🧱 E&R for The Souled Store |
🧱

E&R for The Souled Store |

The Souled Store Elevation Capital Backs The Souled ...

TSS started in 2013, when 4 friends came together to sell pop-cultured inspired clothing to direct to consumer starved of their desired to purchase official merchandise. The founders left the world of finance and channeled their inner nerds and went on to create India's largest pop-culture website serving more than 6 million happy customers till date!

Decoding The Souled Store's Explosive INR 235 Cr Revenue Leap

The souled store is an omnichannel Direct-to-consumer fashion apparel brand. It has 22 offline retail stores across India and are available across marketplaces like Myntra, Flipkart and Amazon.


The brand has a large collection of pop-culture apparel and accessories on its platform including the likes of MARVEL, DC, Friends, The Big Bang Theory and countless others.

TSS is meticulous in providing a superior customer experience and true to fan culture runs quirky marketing campaigns like recreating popular TV show songs, organizing movie watch parties and posting about recent trends in their channels.


👑CVP of TSS: the "soul" of the store?

The core value propositions of the TSS to provide fans an opportunity to display their fandom by purchasing and flaunting official licensed apparel and accessories of popular media at an attractive price. The value is provided in the form of: -

  • Officially Licensed Merchandise from popular franchises across comics, cinematic universe, cartoons TV-shows and sports for customers looking to express their style and fandom. The emphasis on pop-culture is well presented by the app landing screen that clearly sets the expectations of the users.
  • Comfortable, trendy and quirky casual apparel that prioritizes comfort, quality & durability.
  • Wide category of products including clothes, backpacks, sneakers, caps, perfumes and even pet merchandise!
  • Simple and aesthetically shopping experience with well-designed application and web platform, that creates an engaging shopping experience, excitable product discovery and seamless checkout and payment experience.

WhatsApp Image 2024-06-22 at 01.38.15_253b6f07.jpg image.png

image.png

🔁How does the user experience the CVP repeatedly?

By successfully making repeat purchases on the platform across a wide range of fashion categories while earning big discounts, free delivery, early access and priority shipping as a part of the membership plan.


⏱️Natural Frequency of the CVP

The core proposition of the TSS is access to pop-culture merchandise. This makes the TG limited to mostly between the 18–30-year-old age bracket. While in today the purchasing pattern has changed and user has switched buying clothes on occasions to buying apparel and accessories round the year. Yet the core product of the TSS has very specific consumer segment. To mitigate this and increase the customer frequency, the brand is also introducing new categories and designs to diversify.

For now, the natural frequency can be defined as:

  • Causal user: Purchasing official merchandise at least once in a year
  • Core user: Purchasing official merchandise and TSS original casual fashion items at least twice in a year
  • Power user: Purchasing multiple times a year across official merchandise, casual apparel, accessories while being a member

While TSS doesn't have any other sub-feature per se. The diversified categories across apparel and clothing can be considered as sub-products and experienced best through the frequency of purchase.

💍Engagement Framework

Engagement
Framework

Key Tracking Metric

Selected

Rationale

Frequency

  • Number of site visits / quarter
  • Number of purchases / quarters
  • Number of interactions with marketing
    emails per month

Yes

  • The frequency of site visits can help user experience
    the value of the product by providing update on
    addition of new designs & categories.
  • The frequency of purchases will reinforce & refresh the
    quality and of service of the platform and revisiting aha
    moments in terms of personalization of purchases.
  • Can engage customers on latest updates on styles
    and offers.

Depth

  • Number of product pages visited /visit
  • Average time spent on site /visit
  • Cart abandonment
  • The number of memberships
    sign-ups in a quarter

Yes

  • Leads to higher discovery of product and derived
    value of discovery
  • visit time indicate deeper engagement and interest
    in exploring products.
  • Cart interactions are indicators of purchasing intent.
    Abandonment is an insight into engagement with
    pricing, offers & discounts, payment method,
    shipping etc.
  • membership signup indicates commitment and
    exploration of deeper value of the product.

