Retail businesses across India grew 23 percent in April this year in terms of sales as compared to pre-pandemic levels of the same month in 2019 with customers coming back to stores, as per industry body RAI.
According to the latest survey by the Retailers Association of India (RAI), retail businesses across regions grew in April 2022 with sales in North India rising 32 percent, West India (24 percent), East India, and South India (18 percent growth each) in comparison to the pre-pandemic sales level in April 2019.
"It is heartening to see that customers are back in the stores, shopping and retailers are witnessing quantity growth in sales," said Kumar Rajagopalan, CEO, RAI.
In terms of categories, the quick-service restaurant segment grew the highest at 45 percent in April 2022 over the corresponding period of 2019, followed by consumer durables and electronics at 26 percent.
Apparel and clothing, and sports goods categories grew by 23 percent each, while footwear rose by 22 percent, as per RAI.
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The food and grocery segment witnessed a growth of 15 percent and jewelry also saw a rise of 8 percent in April this year compared to the same month of 2019.
However, the beauty, wellness, and personal care segment are yet to recover to pre-pandemic levels. It registered a decline of 1 percent in the period under review as against April 2019.
Rajagopalan, however, said, "While most of the categories have shown good performance, it is important to note that about 10 percent of this growth can be accounted to inflation. We do hope that this continues since the headwinds, thanks to inflation, could act as a dampener for the upward trajectory."
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The global shopping phenomenon, Black Friday, continues to make waves in India. Black Friday, traditionally an American retail tradition, has firmly cemented its place in the Indian market as a major e-commerce sale event, with consumers extending their post-Diwali shopping spree to benefit from Black Friday and related sales like Cyber Monday etc.
Unicommerce, one of India’s e-commerce enablement SaaS platforms, based on the orders processed on its platform, conducted an analysis of the Black Friday weekend, revealing a sharp 23 percent increase in e-commerce order volumes as compared to the Black Friday sale weekend of 2022.
While during the Diwali festive sales, marketplace growth outpaced D2C brands, the trend was reversed during the Black Friday weekend. During the Black Friday weekend, brand websites reported robust growth, with order volumes rising by 28 percent during the weekend. The marketplaces reported a relatively lower growth of 19 percent. The growing popularity of Black Friday has made it a crucial sales period for both online marketplaces and individual brands in India.
The Black Friday weekend brought cheers for online sellers - over 8.5 million order items demand received on the Unicommerce platform during the 2023 Black Friday sale weekend. Unicommerce received an average of 1500 orders of item demand every minute. More than 10 sellers received demand for over 100,000 orders items during the four-day weekend, and over 100 sellers received demand for more than 10,000 orders items through the Unicommerce platform.
The Black Friday surge was not limited to metro cities alone, The Tier III cities reported the highest growth of 43 percent, followed by 19 percent growth for Tier I cities and 16 percent in Tier II cities.
Fashion and beauty products maintained their status as the dominant categories during the Black Friday sale, continuing to attract a significant portion of consumer interest. Additionally, there was a noticeable uptick in volumes for FMCG and eyewear segments, indicating a diversification in consumer preferences during the sales season.
The platform witnessed brands across segments processing their e-commerce orders through its platform to seamlessly manage the spike in order volumes and great shopping experience for consumers.
In the world of luxury kidswear, Les Petits has etched a remarkable story of growth, innovation, and seamless integration. With Swati Saraf at the helm of the brand, Le Petits has crafted a unique omnichannel strategy that blends the physical and digital realms, captivating the hearts of parents and children alike.
"Dealing in the luxury kidswear segment, our omnichannel strategy has been curated very ingeniously to drive deeper penetration into the country," says Saraf. "There is a perfect confluence of both models to increase our visibility amongst the target audience."
Les Petits started as a luxury kidswear apparel brand but quickly diversified to become a one-stop shopping destination for luxury kids' products, including furniture, accessories, jewelry, books, and toys. The brand’s expansion journey has seen the opening of four company-owned stores in prime locations, from DLF Emporio in Delhi to Banjara Hills in Hyderabad.
What sets Les Petits apart is its commitment to design excellence and sustainability. Collaborating with renowned Italian architects Lino and Lorenzo, they've created a kid-centric store that combines luxury with a soothing atmosphere. A minimalistic interior and a carefully curated color palette make shopping a relaxing experience.
Technology plays a pivotal role in their operations, with an integrated ERP system and Browntape software ensuring seamless inventory management and website functionality. Les Petits' omnichannel approach allows customers to touch and feel international brands in-store while also catering to those beyond metro cities through online platforms.
"Our in-store purchasing allows for a first-hand experience of opulence for the customers," explains Saraf. "Along with this, we also receive orders from Chhattisgarh and Assam as well."
Looking ahead, Les Petits has ambitious expansion plans. Having recently launched in Hyderabad and it is eyeing the eastern region for the next venture. Additionally, the brand aims to forge strategic partnerships with B2B players to diversify its offerings. As Swati Saraf concludes, "At Les Petits, we don't just sell products; we craft experiences, memories, and a world of luxury for our little customers and their parents."
Yousta is Reliance Retail's latest youth fashion retail format, where style, technology, and sustainability unite to cater to the dynamic youth of India. The brand entered into the fashion scene with a clear vision - to be the go-to destination for the young and trendy. This youth-focused fashion retailer combines on-trend fashion offerings with affordability, ensuring that the fashion-conscious youth of India can express themselves without breaking the bank.
"Yousta understands the pulse of the youth. Our collections are not just about clothes; they're a way of life. We aim to grow and evolve with the young generation, giving them a voice and the freedom to express themselves," stated the brand.
Yousta's retail footprint is steadily expanding. The brand's first store opened its doors in Hyderabad's Sarath City mall in August, and more recently, a store debuted in Bilaspur in September. These are company-run stores, that ensure that the Yousta experience remains consistent and true to its vision. However, the brand's collections are not only through its physical stores but also on Yousta.Ajio.com and the Jiomart platform, ensuring a seamless and convenient shopping journey for its customers, no matter where they choose to shop.
Moreover, the stores are designed to be joyful spaces for consumers. The choice of materials, colors, and fixtures creates light and spacious interiors, providing a clean and clutter-free backdrop for a delightful shopping experience.
"We partner with young consumers on their journey from adolescence to adulthood. Our fashion offerings cater to all their needs during this crucial phase of life, from college to first jobs, relationships, financial independence, and living on their own," added the brand.
Yousta stores are a testament to innovation. Digital screens and QR codes provide information and ease of discovery. Tech-driven billing options like Scan & Go and Self-checkout make the shopping experience convenient, quick, and hassle-free. Charging stations are also available for customers, ensuring that their devices stay as charged as their style.
The brand has ambitious expansion plans and are set to make it more accessible to young consumers across India. With over 200 identified catchment regions, the brand is poised to establish its retail presence in numerous cities and regions in the upcoming year.
The beauty products category has experienced 51.51 percent growth compared to the previous year, particularly resonating with the younger demographic. Sales contributions from the 18 to 24 years age group accounted for a substantial 47 percent, followed by 21.27 percent from the 35 to 44 years age group.
Assiduus Global Inc. has disclosed compelling insights into recent festive shopping trends. Among the standout categories, electronics, lifestyle, and beauty products have taken center stage, with mobile phones, adapters, and earpods leading the electronics segment. Noteworthy brands like Redmi, OnePlus, and Boat have seized the spotlight in this category.
In the lifestyle and beauty realm, face and body creams have emerged as top sellers, with renowned brands such as L'Oréal, Nivea, and Himalaya gaining prominence. Regionally, Kerala, Karnataka, and Maharashtra emerged as the top contributors, with Kerala showcasing a 118 percent increase in orders on Flipkart compared to Karnataka.
Interestingly, beauty products have seen a surge in consumer engagement, with a 30.43 percent increase in shoppers meticulously exploring product details compared to the previous year. The health supplement category saw a notable 31.40 percent increase in cost per click, emphasizing the competition among brands for marketplace visibility.
Brands featured on Assiduus' platform offered enticing discounts averaging up to 40 percent, intensifying the festive shopping fervor. Notably, Indian shoppers exhibited a trend of adapting their buying behavior to seasonal trends and discounted deals.
Dr. Somdutta Singh, Founder & CEO of Assiduus Global Inc., expressed optimism about the online shopping landscape in India. The company's sales data aligns with projections by Redseer, indicating a significant compound annual growth rate (CAGR) of 27 percent, leading the industry to a projected $163 billion valuation by 2026.
Dr. Singh emphasized the surge in sales among Gen Z and Millennials in the healthcare and nutrition category, highlighting the dominance of the digitally savvy generation in India's online shopping space. Moreover, there has been a noteworthy rise in sales from Tier II and III cities, reflecting the broadening acceptance and accessibility of online shopping across diverse demographics and geographies.
In a moment of sartorial splendor, H&M, the global fashion juggernaut celebrated for its unbeatable blend of style and sustainability, has just opened its fourth store in Pune at Phoenix Mall of The Millennium. Elevating the excitement, this launch marks the debut of H&M Home, a concept set to redefine home decor for Pune's style-conscious residents.
Picture this: 2118 sq mt of fashion paradise, brimming with a diverse array of products designed to cater to the unique tastes of every shopper. With an inviting price range starting at just Rs 399 for ladies, divided, and kids, and Rs 499 for men, H&M is rewriting the rules of fashion accessibility. Stealing the spotlight is the store's enchanting Holiday Campaign, showcasing standout pieces that encapsulate the essence of the season. From the refined poplin tuxedo shirt to the captivating cropped sequin jacket with bow tie-ups, the collection radiates a contemporary elegance that H&M is globally renowned for. Adding to the allure, the annual Black Friday sale promises members an exclusive 50 percent discount on selected articles, making high fashion even more irresistible.
But the fashion fiesta doesn't stop there. Enter H&M Home, an exciting addition that brings a fresh breeze to the city's home decor scene. Beyond the racks of chic clothing, discover a carefully curated range of high-quality bed linens, timeless dinnerware, and captivating home decor items, all designed to complement a variety of interior styles. From on-trend statement pieces to timeless classics, the H&M Home collection empowers Pune's residents to effortlessly infuse their living spaces with style. And here's the kicker – with price points starting at just Rs 149, H&M is making luxury home decor accessible to all, offering a budget-friendly way for customers to express their unique style in every corner of their lives.
So, Pune, get ready to immerse yourself in a world where fashion meets home decor in the most stylish embrace. H&M has arrived, and it's here to redefine your style, from wardrobe to living room, one chic piece at a time.
In line with the company’s sustainability initiatives, the new store extends its support for the brand's Garment Collect initiative. This initiative invites customers to bring in clothing and textiles, regardless of the brand or condition, for recycling at the store.
H&M India is now present in Phoenix Mall of The Millennium, Pune along with Phoenix Market City, Amanora Mall, and Westend Mall and Online at www.hm.com and Myntra.com
The Indian retail landscape is undergoing a remarkable transformation today, shaped by the rising allure of online shopping via social-media platforms. According to a recent Kantar report, India has witnessed a substantial surge in online shoppers, recording a remarkable growth of 125 million over the past three years. However, the amazing fact brought out by this report is that 77 million people indulged in social commerce, that is, they undertook purchases from social platforms such as WhatsApp and Facebook during the said time span.
WhatsApp Commerce in particular is gaining ground, thanks to its conversational approach that enables businesses to directly engage and interact with customers on the messaging app. With 2 billion users globally, the highest of which are in India (487 million), WhatsApp offers a large captive customer base for brands. In addition to apps and websites, WhatsApp has become an unmissable channel for brands that want to be closer to their customers.
