Beautywise: Unveils Growth Strategies and Forecasts the Future Landscape of the Beauty Industry
Year End Stories
StartupTalky presents Recap'23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
Beautywise® is a new-age, aspirational, and innovative brand, known for its range of premium supplements catering to a sophisticated clientele that prioritizes beauty and self-care backed by science.
The Beauty & Personal Care market in India is projected to generate a revenue of US$31.51bn in 2024. This market is expected to witness an annual growth rate of 3.00% (CAGR 2024-2028).
In a recent Recap'23 interview, we at StartupTalky had the privilege of connecting with Shreyansha Chauhan and Anousha Chauhan, Founders of Beautywise. We examined how Beautywise is making a mark for itself within the Beauty industry, analyzing its strategies, unique positioning and future plans.
StartupTalky: What products does Beautywise sell? What was the motivation/vision with which you started?
Shreyansh: We specialise in advanced dermatology-led supplements, specifically designed to address targeted skin and hair concerns that Anousha, our founder faced firsthand in her decade-long modeling career.
Our growing product portfolio currently comprises Skin Brilliance 500mg Glutathione in EPO which is developed with antioxidants, vitamins, amino acids, and active extracts in a nourishing oil, this formulation is designed to impart radiant and uniformly toned skin, Skin Resilience Ceramides & HA in Omega-3, a powerhouse supplement that combines the natural lipids of ceramides with the hydrating prowess of Hyaluronic acid and Hair Rescue Keratin & Biotin in Avocado Oil, a transformative supplement that combines the strengthening effects of Keratin and Biotin with the nourishing properties of Avocado Oil. We also specialize in marine and plant-based collagen, in multiple options.
Our vision on pioneering dermatology-driven solutions for tailored skincare and haircare needs. We aim to offer efficient solutions that work from the inside out to offer the best in beauty and wellness.
StartupTalky: What other Beautywise products/features have been added in the past year? What is/are the USP/s of Beautywise?
Anousha: The past year has been focused on improving product formulations, as well as working on a stronger retail footprint overall for the brand. In terms of additions of features, we have launched dual-action technology capsules that combine oil and water-soluble ingredients for enhanced absorption of our formulations. The USP of our products lies in the efficacy of the formulations and in addressing specific skin and hair care concerns. Notable USPs of our products are the clinically researched clean ingredients, as well as the ‘proven efficacy V-FillTM technology’. This has led to our products being prescribed by over 500 dermatologists and skincare experts.
StartupTalky: How has the beauty industry changed in recent years, and how has Beautywise adapted to these changes?
Shreyansh: The beauty industry overall has witnessed great technological advancement over the past few years. There is a nutraceutical boom in India driven by higher consumption post-COVID as well as better market access driven by e-commerce. This has led to a large number of companies entering the supplement space. Unfortunately, the issues of low bioavailability, inaccurate dosage, and greenwashing which unfortunately has not been addressed by the industry. We are driven by innovation and clinical literature backing our formulations to provide targeted beauty supplements. To date, the regulations for supplementation were at a very nascent stage, leading to a loss of credibility for the industry. However, the government has started focusing on nutraceuticals and we accept and welcome stricter approaches towards claims and quality.
StartupTalky: Can you share examples of how staying ahead of industry trends has influenced your product offerings or marketing strategies?
Anousha: One of the most critical ways we have stayed ahead of the industry trend is an uncompromising approach to our product portfolio. We have integrated dermatologists and specialists at every stage of our research and development. This comprehensive approach ensures our supplements effectively address specific concerns like pigmentation, premature aging, sun damage, and skin saginess. Our commitment to developing clinically backed products with top-grade ingredients has garnered trust across the industry. We proudly hold exclusive partnerships with some of India's largest aesthetic skin clinics and well-established pharmacies pan India.
StartupTalky: What key metrics do you track to check the growth and performance of Beautywise?
Shreyansh: Apart from standard sales and e-commerce metrics, we focus on the Customer Lifecycle Value and Net Promoter Score of dermatologists, reflecting their likelihood to recommend Beautywise. We have a remarkable 80%+ NPS.
