Style Baazar: Hyper - Local Marketplace For The Modern World
Shreyans Surana
Director
Operating across the retail arena, Style Baazar has not only been targeting the suburban market, but has also been successful in grabbing the eyeballs of some prolifically established players of the apparel industry. A dream venture of six entrepreneurs Pradeep Agarwal, Rohit Kedia, Bhagwan Prasad, Rajendra Gupta, Shreyans Surana, and Rajendra Surana, Style Baazar is uniting the lovers of style and fashion across India by offering fashionable products at affordable price points. Having equipped with both experienced and fresh talents, Style Baazar has introduced some of the best of fashion at the finest prices across more than 61 stores in seven states.
The Co-Founder & Director of Style Baazar, Shreyans joins the team of CEO Insights for an exclusive interaction.
One of India's original retail pioneers, with multiple retail formats. Tell us more about this concept and how Style Baazar stands unique among the competitors.
After witnessing that the suburban retail markets are mostly unexplored
and the lacunae of organized retail marke ting in those areas, we wanted to give these customers something more than an air conditioned showroom. Fixating our notion to give them the right item at the right price, the ideology of Style Baazar was born as an emerging trendsetter of the retail segment, majorly targeting audiences from the suburban areas. We wanted to give them the fashion standards in a way so that they can get a consumer surplus. Our price segment is very unique as we are offering items ranging from a minimum of Rs.49 to the highest price point of Rs.2999. Under this price range, we have assembled some excellent brands like Killer, Monte Carlo along with various other national brands. Functioning predominantly in tier-II and tier-III cities across seven states as of now, we are majorly operational across the North Eastern and Eastern regions of India. As the number of our stores and turnovers is growing exponentially year on year, we have been receiving an over whel mingly good response from our customers so far.
Tell us about your smart marketing strategies and supply chain system that helps you attract customers.
Following simple marketing strategies, we intend to form an emotional bonding with our target audience. Unlike other traditional showrooms, our showrooms are customer-friendly and we have groomed our staff to provide the customers with adequate fashion assistance. Apart from that, we are running a CRM program or customer loyalty program in which we are providing them with some unique loyalty points. Understanding our customers, we provide a lot of discounts and offers. We focus a lot on BTL marketing as ours is a regional business, and in India, each state is different from the other. So, focused on the regional level marketing strategy, we often take a regional star in our ads and campa
With pocket-friendly prices, we have made our brand very regional in all the particular states by following a cluster-based approach
Tell us about your smart marketing strategies and supply chain system that helps you attract customers.
Following simple marketing strategies, we intend to form an emotional bonding with our target audience. Unlike other traditional showrooms, our showrooms are customer-friendly and we have groomed our staff to provide the customers with adequate fashion assistance. Apart from that, we are running a CRM program or customer loyalty program in which we are providing them with some unique loyalty points. Understanding our customers, we provide a lot of discounts and offers. We focus a lot on BTL marketing as ours is a regional business, and in India, each state is different from the other. So, focused on the regional level marketing strategy, we often take a regional star in our ads and campa
igns. We shoot our ads in the vernacular language to reach a wider customer base.
What strategies do you follow to over come various challenges pertaining to customer expectations and retaining them?
India likes the concept of good quality & affordability and we are currently working on this particular strategy for our customers across the suburban areas. As the number of consumers is growing in India as we all know, the next decade of growth in India will be dependent on tier-II and tier-III cities only. The consumers who are coming from the cities want fashionable articles at a very economical price and basically, that is our strategy to emerge as the most preferred brand over all the existing brands at present. With pocket friendly prices, we have made our brand very regional in all the particular states by following a cluster based approach.
What is the roadmap ahead for the company's new growth phase? What areas or new capabilities will it focus on to ensure business continuity?
By next two year, we intend to cross Rs.1000 crore of turnover with 130 stores, and for the next five years, we are targeting to open 300 stores with Rs.2500 crore of turnover in terms of growth. To achieve those targets, we have to be technologically dependent and incorporate a lot of innovation in our system. We are working on a lot of different software and technologies to ensure better inventory management and that the fresh fashion reaches the desired destination in the least possible lead time so that valued customers access the best fashion in a timely manner.
Shreyans Surana, Director, Style Baazar
An experienced Chartered Accountant with a demonstrated history of working in the retail industry, Shreyans is skilled in Tax, Corporate Finance, Retail, Business and Financial Analysis.A strong accounting professional, Shreyans has a Bachelor of Commerce (B.Com) degree in Accounting and Finance from St. Xavier's College. His visionary mindset compelled him to onboard into entrepreneurialism and gradually lay the foundation of Style Baazar along with five other industry stalwarts.
What strategies do you follow to over come various challenges pertaining to customer expectations and retaining them?
India likes the concept of good quality & affordability and we are currently working on this particular strategy for our customers across the suburban areas. As the number of consumers is growing in India as we all know, the next decade of growth in India will be dependent on tier-II and tier-III cities only. The consumers who are coming from the cities want fashionable articles at a very economical price and basically, that is our strategy to emerge as the most preferred brand over all the existing brands at present. With pocket friendly prices, we have made our brand very regional in all the particular states by following a cluster based approach.
What is the roadmap ahead for the company's new growth phase? What areas or new capabilities will it focus on to ensure business continuity?
By next two year, we intend to cross Rs.1000 crore of turnover with 130 stores, and for the next five years, we are targeting to open 300 stores with Rs.2500 crore of turnover in terms of growth. To achieve those targets, we have to be technologically dependent and incorporate a lot of innovation in our system. We are working on a lot of different software and technologies to ensure better inventory management and that the fresh fashion reaches the desired destination in the least possible lead time so that valued customers access the best fashion in a timely manner.
Shreyans Surana, Director, Style Baazar
An experienced Chartered Accountant with a demonstrated history of working in the retail industry, Shreyans is skilled in Tax, Corporate Finance, Retail, Business and Financial Analysis.A strong accounting professional, Shreyans has a Bachelor of Commerce (B.Com) degree in Accounting and Finance from St. Xavier's College. His visionary mindset compelled him to onboard into entrepreneurialism and gradually lay the foundation of Style Baazar along with five other industry stalwarts.