Breadth

  • The number of categories
    browsed by the user
  • The number of products shared via share
    option
  • The number of products wish listed
  • The number of social media interactions
    with product (review videos, reel collabs,
    product review)

Yes

  • Indicates inclination towards diversification
  • indicates propensity to engage with multiple
    platform features
  • Indicates brand engagement

The ideal engagement framework for TSS is based on the following

  • Breadth of offering:
    • Wide selection of official merchandise. More the user purchases more delight based on personalized delivery, product quality and ease of purchase.
    • As users try more products, they gain TSS points which can be used for shopping on the platform.
  • Depth is also a framework to consider because:
    • Active users can be cross sold multiple categories increasing delight
    • As user spend more time on the product page, their discovery increases, increasing value of engagement.

🏃Active users

The active users on the TSS have thee following attributes:

  • Minimum 1 purchase in 6 months.
  • Minimum 2 site visits / app sessions in 6 months.
  • Minimum 1 item in Wishlist in 6 months.
  • Purchased membership at least once in a year.

➗Segmentation of users

Casual

Core

Power

Natural Frequency
(times / year)

1

4

8

AOV

₹ 1500

₹ 2000

₹ 2500

ARPU
(Frequency * AOV)

₹ 1500

₹ 8000

₹ 20000

Engagement with
platform features

  • Category search
  • Cart interactions
  • Order tracking
  • Theme store
  • Search by collection
  • search by category
  • cart interaction
  • Wishlist items
  • order tracking
  • Theme store, Search
    by collection
  • search by category
  • Wishlist items
  • Share products
  • purchase membership plan.
  • Card saving option
  • BNPL payment option
  • Order tracking

Top categories

Casual wear,

Official merchandise
clothing

Casual wear,
Merchandise clothing,
Sneakers

​Casual wear,
Merchandise clothing,
Sneakers,
backpacks, caps

Average Session
time

10 mins

20 * 4 = 80 mins

20 * 30 = 600 mins
(Additional time spent
browsing app, Wish listing
items)

Platform loyalty

Low

Moderate

High

Advanced segmentation

Hibernating

Promising

Champion


👥Persona based user segmentation

ICP-1

ICP-2

ICP-3

ICP-4

Name

Yash

Ananya

Deep

Priya

Age

16-24

16-24

25-32

24 - 32

User category

Core

Core

Power

Casual

Gender

Male

Female

Male

Female

City

Metro, Tier-1, Tier-2

Metro, Tier-1, Tier-2

Metro, Tier-1

Metro, Tier-1

Marital Status

Single

Single

Single / Married

Single / Married

Kids

None

None

0 /1 /2

0/1/2

Occupation

Student

Student

Working

Working

Industry

Freelancing, internships,
startups, MNC

Freelance, internships,
startups, MNC, Pvt. sector

Startup, MNC, Pvt. sector

Startup, MNC, Pvt. Sector

Annual Earnings

< 3 Lakhs

< 3 Lakhs

12 - 30 Lakhs

12 -30 Lakhs

Time Spent

Acads, hanging out with friends,
Sports, fitness and workout.,
internships & freelancing,

​Acads, hanging out with friends,
Sports, fitness and workout.,
internships & freelancing,

Working, sports, work out,
spending time with friends
& family, house chores,
volunteering, vacations &
road trips,

Working, sports, work out,
spending time with friends
& family, house chores,
volunteering, vacations &
road trips,

Money Spent

Rent & utilities, commute,
Food & dining, subscriptions,
Shopping, Travel, fitness &
supplements

Rent & utilities, commute,
Food & dining, subscriptions,
Shopping, Travel, makeup &
skincare, fitness & supplements

Rent & utilities, commute,
Food & dining, subscriptions,
Shopping, Travel, children's
education, EMI. gifting

​Rent & utilities, commute,
Food & dining, subscriptions,
Shopping, Travel, children's
education, EMI. gifting

Tech Savviness

High

High

Mid to high

Mid to high

Most used apps

Netflix, Prime videos, hotstar
Spotify, Wynk, YT music,
Facebook, IG, YT,
Amazon, Myntra, Flipkart,
Gpay, paytm, phonepe,
Swiggy, Zomato, MMT,
Airbnb, Ola, Uber
Tinder, bumble


