What is the secret to a long and successful business? There are many factors, but one of the most important is the ability to adapt. As we keep on saying quite frequently, “customer is king” Which means that instead of doing what you think is right, think about the customer’s needs. Then, provide a product which fills them. That is exactly what Seema Jain and Sumit Jain have been doing in their career. They have grown their business in a perfect manner by constantly adapting and changing to different customer needs over the years. We share their journey in this week’s Turn Around Story.
Starting Their Business By Identifying An Opportunity
In India, we generally consider stainless steel as a utensil item. Around 18 years back, the Jains realised that it was far from just that. In a trip to the U.S.A. they saw it being used as a premium gifting item. They realised that the same item can be used in multiple ways and not simply the way it is conventionally used. This was the birth of IHomes – a hub for corporate gifting and merchandise for special occasions.
The initial years were all about creating and maintaining a reputation. Even though they did not get a lot of profit, there was no compromise on the processes. Slowly and steadily they gained a reputation among corporates. Over the years, IHomes would grow to provide personalised gifts for high profile companies in multiple sectors like electronics, medicine, lifestyle, jewellery etc. They now have an entire factory for just one international client!
Turn Around Moment
Six years back they received a large order from a major corporate group. As a cautionary practice, there was some extra material (backup, in case something went wrong) which was unused. Since they did not want to waste it, they did a little experiment. Instead of making premium gifts, they used the extra material to make a few items for selling online. It was just to check how customers might respond to an item of daily use. To their surprise, it did extremely well. Thus began the journey of Wallet Deals.
Fulfilling The Needs Of The Masses
Wallet Deals was initiated by Mrs. Seema Jain. She understood that there was a difference between products for corporate gifting and products for the masses. That is why, the online store has a different product range from the products they use for gifting. It has products which can be used on a daily basis or be affordable to the middle class.
Mrs. Jain would take feedback from customers to understand their requirements and needs. She used this knowledge to create products which directly addressed these needs and packaged it appropriately. The catalog is also updated regularly and updated with new products. Thanks to all these practices, the store has received over 1,00,000 lifetime orders!
Little Gifting Item
Lessons From The Turn Around Story
“Design creates value. Therefore, we change the design according the value which we offer.” This motto is the main reason for the Jains’ success. They have understood opportunities by understanding customers. As a result, their products reflect the different needs of a variety of customers. Mr. and Mrs. Jain have realised these over the years and have constantly adapted their business to suit these needs. Consequently, they have taken the necessary steps to ensure their ideas are implemented. The combination of both these factors have ensured that this success story keeps on growing. We are extremely proud of this strong couple and are sure that they will achieve a lot more success in the future!