Spokesperson: Vaibhav Jain (24), Founder, Tynimo
- Tell us about your entrepreneurial journey. What inspires you to launch Tynimo?
We wanted to revolutionize the lifestyle retail segment. Our main idea was to provide high quality, well-designed daily lifestyle products at affordable prices. We started Tynimo with an intention to capitalize on the concept of Impulse buying, where people never plan to buy these products but end up buying it on the basis of what they see.
The idea to start Tynimo originated during a couple of business and leisure trips to South East Asian countries. The whole concept of fast fashion shopping is a popular concept in South East Asian markets. During our trips to these countries, I would always enjoy visits to these concept stores that offer unique, cute and offbeat products. All these products were of good quality and were reasonably priced. We found that in India there weren’t any other Indian brands catering to this segment. We decided to apply the same concept here in India. Finally we decided to build India’s own answer to all foreign brands and hence Tynimo was formed. We were always passionate about building something worthy in consumer retail and this segment was just the right opportunity.
- What is your assessment about homegrown retail market in India. According to you what are the factors propelling growth in this market?
There is a huge market here. Being a developing country, India’s retail market is pegged to be at $1.3 trillion by 2020 and we being a lifestyle brand having 16 categories of daily needs, the opportunity is huge. Moreover, since we are an economical brand, there is a huge demand for an offering like this in Tier-2 and Tier-3 towns. There is scope for more than one brand to exist and have healthy competition. This is visible with reputed foreign brands entering India and they are followed by many lookalikes of their own.
- What are the major challenges for home grown brands?
In this industry, the challenges are as below:
- Offline rentals
- Product Liquidity
- Rapidly changing products
- Government regulations with regards to licensing. There are multi departments to deal with for opening a single retail store and this results in delay in starting the operations.
Apart from this, the competition from foreign brands is also a challenge as well as a boon. The customers have better options to choose from and the best will attract most customers.
- Kindly shed light on your current distribution in the online as well as offline channels.
As of now, we are completely operating offline. There is a different plan for online presence but it is at a very nascent stage and will take some time to become reality
Our model is very simple. We directly source products under our brand from manufacturers and sell them at our exclusive brand stores. There is no other intermediaries involved.
To manage the distribution efficiently, we have a state-of-the-art 15000 sq.ft centralized warehouse in Bengaluru.
- Going forward, what are the plans to improve the distribution?
As we expand, we will decentralize the warehousing system by opening multiple warehouses across the country to serve specific zones.
- What is your USP?
We stand out in many ways. –
Firstly, we have a dedicated zone for Indian handicrafts to promote India’s arts and crafts products. We sell them at reasonable prices so that as many people can buy and take pride in India’s beautiful and amazing art talent. The Indian handicrafts collection is designed by artists across various regions including Jaipur, Varanasi and Saharanpur. Each artistry collection represents the culture of the specific region they belong to, with raw materials used for these works specific to those regions, like Ambabari and Kadam wood carvings which are native to Rajasthan.
Our store design is aesthetically, the best in the industry. Be it design, cost of execution or quality, we are one of the best.
Apart from this, our products are better designed and economically priced in comparison to other players. Our major range of products are unique and rare to find elsewhere. We also have a dedicated gifting section where customers can select from an exclusive gifting range.
- Are you bootstrap or have raised any sorts of funds so far?
We are currently bootstrapped.
- Tell us about best selling categories and average bill size?
The best selling categories are Digital and Electronics, Jewellery, Footwear, Soft Toys, Gifting, Home Décor, Travel Series and Indian Handicrafts.