Harshwardhan Patwardhan, Founder of Chappers, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
This year has been an encouraging journey during which we witnessed revenue growth reaching pre-pandemic levels, and consumers have started spending more.
Another major trend observed in 2023 is that the footwear industry has embraced e-commerce on a larger scale. SMEs and startups, such as Chappers, have successfully reached consumers across India through online retailing, breaking free from the limitations of physical store locations.
My year-end analysis of 2023: From a concern standpoint, I believe the rising prices of raw materials are a worry for all industry players. For traditional footwear brands, storage of stock presents a challenge.
However, we have embraced a revolutionary inventory-free model where we craft shoes designed by customers themselves. This ensures that every shoe is of top quality and unique. Consequently, there is no need to stock hundreds or thousands of pairs of footwear as seen in typical outlets.
Success stories from 2023: Since its inception, Chappers has predominantly offered men’s footwear, primarily based on Kolhapuris. This year, we introduced various new ranges, including footwear for women. The reception to these new offerings has surpassed our expectations, opening up a new area of growth that Chappers aims to capitalize on in the year ahead.
Learnings and realizations from 2023: After becoming an entrepreneur, my life has changed for the better. I can handle any situation or conflict easily. I also learned the importance of communication as an entrepreneur; I use this diligently everywhere. One can get a lot done if you communicate clearly and effectively and salvage many problems before they become big.
2023 highlights and takeaways: Post-Covid has been a challenging phase for all businesses. The last two years, though, have come as a relief with good growth in the numbers. I was one of the participants in Shark Tank 2, and I got some key insights from the sharks.
Overall, it was a fulfilling year with ups and downs and good business learnings.
This year was tough on most businesses due to the COVID-19 revenge buying dying down. The demand in the retail markets was lower than last year.
We learned to use B2B contracts and distribution to enhance our business. We focused on widening our range of products to suit various markets in India and not just Maharashtra.
Looking at 2024: The two core trends of higher revenue growth and e-commerce penetration are expected to become even more significant in 2024. There is considerable traction through social shopping, and Chappers, in particular, and the overall footwear industry, in general, will benefit significantly from these trends.
However, to leverage the growth and digital appeal, companies must innovate, personalize their products, and ensure faster deliveries with excellent product quality.
Some advice: Following your heart is one piece of advice for new entrepreneurs. The mind can go wrong because so many outside factors influence it. The heart will always guide you if you listen to it well.
My Mantra for 2024: Don’t cling on to things. The next thing might be better.
My personal favorites from 2023
Campaign I liked in 2023: I loved the ‘Zomato Vs Zomato’ campaign with Sreesanth and Bhajji. The ad addressed a simple mispronunciation, which is very common. This is a big lesson in marketing. Marketing is simple. The simpler you keep it, the more memorable it is.
A book I liked in 2023: ‘Can’t Hurt Me’ by David Goggins. Goggins shares his life story in this book. He’s a simple black man from America who went from being a pest control agent to one of the world’s toughest men. His determination and courage inspired me to do more and go that extra step.
A show/movie that I liked in 2023: Fauda
My 2023 hobby-career connection: I play football. It makes a person team-oriented rather than self-oriented. It teaches you that whatever happens, the team winning is always more important than a personal win.