27 March 2023, Bangalore, India
In India, the Chinese storm had already begun to rage. The largest Indian handset manufacturer, Micromax, which came in second to Samsung in terms of smartphone sales, had been ruthlessly reduced to size: market share decreased from 17 percent in the January to March period to 5 percent in the quarter that concluded in December. There was also Lava, Karbonn, and Intex on skid row. The forecast appeared ominous. A tsunami of Chinese players, led by Xiaomi, Vivo, and Oppo, was set to break out.
Aman Gupta, who co-founded the consumer lifestyle accessories brand boAt with Sameer Mehta in November 2016, was aware in Gurugram that the timing of his new business was poor. Indians were escaping. Chinese were arriving,” he explains. Before we were even born, people began to write our obituaries, he claims. Before the boat could set sail, it was probably going to get rocky. Gupta, though, was eager to sail into rough waters. “I was looking for my kick.”
Let’s fast-forward until December 2020. In the third quarter of this year, boAt rose to the position of fifth-largest wearable brand globally. It has surpassed Xiaomi, Samsung, and Apple to become the largest at home. The brand sold 15,000 pieces every day to its three million+ online users. This year, it partnered with six Indian Premier League (IPL) teams and hired up to 14 brand ambassadors from the worlds of cricket and Bollywood. Sales for FY20 was $701 crore, and profits came in at $49. crore. He declares, “We have disturbed the space, and we will continue to do so. Gupta emphasises that the rush of climbing to the fifth-largest position in the globe only lasted one day. “I’m now seeking another high and another kick”
I came accross this on Instagram. I always said:- A for Apple B for boAt. Petition to make this change in all text books…– Amit Gupta
A consumer electronics company called BoAt, based in India and formed in 2016, sells audio-focused electronics such wireless speakers, earbuds (Air-dopes), wired and wireless headphones and earphones, home audio equipment, high-quality cables, and a range of other technology accessories.
The major objective of the boAt was to provide millennials with inexpensive, dependable, and, more significantly, “fashionable” audio equipment and items.
Our achievements speak for themselves
- The number one brand for truly wireless, and earwear in India as per Q3 CY21
- NO. 3 Earwear + smartwatch global market as per Q3 CY21
- Levelling up our style with the young and innovative designers of the country.
- Roaring the sound of champions with the Indian Premier league.
- The coolest boAtheads joining our family – from the likes of Shreyas Iyer to Diljit Dosanjh
The Fifth largest in wearables in the world…
In the epidemic year, the upward trend received a strong boost. Laptops and headphones sold like hotcakes as business and education moved indoors. The market rocketed to a startling 17.3 million in the first nine months of 2020. A commensurate decrease in the cost of the goods was also helpful: In the third quarter of this year, the average cost of genuine wireless stereos decreased by 48.6% from the previous year to $57. Naturally, during this time the market grew to 10 million units. According to Singh, boAt’s concentration on the entry-level market, ability to find a good price point, relentless marketing and advertising, and strict attention to quality all contributed to the company’s explosive success.
Business model and strategy of BoAt
The company is completely committed to satisfying the wants and needs of its customers. By studying human behaviour, the team has carefully designed and planned its business. As a result, producing goods that Indians can enjoy at a price they can afford.
Customers are treated like members of the Boat family at boAt, where the focus is on building a relationship between the brand and the customer.
How does BoAt market itself
Marketing is a very important part of success, and BoAt does a great job of marketing, which helps the brand grow.
Online Stage:
We can’t live without the internet, whether we’re doing our shopping, studying, or anything else. The BoAt team followed this pattern, and as a result, the brand has only used the internet to sell its products. For marketing purposes, the brand has avoided traditional media like print and television. Facebook and other social media platforms have dominated their campaigns.
Influencer and celebrity marketing:
There is currently a boAtheads online community with more than 80,000 members. The brand knows exactly who it wants to sell to. It offers popular and sensibly estimated things that allure for youngsters. In light of this, the boAt company has appointed all of the young faces in the industry to serve as brand ambassadors. Two of India’s most popular pastimes and obsessions are represented by these ambassadors: Both cricket and Bollywood Consequently, celebrities and cricketers serving as brand ambassadors attract a lot of attention. The business has only recently begun developing products primarily for young people. Millennials who are obsessed with fitness have shown an interest in sports earphones and Bluetooth speakers. As a result, customers choose items that go well with their workouts, hiking routes, and lifestyle in general.
“Story of a boat who is currently winning every race and creating records”
Customer-Centric:
The company’s objective is to produce goods by carefully observing the requirements of customers and meeting their needs. The indestructible Apple charging cord and charger was the company’s first item. After the founders realized how important the situation was, the product was made. Over the past three years, people’s interest in sports and fall-proof headphones has increased. The boAt firm answered the prerequisite by delivering fall-confirmation earphones. In addition, it introduced new colors for its products.
Brand for lifestyle:
The organizers believe boAt to be a way of life brand instead of a buyer hardware brand. At the Mumbai edition of the 2019 Lakmé Fashion Week, this tactic was on display. As they walked down the runway for one of the designers, the models at the event only wore boAt items.
