With brief experience of selling multi-branded products on their ecommerce website ‘GenXmart’, the founders soon realised the opportunity for selling perfumes and fragrances for online market. From their online gift store GenXMart which offers a large selection of handcrafted gift products, the company diversified into another niche perfume e-store in February 2013, myfume.com.
“After looking at the response for perfume sales we planned to startup with another e-store with our main focus on perfumes. We did a complete market research for a few months and then came up with Myfume” said Akshat Agrawal and Ayush Agrawal, co-founders.
Myfume provide a simple user Interface design under 4 different categories – perfumes, deodorants, gift sets and all brands. Apart from that, it also has an effective product filter search, which allow users to buy perfumes/deodorants based on their price, fragrance type, brands etc. The idea is to help users find best suitable fragrance product as per their needs without any hassle.
The owners claim the category of kids perfumes and deodorants as their USP and also one of the most profitable product category for them. Myfume provide fragrances between the range of INR 70 to INR 15,000. Some of the most brands that are available on Myfume include Versace, Nina Ricci, Ferrari, Armani, Gucci and Davidoff.
While understanding the need to market itself, Myfume use a mix of Google ads, Social networks like Facebook and email marketing. In order to avoid burning serious money on free shipment, which concerns most of the ecommerce companies in India today, Myfume provides free home delivery only on those products that cost over INR 500.
The website has a more than 1500 products listed. With an average of more than 400 unique customer visits each day, Myfume sells 10 to 15 products each day. As far as its profits are concerned, the company in its few months of operations, and says to have reached break even point already and witnessing 25% growth in sales every month.
Talking of the Indian fragrance industry, which is growing at an annual rate of 40 percent is likely to reach to a total figure of INR 10,000 crore, suggests a report by ASSOCHAM. “Indian ecommerce market is growing and we are working in a segment which is evergreen. The market offers a huge demand for perfumes other fragrances and thus provide a scope for players like Myfume” added Akshat.