Right from creating your own online store to engaging customers through deals and notifications, or offering support, the messaging app brings multitude of possibilities. Thanks to its enhanced features, brands can now build detailed product catalogs allowing customers to choose products, select sizes and apply filters, in the same way they would do on an app.
The buying experience becomes much more seamless with the application of Generative AI. Here’s an example. Say, you’re clear about what you need and don’t want to go through the entire catalog. Now with the Gen AI bot, customers can browse through and find the products of their choice by simply typing the product name and specifications making the whole experience way more personalized. Interestingly, the feature is also great for customers who want to know more about the product before going ahead with the purchase.
With festivities round the corner, it’s the right time for retailers, big and small alike, to leverage India's shift to hybrid shopping through the convenience offered by WhatsApp Commerce. Let’s understand why WhatsApp Commerce ticks all the right boxes for retailers–
Budget-friendly Route to Customer Acquisition and Soaring Engagement
Given WhatsApp’s penetration across the country’s geographic, demographic, and economic spectrum, the platform serves as a low cost route for retailers to reach, engage and eventually build solid brand awareness and engagement. Additionally, WhatsApp Commerce helps retailers establish direct, real-time and two-way relationships with their customer base. They can send personalized offers, product recommendations, and updates on festive deals, creating a unique and tailored shopping experience. This level of engagement surpasses traditional brick-and-mortar stores, providing a round-the-clock virtual shopping assistant right at customers’ fingertips. Swiggy, for instance, has seen a 2.3X rise in customer engagement through WhatsApp marketing.
Hassle-free Purchase Journeys and Data-driven Insights to Decode Wins and Losses
With payment integration, WhatsApp commerce streamlines shopping journeys by allowing customers to pay for products using UPI apps, debit card, credit card and net banking, all without having to leave the app. This seamless process reduces friction and makes WhatsApp a one stop shop for their festive shopping. Secondly, data is the king, and having valuable insights into customer preferences, purchase history, and behavior enables informed decision making among retailers. This data, offered by WhatsApp Commerce, can be leveraged to make suitable decisions about product offerings, pricing, marketing campaigns, and the like.
Round-the-clock AI-powered Customer Support
Customer support is of paramount importance especially during the festive season, when retailers experience a surge in queries and orders. WhatsApp Commerce allows retailers to provide round-the-clock conversational assistance through AI chatbots, saving time and resources. Customers can seek help, inquire about products, resolve issues, and even request to converse with a live agent, ultimately enhancing their overall shopping satisfaction.
In a nutshell, WhatsApp Commerce is emerging as an important tool that retailers are leveraging this festive season. By harnessing the platform’s capabilities, retailers can enhance customer engagement, streamline transactions, and make data-driven decisions, alongside adding a layer of personalization on top. The commerce abilities of the platform are not only playing a significant role in bolstering customer loyalty but also bringing seamlessness to the entire shopping experience. To sum up, WhatsApp Commerce is here to stay, and modernize Indian retail.
Author: Sanjoy Roy (VP - Retail Business, Gupshup.io)
As the winter chill settles in, the vibrant streets of India are adorned with twinkling lights, and the air is thick with anticipation. It's not just the festive season that's stirring excitement; it's the approaching Black Friday Sale, a shopping phenomenon that has woven itself into the fabric of Indian retail. Behind the buzz and the bustling crowds lies a captivating story of technological evolution, shifting consumer mindsets, and innovative retail strategies.
Scott Lundstrom, the seasoned Senior Industry Strategist for Retail at OpenText, serves as our guide through the tech-driven landscape of Black Friday. "Black Friday is always a good vantage point from which to assess the evolution of technology trends year-on-year," Lundstrom begins, his insights illuminating the path ahead. Omnichannel, artificial intelligence (AI), and cybersecurity emerge as the protagonists of this tale. Unified commerce, especially across social channels, is the secret weapon for retailers looking to triumph. Integrating systems, from point-of-sale to customer relationship management, becomes the cornerstone of success.
"AI will be leveraged this year to analyze vast amounts of data," Lundstrom continues, his gaze fixed on the horizon of retail innovation. Personalized product recommendations, targeted marketing campaigns, and tailored shopping experiences are the treasures awaiting those who dare to embrace AI. Yet, the looming threat of cybersecurity breaches casts a shadow over the festivities. Lundstrom warns, "Businesses are going to have to invest in Zero Trust Architectures to ensure they don’t fall prey during what is also a peak period for bad actors."
In a different corner of the retail stage, Harmeet Singh, the VP of Marketing, Product, and digital at The Body Shop Asia South, paints a picture of a different kind of excitement. "The festivities are ongoing, and winter is setting in. We have our Black Friday Event coming up," Singh reveals.
She further adds that for The Body Shop, Black Friday is not just a sales event; it's a canvas for creating a unique shopping experience. Deep discounts on skincare, body care, and makeup products beckon customers, but it's the transformation of stores into 'Activist Workshop' spaces that steals the spotlight. From dedicated gifting stations to enticing Body Butter towers, The Body Shop crafts an effortlessly enjoyable and fun shopping experience.
Vidur Kapur, the Director of O3+, interjects with his own perspective, adding a touch of thrill to the narrative. "Seeing how Black Friday is changing in India shows a thrilling story," Kapur declares. O3+ is poised to be part of this thrilling tale by offering skincare experiences that go beyond expectations. As Black Friday evolves, the anticipation for incredible deals becomes a shared excitement that transcends borders.
Jatan Bawa, the Co-Founder of Perfora, a brand targeting Gen Z and Millennials, adds a touch of youthfulness to the story. "As a young brand that is targeting Gen Z & Millennials, over the last 2 years, we have witnessed an increase in acceptance by the Indian audience for Black Friday & Cyber Monday events," Bawa observes. The acceptance of this Western phenomenon signifies more than just a shopping spree; it's a reflection of an evolving consumer mindset and buying behavior in India.
As the tale of Black Friday unfolds in India, it reveals not just a shopping event but a transformative force reshaping the retail landscape. Technology, sustainability, and unique shopping experiences converge to create a narrative that goes beyond discounts and deals. This annual shopping extravaganza is not just a blip on the economic radar; it's a story of adaptation, innovation, and the relentless pursuit of customer delight.
As Black Friday and Cyber Monday draw near, a myriad of enticing offers from leading brands is transforming November into a shopping extravaganza. From innovative oral care to luxurious skincare, and wellness teas to ecoluxe loungewear, and cutting-edge technology to stylish apparel, this listicle unveils the non-promotional scoop on the exclusive Black Friday deals that are set to redefine your shopping experience. Discover top-notch brands and their remarkable offers, and get ready to embark on a month-long journey of savings.
1. Perfora: Elevate Your Oral Care Routine
Perfora, an innovative oral care brand, is revolutionizing dental hygiene with its electric toothbrushes, mouthwash, dental flossers, and toothpaste. Take advantage of their Black Friday Sale, offering a remarkable flat 50 percent off on the entire range.
2. O3+: Luxurious Skincare for Radiant Beauty
Indulge in professional skincare with O3+, renowned for its facial kits and Dtan packs. This Black Friday, enjoy a minimum of 10 percent off on their website, plus 2 freebies on purchases above 1999, along with an extra 5 percent off on prepaid orders.
3. Etude: Unveiling Korean Beauty Secrets
Discover the magic of Korean beauty with Etude, a renowned makeup brand. Avail exclusive Black Friday deals on Nykaa, including up to 40 percent off, enticing B1G1 deals, and freebies on selected items.
4. Laneige: Renowned Korean Skincare on Nykaa
Indulge in renowned Korean skincare with Laneige exclusively on Nykaa. This Black Friday, enjoy up to 40 percent savings, explore new holiday kits, and get up to 25 percent off on all products. Early access is also available with a flat 15 percent off.
5. Anastasia Beverly Hills India: Iconic Brow and Makeup Elegance
Step into the world of iconic makeup with Anastasia Beverly Hills India. Unleash your beauty potential with a flat 20 percent off this Black Friday. Terms and conditions apply.
6. Vahdam India: Global Tea & Wellness Delights
Embark on a journey of wellness with Vahdam India, a global tea brand. Don't miss their biggest sale of the year—BLACK FRIDAY followed by CYBER MONDAY SALE—with up to 50 percent off on selected products.
7. NeceSera: Ecoluxe Loungewear Bliss
Wrap yourself in luxury with NeceSera, an ecoluxe loungewear brand. This Black Friday, enjoy an enticing 50 percent off sitewide, bringing comfort and style to your lounging experience.
8. Evocus: Quench Your Thirst with Black Alkaline Water
Hydrate in style with Evocus Black Alkaline Water. Take advantage of their Black Friday Sale, offering a refreshing 20 percent off on their site. Elevate your hydration game with Evocus.
9. Dyson: Unleash Savings on Cutting-Edge Technology
This Black Friday, Dyson is breaking the mold with savings up to ₹17,000. Enjoy an additional 10 percent instant bank offer on Dyson.in and Dyson Demo Stores. Explore exclusive deals at Dyson.
10. Charles & Keith: Timeless Elegance, Unmatched Savings
Immerse yourself in the world of timeless elegance with Charles & Keith, a distinguished brand known for its sophisticated footwear and accessories. This Black Friday, indulge in style and savings with up to 40 percent off on selected products from the 23rd to the 27th of November.
Beauty enthusiasts across India are in for a treat as Amazon unveils the much-anticipated beauty shopping extravaganza of the year – The Beauty Sale on Amazon Beauty, running from November 24th to 26th, 2023. Powered by Maybelline and presented in association with L'Oréal Professionnel, this event promises a celebration of beauty with exclusive discounts and exciting offers.
As the winter season approaches and the festive spirit fills the air, it's the perfect time for beauty lovers to elevate their beauty routines. The Beauty Sale offers an enticing opportunity to enjoy discounts of up to 60 percent on a wide array of beauty products, with a generous up to 50 percent off on luxury beauty items. This year's edition is thoughtfully curated to cater to the diverse needs and preferences of beauty enthusiasts.
Explore a comprehensive lineup of premium beauty products, including trending Gen Z favorites from K-Beauty to Barbiecore looks, sustainable beauty brands, versatile multi-purpose products, and the latest innovations in beauty devices. The sale is not just about discounts; it's a curated experience for those who seek the latest trends and quality in beauty. Customers are in for a treat with irresistible deals, free gifts with every luxury beauty purchase, Buy More and Save More offers, and exciting 8 PM deals lasting till midnight. Optimize your savings with the Subscribe and Save option, offering an extra 10 percent off. The event also introduces exciting new launches in makeup, fragrances, clean beauty, and luxury beauty.
What sets The Beauty Sale apart is its interactive element. Engage with your favorite creators live on the Amazon shopping application through entertaining and educational live sessions. These sessions provide valuable insights into product suitability, usage, and tips and tricks to enhance your shopping and product usage experience.
Amazon's The Beauty Sale goes beyond just discounts; it's a holistic experience featuring exciting brand partnerships, daily social media giveaways, insightful creator content, and much more. This edition has been carefully curated to offer customers a fun, engaging, and elevated shopping experience like never before. Indulge in the beauty extravaganza and elevate your beauty routine with Amazon's The Beauty Sale.
