Market reports indicate that the global nail industry, which was worth US$ 88.6 million in 2018, struggled for its survival in the pandemic year 2020. It was one among the worst hit segments of the beauty industry during the pandemic outbreak. However, it is also estimated that as market conditions stabilise, the nail industry will grow to US$ 2.40 billion, at a CAGR of 4 per cent, by 2025. For more insights on the challenges faced and strategic plan for the way ahead, Priyanka Parshurami, connected with Dina Umarova, Founder & Educator, Bluesky Nail Academy, Mumbai and Importer & Exclusive Distributor, Bluesky, India. Here are key takeaways from the interview:
The COVID impact
COVID was and even now is a cause of concern for industries and people world over. It has been a difficult period for all of us, but we all are working hard, to the best of our abilities and even in lockdowns have ensured that we are accessible and catering to the needs of our wonderful clients. Their support has also been phenomenal, and we are grateful for that.
Challenges faced during the initial period
One of the biggest challenges was getting our consignments within a stipulated timeframe. Although there were sufficient stocks, we still needed to ensure that all the latest products get launched at the same time and the stock is ready with us. Since all the products are imported, it had to be ensured that the planning is more in advance to ensure timely availability.
Measures taken to overcome the challenges
• The business was carried out through digital mediums, through smooth operations.
• Tying up with our ambassadors where they shared product swatches and honest reviews along with our regular live and virtual sessions with clients helped us forge a deeper and stronger bond with our clientele.
• Online classes and live-interactive sessions for our backbone, i.e, lovely clients and students.
• Sharing and reposting the nail art creativity of our students on social media and encouraging talented nail artists across the country.
Steps taken as a brand to overcome pandemic crises
• The health of our team and clients has been our priority.
• Sanitization of each product and package was taken care of, thus ensuring hygiene.
• Offers on products, giveaways, online classes with international trainers at reasonable prices, extended timeframes for payments are a few of the measures we are taking during COVID.
Business strategies for revival
• Focussing on digital media is extremely essential.
• Interacting with clients is important and taking their inputs, listening to their needs, demands and keeping a tab on the international nail market latest trends.
• Launching user-friendly, innovative, quality products at sustainable prices can be an asset for us to have a competitive edge. Despite lockdowns in different parts of the country, we are ready with a lot of exciting new products that can be a game-changer and will bring a change in the nail industry!
Surviving the pandemic is essential and businesses need to put in place strategic plans and focus on distribution channels. A strategic focus, and the result could certainly be lucrative growth for the nail industry.