Today is our 10th anniversary and a major milestone in the business journey. I have read in few business articles that 90% of the companies fail in the first 5 year and the 90% of these surviving companies fail in the next 10 years.
That means of the 100 companies that start up, only 10 will survive in 5 years and out of this 10 only 1 will survive the 10 year period.
Looking back, I feel quite proud to have survived this tough decade with the business getting rocked out by few major events like demonetization, GST, Digitization and now the covid induced lockdowns. Every time we run into a crisis like these – we lose a chunk of hard-earned customers. Policies like these does not help the common person to start-up or set up a boutique.
If we look at the current K shaped economic recovery in Indian markets – the rich keeps getting richer and the poor is pushed downward a spiral of losses. The stock markets in India are booming at an all-time high and high frequency indicators monitored by the Govt. is showing the economy is better than a pre covid era.
I do not subscribe to this view. Since we connect to the bottom rung of the supply chain, the end-retailers – we know the level of distress they are in. Many of the retail shops have either wrapped up their business or started taking up additional jobs/income to support their family. Since our commitment is to uplift this section of the society – we will always be in the look out to pass on the opportunity or cost save.
Last year we had promised to implement 3 changes
- Clearance category
- Elite1 reseller club
- Intuitive mobile app
Looking back, we were able to enhance the elite1 club list pre-loaded with discounts & offers. And the mobile app has been a run-away success which has crossed 1.5 lakh customers.
For the current year we are planning to achieve these 3 goals
- Inner wear segment
- Quadruple our customer care staff resources
- Double our exports revenue & set up an international office space (dubai)
Our never-ending pursuit will be to build great relationships with our customers. After covid we were facing major challenges in coordinating the customer-care work as 100% of our staff were working from home. Currently 80% of our customer care staff continue to WFH only.
Once we bring all of them back to office – we wish to hire 4x staff to compensate for the bandwidth issues we are facing.
Wishing you a fruitful year ahead !
Regards,
Balu
Founder, Bsync Fashion (11/11/2011)
As an anniversary gift, use coupon code: 10YRS to get Rs200 off for your next 50 orders. Applicable for all customers. Valid till 11th Dec 2021