Zeba Khan, Director – Beauty, Personal Care & Luxury Beauty, Amazon India, said, “After a great response from our customers for the first two editions of ‘The Beauty Sale’, we are excited to unveil the third edition of Amazon’s ‘The Beauty Sale’ - a one-stop-shop for our valued customers to revel in self-celebration and embrace the joy of beauty and self-care. Over the years, we've observed a heightened awareness among Indian customers regarding both skin and hair health and indulgence, leading to increased investments in premium products. This edition of ‘The Beauty Sale’ is designed to elevate the beauty experience, featuring premium skincare, makeup, and luxury products while also ensuring that the customer is equipped to make the best shopping decision via helpful creator content in the form of live sessions, tips and tricks and exciting brand partnerships that cater to every style, skin type, and unique preferences. From beauty essentials to the most loved makeup brands, our curated selection transcends trends, catering to every style, skin type, and unique journey. At Amazon Beauty, we celebrate the distinctive beauty within each of you. Explore a diverse array of products tailored for your convenience and value and join us in honoring the exceptional beauty that makes you unique.”
VAHDAM India, with its newly unveiled 'VAHDAM India TEA ROOM,' aims to encapsulate an enchanting narrative.
"We are an Indian brand that is trying to take the best of India to the world with a core vision of taking native Indian wellness wisdom to the world. With our tea room, we are ready to host our customers with everything we have to offer as a brand," remarks Bala Sarda, Founder & CEO, VAHDAM India.
This statement underlines their commitment to transcending the boundaries of tea as a commodity and infusing it with aspirational allure. At the VAHDAM India TEA ROOM, customers are invited to immerse themselves in a sensory journey, encountering the fusion of modern and traditional India, a harmonious blend catering to diverse palates, transcending not only geographical borders but also the boundaries of time.
With a palate of over 100 signature blends to sample, the VAHDAM India TEA ROOM paints a vivid picture of India's rich tea heritage. Visitors can explore and enjoy not only the exquisite range of teas but also a selection of indulgent gift sets and elegant drinkware, making it a haven for tea enthusiasts and connoisseurs.
Commenting on this exciting venture, Bala Sarda shares, "We are thrilled to inaugurate our experience store in India, marking an important milestone in our omnichannel presence strategy. Our unwavering commitment remains unchanged - to enable the world to embrace the essence of Indian tea."
VAHDAM India's digital-first approach has captivated the globe, gracing prestigious events like the Oscars and forging partnerships with celebrated figures like Nicole Scherzinger. They continue to evolve, recently expanding into the realm of spices, and promoting sustainable practices by being a climate and plastic-neutral brand.
Sarda concludes, "Our unwavering commitment remains unchanged - to enable the world to embrace the essence of Indian tea."
In the world of jewelry, where tradition meets contemporary style, Mia by Tanishq has emerged as a shining star. Rajiv Menon, National Head - Sales and Retail Operations, Mia by Tanishq, revealed the brand's journey of success, innovation, and growth.
Mia's omnichannel strategy is a testament to their commitment to customer convenience. Seamlessly blending physical and online platforms, Mia ensures that customers can explore and purchase in a manner that suits them best. In the past year, the brand has witnessed a remarkable 3X growth, underlining the success of its digital and offline initiatives.
With approximately 140 exclusive stores spanning over 60 cities and a robust online presence, Mia has a wide reach. The brand's presence extends through franchise partners, making them a significant player in all major metros and key Tier I, Tier II, and Tier III cities.
What sets Mia apart is their attention to detail in-store design. Their stores exude vibrancy, youthfulness, and eco-friendliness, creating an inviting atmosphere. Sustainability practices extend to energy-efficient systems and eco-friendly packaging, resonating with environmentally conscious customers.
Technology is at the heart of its operations. From real-time stock visibility to paperless billing, the use of advanced systems enhances the shopping experience. With personalized recommendations and celebrations of special occasions, Mia's CRM system fosters customer engagement.
Mia takes pride in designing their stores in-house, with a dedicated team of professionals. This ensures that every store is a unique experience center. Expert guidance and flexible exchange policies make the transition effortless for customers. Looking forward, Mia by Tanishq aims to establish 200 stand-alone stores (SAS) and expand its presence in growing urban centers. Collaborations with online marketplaces ensure that more customers can access the exceptional Mia experience.
Rajiv Menon summed it up, "At Mia, we believe in delivering not just jewelry but memorable experiences. Our omnichannel strategy, focus on sustainability, and commitment to innovation are the pillars of our success story." Adding, "Mia by Tanishq believes in delivering not just jewelry but memorable experiences.”
Consumer attitudes across various industries are undergoing a transformative change, and this transformation depends on two important factors: Trust and Awareness. It is an interesting exploration of understanding how these dynamics are reshaping the eyewear industry landscape while focusing on the rise of Direct-to-Consumer (D2C) contact lens brands.
The Rise of The D2C Contact Lens Brand
Contact Lens Market Evolution: The contact lens market has come a long way. Historically, consumers relied heavily on traditional retail stores and optometrists to meet their vision correction needs. However, recent years have seen a significant transformation, largely accelerated by the COVID-19 pandemic. A market once characterized by optometrist visits and in-store purchases has evolved into an ecosystem where the convenience of online shopping is now considered the norm. This shift towards online shopping has not only created innovative D2C brands but also catalyzed a shift in consumer perception.
D2C Model Advantages
One of the most promising aspects of D2C models in the contact lens industry is the emphasis on affordability and convenience.D2C brands have effectively cut out the intermediary agents and streamlined their operations, delivering cost-effective solutions to consumers. These brands offer more than just lenses; they provide an experience.
Imagine the convenience of ordering contact lenses online, from the comfort of your home, and having them delivered to your door. This level of convenience fits perfectly with consumers' modern, busy lifestyles, contributing to the growing popularity of D2C brands.
Building Trust in D2C Contact Lens Brands
Nurturing Trust: Trust is the foundation on which D2C contact lens brands build their businesses. Transparency in pricing and product information, as well as reliable customer service, play an important role in developing trust and credibility. D2C brands don't just offer products; they deliver experiences tailored to consumers' needs and preferences.
Quality Assurance: The safety and quality of contact lenses are non-negotiable. D2C brands are committed to ensuring meticulous quality assurance processes and compliance with stringent industry certifications and safety standards. Consumers can trust these brands knowing that they have their vision safety ensured.
The Change In Perception: D2C vs. Traditional Retailers
D2C brands and traditional retailers are engaged in a subtle face-off that highlights some notable differences in pricing, product variety, and customer experience. D2C brands, due to their streamlined operations, often offer competitive prices. They offer a wide variety of products, from every day disposable lenses to specialty lenses and tinted lenses, without the limitations of a store's physical inventory. These brands have made it their mission to meet the diverse needs of consumers. On the other hand, traditional retailers may find it difficult to compete on the prices and variety offered by D2C brands due to their traditional supply chain models. However, they have the advantage of immediate one-on-one support and fittings.
Redefining The Preferences: Consumer preferences are undergoing a remarkable transformation. The shift towards D2C contact lens brands means modern consumers increasingly value affordability, convenience, and personalized experiences over traditional retail models. It's not just about buying contact lenses; it is a comprehensive experience that meets their evolving needs.
Adapting To Customers
Paying Attention To The Voice Of Customer: One of the unique aspects of D2C brands is their direct relationship with their customers. There are no intermediaries involved, so customers have a front-row seat to feedback. This direct interaction requires active listening and adapting based on customer input. D2C brands know exactly what consumers want and have the flexibility to respond effectively.
Working Towards Constant Evolution: Customer feedback is the driving force behind any D2C brand. This facilitates the continuous development of products and services and leads to a dynamic, customer-oriented approach. The feedback is not just listened to but also utilized as a compass of guidance for the future and ensuring that products remain relevant and attractive to their consumer base.
Safety and Regulatory Compliance
Ensuring contact lens safety is a non-negotiable aspect of the industry. D2C brands adhere to strict regulations and the highest safety standards in the industry to ensure the safety of their products. This commitment to safety is fundamental to their trusted relationships with consumers and regulators.
Consumer education is an essential element in promoting contact lens safety. D2C brands have a responsibility to educate their customers on the safe use and care of contact lenses. This proactive approach builds trust and ensures the safe use of the products.
Sustainability And Environmental Responsibility
D2C brands are actively contributing to reducing waste and promoting environmental responsibility. By eliminating the middle channel process, they are taking a more direct, greener approach to contact lens distribution. This responsible attitude is consistent with the values of many modern, environmentally conscious consumers.
Future of D2C Contact Lens Brands
The future of D2C contact lens brands in India looks bright. As consumers increasingly trust and favor the D2C model, significant growth prospects and expansion opportunities are on the horizon. These brands have the potential to shape the future of the contact lens industry.
Upcoming Innovations
Innovation is an essential part of the contact lens industry. D2C brands aren't just redefining the way consumers access contact lenses; they are also promoting innovation. The future promises exciting developments, including the integration of Artificial Intelligence (AI), visual aids, and assistance technology to further improve the convenience and safety of contact lens usage. Imagine contact lenses that can provide real-time information about your eye health or adjust their properties to changing lighting conditions: it's all on the horizon.
Conclusion
Changing consumer attitudes towards D2C contact lens brands signifies a profound shift in beliefs and perceptions. These brands don't just sell contact lenses; they deliver a comprehensive experience tailored to the evolving needs and preferences of the modern consumer. By continuing to build trust, ensure quality, and listen to customer feedback, D2C brands are poised to shape the future of the contact lens industry, providing innovative solutions that cater to the modern consumers evolving expectations.
Authored By
Prasun Kumar Dubey, Business Head, Aqualens
Quick commerce is revolutionizing the sale of Smaller Stock Keeping Units (SKUs) in India, this article talks about its ingenious force of reshaping the Indian Snack Industry. Here we talk about the key forces behind this transformation- instant gratification, prompt snack deliveries, and personalization through advanced data analytics. Quick commerce is not just about extravagance, but also about gaining access to healthy food alternatives, which in turn promotes a healthy lifestyle. It has also given in to the trend of “sachetization” which encourages consumers to have their favorite foods in moderation
During and post the pandemic we have seen an increase in home delivery of all kinds of goods, from luxury to daily needs products, there has been a rise of options through which we can receive them at our doorstep with one click of a button. Quick commerce has gained a large audience for lightning-fast deliveries due to the change in lifestyle of people post the pandemic. This lifestyle change is not restricted to indulging in quick deliveries but also expands to getting personalized products in personalized quantities depending on our dietary preferences. According to a report by Statista, quick commerce is set to grow by 12 to 15 percent in India by the year 2025.
A few reasons why even traditional buyers and retailers are getting onto the trend of quick commerce is because it provides instant gratification. Midnight snack cravings or a sudden want to have a specific flavor of our favorite treat, quick commerce is that best friend that is there to quench your thirst within minutes. Also, due to the rise in technology, advanced data analytics provide personalized suggestions best suited to your dietary preferences, the time at which you are placing an order, or the temperature of where you are ordering from. This tailored approach is what boosts the sales of smaller Stock Keeping Units(SKUs).
Protein bars, fruit and nuts packs, and even traditional snacks, when packed in small sachets provide for a mindful snacking experience and promote a healthy lifestyle on the whole. There is also a rising trend of “sachetisation” of calorie intake. In India, where indulgence in high-calorie snacks is widespread, smaller SKU sizes of calorie-dense snacks allow consumers to enjoy their favorite treats without overindulging.
