Miniso is a Japanese-inspired lifestyle store, which is now gaining the trust and recognition of several Indian consumers through its high-quality products. This Japanese value retailer brand was launched in 2017 and has managed to attain instant popularity.
Currently, the store has more than 150 outlets in India. This brand has a target of opening 800 more stores in the coming years. They have big plans for the Indian market and want to increase local sourcing.
Reasons For Its Popularity
Miniso has it all from perfumes, makeup, nail polish to handbags, hairbrushes, sheet masks, earphones, air freshers, and soft toys. This is not all, they have a wide range of things that people don’t really need in their life like it’s not a necessity but they just want it because it looks cute.
Their stores give off a pretty minimalistic look, which is quite pleasing to look at and manages to grab one’s attention. Good quality products along with an affordable price range are the main reason for their competitiveness in the Indian market.
Local products are way cheaper but when Miniso’s products were compared with the local ones, Miniso’s products were found to be of better quality, higher cost performance, and exquisite design.
Miniso has understood the Indian demographic very well and how Indians are obsessed with affordable prices. they have now increased their prices by about 50 to 80 rupees, they still have a large number of consumers shopping from them just because of consumer loyalty. As the saying goes ‘A happy customer is a repeat customer.’
Their products are cute especially for the people who are into Anime and Korean culture. They will love this kind of aesthetics that might even remind them of some K-Drama. They have even brought several new IP series such as Marvel, the Forbidden City Culture, Pink Panther, We Bare Bears, and Adventure Time. Their soft toys are the best.
Also Read: The Japanese Economy
“By this year-end, we will hit $3 million purchase from India and by the next year, we hope to purchase goods worth $25 million from here. We want to buy and manufacture products in India, followed by a design finish in Europe and Japan and then export to different countries,” Tyrone Li, Miniso India head revealed.
Miniso purchases products from about 40 countries, which leads to supply chain pressures. It’s now planning to purchase orders from India for cosmetics and textiles at least. “In the past few years, Made in India has taken off India and now it is the second biggest purchase country for Miniso sales arms, the first being China,” said Li.
Products that are made in India are already being exported to Indonesia, Malaysia, and China.
Expansion
India being the fastest-growing overseas market for Miniso’s global development, the brand managed to open stores in 1 and 2 Tier cities such as Delhi, Mumbai, Bangalore, Chennai, Kolkata, Hyderabad, Jamshedpur, Jaipur, etc. They are also trying their hand at a different model- the online space.
They have partnered with Shopclues, Paytm, and Snapdeal which offer their products online. Even though 99% of their sales come from their stores, Li wanted to explore and learn more about the Indian online market.
“If we aren’t touching the online space, we are not touching the whole market. We try to understand why people opt for online and are learning from the Indian ecosystem,” said Li.
In spite of all the success, Miniso is still far from achieving its target of opening 800 stores by next year. As explained by Li, the first year in India was aggressive and now they have slowed to prepare for the next wave of fast growth.
Competition is not a matter of worry for them as they have over 3,000 different products to offer. With its recent partnership with Marvel, three MINISO x Marvel IP stores have been launched in India. Supported by the top IP, Miniso’s sales are expected to soar high.
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Sources: Economic Times, Business Insider, Live Mint, +More
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This post is tagged under: Miniso, Japanese-inspired, lifestyle, store, India, high-quality, products, retailer, brand, outlets, local sourcing, perfumes, makeup, nail polish, handbags, hairbrushes, sheet masks, earphones, air freshers, soft toys, minimalistic, better quality, higher cost performance, exquisite design, demographic, consumer, K-Drama, IP series, Marvel, the Forbidden City Culture, Pink Panther, We Bare Bears, Adventure Time, Tyrone Li, consumer loyalty, cosmetics, textiles, Shopclues, Paytm, Snapdeal, online space
