Friday, July 14, 2017

Happy Socks – For the Sockaholics

Consumer behaviour quite often puzzle marketers very much. It evolves and evolves even faster than one could imagine. One such category is the life style. The trends and fashion keep on shifting as companies grapple with the change. For instance, if we consider men’s formal attire, the whole idea of formal is transforming and now people use perfect blend of formals and casuals together. A formal shirt with a casual trousers or vice – versa is well accepted. The traditional plain shirts as a symbol of formal attire are now replaced by shirts with stripes or even some designs. A shift in consumer behaviour among men is louder than ever before. The affinity towards colours among men has improved over the years.

Recently, a significant change is visible in the outfit of men. Instead of wearing grey or black socks they are now happy wearing coloured as well as patterned socks. Socks are a sort of liberation for men as they are not exposed. Their need is satisfied without losing their face in front of their peers (read boss or client). They feel relaxed gazing at it besides rejuvenating them (as their personal crave for freedom is fulfilled). This led to a revolution in the sock industry.

Happy Socks was one among the pioneers to articulate this need and they came up with a wide range of coloured socks. They were for the Sockaholics and follows their vision to turn an everyday accessory into a designed colourful item that also spreads happiness. The company succeeded in making socks a fashion statement among men.

Even though, Happy Socks primary target is men, they have socks for women as well as kids in their kitty. The socks are available in different colours and different patterns. Designs in the patterns are very unique for example a cocktail socks have a picture of a cocktail glass, spoon and lemon imprinted on the socks. Likewise, there are socks like Royal Enfield logo socks, Royal Enfield flag socks, arrow and heart socks etc. The price is a touch higher than any branded socks available in the market. A pair of socks is priced at INR 399/- except for Royal Enfield socks which is priced at INR 499. Keeping just two price points limits the complexities in pricing. The product is available in both online and offline stores. As of now no promotional campaign have been initiated by Happy Socks in India which I feel is a lost opportunity as competition has intensified of late in the socks space.

As the buying behaviour shifted big brands like Raymonds are now featuring coloured socks along with their formal suits in their catalogues which typically points to the prospect awaiting. But will this be more than a fad? Can Happy Socks rely only on this? In fact they already moved to underwear products in foreign markets. Will Happy Socks survive in India? Let’s wait and watch.