Quick Commerce platforms operating in India often provide detailed nutritional information about products. This transparency empowers Indian consumers to make informed decisions about their snack choices, encouraging the consumption of healthier snack options, even within the high-calorie category.
The sale of the small SKUs in the Indian Snack industry is proof of how the burgeoning middle class of the country is shifting towards Quick commerce. It is changing not just the way we snack but also how conveniently we can receive these snacks and how we can easily eat them in the right quantities without compromising on taste and without wasting time and effort. Quick commerce is not just a trend but an innovative and transformative force that will keep changing and reshaping the Indian snack industry, one bite at a time.
About the Author
DP Jhawar, Managing Director of ProV Foods
DP Jhawar, MD & CEO of Proventus Agrocom is a CA by vocation and has over two decades of experience as Financial Controller and At the Helm of Large Scale Cross Value Chain commodities business from sourcing to warehousing. At ProV, DP Jhawar brings his extensive experience in creation, management and driving the growth of ventures across the gamut of company activities from finance to distribution to fulfil the role of CEO. His knowledge plays an essential role in ensuring the sure-footed expansion of Proventus Agrocom across the value chain of various commodity baskets - from origin to the consumers table via the ProV brand.
India, a nation steeped in tradition and known for the comforting fragrance of chai, is undergoing a silent revolution with the emergence of coffee culture. Chai, a harmonious blend of black tea, milk, sugar, and spices, has been an integral part of Indian society. Yet, in recent decades, the aromatic notes of coffee have begun to interlace with the familiar spices. This subtle transformation signifies the quiet ascent of coffee culture, challenging the longstanding reign of chai. As coffee's rich aroma infiltrates kitchens and street corners, it weaves a new narrative in India's cultural tapestry, marking a shift in beverage preferences and reflecting the evolving tastes of a diverse nation.
The Significance of Chai—A Tradition Deep in Roots
Chai, the soul-soothing elixir that has been a staple in Indian households and workplaces, represents more than just a beverage. It is a symbol of unity, a moment of respite, and a catalyst for meaningful connections. The ritual of gathering around for a "chai break" in offices, small businesses, and homes is a cherished practice. The sweet and spicy concoction not only tantalizes the taste buds but creates an open and friendly atmosphere where work hierarchies blur, fostering camaraderie among colleagues.
In the bustling landscape of Indian workplaces, the chai break is more than a pause for refreshment; it is a moment to relieve stress, rejuvenate the mind, and strengthen interpersonal relationships. This ancient tradition of sharing tea transcends mere refreshment; it is a gesture of hospitality and a sign of respect. Offering a cup of chai to guests remains an age-old tradition, symbolizing the warmth and welcoming nature ingrained in Indian culture.
The Quiet Rise of Coffee— A Cultural Shift
As chai retains its esteemed position, a subtle yet profound coffee revolution sweeps across India, historically renowned as a tea-loving nation. The surge in coffee consumption signifies more than a shift in beverage preference; it reflects a nuanced evolution in taste, cultural norms, and social experiences. India's coffee landscape has undergone a remarkable transformation, marked by a steady increase in production. The Coffee Board of India reports an estimated annual growth rate of 15-20 percent, propelled by the burgeoning café culture and a heightened preference for high-quality coffee.
This cultural metamorphosis is intricately intertwined with the flourishing café culture, where the tantalizing aroma of freshly brewed coffee harmonizes with the vibrant pulse of modern India. Beyond being a mere beverage, the café experience embodies a lifestyle, embracing cosmopolitan trends and breaking away from conventional social spaces. Cafés allure patrons by serving as dynamic arenas that foster conversations, artistic expressions, and a sense of community. As coffee becomes synonymous with contemporary socializing, each sip encapsulates the fusion of tradition and modernity, telling the multifaceted narrative of India's evolving cultural identity.
The Thriving Café Culture— Where Tradition Meets Trend
India's café culture is experiencing a thriving renaissance, with domestic and international coffee chains establishing their presence across the country. In addition to well-known chains, artisanal and specialty coffee cafes have emerged, catering to a discerning clientele eager to explore the world of coffee beyond the traditional cup of chai. This burgeoning coffee culture is not only reshaping consumer preferences but also leaving a significant economic impact. The Indian coffee sector contributes significantly to employment generation, with over 350,000 coffee growers in the country. Moreover, the industry has an annual export value of approximately $1.05 billion, establishing itself as a key player in India's agricultural exports. This economic contribution not only enhances the livelihoods of coffee growers but also strengthens India's position in the global coffee market.
The Coexistence of Chai and Coffee
As coffee culture continues to gain ground, it is essential to recognize the coexistence of chai and coffee in India's cultural tapestry. The chai break remains a cherished tradition, offering a moment of connection and relaxation in the midst of daily routines. Simultaneously, the coffee revolution represents a shift towards modernity, a desire for diverse flavors, and an embrace of global trends. The younger generation, in particular, plays a pivotal role in this cultural shift. As they embark on their coffee journey, exploring various brewing methods, single-origin beans, and specialty brews, they contribute to the dynamic evolution of India's beverage culture.
The Intersection of Tradition and Modernity Aiding Coffee's Enchanting Journey
The evolving coffee culture in India is not a departure from tradition but rather an intersection of the old and the new. Traditional filter coffee, known as "kaapi," still holds sway in South India, offering a unique and cherished brewing method. Additionally, regional variations like Coorg coffee, Malabar coffee, and Mysore coffee showcase the diverse flavors and brewing techniques that have become integral to India's coffee culture. In the contemporary coffee scene, specialty coffee shops have taken center stage, offering a diverse range of flavors, brewing methods, and a modern ambiance. These establishments, with their emphasis on quality, craftsmanship, and a global perspective, cater to a growing segment of the population seeking a more refined coffee experience.
The Future of India's Beverage Culture
As India's coffee culture continues to evolve, it is crucial to recognize that the coexistence of chai and coffee is not a competition but a celebration of diversity. Chai remains deeply rooted in tradition, symbolizing hospitality, and shared moments, while coffee represents a modern and dynamic cultural shift. While Chai remains the favorite of the middle-aged and the older generations deep-rooted in the traditions that it is, coffee symbolizes the millennials and the younger generation embracing a bit of modernity outside of the home, while Chai may still be their first cup.
Looking ahead, the future of India's beverage culture appears to be a harmonious blend of tradition and modernity. The chai break will continue to be a cherished ritual, fostering connections and providing moments of respite. Simultaneously, the coffee culture will thrive, driven by a desire for exploration, innovation, and a global palate.
In this tale of two brews, each sip tells a story – a story of cultural richness, shared moments, and the evolving tastes of a nation. Whether it's the comforting embrace of chai or the bold complexity of coffee, India's beverage culture is a testament to the nation's ability to embrace change while honoring its deep-rooted traditions.
Authored By
Chaitanya Bhamidipaty, Co – Founder, Roastea
Labels Awards 2023 was an evening of distinguished accolades applauding outstanding accomplishments of cutting-edge brand strategies and collaborations and individuals who have demonstrated brilliant innovation, and leadership across diverse Brand Licensing categories. In the glittering evening, top license companies from across genres —those who have demonstrated exceptional vision and innovation in leveraging brand licensing to drive business success — were honored.
Some of the top awards for the evening included Warner Bros. Discovery who got the Licensor of the Year award and Disney+ Hotstar for Most Popular Channel & Platform for Animated Content; and Warner Bros. Discovery who got the Enviable Licensor of the Year award. Other winners included Kay Beauty for Best Co-branded Product of the Year and RISE Worldwide as the Agency of the Year – India award.
Prominent People to win the coveted award were: Green Gold Animation for Most Popular Animation Character of the Year with Rajiv Chilaka, Founder and MD, accepting the award; while Anand Singh, Senior Director - South Asia, Warner Bros. Discovery was felicitated as the Licensing Leader of the Year. Other winners included Kay Beauty for Best Co-branded Product of the Year and RISE Worldwide as the Agency of the Year – India award.
The awards were chosen by top marketing veterans and jury members including Ritu Marya, Editor-in-Chief, Entrepreneur & Retailer Media, Shailja Saraswati, Chief Content Officer, Omnicom Media Group India; Ankit Desai, Media, Digital Marketing and Brand PR (India & Global Centre of Excellence), Marico Industries; and Krishnarao S Buddha, Sr. Category Head, Parle Products Pvt. Ltd.
Some of the top awards in the evening were presented by everyone’s favorite Shark, Anupam Mittal, Founder & CEO, of People Group; Gavin Foster, Managing Director, Luminoso Brands; Elliott Matthews, Managing Director, Poetic Brands; Mark Ashton, Founder-Director, Little Mistress; Costa Mazzis, CEO and Founder, Barcelos; and Gaurav Marya, Chairman, Franchise India.
As the annual industry get-together, brand licensing mirrors the dynamism, innovation, consumer-centricity, and fun that define the evolution of brands. The audience comprised Leading 150 retailers, celebrities, direct-to-consumer (D2C) brands, e-commerce companies, consumer packaged goods (CPG) entities, manufacturers, and exporters. This collaborative platform also facilitated the forging of new deals, exploring product opportunities, and establishing digital partnerships by scanning the brand landscape.
"Labels Awards is not just an event; it is a celebration of the transformative power of brands. In a world where change is the only constant, the ability of a brand to evolve and grow is crucial. The awards night brought together industry leaders, innovators, and visionaries who showcased the limitless potential of brand licensing," said Ritu Marya, Editor-in-Chief, Entrepreneur and Retailer Media.
BoConcept India stands as a beacon of elegance and innovation in the world of interior design and home furnishings. Since its inception in 2016, the brand has rapidly grown, now boasting eight stores across major Indian cities. BoConcept's Director in India, Navin Khanna, has spearheaded the brand's journey, bringing Danish design sensibilities to Indian homes.
At the heart of BoConcept's success lies its omnichannel strategy. The brand seamlessly weaves together the online and offline realms to provide customers with a holistic experience. Whether browsing the user-friendly website, using the AR tool to envision furniture in their own homes, or exploring the physical stores, customers are met with a consistent brand experience. This strategy has propelled the brand to witness an impressive annual growth rate of 25 percent in India.
The stores, meticulously designed by the brand's in-house talent, serve as inspirational spaces where customers can co-create their dream homes. These stores showcase a diverse range of materials and designs, all aimed at tailoring solutions to each individual's tastes and preferences. Sustainability is also at the forefront of its design ethos, reflecting its commitment to environmental consciousness.
Technology plays a pivotal role in enhancing the BoConcept experience. The customer base platform, Dancount, tracks foot traffic, while CRM systems streamline online lead conversion. These innovations ensure that BoConcept stays at the forefront of the industry.
As the Danish brand looks ahead, its expansion plans are nothing short of ambitious. With an eye on cities like Kolkata, Ahmedabad, Coimbatore, Ludhiana, and Surat, they aim to cater to the growing demand for their unique and stylish furniture.
Navin states, "We're not just selling furniture; we're crafting experiences. Every piece we offer is a testament to our commitment to quality, design, and customer satisfaction. Our journey has just begun, and we look forward to bringing the essence of Danish design to more homes across India."
Freshpik, a first-of-its-kind experiential gourmet food superstore from Reliance Retail, has emerged as a beacon of innovation and sustainability in the world of gourmet groceries. Freshpik's journey is a testament to the power of blending tradition with technology.
The brand’s omnichannel strategy is at the heart of its success. Seamlessly integrating physical stores with an online presence, they have redefined convenience. "Our growth can be attributed to the flexibility and convenience our omnichannel approach offers to our valued customers," says the Freshpik team.
