Godrej & Boyce, part of the diversified Godrej Group is experimenting with modern digital technologies like augmented reality (AR) to scale up the market reach for its premium furniture and accessories brand – Script – which is currently under a pure brick-and-mortar domain.
Since its launch in late 2017, the brand has limited itself to only Delhi NCR and Bengaluru with showrooms typically occupying a 10,000 square feet space. Now, it is coming up with a smaller 1,500 square feet showroom (boutique) in Mumbai which will be powered with AR.
AR will offer the visitors an interactive experience of a real-world environment which will superimpose products into an image of the visitor’s view of the real world thus providing a composite view.
With this technology, the visitors to this boutique may be able to actually visually perceive how their room or space will look like once a piece of furniture or accessory from Script is placed.
“If this model (small showroom format backed by modern digital technology) succeeds, then only we will plan to have such boutique formats in malls and airports in the metro cities”, Rajat Mathur, business head of Script at Godrej & Boyce told Business Standard.
In case of a success, this technology may also be extended to its other showrooms as well. Upscale malls such as Quest in Kolkata, Palladium in Mumbai, Select Citywalk in Mumbai and others, besides the airports in metro citites will also be considered in case this new store format meets the company’s desired results.
According to Mathur, while other furniture brands, including Godrej Interio, has a functional design, Script is based on an experiential model catering to a contemporary lifestyle. Godrej’s objective is to position Script as an “aspirational brand” which necessitates a more “premium customer experience in its showrooms”.
Hence, initially, the company had taken a call to first have large-format stores to showcase its products and then opt for boutique formats.
Typically, Script furniture is priced 30-40 per cent higher than Godrej Interio.
In the Rs. 50,000 crore strong furniture market, Interio operates in the mid-range space which is a Rs. 30,000 crore opportunity while Script will operate only in the premium space pegged at Rs. 10,000 crore. Around 80 per cent of this total furniture market is unorgnaised.
Six more such big stores are already various stages of completion across Delhi NCR, Mumbai, Kolkata and Hyderabad.
Mathur said although the focus for the brand will remain on metro cities, primarily because of the demand and affordability factors, the company will also be opting for the shop-in-shop concept in tier 2 locations like Guwahati, Lucknow, Cochin, Calicut and others.
So long, although the company has maintained an updated catalogue on its website, customers will be able to shop online from its portal April 1 onwards.
“We are also in the process of listing our products on online portals which we think will be completed by July this year”, Mathur said.
The company will be creating its own page on Amazon soon.
Over the next five years, Mathur expects Script to grow at a CAGR of 40 per cent while it is eyeing revenue of Rs. 320 crore by from its mid-premium home furniture and decor brand Script by the end of 2019-2020.