Rahul Goel Steering Woodman Car Accessories Towards Success

Rahul Goel, a young entrepreneur, embarked on his journey in the world of business while still a student at Amity University, Noida. He actively supported his father’s car accessories business, situated in the bustling marketplace of Karol Bagh, New Delhi. The company specialized in crafting car mats, speakers, and various other auto accessories. Amidst this dynamic environment, Rahul stumbled upon an opportunity that would change the trajectory of his entrepreneurial career.

Seizing the Opportunity:

During his tenure at his family’s car accessories business, Rahul discovered a registered trademark for the brand ‘Woodman‘ that remained dormant. This discovery ignited his entrepreneurial spirit. Rahul recognized the potential of the internet and the growing penetration of online platforms. He approached his father with a proposal to utilize the Woodman trademark and launch their products online. His father, supportive of his innovative idea, encouraged him to establish a distinct entity rather than expanding the existing business.

The Birth of Woodman:

In 2015, Rahul took the first step towards establishing Woodman by listing android car stereo systems on renowned e-commerce platforms like Flipkart and Amazon. This venture coincided with Flipkart’s introduction of the car accessory category, and the response was overwhelmingly positive. Within just seven months, Woodman achieved a remarkable turnover of approximately Rs 60 lakh. Rahul’s entrepreneurial endeavors did not go unnoticed, as he was honored with the title of ‘Best Entrepreneur’ by his university in 2016. However, despite this initial success, challenges loomed on the horizon.

The Path to Recovery:

Woodman’s journey was not without its share of hardships. In the span of two years, Rahul faced a daunting loss of Rs 1 crore and found himself entangled in substantial debt. The setback stemmed from a pivotal decision to diversify into an unrelated business—starting a food truck venture in Gurugram. Lacking the necessary expertise to run this venture effectively, Rahul’s hard-earned profits from the car accessory business were swiftly depleted. Undeterred by adversity, Rahul resolved to return to his core business and refocus on Woodman’s growth.

Rediscovering Success through Focus:

Recognizing that focus was the key to recovery, Rahul decided to concentrate solely on Woodman‘s presence on e-commerce platforms. However, fierce competition had entered the scene, making it challenging to regain momentum. A lack of financial resources hindered marketing efforts, creating a vicious cycle of limited visibility and supply chain constraints. Rahul found himself at a crossroads, with seemingly no way forward.

Amidst the gloom, Rahul identified a glimmer of hope—creating a dedicated website for Woodman. In 2019, he hired a freelancer to develop the website, allowing the brand to establish a direct online presence. This strategic move enabled Woodman to tap into consumers who researched products online before making purchases. With the website in place, Rahul achieved remarkable sales figures, including a GMV (Gross Merchandise Value) of Rs 1 lakh per day within the first month. Woodman’s enticing deals and offers attracted customers, prompting them to buy directly from the website rather than third-party marketplaces.

Embracing Direct-to-Consumer (D2C):

Rahul recognized the advantages of a D2C model, especially given the increasing presence of organized and unorganized players on e-commerce platforms. This shift enabled Woodman to build a more direct and personal relationship with customers, enhancing trust and authenticity. To bolster trust further, Rahul began collecting video reviews from satisfied customers and shared them on YouTube.

Today, Woodman boasts an impressive revenue of Rs 5 crore, with Rahul setting ambitious targets for FY 2022, aiming to close at Rs 7.5 crore. Woodman’s product range spans more than 150 car models, with a focus on XUV cars. The product offerings encompass car stereo systems, car sensors, car lighting, car cameras, and steering wheel controls.

Navigating a Fragmented Market:

The car accessories market is characterized by fragmentation, with several unorganized players often engaging in fraudulent activities. Established players like Sony, Pioneer, and Blaupunkt dominate the landscape. However, Woodman differentiates itself through its unwavering commitment to customer support rather than dealer support.

In 2022, Rahul has set his sights on expanding Woodman’s presence in the offline market through franchising. Additionally, he plans to create a marketplace for car accessories under the Woodman brand. Rahul Goel’s journey exemplifies resilience and the ability to adapt in the face of adversity, ultimately steering his business towards success.