyanka Ganjoo and launched in February 2021, the brand offered only one item:?kajal?in a classic, onyx hue.

It's a type of?eyeliner?traditional to South Asian culture that's often made at home.

In the three years since, Kulfi has expanded to?offer?blush,?lipstick,?brow,?and?concealer?products. Plus, it just rolled out in-store at all of?Sephora's North American locations.

Priyanka started with a beauty blog “Kulfi Bites” whose engagement increased and resulted in popularity.

Her first product concept was inspired by conversations – including with strangers on Facebook for "customer research" – that made Ganjoo realize that people who were using kajal didn't necessarily "find joy in it."

Ganjoo says she set out to modernize it with "a formula that gives sultry siren eyes or a casual look but without the messiness and the smudging off, which traditional kajal may do."

Kulfi differentiates its kajal with a smoother application: it glides on, stays blendable for about 20 seconds, and then sets.

The brand debuted in 2021 with a direct-to-consumer model, and the product was a hit. This helped it land a spot on Sephora.com's digital shelves by August 2022.

Sephora’s accelerator program incubates innovation and thus helps in offering new innovative products to its customers and staying relevant to them by bringing out brands that are uniquely curated for making women feel confident and self-reliant.

If you are a business owner operating in the beauty/fragrance/fashion genre & want to grow your business & need a retail expert to help you achieve your “Vision to Reality” framework & strategize your business then feel free to schedule a discovery listening call over a #coffeechat. Inbox your text & my team shall connect with you.

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