Netflix, Prime videos, hotstar
Spotify, Wynk, YT music,
Facebook, IG, YT,
Amazon, Myntra, Flipkart,
Gpay, paytm, phonepe,
Swiggy, Zomato, MMT,
Airbnb, Ola, Uber, Tinder, Bumble

Netflix, Prime videos, hotstar
Spotify, Wynk, YT music,
Facebook, IG, YT,
Amazon, Myntra, Flipkart,
Gpay, paytm, phonepe,
Swiggy, Zomato, MMT,
Airbnb, Ola, Uber,
Cred,, Groww

Netflix, Prime videos, hotstar
Spotify, Wynk, YT music,
Facebook, IG, YT,
Amazon, Myntra, Flipkart,
Gpay, paytm, phonepe,
Swiggy, Zomato, MMT,
Airbnb, Ola, Uber, Cred, Groww

Content preference

OTT shows IG reels, sporting
events, YT, podcasts, k-shows,
movies, tech & lifestyle blogs

OTT shows IG reels, sporting
events, YT, podcasts, k-shows,
movies, tech & lifestyle blogs

OTT shows IG reels, sporting
events, YT, podcasts, movies,
children show, investment
& business show and news.
Tech blogs, e-magazines, health
blogs, parental content

​OTT shows IG reels, sporting
events, YT, podcasts, movies,
children show, investment
& business show and news.
Tech blogs, e-magazines,
health and wellness, travel blogs
parental contents, Motivational
content

Purchase pattern

frequent but low ticket

frequent but low ticket

frequent & high ticket

frequent & high ticket

Purchase preference

Online

Online

online & offline

online & offline

TSS user

Yes

yes

Yes

yes

What brings you to
TSS

Quirky designs, official merchandise,
accessories, IPL jerseys

Quirky designs, official merchandise,
accessories, IPL jerseys

Casual wear, official merchandise,
IPL jerseys,
kids merchandise, accessories

Casual wear, official merchandise,
IPL jerseys
kids merchandise, accessories

What do you dislike
about TSS

Quality of the item



What do you shop
on TSS

T-shirts, Joggers, sweatshirts,
hoodies, oversized t-shirts, pants,
sneakers, backpacks

Coord sets, T-shirts, Joggers,
hoodies, oversized t-shirts, pants,
sneakers, dresses, parachute pants

T-shirts, Joggers, sweatshirts,
hoodies, oversized t-shirts, pants,
sneakers

Coord sets, T-shirts, Joggers,
oversized t-shirts, pants,
dresses

Years used

3 - 5 years

3 - 5 years

3 - 5 years

3 - 5 years

Purchasing for

Self

Self

Self, gifting, kids

Self, gifting, kids

AOV / year

INR 4000

INR 4000

INR 15000

INR 12000

Yearly clothes
budget

15 k -20 k

15 k - 20 k

20k - 30k

20k -30k

Other platforms

Ajio, Myntra, Zudio., Nobero,
Bewakoof, Redwolf, Wyo,
Veirdo, urban monkey,

Ajio, Myntra, Zudio, Bewakoof, Jisora,
Okhai, Nyka fashions, Zara, H&M

Bewakoof, Redwolf, Wyo,
Veirdo, urban monkey, Nobero,
H&M, Damensch, Andamen

Ajio, Myntra, Zudio, Bewakoof,
Okhai, Nyka fashions, Zara, H&M,
Suta, jisora

What do you look
for in clothing?

Designs, comfort, fit, availability

Designs, comfort, fit, exclusivity

Design, comfort, fit, Authenticity,
materials

Design, comfort, fit, Authenticity,
materials

NPS

9

9

7

7

pain points with TSS

Material, Design might be limited,
Lack of diversity of merchandise,
Price

Fit is the main issue, lack of options
In women's merchandise, Price

Limited design appeal, Lack of
neutral options, collection limited
to western fan verse,

