BoAT Lifestyle is an India-based consumer electronics brand established in 2015. They market earphones, headphones, stereos, travel chargers, and premium rugged cables.
Now, here comes the question that some of you may be wondering: Is boAt LifeStyle profitable? In FY2022, the company generated 350.5M USD in revenue and approximately 8.4M USD in profit. This is a 118.67% surge in revenue compared to FY21, which had 160.3M USD in revenue.
BoAT Lifestyle has become popular in recent years, with a whopping worldwide traffic of 6.8 million according to SEMRush. Here are 6 things we can learn from this boAT Lifestyle case study:
Charm Pricing is a pricing strategy that asserts that the way you price a product can impact its sales. A significant amount of research has shown that charm pricing increases sales because people progressively pay less attention while reading from left to right.
You may be questioning if Charm Pricing works?
BoAT Lifestyle practices odd-even pricing where their products are all priced to end with 99. For example, a boAT Wave Call Smart Watch is priced at INR 1,799 instead of INR 1,800. This way, consumers will perceive the cost of the product to be INR 1,700.
Feeling inspired and want to implement Charm Pricing on your Shopify Store? Use Konigle's Charm Pricing Seller Tool and enable Charm Pricing on your store within a few minutes!
The "compare at" price is the product's original price that appears on a product listing when it is on sale. This is an effective way to help customers visualise the difference between the current price and the original price, and to show them how much they would be saving.
boAT Lifestyle has Compare at prices set for all their products which are on sale. Their customers will see the original price crossed out next to the discounted price with the percentage discount shown in green.
Looking to add or edit Compare At Prices? Konigle's Bulk Price Editor tool can help you do so easily! You can also add promo disclaimers and launch marketing campaigns all from the same tool. How convenient!
Here's a video on how to do it:
boAT Lifestyle has a "Daily Deals” catalogue that highlights the products that are on sale for the day. They have included a countdown timer that lets their customers know how much longer before the deal will be gone. The purpose of the timer is ton act as a call to action and induce FOMO amongst bargain buyers looker for cheaper deals. This is a good way to boost sales and clear slow moving stocks.
If you would like to implement this on your Shopify Store, you can use Konigle's Bulk Price Editor tool to add tags on discounted products as you edit prices and make them show up on the Sales Collection Page.
Here's a video on how you can use the Konigle Bulk Price Editor:
Referrals is a successful loyalty building strategy that e-commerce stores should adopt. It encourages existing customers to spread the word hence generating new leads and contributing to increased profits.
boAT Lifestyle has a referral program that encourages customer to make more referrals by rewarding both referrer and referee with INR 100 for each successful referral made.
Want to adopt this loyalty building tactic? Do so by rewarding your loyal customers when you create customer based price rules with Konigle's Customer Based Pricing tool.
Find out more on how you can do it here!
The Limited Edition of a brand is the upgraded version of an existing product. The purpose behind launching a limited edition product is to promote the brand or establish collaborations with other brands. boAT Lifestyle provides limited edition products to its customers which are in form of headphones/ speakers/ cables, and many more.
It creates a sense of urgency and FOMO around the brand, as customers know these products are only available for a short period of time.
Similarly, you can add products under a Limited Edition catalogue by adding product tags in bulk with the Bulk Product Editor tool.
E-commerce quizzes provides an interactive experience that attracts and engages customers. boAT Lifestyle offers customers that are unsure of what to get the choice to take a quiz. This is a tactic to increase AOV as a satisfying quiz results means customers are more likely to convert and make a purchase.