Vedix is a customised Ayurveda beauty brand which uses AI and analytics to design a personalised beauty regime. It is adding about 50,000 new customers every month and aims to clock `500 crore revenue over the next five years
AFTER Two years, 25 million customer visits per month and one constant question: “Will this product suit me?”, Vedix can say a confident ‘yes’. Vedix, which calls itself the “world’s first customised Ayurvedic personal care brand that leverages modern technology (Artificial Intelligence and analytics) to deliver all the goodness and benefit of Ayurveda,” was set up in 2018 to help women caught in a fruitless cycle of experimentation with generic personal care formulations available in the market.
As Jatin Gujrati, business head at this modern ayurveda beauty brand claims, Vedix’s products are designed for each individual’s prakruthi and needs. “These attributes are assessed with the help of a detailed questionnaire and we leverage technology to arrive at the best suited product suggestions for the customer. This holistic assessment blends traditional Ayurvedic formulations with a modern customised approach to match each individual’s requirements with a unique set of personal care products for skin, hair, and immunity,” says Gujrati, who has over 12 years of experience in finance and operations strategy roles across startups and large enterprises.
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Gujrati says that since the launch of the Vedix Personalised Questionnaire (VPQ), more than three million unique customers have filled it up to understand their prakruthi imbalances and get product recommendations that are unique to them. “We have served more than a million orders since the launch and continue to add more than 50,000 new customers every month,” he says.
In an industry that sees less than 30% repeat customers, more than 60% of Vedix customers are repeat customers, says Gujrati . “This is a big testament to the power of customisation and to the positive change customers see after using Vedix products. More than 90% of our customers take one of the subscriptions option and very few opt for a single time purchase,” he says.
In addition to customising products based on the VPQ, Vedix also has a tech- driven feedback loop that helps the company improve its recommendations. “After 7-10 days of purchasing a regimen, customers get a follow-up link where they give initial feedback about the product that helps us understand if they selected the right product in the first place. At the time of renewal, customers are asked a more detailed set of questions regarding product efficacy. These data points feed into an AI engine that further improves our matching algorithm and helps in the product development cycle,” informs Gujrati.
According to the Vedix business head, 2021 started with the launch of a range of haircare products especially formulated for men. “Looking ahead into 2021 and beyond, we plan to launch a range of products in new categories and also expand the range in the categories we are already present in. We will soon be launching a range of face oils, leave-in hair conditioners, face masks, etc. We will also be expanding our sales channels by launching the entire Vedix range on platforms such as Amazon, Nykaa, Purplle, etc. ,and expand in international markets through platforms such as Amazon, Souk, Noon, Sephora, etc., and also through our own website,” he adds.
Vedix founders’ vision is to revolutionise the beauty products sector with customised products for haircare, skincare, and wellness for men and women with the help of technology and Ayurveda. They have been supported in this quest with a seed round of Rs 50 lakh from Venture East in 2013, which was later purchased by Japanese conglomerate Istyle in 2018, and have raised $4 million from RPSG Ventures via series A round of funding in July 2020.
The funds are being utilised to strengthen and expand the research and development (R&D) labs, overall infrastructure, and artificial intelligence (AI) driven data technology, says Gujrati. Currently, the annual recurring revenue of Vedix is Rs 100 crore, which is expected to grow to Rs 500 crore by 2025. “The ambition is also to take the brand global by diversifying the portfolio and launching products tailored to the environment and consumer needs of each market,” says Gujrati.