The Ayurveda Propagators Sangram Simha, Co-Founder, Vedix, explains how the company is planning to leverage technology to promote ayurveda
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Co-founders of digital platform Incnut, Chaitanya Allan, Sangram Simha, and Veerendra Shivhare, were checking the insights from two of their platforms stylecraze.com and momjunction.com when they found out that that women were tired of trying generic products that don't suit their skin/hair type or has harmful chemicals.
The observation propelled them to look for alternatives to chemical based products ultimately taking them to experiment with the idea of customization and Ayurveda.
"The aspiration is to provide customers all over the world access to the benefit of Ayurveda and deliver it in modern formats that they are comfortable with. The ambition is to do this at scale by leveraging technology and global supply chains," Sangram Simha tells Entrepreneur India.
They launched the brand about three years ago and since then have seen revenue double every year as they continue to add more than 60,000 new customers every month while driving industry leading retention rates of more than 60%. "Product research is the core on which the brand is built. Even before we sold our first product, we had a R&D team in place made up of Ayurvedic doctors and formulators who created the digital version of the ayurvedic questionnaire," he explains.
The concept of customization was completely new when the trio launched Vedix, Simha asserts, and the team had to spend time in building customer awareness on why this is a better way than the conventional approach. "Once customers experienced the benefits of customisation and the results it delivered, the brand took off. We have one of the highest retention rates in the industry which reflects the value add customisation delivers for our customers," he adds.
Vedix started the year 2022 on a positive note by launching their body care range and by expanding into the US, UK, Canada, and Australia. Simha expects the momentum to continue into FY23 with the launch of baby care range and expansion into more international markets such as EU, Middle East, SE Asia and Japan.
Some quick facts about Vedix's business.
· Best seller: Hair regimen
· Total SKUs: 100+
· Team size: approx 150
· Repeat customer ratio: 3.5X
· Online platform resulting in maximum revenue: D2C, Amazon and Flipkart
· Turnover for FY 2021-22: Approximately INR 160 Crores
· Split between offline and online sales: All online