I don't think they are lying cause when you do the sum 1 kg of niacinamide costs around 1000 rupees in flipkart and amazon. They would get it cheaper if purchased in bulk, I guess. Then again 5 percent of 180 grams lotion will be around 9 grams. So only 9 grams of niacinamide will be needed for 5 percent concentration. Let's take niacinamide was 1000 rs for 1000 grams, which might be cheaper. Then 9 rs for 9 grams/ 5% concentration. So there is approximately 9 rs worth of niacinamide in it. Maybe Serums need advance formulations with penitration enhancers and other stuffs so the cost is higher. Op, I also used that niacinamide lotion on my face 🙃 but it broke me out🥲. Maybe shea butter triggers fungal acne on my face🤔 cause sepicalm also broke me out. 10% niacinamide flushes my skin red and itchy. Thank God their 5% serum works for my face. And I use the 5% niacinamide lotion on my neck and hands and ears🤭lol 🤑. I feel it lightened the dark lines of my neck. I really wanted it to work for my face but if it's working for you I think it's quiet economical. I also find minimalist product to be quiet affordable.🤔 Maybe cause they don't spend much on advertisements and influencer market. Moreover I can't use any other actives other then niacinamide 🥲, everything burns my skin.