Fit, lack of age appropriate
design, Lack of ethnic options

User segment

Promising

Promising

Potential Loyalist

Potential Loyalist

👀Insights from user interview

  • Quirky designs - The strongest recall amongst majority of the consumers of TSS is its unmissable design language. The design has been termed as quirky, which also hazards it to be labelled and pigeonholed. The brand is however trying to expand its offerings by expanding their design language into pastels in casual wear.
  • Marketing efforts - Several younger demographics have pointed out the effectiveness of their social media campaigns. TSS runs effective social media campaigns involving influencers and collaborators for UGC around product review, GRWM and styling videos. Furthermore, TSS hosts fun events and take up CSR activities and promote them on theri SM handles to improve visibility. Lately they have been able to rope in celebrity endorsements of the like of Sara Aali Khan & Hardik Pandya, which has also increased their reach.
  • Neglect of women TG - Several women TG felt neglected by TSS. Complaints ranged from issues with fit, lack of gender fluid options to outdated merchandise collections for women. While one user also iterated that TSS were one of the earliest to bring out t-shirt dresses & shirt dresses, they seem to have not strengthened the category. A survey of the TSS website reveals new summer collections for women along with denims, coords and other categories. The brand needs to communicate the availability of range to its women TG in a more effective manner.
Not so much right now. Earlier I liked them for their merchandise, especially for T-shirts with lyrics / art from my favorite bands. They have nothing good on that front now and are not as creative as they used to be 5-7 years ago

image.png image.png



📢Engagement Campaigns

The following data from similarweb points to the quarterly site visits and the split across devices for TSS.

image.png


Campaign

Campaign-1

Goal of the campaign

Increase engagement and drive repeat purchases among casual and core users


User segmentation

Casual and core


Pitch /Content

Hello there! refreshing summer styles!

Shop not


Offer

15% off on purchases above INR 2000


Channel

Email, WhatsApp, App Notification


Frequency

Twice a month


Time

Morning (9 AM - 11 AM)

Rationale

Casual and core users are more likely to engage with new collections and are motivated by discounts


Success metric

Increase in website/app visits, number of purchases, and average order value



🕸️Retention

1️⃣Understanding the Retention

Here is a video of Vedang Patel, founder of TSS talking about retention with a popular podcaster and social media influencer.

The customer retention rate for DTC apparel brands is approximately 28% - (Source)

Based on the secondary research, the retention curve for TSS should start flatteing around year 2 of customer lifetime.

ICPs driving best retention -

image.png


Based on the data available on similar web, the following ICPs are driving the retention-

  • The core and power users are driving the most retention - Both ICP-1 &3 is driving retention as shown by the site visit and the demographic data. They have the most offering on the platform
  • ICP 2& 4 are also part of the retention cohort as per the data.

Channels driving best retention -

image.png

image.png

As can be seen from the similarweb data the paid ads and organic content loop channels are driving the most retention for TSS.

Sub-feature /Sub-product driving retention

The sub-products / features driving most retention are:

  • Diverse collection of casual clothing
  • New categories like sneakers
  • New product categories like apparel of Supina Cotton
  • New accessories like backpack and caps.
  • Membership and loyalty programs.

2️⃣Churn

The online fashion commerce industry has typically low loyalty. The crowded fashion ecommerce marketplace is extremely crowded. Not to mention offline disruptors like Zudio which sways bargain-hunters and customer segments with low brand loyalty.

TSS takes and omni-channel approach, and 64 % of its revenue comes from its website and mobile apps, followed by offline stores (21%) and marketplaces (15%). - (source)

Considering its main source of revenue there can be several reasons behind user churn, notably -