Currently, Freshpik boasts one company-owned store in Mumbai, with plans to expand its footprint. The design of their retail space reflects their commitment to environmental consciousness and sustainability. Eco-friendly materials, an inviting layout, and sustainability practices create a responsible shopping environment.
The incorporation of technology is another feather in Freshpik's cap. Advanced inventory management systems ensure product availability, while digital kiosks provide product information. Its mobile app enables online orders, in-store pickup, and home delivery, streamlining operations and improving the overall customer experience. The in-store purchasing experience seamlessly integrates with online buying options, offering customers the flexibility to shop as they please. Whether they prefer in-store or online, Freshpik ensures a smooth and convenient journey.
Looking forward, the brand has ambitious expansion plans, eyeing Tier I cities to bring gourmet offerings closer to customers. Their commitment to enhancing the shopping experience is unwavering, as they strive to spread their sustainable ethos far and wide.
As Freshpik continues to grow, it remains true to its core values of convenience, sustainability, and innovation. Their story is a testament to the power of a forward-thinking approach in the world of gourmet groceries.
Honasa Consumer Ltd., a dynamic force in the Beauty and Personal Care (BPC) industry, has recently unveiled its stellar financial results for Q2 and H1 FY24, showcasing remarkable growth, innovative strategies, and a steadfast commitment to purpose-driven initiatives. Varun Alagh, Chairman and CEO of Honasa Consumer Ltd., expressed pride in the achievements, emphasizing the burgeoning opportunities in the Indian beauty market.
He said, “I am proud of the Q2 and H1 FY24 results. The beauty market in India is brimming with opportunities, and we are receiving a lot of consumer love for our on-trend innovations across brands. Honasa has been able to deliver market-beating growths and constantly improve the profitability portfolio of the company.”
Financial Triumphs
In a testament to its robust performance, Honasa Consumer reported a 33 percent YoY growth in business during H1 FY24, outshining the median growth of FMCG companies in India by 3.8 times. Q2 FY24 saw the company deliver Rs 496 crore in revenue, reflecting a 21 percent YoY growth. Even more striking, the profits experienced exponential growth, with the H1 Profit After Tax (PAT) soaring by a staggering 1,377 percent to Rs 54 crore.
Brand Milestones
Mamaearth, Honasa Consumer's flagship brand, achieved a significant milestone by entering the esteemed Top 15 BPC Brands in India, surpassing many legacy brands as reported by Jefferies. Dr. Sheths, the latest addition to the brand portfolio, joined the exclusive 150 crore ARR club, following in the footsteps of Aqualogica and Derma Co.
Operational Excellence
The company's success is not just confined to financials. It demonstrated operational prowess with volume-led sales growth of 27 percent and 35 percent in Q2 and H1 FY24, respectively. Operating at a negative working capital of minus 5 days in H1 FY24 showcases efficiency and financial acumen.
Omnichannel Expansion
While dominating the digital BPC sector, the brand strategically expanded offline distribution to 1,65,937 outlets, marking an impressive 47 percent YoY growth. This move aligns with the company's vision to reach a wider audience through general and modern trade chains, as well as exclusive brand outlets.
Diverse Brand Portfolio
The success of Honasa Consumer is not limited to Mamaearth. The diverse portfolio includes The Derma Co., boasting an ARR of Rs 380 crore, and Aqualogica, achieving an ARR of Rs 180 crore at an unprecedented pace. Acquired brands Dr. Sheths and Bblunt have also exhibited robust growth trajectories, expanding by 30X and 3X, respectively.
Innovative Strategies
Honasa Consumer's commitment to innovation is evident in its data-driven approach. The company's continuous consumer listening and engagement model fuels a robust innovation engine, with new products contributing approximately 13 percent to the H1 FY24 revenue.
ESG Commitments
In addition to financial success, the company stands out for its commitment to environmental, social, and governance (ESG) principles. Mamaearth's initiatives, including planting over 5,10,877 trees and recycling 7,591 metric tons of plastic, underscore the company's dedication to sustainable practices. The Derma Co.'s Young Scientists program and Aqualogica's Fresh Water for All program further solidify Honasa Consumer's commitment to societal impact.
Corporate Governance Framework
With a strong emphasis on corporate governance, the Honasa Consumer Board maintains a robust 50 percent independent board representation, ensuring transparency and accountability. A notable 58 percent of women in the workforce reflects the company's commitment to diversity and inclusion.
Honasa Consumer Ltd.'s exceptional financial performance, innovative strategies, omnichannel expansion, and commitment to purpose-driven initiatives position it as a trailblazer in the competitive BPC industry. As the company continues to deliver on its promises to consumers, investors, and the community, its future trajectory appears to be one of sustained growth, driven by a blend of financial acumen, innovation, and social responsibility.
Mango Kids, the heartwarming chapter of the Mango success story, is celebrating a decade of providing exceptional fashion for the little ones. In 2013, Mango Kids was born with a vision to offer quality, affordable, and uniquely designed clothing for children and adolescents. Over the years, it has not only fulfilled this vision but also carved a special place in the hearts of families across India.
The journey began with an emphasis on comfort, functionality, and trend-setting styles, spanning from school attire to holiday outfits and formal ensembles. Today, Mango Kids caters to children from birth to size 14, and the introduction of Mango Teen, guides them into adulthood.
Mango Kids' expansion is nothing short of remarkable. Initially sold within Mango stores, it swiftly gained popularity, leading to the opening of dedicated Mango Kids outlets in 2013. Today, there are over 650 stores across the world, showcasing the brand's commitment to providing a unique in-store experience for families.
Berta Moral, Director, Mango Kids says, "We launched Mango Kids a decade ago to accompany the little ones in the house from birth, with quality garments at an affordable price and with a unique design, in order to respond to their desire to discover the world around them."
Mango Kids' unique design DNA is deeply rooted in Barcelona, where a passionate team of over seventy designers creates collections inspired by French chic styles for girls and American casual styles for boys. This fusion of inspiration and innovation has led to the brand's enduring appeal.
In keeping with its commitment to sustainability, Mango Kids introduced the Kids Lab store concept in 2022, offering environmentally conscious designs in open, customer-friendly spaces.
Tira, Reliance Retail's beauty haven, has emerged as a beacon of elegance and innovation. Since its launch in April 2023, Tira's omnichannel strategy has set a new standard in the Indian beauty retail market. "With our unwavering commitment to prioritizing customers' interests, we've witnessed phenomenal growth," stated the brand. "Our delight zones and technology touch points have transformed shopping into an experience that transcends expectations."
As shoppers wander through Tira's opulent stores, they are greeted by interactive screens and augmented reality mirrors. The AR mirror is a game-changer, which allows customers to virtually try on lipstick shades without a single smudge. Moreover, Tira's in-store experiences aren't just about tech, with its beauty advisors and their expertise the brand guides the customers on their beauty journey.
Designed by London-based studio Dalziel & Pow, the stores are visual masterpieces. With over 1.5 million app downloads and stores in Mumbai and Hyderabad, Tira's reach is extensive. The brand’s omnichannel approach bridges the gap between online and offline allowing customers to explore products online, and then visit the stores to see, touch, and feel them before purchase.
Moreover, Tira’s in-store and online inventories are seamlessly synced, as it offers personalized recommendations and promotions, ensuring that customers have a consistent and convenient shopping journey. Thus, the brand’s dedication to customer satisfaction is evident in every facet of its operation. As Tira continues to expand its footprint across India, it remains committed to delivering a beauty shopping experience that's nothing short of extraordinary. "We're not just selling products. We're crafting moments of beauty and joy for our customers, both online and offline," asserted the brand.
Presently valued at Rs 13 billion, the private label sector and D2C segment constitute a noteworthy 10-12 percent of India's organized retail sector. These labels exert a substantial influence in offline retail, commanding a remarkable 90 percent of sales in the expansive apparel and fashion retail sector. Furthermore, they contribute significantly, making up 40 percent of sales in the thriving online grocery retail segment.
InGovern has published a research report titled "Private Labels and Direct to Consumer Brands: Democratising Retail Commerce in India." This comprehensive analysis delves into the burgeoning role of private labels and Direct-to-Consumer (D2C) brands in the Indian retail landscape, shedding light on their increasing adoption and the myriad benefits they bring to retailers, small businesses, and consumers alike.
Major retailers, including Pantaloons, Tata Group’s Trent Ltd, Shoppers Stop, and Spencer’s Retail, are actively emphasizing private-label retailing. Private labels represent a staggering 90 percent of Trent’s sales, 80 percent of Reliance’s, and 75 percent of Pantaloon’s overall sales. Aditya Birla Retail is also planning to increase its own brands' contribution to sales from the current 3 percent to 10 percent over the next 2-3 years.
Shriram Subramanian, Managing Director of InGovern, emphasized the mutually beneficial scenario created by private labels and D2C brands in India's retail sector. These initiatives empower Micro, Small, and Medium Enterprises (MSMEs) with increased revenue streams, brand recognition, and global access. Simultaneously, consumers benefit from cost-effective, customizable, and trusted alternatives. As the e-commerce industry continues to flourish, Subramanian underscores the importance of regulatory clarity and streamlined oversight for sustained growth and innovation.
Subramanian suggests that the government can facilitate the start-up community by creating a policy environment that encourages more investment opportunities and selling platforms both online and offline. He advocates for equitable treatment of e-commerce entities and marketplaces, calling for the government to allow Direct-to-Consumer approaches as long as they comply with the law.
The report highlights how private labels and D2C brands are owned and manufactured by retailers and marketplaces. Retailers pursue this strategy to achieve higher profit margins, fill gaps in product ranges not covered by branded suppliers, differentiate their stores from competitors, and enhance overall profitability and customer loyalty. The report emphasizes the myriad benefits MSMEs can derive from partnering with retailers for private label and D2C products, including diversifying revenue streams, reducing reliance on single products, and fostering stable collaborations that enhance financial stability through increased sales.
In conclusion, the report emphasizes how sharing marketing and distribution responsibilities with retailers and marketplaces through private labels and D2C products enables MSMEs to focus on innovation, product enhancement, and economies of scale. This approach, by cutting production costs, elevates profitability, fuels economic growth, and expands the customer base.
Beyond numbers, the narrative of women entrepreneurs in India is one of shattering stereotypes and breaking through barriers that once seemed insurmountable.
From commanding tech startups to establishing empires in sectors traditionally dominated by men, women are not just making strides; they are leaving an indelible mark on the business landscape.
According to a Forbes survey, the entrepreneurial landscape in India has undergone a seismic shift, with women now constituting nearly 14 percent of the total entrepreneurial force. This statistical triumph not only underscores their perseverance but also signals a departure from traditional gender roles, showcasing the potential for women to drive economic progress.
The successes of trailblazers like Kiran Mazumdar-Shaw, founder of Biocon, and Falguni Nayar, founder of Nykaa, serve as guiding lights, illuminating the path for aspiring women entrepreneurs across the nation. Their stories are not just anecdotes; they are chapters in a resilient revolution that is rewriting the narrative of women in business.
As Oprah Winfrey aptly puts it, "Think like a queen. A queen is not afraid to fail. Failure is another stepping stone to greatness."
This sentiment encapsulates the fearless spirit that defines the journey of women entrepreneurs, urging them to view setbacks not as roadblocks but as stages of advancement toward unparalleled success.
What Does The Current Landscape Look Like?
