Building Fashion Brand, E Commerce & Indian Customers | Ft The Souled Store | FO 140 Raj Shamani
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In the latest episode of Figuring Out, we have the co-founder of Souled Store Vedang Patel in conversation with Raj Shamani. His candid personality and insanely in-depth business knowledge will keep you hooked throughout the episode. If you have to take one thing from our conversation, then let it be Vedang’s thought process and brilliant observation skills.
We talked about the back story of how a super successful brand like Souled Store was created, and how it has been relevant for so many years. He talked about an interesting concept of building a memory of your brand in consumers’ minds and how to then turn it into a no-brainer option for them. He also talked about how to build a good retention rate and how to create loyal consumers. We also talked about how Indian consumers have changed and how it is making businesses more profitable and also about different types of brands in the fashion industry.
We also discussed how recent changes have created opportunities in India. He shared what can startups do differently to be successful in a competitive market and how to practically be consistent in a business and make it stand out. In the end, we also dissected the strategy of his most loved brand Nike. This episode will infect you with Vedant’s optimism and how he sees every problem as an opportunity.
If this episode gave you a new lens of looking at business then subscribe to our channel and join us on this journey of Figuring Out. We come up with such insightful podcasts every Wednesday and Saturday.
Follow Vedang Patel Here:
Linkedin: https://in.linkedin.com/in/vedang-patel-40aba34b
Instagram: https://www.instagram.com/vedang0506/?hl=en
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Timestamps:
00:00 – Introduction
02:27 – How did he start The Souled Store?
04:53 – Bewakoof Vs The Souled Store
08:02 – 3 types of clothing brands
12:36 – Great product beats Great service
14:02 – How to build a great product in fashion?
18:00 – First offline store
21:55 – Can you build a fashion brand in India now?
22:36 – How are Indian consumers different?
23:48 – Indians saving vs spending behaviour
27:11 – How to win in a competitive market?
31:22 – How did Minimalist thrash the market?
34:58 – How to increase customer retention?
35:51 – Is the fashion industry cluttered now?
37:46 – Current fashion trend
38:11 – Streetwear brands
40:47 – His collab to raise money for animals
42:40 – Nike’s case study
49:35 – Don’t seek advice
51:14 – Conclusion
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About Raj Shamani
Raj Shamani is an Entrepreneur at heart that explains his expertise in Business Content Creation & Public Speaking. He has delivered 200+ speeches in 26+ countries. Besides that, Raj is also an Angel Investor interested in crazy minds who are creating a sensation in the Fintech, FMCG, & passion economy space.
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About Figuring Out
Figuring Out Podcast is a Candid Conversations University where Raj Shamani brings raw conversations with the Top 1% in India.