Voluntary Churn

Involuntary Churn

Issue with quality of the product

Unresponsive or delayed customer support

Limited collection of official merchandise

Delivery, exchange and return related issues

Limited range of categories of the product

Inability to save card details on the platform

Facing issues with the fit

Lack of payment options

Limited stock and availability of bestselling products

Lack of discounts & offers

Perception of high prices relative to the value

Membership plan of limited use or value

Slow or unhelpful customer support

Repeated payment issues

Entrant of a competitor / new brand

Evolving taste, outgrowing brand designs

Better offers and discounts from other platforms


Concerns about fake products on the platform


Negative actions indicative of churn

  1. The user no longer values the product offerings and are no longer actively engaging or visiting the website or the app resulting in reduction in number of visits to website / apps.
  2. Frequently adds items to the cart but not checkout resulting in abandoned carts. Can point to dissatisfaction with payment or lack of payment offers.
  3. Posting negative reviews & feedback on public forums like reddit, Facebook & X.
  4. High rates of return indicating dissatisfaction with product quality or fit.
  5. Rise in number of customer tickets which in turn drives negative ratings and WOM.
  6. Surrender or reduced usage of membership pointing to reduction in value to the customer and lower repeatability.
  7. Decreased purchase frequency or reduced AOV.
  8. Reduced usage of Wishlist feature. No longer adding item to Wishlist pointing to lack of interest in the product


3️⃣Resurrection Campaign

Campaign #

Campaign-1

Campaign-2

Campaign-3

Campaign-4

Campaign-5

⚽Campaign Goals

To increase
repeat purchases

To increase membership number
& improve brand commitment
and repeatability

To decrease cart abandonment
for bargain hunters & price sensitive
user

To announce faster shipping &
easier returns for customers
with lower CSAT or complaint
with shipping times

To increase engagement
& time spent on the platform
converting to purchase

🅰️Campaign Name

"Avengers reassemble"

"Join the fellowship"

"Save your cart"

"Faster than the flash"

"Explore the multiverse"

👤User Segment

Hibernating

Promising

Price sensitive / Value conscious

Lost

Potential Loyalist

💌Pitch/ Content

Calling earth's mightiest heroes!
We need you to save the day again!


Buy official Hero merchandise now at
25% off. Hurry! the battle is upon us!

An adventure awaits you!

Join the fellowship today and get
exclusive discounts on all purchases,
priority shipping, early access to
1000+ products and many more!

Hurrey your quest awaits. starting at
only INR 99 per month!

Help! you cart is needs saving!

Come back within 24 hours and get
a special 20% discount using the
special coupon code of
MYHERO20! Hurry, we can see the
bad guys closing in!

We have a new superpower!


Now enjoy next-day shipping
at only 49/-. Also enjoy
easy returns and 7day exchange
All thanks to the new member in
our team member-Emiza. Now
delivering at a pin code near you!

Order in before X June to enjoy
additional 10% discount on
select merchandise!

Welcome hero! The multi-verse
needs you!

Now unlock the world of
sneakers, backpacks, caps and
much more!

Awaiting your return - fresh
collections. 100+ new designs
across 10+ categories.

Shop now and enjoy free shipping.
No minimum cart value.

Psst...are you interested to join the
quest?

💵Offer

25 % discount

10% discount on membership plan

20 % discount coupon

10% on select merchandise

free shipping

📆Frequency

once

once

once

once

once every week for 2 weeks

🕒Timing

8 months after last purchase

Within 2 days of repeat purchase

within 2 hours of cart abandonment

no purchase after 6 months of
negative customer support
interaction.

after 2 purchases in 2 months

📺Channel

Email notification, WhatsApp

Email, In-app pop-up

WhatsApp notification, mobile push
notification.

Email notification, WhatsApp
notification

WhatsApp notification, email,
push notification

❓Rationale

This campaign is looking to nudge
casual / at-risk users who have not
made a purchase in a long time and
has no incentive to return or
purchasing from some other platform.
This is an attempt to reignite the fandom!

To onboard potential loyalists as
members and increase commitment!
The user doing repeat purchase
will be inclined to be part of the
community and keep the fandom alive.

To offer one time discount to price
sensitive users or bargain hunters In
the hopes of activating them

To reconvert users who had
issues with shipping and are
potentially lost.
Also, informing them of
improvement in service.

To increase the engagement across
breadth for a power user. Introduce
other categories. Increase
product delight.

🎊Success metric

Conversion rate.
offer applied.
Purchase made.

Membership enrollment

Discount applied
Purchase completed

Site / App visit, App

installation, Items Wishlist,
Discount applied,
Oder completed

Items Wish listed,
Increase in session time,
Increase in site / app visit,
Purchase item


Better Batman thanks - Imgflip


My hero Meme Generator - Imgflip














































































































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