American model and actress Lauren Hutton once said: "Fashion is what you're offered four times a year by designers. And style is what you choose." And this pretty much seems like the idea behind online marketplace Voonik, which deals in fashion products. Voonik doesn't deal in high-profile brands but intends to bring affordable and fun fashion to buyers that match their personal style.
Sujayath Ali, the CEO of the online marketplace, recently spoke to Danish Manzoor, Executive Editor, International Business Times, India and revealed the idea behind Voonik and its operations. He noted that before Voonik, online marketplaces such as Jabong and Myntra catered to a different set of consumers who were fashion forward and brand conscious. But Voonik came into the market with a focus on everyday affordable fashion at "Flipkart price, but Myntra experience."
Ali noted that the brand's aim is "to take fashion to the masses" as all the existing start-ups and new entrants are very brand centric, which may be 20 percent of the population. But the remaining 80 percent is a huge gap, which Voonik intends to cater to.
The CEO of Voonik also revealed how the online marketplace deals with the cut throat competition, especially at a time when there are discounts galore, and said that the portal has "no discount, no inventory, and no fulfillment centres." Ali noted that these factors generally make up for quite some losses in a business model and by cutting these out, Voonik has decided just to focus on it buyers through good technology.
Speaking about the pricing policy, Ali explained that Voonik's prices are always cheaper as its supply chain is stronger, due to which the marketplace can match the prices of its competitors without discounts. He says that this model is beneficial in the long run as even if the company runs low on funds, it doesn't make a difference on the pricing.
Ali also said that accountability is the key when it comes to customer satisfaction and the online marketplace cannot simply blame the seller for a faulty product. Voonik takes as much responsibility for issues as the seller because the buyer is purchasing a product from Voonik and not a third party seller.