Recent reports indicate that women now own over 20 percent of Micro, Small, and Medium Enterprises (MSMEs) in India, constituting a significant portion of the country's workforce at 23.3 percent. What's noteworthy is that nearly half of India's startup ecosystem is currently driven by the entrepreneurial endeavors of women. This surge in female participation has not only contributed to job creation but has also been instrumental in uplifting numerous families from poverty.
Historically recognized for their leadership acumen, women have transcended traditional barriers imposed by patriarchal values and gender norms that once confined their professional opportunities. Today, women are making substantial inroads into emerging industries like electronic manufacturing, where they comprise over 50 percent of the workforce. According to insights from the World Economic Forum's 2022 Global Gender Gap Report, the ratio of female founders has increased 2.68 times from 2016 to 2021, surpassing the growth rate of 1.79 times for men during the same period.
Remarkably, amidst the challenges posed by the pandemic, the years 2020 and 2021 witnessed unprecedented growth rates for female entrepreneurs. This surge reflects not only the resilience of women in the face of adversity but also their ability to seize opportunities and contribute significantly to the entrepreneurial landscape, shaping a more inclusive and dynamic business environment in India.
Challenges Galore:
However, despite the progress, women entrepreneurs in India still confront a myriad of challenges. Gender bias remains a pervasive issue, with stereotypes and preconceived notions often impeding women's access to opportunities and funding. According to a report by the International Finance Corporation, nearly 70 percent of women-led small and medium-sized enterprises (SMEs) in India are either denied or receive only partial access to financial services.
Balancing familial responsibilities with entrepreneurial pursuits adds another layer of complexity. The societal expectations placed on women often result in a juggling act between family and business, making it crucial to create a supportive ecosystem that acknowledges and accommodates these dual responsibilities.
At various points in their careers, many female CEOs encounter male-dominated industries or workplaces reluctant to recognize their leadership positions. The collaborative and consensus-building traits instilled in young girls may inadvertently lead women to downplay their own values. While a strong professional network is crucial for entrepreneurial success, women often face challenges in gaining complete access to such networks. Numerous women entrepreneurs find themselves with restricted entry to established industry networks, resulting in limited opportunities for mentorship and capital expansion, crucial elements for fostering business growth.
The Need for Supportive Policies and Infrastructure:
To nurture the growth of women entrepreneurs in India, a comprehensive approach is essential. Firstly, there is a need for targeted policies and initiatives that address the specific challenges faced by women in business. Government schemes that provide financial incentives, mentorship programs, and skill development initiatives can play a pivotal role in fostering an environment conducive to women's entrepreneurial success.
Access to finance remains a critical factor. Financial institutions and venture capitalists must be encouraged to adopt gender-inclusive lending practices, ensuring that women entrepreneurs have equal access to funding opportunities. Additionally, creating networks and platforms that facilitate knowledge exchange, collaboration, and mentorship can significantly contribute to the growth of women-led enterprises.
Female entrepreneurs should consider investing in businesses led by women. While mentoring emerging female entrepreneurs and offering guidance are essential, it's crucial to recognize that women often face challenges in securing funding for their ventures. Unfortunately, a significant portion of available funding tends to flow towards companies founded by white men. A powerful gesture is to reach out to fellow female entrepreneurs, acknowledging their achievements. When you come across another business owner making noteworthy contributions or displaying innovative ideas, take a moment to appreciate and recognize their efforts.
As a female business leader, the most impactful way to support women in business is to share your knowledge and pay it forward. Sharing both your past mistakes and successes can be invaluable for other women, helping them avoid pitfalls or inspiring fresh ideas. Despite the tendency of some business leaders to keep their strategies private, transparency about your decisions can serve as motivation for others. Engaging with associations that empower women in your industry, taking on mentorship roles, or simply networking with other women in business are effective ways to share your business experience and contribute positively to the community.
Are Mindsets Changing?
Beyond policy changes and financial support, a cultural shift is imperative. Breaking down ingrained gender stereotypes requires a collective effort from society, industry, and the media. Celebrating the achievements of women entrepreneurs and showcasing their stories will not only inspire future generations but also challenge prevailing stereotypes.
Educational institutions play a vital role in shaping mindsets. Introducing entrepreneurship education that encourages and supports women can help in building a pipeline of future women leaders. Encouraging girls from an early age to pursue careers in STEM (Science, Technology, Engineering, and Mathematics) fields can also contribute to increasing the representation of women in traditionally male-dominated sectors.
The journey of women entrepreneurs in India is marked by determination, resilience, and a relentless pursuit of success. While significant strides have been made, there is still much ground to cover. The path forward involves a multi-faceted approach, encompassing policy changes, financial support, cultural transformation, and educational initiatives.
As a society, it is crucial to recognize the immense potential that women entrepreneurs bring to the table. By dismantling barriers, challenging stereotypes, and fostering an inclusive environment, we can unlock a wave of innovation and economic growth led by the untapped potential of women in entrepreneurship. The time is ripe to build a future where women entrepreneurs not only survive but thrive, contributing to the socio-economic fabric of India in unprecedented ways.
Authored By:
Dr. Somdutta Singh, Serial Entrepreneur, Founder & CEO Assiduus Global Inc, LP Angel Investor, Author & Advisor Government of India (Niti Aayog)
Incepted in 1998 Westside, a retail juggernaut has become synonymous with elegance, quality, and a shopping experience like no other. Shailina Parti, the Chief Operating Officer of Westside (Trent Ltd), has been an integral part of this journey, steering the brand to greater heights since its inception.
Today, Westside boasts an impressive presence with 222 stores across 83 cities, primarily company-owned, making it a retail giant in India. These stores, averaging a generous 25,000 square feet in size, serve as sprawling havens for fashion enthusiasts.
One of the key elements that set Westside apart is its commitment to design. Parti explains, "Our aim in designing the layouts of our stores is to take shoppers on a journey through fashion collections that offer a clutter-free and welcoming experience, making customers feel joy while shopping."
Westside's dedication to technology is evident in its adoption of RFID, PLM, HANA, and TMS. These innovations not only streamline operations but also provide personalized experiences for customers. RFID, for instance, manages incoming stock efficiently, while comprehensive data analytics enable tailored marketing initiatives.
The brand's commitment to a seamless omnichannel experience is unwavering. With an enhanced mobile app, improved supply chain processes, and comprehensive online buying options, the brand ensures that customers can shop with ease, both in-store and online.
As for the future, Westside remains focused on India's growth potential. Shailina affirms, "There are many opportunities within India to grow and serve the increasing population, so we are focused on India for now." Westside's journey is far from over; it continues to evolve, providing customers with an unparalleled shopping experience that weaves together tradition and innovation seamlessly.
Parti further concludes "At Westside, we are not just selling fashion; we are crafting experiences, and our journey has just begun."
In India, McDonald's has established itself as more than just a fast-food chain. It is a story of innovation, customer-centricity, and unwavering commitment to deliver exceptional dining experiences. McDonald’s -North and East India has a network of close to 180 restaurants, spanning across Delhi NCR, Punjab, Uttar Pradesh, Rajasthan, Assam, Odisha, Haryana, J&K, Madhya Pradesh, and West Bengal, thus making McDonald's not just a brand; but a household name.
Rajeev Ranjan, MD of McDonald’s India – North and East, affirms this commitment, stating, "Our journey is guided by one principle: enhancing the McDonald's experience for our customers." This commitment comes to life through cutting-edge technology integrated into every facet of their operations.
The Experience of the Future (EOTF) initiative has redefined the in-store experience. This allows the customers to enjoy a personalized, stress-free dining experience with shorter queues, along with the convenience of self-ordering via digital kiosks. Moreover, RFID-enabled tent cards ensure that crew members know exactly where patrons are seated, ensuring seamless table service.
For those on the go, voice-based ordering in drive-thru restaurants and QR-code-based contactless ordering via mobile phones have revolutionized convenience. "We aim to save our customers' time and provide fast and convenient service," Ranjan explains.
McDonald's leverages technology to anticipate customer needs through data analytics, innovating menu choices, and personalizing experiences. The McDonald's app offers attractive deals and offers, making every visit more enjoyable.
Behind the scenes, technology ensures operational efficiency. Kitchen display systems integrated with point-of-sale systems keep orders timed and monitored, ensuring timely food delivery. The cold chain distribution system ensures food safety and an Energy Management System optimizes power consumption.
Looking ahead, McDonald's India – North and East envisions 300 modernized restaurants by 2025, with an investment of Rs 400-600 crores, expanding to new cities and states like Odisha, Assam, Himachal Pradesh, and Punjab.
Rajeev Ranjan concludes, "Our journey is about embracing technology, creating memorable experiences, and spreading happiness one meal at a time." McDonald's India – North and East is not just a brand; it's a beacon of innovation and excellence in the world of dining.
Consumer Products and Retail (CPR) companies are strategically evolving their supply chain networks to overcome challenges in last-mile delivery, meet quick commerce expectations, and prevent stockouts during the hectic holiday season. Capgemini Research Institute's latest report, 'Illuminating the Path: Building Resilient and Efficient Supply Chains in the Consumer Products and Retail Industry,' sheds light on how CPR organizations are reshaping their supply chain strategies to imbue resilience, efficiency, and sustainability into their business models.
Diversification and Localization Trends: A Strategic Shift
In response to last-mile challenges and global uncertainties, 79 percent of CPR organizations are diversifying their supplier base, with 71 percent actively investing in regionalization and localization. A notable trend is the rise of friend-shoring, with 83 percent of organizations investing in supply chain networks focused on politically and economically aligned countries to reduce risk exposure.
Global Threats to Supply Chains: Balancing Cost and Resilience
Geopolitical tensions, inflation, over-reliance on specific countries, fluctuating freight rates, and port congestion pose threats to global supply chains. Geopolitical issues impact the costs and efficiency of supply chains for 77 percent of CPR organizations. Against this backdrop, nearshoring and domestic sourcing are gaining prominence as organizations seek to strike a balance between cost considerations and resilience.
Future Outlook: Nearshoring on the Rise
By 2025, offshore procurement is expected to decrease by 7 percent, while nearshoring and domestic sourcing are projected to increase by 4 percent and 3 percent, respectively. North America is leading the nearshoring trend, with a predicted 9 percent increase in nearshore procurement, a 4 percent increase in domestic procurement, and a 15 percent reduction in offshore procurement.
Strategic Insights from Capgemini's Global Retail Lead
Lindsey Mazza, Global Retail Lead at Capgemini, emphasizes the need for CPR organizations to pivot their sourcing strategies for resilience. Balancing cost efficiencies with resilience and adopting sustainable practices is crucial for creating future-ready supply chains that drive profitable growth. Technology and data play key roles in this transformation, aiding in demand sensing, warehouse automation, customer experience enhancement, and efficient fulfillment.
Anticipated Challenges in the 2023 Holiday Season
For CPR organizations, the 2023 holiday season brings challenges, with 42 percent expecting stockouts, 38 percent anticipating late deliveries due to import delays, and 35 percent foreseeing labor shortages.
Strategic Focus: Improving Supply Chain Cost-Efficiency
Cautiously optimistic in 2023, CPR organizations are prioritizing building cost efficiency through better planning, process improvement, and automation. For 42 percent of organizations, improving supply chain cost efficiency is the top focus for the next 12–18 months. However, 82 percent believe significant supply chain changes are necessary, with 86 percent emphasizing the pivotal role of data and technology. Data management (56 percent), cloud computing (55 percent), and automation (52 percent) lead to technology priorities.
