Acquisition project | Indifeet

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Acquisition project | Indifeet

Product | Indifeet - Women Footwear Brand

Elevator Pitch: Indifeet is a women footwear brand offering high-quality and fashionable footwear for those seeking comfort at their doorstep. Committed to sustainability and cruelty-free practices, we cater to every occasion, ensuring that fashion meets ethical choices that empower our customers to invest in their style without compromise.

Core Value Proposition

Brand's core value proposition is to sell women footwear with luxurious comfort and unique designs for customers who value convenience.

Conscious Comfort - Indifeet is committed to offer a curated collection of fashionable women footwear who prioritize fashion and comfort at a conscious price of sustainability
Modern Fashion - Our core focus lies in combining style and affordability ensuring that our customers can step confidently into the world of fashion
Holistic Variety - We achieve this by meticulously selecting materials, optimizing our supply chain and leveraging our design expertise to provide holistic and comfortable options

Products Offered by Indifeet

Our target is mid segment women footwear with pricing ranging between INR 1000 to INR 3000; What sets us apart from our competitors is that we provide all categories of women footwear that adds in comfort and covers target audience of all adult age bracket. Currently we offer major categories under women footwear like:

Flats - This category covers options for all occasions such as casual, everyday, party, evening, semi-formal etc. One can find variety of sole options as per their comfort ranging from TPR, PU, Cork, Rubber etc.
Heels - This category is filled with variety such as Platform heels, Flatform heels, Kitten Heels, Block Heels and Basic comfort heel. In this category we cover our women from everyday to party, ethnic to casuals.
Clogs - While this category is largely dominated by Crocs, we have introduced Indian made Clogs available in vibrant colors and sizes all at an affordable pricing. This has been the most loved category by our customers across platforms and has received positive feedback. From basic casual look to chunky clogs in multiple color options and charms.
Ballerinas - From mesh to fabric, chunky formals to rubber casuals we offer ballerinas of all kinds to cover all target audiences.
Juttis - We have a variety of juttis/ mojaris made available from handcrafted artisans of Punjab for our customers. These are made available in vibrant colors to make any evening for our women colorful
Sliders & Flip Flops - A perfect match to any loungewear for women, our rubber Sliders and Flip Flops are available in various designs and pastel shades to match any outfit.
Sneakers - We had introduced chunky sneakers in the past and right now working on some artistic digitally printed sneakers which are in the making for launch.

Online Presence of Indifeet

Indifeet is providing women footwear across categories and occasions currently selling through online channels such as company's website and marketplaces to name a few Amazon, Flipkart and Ajio. They deal with SKU bundle of 100+ products available in different colors and sizes. Brand's website is available on mobile and desktop web.

Google search on the brand is optimized with the website link directly. There are no sponsored ads being run on the brand. Here is the screenshot of web search on desktop.

On search of brand's review and user feedback, reviews were mainly posted on marketplaces like Amazon and Flipkart. As the brand is in early stages, count of reviews on Amazon is limited however out of 88 products listed on Amazon, 31 products have reviews of 4 star and above.

One of the top selling product had the following review on Amazon:

Indifeet also has good presence on Flipkart. Overall seller rating of Indifeet on Flipkart is 4.6. Here is the screenshot:

Understanding Users

Here are the insights from interactions done with Indifeet customers who have purchased product in the past from our website. Overall feedback from our existing set of customers is aligned with the core value proposition. With additional categories we are able to attract larger audiences and give them exclusive collection.