StartupTalky: What were the most significant challenges Beautywise faced in the past year and how did you overcome them?
Anousha: The industry has intense competition with multiple players. Also, our reliance on a few select retail partners added pressure to our margins. We mitigated this by bolstering our e-commerce presence, contributing 30% of revenue in just one year while maintaining strong retail relationships. This omni-channel approach has benefitted the brand immensely.
StartupTalky: Repeat purchase is one of the most important parameters on which most eCommerce brands are betting. How do you keep your customers engaged to stop churn?
Shreyansh: We believe repeat purchases are primarily driven by the overall experience and benefits a consumer derives from the product. By focusing on the highest efficacy and potency in our capsules, and the overall experience of taste, smell, and dissolvability in our powders we can provide an unparalleled experience. We do have subscription discounts, 2nd-time purchase coupons, and other initiatives, but the product efficacy is what drives repeat purchases which are 30% +.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Anousha: Effective marketing is fuelled by a pull approach, emphasizing the importance of cultivating enduring customer relationships. We don't believe in hacks; instead, we prioritize delivering on promises for sustained organic growth. Delivering on the claims goes a long way to ensure organic, word-of-mouth growth. Our GTM of being retail and dermatology clinics first has also helped us massively in developing trust and credibility with our consumers.
StartupTalky: What are the important tools and software you use to run Beautywise smoothly?
Shreyansh: We have been utilizing tools to streamline processes, we have been able to use Businessonbot to ensure smooth customer communication, accelerating retention while Unicommerce to aid inventory management, addressing aging inventory, and enhancing operational efficiency.
Pratyusha Srivastava
StartupTalky: What opportunities do you see for future growth in the beauty industry in India and the world?
Anousha: India is already the pharmaceutical factory of the world, and the abundance and diversity of plants and active ingredients also play an important role in sourcing quality ingredients. We foresee India replicating what we did in pharmaceuticals in nutraceuticals as well if we as a nation focus on quality and compliance.
Different states have different mindsets and climatic conditions. There is also a cultural aspect of the food consumed. All these play an important role. Eg. sunny states require more protection against sun damage and Skin Brilliance is a best seller. In metros with heavy environmental pollution Skin Resilience which protects the outer skin barrier becomes an exceptional supplement. Fish has high acceptability in East India where we see disproportionate sales of marine collagen, while in Northern states vegan collagen builder sells more.
Given the multiple environmental stressors as well as an increased interest in beauty overall in the consumer mindset, we believe that the nutraceutical industry has high growth potential.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Shreyansh: “Continuous learning shapes our strategy. Recognizing that every stakeholder consumers employees, resellers and the company should derive value. we aim for sustainable growth, avoiding a zero-sum game mentality”. The consumer and industry response has given us greater confidence in the market and we intend to be more aggressive with our retail and marketing performance.
StartupTalky: How do you plan to expand the Customers, SKUs, and team base in the future?
Anousha: We see a huge gap in supplements that can be trusted by skin care professionals such as dermatologists, nutritionists, and beauticians. We have formulated products with their inputs and will continue to have a roadmap of products following the same process. Our product portfolio has been built on consistent and genuine consumer feedback. We intend to create a loyal and credible consumer base of Beautywise customers.
StartupTalky: With so much hype around D2C brands spending on ads, what will be your growth strategy organic or inorganic? How do you plan to work around SEO and content marketing?
Shreyansh: We believe in building good products, which will be accepted on their merit. Word of mouth and peer-to-peer recommendation are the best form of marketing. We have maintained a 2X ROAS on Amazon and other platforms, and even Google ads have a positive ROI. D2C brands need to set aside some amount of funds to generate awareness but conversions are an outcome of having differentiated, credible products in our portfolio.
Pratyusha Srivastava
StartupTalky: One tip that you would like to share with another D2C founder, based on your own experience?
Anousha and Shreyansh: Function with conviction, focus on the long term and build a company designed to outlast its founders—an invaluable tip for fellow D2C founders.
StartupTalky extends its gratitude to Mr. Shreyansha Chauhan and Ms. Anousha Chauhan for dedicating their valuable time and generously sharing their insights with all of us.
Explore more Recap'23 Interviews here
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