Sustainability Efforts and Adoption Challenges
While 75 percent of CPR organizations are consciously working towards sustainability, large-scale adoption lags. Ethical and responsible sourcing, transportation, and manufacturing are acknowledged by 86 percent as key to competitive advantage. However, deployment and scaling of sustainability initiatives remain below 50 percent, with 49 percent for responsible sourcing, 45 percent for circular product design, and 45 percent for recyclable packaging.
Data and Analytics for Resilient, Sustainable, and Efficient Supply Chains
Managing volatile consumer demand, the focus on cost efficiencies is a key priority for CPR businesses. Data and analytics play a pivotal role in improving demand forecasting, fulfillment, customer experience, and product portfolio optimization. Adopting circular economy practices and increasing transparency in the supply chain are highlighted as essential for meeting sustainability goals.
Perona, the visionary fashion brand founded by Puneet Mangla, has redefined the retail landscape with its omnichannel strategy and commitment to sustainability. As the founder explains, "Our omnichannel strategy is driven by our mission to minimize waste and reduce overproduction in the fashion industry. It's not just about growth; it's about responsible growth."
Currently, Perona operates three wholly-owned stores strategically placed in New Delhi's The Chanakya Mall, DLF Avenue Mall, and Mumbai's T2 International Airport. These stores showcase Perona's dedication to environmental consciousness and sustainability. Natural materials, such as high-quality stone and metal, are used consistently across all Perona stores, creating a minimalist and modern aesthetic that reflects the brand's values.
But Perona's stores are more than just visually appealing; they're technologically advanced. Sensorial touchpoints engage customers, digital screens display products on actual models, and curated music playlists create a vibrant shopping atmosphere. Puneet Mangla believes, "Technology isn't just about efficiency; it's about enhancing the overall shopping experience."
Perona's store designs have been shaped by collaboration with creative minds. Illum Designs, led by Himanshu Dogra, played a pivotal role in establishing the blueprint for the e interiors. Subsequently, the brand has continued to work with other innovative design talents to bring uniqueness and dynamism to each store.
Perona's commitment to seamlessness extends to the shopping journey. Online and offline stores complement each other, with a common platform for communication and inventory management. "We want our customers to have a consistent experience, whether they shop online or in-store," says Mangla.
Looking ahead, Perona's expansion plans are ambitious. The brand envisions launching more stores in India and partnering with multi-brand retail outlets. Mangla adds, "Perona was always meant to be an international brand. We're ready to take our vision to discerning audiences worldwide."
Thus, the brand’s story is one of sustainability, innovation, and a commitment to providing customers with a seamless and convenient shopping journey.
Established in 2015 and headquartered in Bangalore, Karnataka, Brand Studio Lifestyle Pvt. Ltd. operates as a House of Fashion Brands, boasting six distinct brands — Highlander, Tokyo Talkies, Vishudh, Ketch, Locomotive, and Hoop. Introducing Getketch.com in 2021, the company champions consumer-centric fashion trends through digital platforms.
With a comprehensive range of fashion offerings for men, women, and children, Brand Studio Lifestyle continues to redefine affordable, trendy, and dynamic fashion, underlining its innovative business model driven by a wealth of experience in design, sourcing, manufacturing, supply chain management, and retail.
Breaking Records and Setting Trends
In a remarkable feat, Brand Studio Lifestyle (BSL), a powerhouse of fast fashion brands, shattered its own shipping record in October 2023 by dispatching a staggering 43 lakh pieces. This achievement represents an astonishing 132 percent year-on-year (YoY) growth, showcasing the brand's unwavering commitment to excellence in the fast-paced world of fashion.
Astha Sahay, Director of E-Commerce, at Brand Studio Lifestyle, expressed her excitement about this achievement, stating, "Through our unique fashion supply chain ecosystem, we are able to meet the growing appetite for fashion among Gen Z, driving consumption across all tier cities. This capability enables us to deliver an extraordinary breadth of options in the shortest possible lead time, making it the mantra for BSL to overcome any slowdown."
Expanding Horizons: Online Channels and New Customer Acquisition
The success story doesn't end there. Through online channels, BSL welcomed over 8 lakh new customers, solidifying its position as a preferred choice for fashion enthusiasts across India. Sales on leading e-commerce platforms like Myntra, Flipkart, and Ajio contributed to a substantial 90 percent of the company's revenue. Meanwhile, the remaining 10 percent was generated through its Direct-to-Consumer (D2C) initiative, including Getketch.com, Ketch App, and physical shop-in-shop formats like Fashion Factory.
Thriving in Smaller Towns and Cities
Despite market challenges, BSL has experienced a remarkable shift in revenue dynamics. Sahay revealed, "Over 65 percent of Brand Studio Lifestyle’s revenue comes from Tier II and III cities, up from approximately 40 percent a few years ago." This shift is attributed to the increasing demand for youth-centric fashion in smaller towns and cities, where the aspiration for the latest trends at affordable prices is on the rise.
Gen Z Influence and Trend Discovery
Brand Studio Lifestyle's success is intricately tied to its brands — Highlander, Tokyo Talkies, Vishudh, Ketch, and Locomotive — that offer on-trend and affordable fashion catering to Gen Z and young consumers nationwide. The company's unique trend discovery data modeling capabilities have allowed it to identify key trends driving high demand, including gender-neutral fashion, oversized shirts & T-shirts, Y2K and 90s retro fashion, baggy jeans, cargo, Graphic Design-led Prints, and K Pop.
Niche Space and Market Resilience
The growing demand for fashion at value signifies a niche space that Brand Studio Lifestyle is poised to occupy. This strategic positioning has proven to be instrumental in overcoming market slowdowns, as evidenced by the robust sales numbers. The company's ability to understand and adapt to the evolving preferences of its diverse consumer base positions it as a resilient player in the dynamic fashion landscape.
For a very long time, global fashion brands exerted substantial influence over the lingerie fashion landscape. They went beyond mere design, playing a pivotal role in shaping industry trends and standards while also molding consumer preferences. This established a prevailing template for success that dominated the lingerie and intimate wear market.
Today, however, this landscape has undergone a fundamental shift. It's no longer solely focused on style and extravagant designs. Instead, it reflects a changing world and caters to discerning customers seeking a blend of qualities beyond aesthetics. This shift emphasizes attributes such as comfort, wellness, functionality, durability, and sustainability. This evolving market dynamic, coupled with changing consumer preferences and the rise of innovative brands, is heralding a new era in lingerie fashion. In this article, we will delve into the top trends that are currently reshaping this industry.
Body Adaptability
One of the most prevalent challenges when it comes to lingerie is weight fluctuations. A notable trend addressing this challenge is body adaptive or one-size lingerie that is designed to conform seamlessly to the wearer's changing physique, eliminating the need for constant size adjustments. Such garments usually cater to sizes between XS to XL and are engineered to expand and contract with the wearer's body. Their adaptability makes them an ideal choice for maternity wear and a practical solution to accommodate natural weight fluctuations over time.
The Wellness Aspect
In recent years, the lingerie industry has witnessed a significant shift towards wellness-oriented offerings. Sustainable products are at the forefront of this trend, incorporating plant-based fibers derived from sources such as corn lemon, and yew trees. Beyond their eco-friendly attributes, these bio-alternatives prioritize wearer comfort and health. They feature pH-balancing properties, ensuring a comfortable and healthy fit. Furthermore, they offer moisture-wicking and anti-bacterial benefits, all while remaining free from harmful chemicals. This results in undergarments that are not only 100 percent breathable but also adept at reducing unpleasant odors.
Sustainability and Eco-friendliness
Sustainability and eco-friendliness are other key trends in lingerie design and production. Manufacturers are increasingly focused on creating long-lasting undergarments that reduce the need for frequent replacements. This shift towards durability aligns with eco-conscious consumer preferences and contributes to reducing the environmental footprint associated with the fashion industry.
Lab-Tested & Certified
In an era of heightened consumer awareness, transparency and credibility are paramount in the lingerie business. Many products now undergo rigorous lab testing and certifications to meet the highest international regulations and standards. These certifications aren't merely marketing claims; they are substantiated by scientific evidence, instilling trust and confidence in consumers. In an industry where comfort, wellness, and sustainability are gaining prominence, these certifications add significant value to lingerie brands and serve as a testament to their commitment to quality.
In conclusion, the intimate apparel market is witnessing transformative trends that are not only catering to consumer preferences but also aligning with sustainability goals. These trends offer business opportunities for brands that prioritize adaptability, wellness, sustainability, and credibility, thereby shaping the future landscape of the lingerie industry.
Authored By:
Neli Kool, Founder, Intimate Queen
Heli and Neli Kool are the dynamic and innovative sister-duo behind the groundbreaking Intimate Queen brand. With a shared mission to empower individuals and redefine the narrative around intimacy and self-care, they have created a brand that celebrates authenticity, confidence, and personal growth.
Heli's expertise lies in blending psychology, mindfulness, and self-care practices to foster emotional well-being. Her warm and approachable demeanor makes her a sought-after speaker for workshops, podcasts, and panel discussions on self-love Heli is the heart and soul of Intimate Queen's emotional foundation while Neli's expertise lies in translating ideas into visually compelling experiences .
With the glittering lights illuminating the streets, the captivating décor, and fairs and pandals at every nook and corner, the environment around us is vibrant and lively, clearly indicating that the festive season is around the corner. During this time, not only the consumers but even the brands gear up for the festive bonanza.
The Festive Season is the Time for New Beginnings
The festive season is the time when people are willing to shell out money from their pockets as it marks the era of new beginnings. Whether it is purchasing property, a car, or planning any major life event, the festive season is considered to be auspicious. Consumers await this time to grab on exciting season sales and promotional deals as they are keen to refurbish their homes with new furnishings and give away old durables to make space for new ones.
When it comes to furniture Plywood is a preferred choice of consumers, and product like Club Plywood made from the best quality raw material has high density, good bending strength, high impact resistance, and surface finish characteristics.
The festive season is the prime time for wood panel manufacturers to make some important business decisions, such as expanding their product lines to entice the customer base. The new product range could be festive-themed seasonal décor, customizable gift sets, or innovative wood panels for giving homes the perfect festive makeover. They get a chance to reflect on their performance, capabilities, and improvement areas with the sole aim of improving their offerings, growing their business, connecting better with their customers, and carving the path for unprecedented growth. While some players invest in emerging technologies to enhance efficiency and increase production capacity, others strengthen and establish new associations with retailers to develop tailor-made products that meet the expectations of consumers.
Wood Panel Manufacturers’ Preparation for This Year’s Festive Rush
The Confederation of All India Traders (CAIT) anticipates that the current festival season is likely to generate Rs 2 lakh crore business this year as consumers are bracing to celebrate the festive season with vigor and enthusiasm. As per the projections by various industry reports, 47 percent of Indian consumers will expectedly spend over Rs 10,000 on festive purchases, 2.5 times higher than last year. Clothing and mobile phones will continue to dominate the purchasing market trend. However, this year, home improvement and décor has made its entry into the top three purchase categories, and Indians will spend a hefty amount on this segment as well.
Do you know that India is among the leading home furniture producers in the Asia-Pacific region? And 2023 will be all about consumers revamping the interiors of their homes and giving their heavenly abode a remarkable makeover. This is why the furniture industry will witness a growth spurt. And this rise in demand for ergonomic, aesthetic furniture will lead to growth for wood panel manufacturers as well.