User Profile

https://www.notion.so/128ba5b42c11809d8a64c7578e65a34e?v=128ba5b42c1181b3904b000ca8cefb86&pvs=4

User Interaction

https://www.notion.so/128ba5b42c1180029ed6cd1776a3f23f?v=128ba5b42c1181e4b7ce000c1d287599&pvs=4

Ideal Customer Profile

Below is the ICP Prioritization Framework

https://www.notion.so/Indifeet-ICP-Prioritization-Framework-12aba5b42c1180ff92c8cec5f86d4312?pvs=4

From the above table, based on the adoption Rate, Appetite to Pay, and distribution potential, we can narrow it down to 2 ICPs -

ICP 1 - Middle Aged Married Working Women

For this ICP, comfort and convenience is the key. They value money and do not intend to spend recklessly but understand the clear difference between highly expensive branded products vs products priced premium for the value it offers.
These women are not looking for trending fast fashion but are looking for elegant designs and focus more on functionality of the product
They value time and effort in the midst of their hustle bustle of managing work and family. Hence they prefer buying online

ICP 2 - Single young women about to start their career after pursuing higher education like MBA

For this ICP, they are looking for some unique designs which makes them stand out in their new corporate career. They look for something that adds to your confidence as they start a new job
These women look for comfort as it is a matter of being a part of new social circle at work. This can be a factor for them to create the right first impression to their new colleagues
These women are willing to shell out extra than their regular budget as these are the first time buy for a new job so buying anything in the range of INR 2000 to INR 3000/- as they are starting a new job with income levels of INR 12LPA+ (Tier 1 City with Masters degree)

Basis the shortlisted ICP, here is the detailed profiling of these customers:

https://www.notion.so/Indifeet-ICP-129ba5b42c118030b85fcdf86b3ed629?pvs=4

Understanding the Market

As evaluated from extensive search on google and various articles, here are the top 3 competitors of Indifeet

CAI Store
Monrow
Chere

Here is the detailed understanding of these competitors:

https://www.notion.so/Indifeet-Understanding-the-Market-129ba5b42c118078bf26f352904f22f4?pvs=4#129ba5b42c1180eea27ee19d0106ce35

Market Size

TAM (Total Addressable Market)

To arrive at TAM for Indifeet, we have taken a top down approach with some statistical data available online.

Step 1 - To estimate the overall total potential customers:

Footwear Industry Size - As of March 2024, the overall Footwear Market Size was $28.2B.
Potential Users - Out of the total Industry size, women segment is attributed to 42% of this market size and balance is shared between Men and Children which narrows down the market potential to $11.84B

Step 2 - Define Potential Customer Segment - Our target will be currently limited to only online distribution as we do not have any retail store presence

Distribution Channel - Footwear industry historically has been an offline market where users prefer to go to a shop, feel and wear the product before buying. However post covid and with growing ecommerce market places there is a change in trend of buying footwear online. With the ease of easy returns and exchange available customers are preferring online buying of footwear however there is a lot to penetrate. Currently it is estimated that 80% of the industry relies on offline channel and 20% is through online which is expected to grow at a CAGR of 19% until 2030. Considering these facts, Indifeet can target the online mode of sale of footwear toning down the applicable market size to $2.36B.
Footwear Category - Footwear industry is broadly categorized into Boots, Business and Formal, Gym and Training, Running, Sandals and Sneakers. Sandals are open-toe footwear providing breathability and comfort in warm weather, including casual flip-flops, elegant strappy sandals, and supportive walking sandals suitable for everyday wear and special occasions. Indifeet is largely categorized under Sandals category which is 30% of the total revenue bringing down the TAM to $0.71B.
Pricing Segment - Indifeet is mainly targeting mid segment footwear which is priced between INR 1000 to INR 3000; Largely footwear industry is currently skewed towards mass category, then economy followed by mid segment and balance is Luxury. Mid Segment today attributes to 15% of the overall bucket which will further tone down TAM to be $106M.
Hence the overall TAM for Indifeet will be $106M

SAM (Serviceable Addressable Market)

SAM is the portion of the TAM that Indifeet can realistically serve, considering its target market segment. Considering there are key market players available in this segment like Clarks, Mochi, Metro, Hushpuppies, Bata; New age brands will contribute to 15% of the TAM making SAM achievable by Indifeet to be $16M

