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Quick commerce solution for different use cases, categories; not where Nykaa wants to jump in: Nayar
- Quick Commerce model is solving "very different" use cases and suited to broader product categories like groceries and items of daily use, Nykaa founder and CEO Falguni Nayar said.
- Nykaa is continuously focused on improving delivery timelines, being closer to customers and building out an extensive network.
- Indian consumers are on a "premiumisation" journey in every category, seeking better quality and more out of the offerings, she said, outlining the megatrends shaping the beauty and fashion space.
- Nayar said, "We definitely think quick commerce is more about a wider set of SKUs, which includes groceries and everyday goods, which is not where Nykaa wants to jump in".
- Nykaa's top boss said that while the young digital-first population of Gen Z and millennials have a preference towards buying online, the most successful models will have an omnichannel approach in serving customers "where they are".
- Nayar said Nykaa's physical retail accounts for less than 10 per cent of its turnover.
- India is a very large, geographically diverse market, and trying to cater to 10-minute delivery in certain metros is a very different use case.
- Nykaa has scaled up from 15 warehouses to 44 today over the past years and is constantly focused on improving delivery timelines.
- On the festive season uptick, Nayar said the demand momentum is expected to continue beyond Diwali.
- Nykaa has 35 million customers on the platform, and it operates in 200 stores.
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