Palash Agrawal, Founder and Director of Vedas Exports, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
The trends have evolved rapidly over the past year or so. People are now much more mindful of the practicality of the products they purchase. Previously, they might have bought items solely for gifting or home decoration based on aesthetics.
However, the current emphasis is on the functionality and reusability of the product. Another significant trend centers on the environmental impact of decorative items, with recyclable products gaining popularity. A new trend that has emerged this year emphasizes obtaining good value for money.
These shifts have prompted us to reconsider our manufacturing processes and align them with these emerging trends. We are dedicated to using only eco-friendly raw materials, ensuring no environmental harm, and enabling the materials to be repurposed or recycled. I firmly believe that these considerations will be paramount for the future of the global décor industry.
Success stories from 2023: We have expanded our network and entered collaborations with offline retail stores, apart from launching a revamped e-commerce presence for the brand. We have also achieved significant growth of more than 30% compared to the previous year’s figures.
Learnings and realizations from 2023: Entrepreneurship is a continuous journey of learning and professional development. Over the years, my most significant lesson has been understanding how crucial it is to build a team to achieve the desired growth for the business.
We must continuously adapt to new technologies, monitor the market for emerging trends, and understand customer preferences. Additionally, one needs to be open to new ideas and take input from the team to create products that address new trends, cultural sensibilities, and changing audience preferences.
2023 highlights and takeaways: The evolving trends and customer preferences have prompted us to conduct a comprehensive review and overhaul of various manufacturing and retail processes.
As a customer-centric brand, we now exclusively utilize eco-friendly materials, including recycled metals and environmentally friendly colors. The shifting trends have led to a transformation in our manufacturing processes, with a commitment to using only eco-friendly raw materials.
Our primary focus is on achieving ecologically sustainable growth. Additionally, we aspire to consistently create new designs, ensuring that all our products are cost-effective and highly functional.
Our strategy involves dynamic adaptation to situations, looking beyond the immediate year, and planning with 2030 as the focal point to stay ahead of the competition.
Looking at 2024: The most significant trend that has recently emerged is the increased focus on the utility of products purchased as gifts. In contrast to the past, where gifts were chosen based solely on their aesthetic appeal, there is now consideration given to how the recipient will use the item. Whether it includes a clock, can function as a pen stand, or incorporates a lamp or planter, these are some aspects people pay attention to when purchasing.
Another major trend expected to continue gaining momentum in 2024 is the demand for reusable and recyclable products that boast quality and longevity. The pandemic has prompted individuals to spend more thoughtfully and reevaluate their choices from a value-for-money perspective. These are considerations that Vedas Exports and other industry players need to focus on while preparing for the future.
Some advice: I would advise every entrepreneur to keep a few things in mind. Firstly, it is crucial to be ethical in running the business and to be committed to dedicating your time and effort to it. Entrepreneurship might not be the right path if you cannot wholeheartedly devote yourself to the endeavor.
Another important aspect is treating your team as if they were family and being transparent about the business’s growth and plans. Building trust with your team is essential, and this trust can significantly contribute to the company’s overall development.
My Mantra for 2024: Watch out for the future.
My personal favorites from 2023
Campaign I liked in 2023: Any advertising campaign launched by Cadbury. It strikes a chord.
A book I liked in 2023: I am not a bookworm, but I have made it a habit to read the newspaper daily. If I were to pick up a book, anything related to Warren Buffett would pique my interest.
A show/movie that I liked in 2023: Money Heist.
My 2023 hobby-career connection: Traveling has been a place where my passion and profession collide, and I absolutely love it.