SOM (Serviceable Obtainable Market)

SOM is the portion of SAM that Indifeet can realistically capture, considering competition. Let's say we would like to target 35% market share in SAM which will make SOM for Indifeet to be $5.6M i.e. INR 47Cr (annually)

Designing Acquisition Channel

Channel Selection Framework

Here is the analysis of channel selection for Indifeet

https://www.notion.so/Indifeet-Channel-Selection-Framework-129ba5b42c11805a9687df963ed96c8b?pvs=4#129ba5b42c1180ae8a9fd308df68d668

Since Indifeet is in the early scaling stage, we need to experiment with channels that are working well and then double them. In the early stage, focus will be on low cost, easy to scale and high flexibility. Basis these factors we have shortlisted Organic and Paid Ads as the 2 acquisition channel

Organic Search

Indifeet is currently not indexed for any keywords. So the approach is to add keywords which have low difficulty and high monthly search volume. All the keywords linked to one product are being added in the "Title Tag" to rank better on SERP. Combination of Head Keywords and Long Tail Keywords are being added. We are ensuring that no similar set of Keywords are being targeted across different product pages.

Keyword Research and Understanding ICP

On keyword research on SemRush below are the list of identified Prime Keywords with high monthly volume search and low difficulty

https://www.notion.so/Indifeet-SEO-optimization-129ba5b42c11801c985ef26ecb566a5a?pvs=4#129ba5b42c118043bb09f723c2fdd0dc

Below are few of the screenshots taken from SemRush for the same set of keywords

Apart from Title Tags, our approach for future optimization will be as per the below strategy:

Improvise Meta Descriptions in all product pages
Add Keywords on Filter pages related to Color and Category of Footwear e.g. Peach Flats, Gold Heels etc.
Improvise content on product pages i.e. to add more quality content keeping in mind SEO and keywords relevance
Continue writing blogs every month targeting keywords related to Footwear Industry and Fashion world
Post optimizing webpages, we will focus on Technical Audit

Paid Ads

Lifetime Value of Indifeet Customers

LTV for our customers will be as follows:

Average Order Value X Frequency X Retention

INR 1500 x 2times per Year X 2 years = INR 6000

CAC (Google Ads) = Total Money Spent/ Number of customers acquired

CAC = 50000/ 50 = INR 1000 (Indifeet has currently not run ads on Google, these numbers are hypothetical)

CAC to LTV ratio will be 1000 : 6000 = 1 : 6

Ideal ICP and Advertising Channels identified for Paid Ads

Indifeet can target ICP 1 - Middle Aged Married Working Women with Google Ads; As this ICP is high-intent users searching for solutions on search engine. They rely on search of organic brands on Google independently. They are usually busy catching up with schedule of work and household and would prefer searching for instant results on Google with less attention span.

Marketing Pitch for ICP 1 - Let us help you get some weights off your shoulder by adding Feather to your feet! Try our Feather collection which is the right blend of comfort and elegance for all day wear.

Here is the Google Ad Execution:

https://nordicclick.com/resources/google-ads-preview-tool?id=rofdWlZPRhlu

CAC (Meta Ads) = Total Money Spent/ Number of customers acquired

CAC = 83000/ 200 = INR 415

CAC to LTV ratio will be 415 : 6000 = 1 : 14.45

Indifeet can target ICP 2 - Single young women about to start their career after pursuing higher education like MBA with Meta Ads; As this ICP is very active on social media and spend time on Instagram. They have high influence with visual appearance and hence Ad creatives are very important factor. They are usually looking for unique products which will add on to their fashion statement.

Marketing Pitch for ICP 2 - Walk in your next meeting room with confidence that uplifts you! Premium Shoes that work as hard as you. Upgrade your wardrobe and break the stereotypes of uncomfortable formal footwear! Carrousel Ad Creatives to be run on Meta as follows:

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