“OUR PRODUCT IS EXCELLENT AND COUPLED WITH OUTSTANDING MARKETING, THAT IS WHAT IS THE SECRET TO OUR SUCCESS”. – AMAN GUPTA
BoAt Growth:
From Rs 704 crore in FY20 to Rs 1,531 crore in FY21, boAt’s income increased by a factor of two. BoAt’s other income was Rs 19.57 crore and its revenue from operations was Rs 1511.7 crore in FY21. It was reported that boAt’s EBIDTA was Rs 127.1 crore in FY21.
Along with its official website, BoAt products can be found at Croma outlets as well as on Myntra, Amazon, Jabong, and Flipkart. Over the past five or more years, the brand has made a lot of money.
BoAt Competitors:
Noise:
In Gurugram, India, Noise is a company that makes wearable devices. Noise claims to be “Made in India” on its website. Noise is one of the top five brands of wireless headphones and one of the top companies in the Indian smartwatch market as of June 2020.
pTron:
Indian electronics manufacturer PTron is based in Hyderabad. The Bluetooth headsets, portable Bluetooth speakers, wired headsets, chargers and cables, smartwatches, and networking solutions sold under the PTron brand are owned by Palred Electronics Private Limited.
Skullcandy:
Boat also faces significant competition from Skullcandy. Headphones, earphones, hands-free devices, audio backpacks, MP3 players, and other products are manufactured by Skullcandy Inc., an American company with headquarters in Utah.
Mivi:
Boat faces a lot of competition from Mivi. It was established in Telangana, Andhra Pradesh, India, in the year 2015. Mivi is likewise associated with the gadgets business.
BoAt Future plans:
boAt accepts that the arising pattern of sound sets matched with cell phones could be its next advancement channel. It has been discovered that audio companies are connected to nearly all of the major phone manufacturers.
Beats is made by Apple, Harman and JBL by Samsung, Sennheiser by Huawei, and so on. As a consequence of this, the business intends to acquire a larger number of brand-new clients by offering appealing bundle deals that eliminate the need for individuals to purchase headphones or earphones on their own.
boAt is right now endeavouring to create an ever-increasing number of things to fit the steadily expanding need for innovation devices and carry them to its clients at modest costs while keeping up with style. Instead of relying on other international businesses, the company wants to make it easier for Indians to get all of the high-quality technology equipment they want from the native Boat brand.
BoAt’s Social Responsibility
Policy for E-waste Management E-Waste Management at as a responsible organization and in accordance with the Sustainable Development Goals, Imagine Marketing Ltd. (Boat) recognizes that our responsibility extends beyond manufacturing, selling, and distributing our product to B2B, B2C, and B2G businesses. Imagine Marketing Ltd. (Boat) has been working on safe electronic waste disposal. This idea is supported by both our local and global policies. We are collaborating on the E-waste Management Rules, 2016 and its amendment, which has been in effect since 2016, enacted by the Ministry of Environment, Forests, and Climate Change (MoEF&CC). At.
Imagine Marketing Ltd. (Boat) is committed to ensuring compliance with environmental, health, and safety regulations in order to make a positive contribution to society. We have gone through several iterations to follow environmentally friendly manufacturing practices, which include conserving and optimizing resources. This has helped us support the noble goals of protecting the environment and ensuring the safety of more goods for society.
By maintaining documentation, complying with and periodically reviewing environmental, occupational health and safety (OHS) legislation and regulatory requirements, conserving resources, preventing illness and injury, zero accidents, and occupational health monitoring, Imagine Marketing Ltd. (Boat) is committed to quality and continuous improvement in environmental, occupational health, and safety performance.
Making mindfulness among Worker, Workers for hire and Guests on Climate, Wellbeing, Security and Cleanliness through inclusion and Inspiration of all. Strengthening to representatives to act with liability in everyday safe working condition and furthermore in crisis circumstance for their own and other Wellbeing and Security. Maintain the management system for the environment and occupational health and safety.
The E-Waste Management Rules 2016, which were enacted by the Indian government’s Ministry of Environment, Forest, and Climate Change, went into effect on October 1, 2016.
Every producer, bulk consumer, consumer, dealer, e-retailer, refurbisher, dismantler, and recycler involved in the manufacturing, sale, transfer, purchase, collection, processing, and storage of particular electrical and electronic equipment shall be subject to these regulations.
Obligation of makers and customers
Maker of Electrical and Electronic Gear are answerable for assortment and channelization of e-misuse of end-of-life item and created during assembling process. ” “Bulk Consumers” refers to large users of electrical and electronic equipment, including Central and State Government Departments, Public Service Units (PSUs), banks, educational institutions, multinational corporations, partnerships, and public or private businesses that are registered under the Factory Act.
Customers are expected to ensure that all such electrical and electronic items are disposed of to E-Waste collection agencies or manufacturer-provided take-back services after their intended use.
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