To meet the increasing demand this year, wood panel manufacturers have started preparing well in advance. Whether it is increasing production capacity and stockpiling raw materials or hiring a team and rolling out appropriate marketing campaigns, the industry players are leaving no stone unturned to leverage the festive time to meet consumers’ expectations, accelerate their growth, and generate higher revenues.
Inventory Management and Exciting Deals
With competitive pricing and exceptional discounts offered by the furnishing brands, wood panel manufacturers are gearing up to maintain adequate inventory levels to meet the burgeoning demand and eliminate the risk of stockout that could impact sales.
Ensuring Quality Checks
Quality is an important attribute and wood panel manufacturing brands focus all the more on stringent quality checks during the festive rush to rectify any defects in the products in real-time and ensure that high-quality products reach the customers, thereby building trust and loyalty and encouraging repeat business. Additionally, with the sustainability trend gaining momentum, they are making concerted efforts to introduce eco-friendly product variants this year that meet the sustainability criteria and mitigate the risk of environmental damage, like the ACCURATE 710 PLYWOOD which is 100 percent calibrated, 16mm plywood with accurate thickness. It is a precision-made product manufactured from rotary-cut smooth veneers sourced from specially selected eco-friendly timber. Its medium and high-density layers of plywood ensure better bonding. Due to its dimensional stability with lesser susceptibility to weather variance, Accurate Plywood is highly demanded by OEMs and the interior industry. It is eco-friendly with no emissions.
Festival-Focused Marketing Activities
As the tradition goes, quirky festive-centric marketing campaigns complementing their ATL, BTL, and TTL activities to entice consumers will rule the brand communication and marketing landscape this year.
To Sum Up
Consumers look forward to the festive season not only for enjoyment and entertainment but also for redesigning their homes and giving them an innovative, festive transformation. This year, Indian consumers are particularly keen to splurge on home refurbishment and adorning the interiors of their homes to add glamor during the festive season. Wood panel manufacturers are prepping up for the surging demand by managing their inventory, launching new products aligned with sustainability goals, offering promotional deals, and conceptualizing and executing festive-focused marketing campaigns. The festive season is a golden opportunity for them to connect better with their customers by meeting their demands through exceptional service and premium quality products, along with focusing on their business growth.
About the Author
Shital Gupta, Senior VP Sales – Plywood & Decorative, Greenpanel Industries Ltd.
With over 30 years of business leadership experience, Shital Gupta is a growth-focused strategist adept at driving profits through innovative product and business strategies. He has an in-depth understanding of the diversified Indian consumer mindset and is a dynamic leader and a go-getter . He completed his MBA (Marketing & Finance) from the University of Jammu in 1994 and has worked with renowned brands such as -BPL Limited, Godrej Appliances, LG Electronics, Dish TV and Videocon, Samsung, etc. He has expertise in sales, channel management, distribution, and strategy. Prior to joining Greenpanel, Gupta was associated with Samsung India as Director and National Head- Channel Management & Distribution for 12 years. At Greenpanel, he is responsible for pan-India Plywood & Decorative Sales and Distribution
Samsonite, the globally acclaimed luggage brand with a remarkable 113-year legacy of quality and innovation, recently inaugurated the "Destination Samsonite: Voyage Through Time" exhibition in Singapore. The event was graced by key figures, including Mr. Kyle Francis Gendreau - Executive Director and Chief Executive Officer of Samsonite International S.A., and prominent regional celebrities such as Samsonite Korea Ambassador Lee Dong Wook, Samsonite India’s luxury influencer Rizwan Bachav, and travel influencers Savi and Vid from Bruised Passports. Jeffrey Ngai, Samsonite Hong Kong Ambassador, was also among the notable attendees.
With a widespread presence in over 130 countries, Samsonite continues to redefine travel with a fusion of fashion and functionality. The exhibition, "Destination Samsonite," served as a tribute to the brand's journey of innovation and transformation, tracing its roots from the 1930s to the latest smart travel solutions like C-Lite, Proxis, and Evoa.
Highlighting its heritage, the exhibition featured iconic products from Samsonite's history, showcasing its evolution into a trailblazer of smart travel solutions. "Destination Samsonite" provides a retrospective view, displaying archive pieces dating back to the 1930s and underlining the brand’s progression from a luggage manufacturer to a pioneer in innovative smart travel solutions. The commitment to quality is underscored through three thematic installations focusing on lightness, durability, and the use of recycled materials, allowing visitors to explore these features through interactive exhibits.
Looking towards the future, Samsonite introduced three new releases: Evoa Z, SBL Major-Lite, and New Streamlite, each embodying a blend of quality and style. Subrata Dutta, President of the APAC and Middle East at Samsonite, extended an invitation to travelers, stating, "We invite travelers to join us on this remarkable journey at Destination Samsonite, where heritage meets cutting-edge design, and style meets functionality, to redefine the art of travel."
Kim HeeJeong, Senior Director for Marketing and Brand Strategy at Samsonite Asia, expressed the brand's commitment to crafting lasting memories, stories, and experiences that accompany travelers on their most meaningful journeys.
The fashion industry, ever-evolving and dynamic, offers a multitude of opportunities for emerging fashion brands. While the journey to establishing a successful fashion brand is multifaceted, 2023 presents unique challenges and opportunities in a post-pandemic world. This article explores the essential strategies and insights required for launching a successful fashion brand in 2023 and beyond, underpinned by statistics and data-driven guidance.
Navigating the Post-Pandemic Landscape
The COVID-19 pandemic significantly reshaped the fashion industry. As we move forward, understanding these changes is crucial. A survey by McKinsey & Company found that 76 percent of consumers have tried a new shopping behavior since the onset of the pandemic. E-commerce, for instance, has witnessed unprecedented growth. Fashion brands must be prepared to engage with customers in a hybrid environment, both online and offline.
Embracing Sustainability as a Core Value
Sustainability is no longer a buzzword; it's a fundamental value for fashion brands. A Nielsen report states that 73 percent of millennials are willing to pay more for sustainable products. To launch a successful fashion brand, sustainability must be woven into the fabric of your business, from sourcing materials to production processes. Being environmentally responsible not only appeals to conscious consumers but also reduces costs in the long run.
Data-Driven Decision Making
Fashion brands in 2023 need to embrace data analytics. According to a McKinsey report, companies that use data-driven personalization can achieve 15-20 percent revenue growth. Harnessing data allows you to understand customer preferences, optimize supply chains, and predict market trends. Data analytics enables brands to make informed decisions and tailor their strategies for maximum impact.
Leveraging Social Media and Influencer Marketing
In the age of social media, fashion brands must have a strong online presence. According to Hootsuite, Instagram has over 1 billion monthly active users. Engaging with consumers through compelling content, stories, and influencer collaborations can significantly boost brand visibility and customer engagement. A well-executed influencer marketing campaign can yield a return on investment of up to $6.50 for every dollar spent, according to a report by AspireIQ.
Supply Chain Resilience
The pandemic exposed vulnerabilities in global supply chains. Building a resilient and flexible supply chain is critical for a fashion brand's success. A survey by McKinsey found that 73 percent of supply chain executives plan to increase resilience efforts. Consider local sourcing, diverse suppliers, and strategies for managing disruptions.
Emphasizing Customer Experience
In 2023, exceptional customer experiences were paramount. A survey by PwC revealed that 73 percent of consumers believe that experience is an important factor in their purchasing decisions. This experience extends from seamless online shopping to personalized recommendations and excellent post-purchase service. Customer satisfaction and loyalty are the cornerstones of a successful fashion brand.
Adapting to Fast Fashion and Slow Fashion Trends
Fashion brands need to balance fast fashion trends with the slow fashion movement. A report by Statista found that the global fast fashion market is projected to reach $650 billion by 2023. Slow fashion, which emphasizes quality, sustainability, and timeless designs, appeals to consumers seeking value and longevity. A successful fashion brand should understand this duality and cater to both markets.
The fashion industry in 2023 is an exciting yet challenging landscape. To launch a successful fashion brand, it's imperative to adapt to the post-pandemic reality, prioritize sustainability, embrace data-driven strategies, utilize social media and influencers, fortify the supply chain, focus on customer experience, and balance fast fashion with slow fashion trends. In this dynamic era, launching a fashion brand is not just about creating clothing; it's about creating a brand that resonates with the ever-evolving desires and values of consumers. Success in this industry is not only possible; it's achievable by those who navigate the changing tides with strategy, innovation, and a deep understanding of the market.
Author: Diksha Sachdev Founder & CEO, Fashion Solutions
Diksha Sachdev, a distinguished alumna of the renowned Istituto Europeo di Design (IED) in Milan, holds a Masters in Fashion Marketing & Management. Her journey led her back to her homeland, where she introduced a pioneering concept for brands – a comprehensive suite of services distinguished by a unique voice, a groundbreaking approach at the time. With a remarkable track record of attending fashion weeks since their inception, Diksha Sachdev has emerged as an authoritative figure on India's fashion landscape, spanning its history, current trends, and future trajectory. While collaborating with both emerging and established brands, her true passion lies in identifying and nurturing promising young talent, destined to become the fashion luminaries of tomorrow.
Mamaearth currently operates 85 stores, primarily in metros and Tier I markets in India, and all are company-owned stores. The brand understands the importance of integrating its in-store purchasing experience with its online buying options to provide a holistic and personalized shopping experience.
“Our physical stores offer customers the opportunity to experience our products firsthand. From touching and feeling the textures of our skincare products to sampling fragrances, customers can gain a deeper understanding of the quality and effectiveness of our offerings before making a purchase. In congruence with our online channels, we ensure relevant product communication like consumer feedback, ratings, and product payoffs through visual merchandising. This helps our consumers to make informed buying decisions,” explained Ankur Chaudhary, Retail Head, Honasa Consumer Ltd.
The brand also has knowledgeable BAs in its stores who provide expert guidance on skincare and haircare regimens. They help customers understand their unique needs and recommend suitable products. This personalized interaction ensures that customers receive tailored advice, which is a valuable aspect of our in-store experience. For its color cosmetics range, such as lipsticks, lip serums, and foundations, Mamaearth encourages customers to test and try products in-store. It provides clean and hygienic sampling stations, allowing customers to find their perfect shade and texture. This hands-on experience enhances confidence in their purchase decisions.
“Going forward, the cities and regions we are considering as potential targets for our upcoming presence include Delhi, NCR, Chennai, Pune, Calicut, Hyderabad, Chandigarh, Lucknow, Ahmedabad, and Surat. These cities align with our growth strategy as they offer a vibrant consumer market,” he added.
Biju Kassim, Customer Care Associate, and CEO, Beauty at Shoppers Stop highlights the remarkable growth of the beauty retail business in the Indian market. He attributes this growth to the entry of young consumers, the influence of social media, international trends, and the increasing popularity of e-commerce.
“The beauty industry in India has experienced remarkable growth, positioning the country as the fourth-highest revenue generator globally in 2022. While the cosmetics market worldwide is largely dominated by a few multinational conglomerates, the Indian market boasts a strong presence of domestic counterparts. These domestic brands have competed effectively, and the market has also witnessed the entry of newer organic brands, adding to the diversity and competition within the industry.”
SSBeauty Brands Limited of Shoppers Stop believes that a strong physical presence allows them to connect with customers on a deeper level, provide personalized experiences, and create a sense of trust and authenticity. “We prioritize locations with excellent infrastructure and easy accessibility. Other factors include analyzing the local market potential and growth prospects, population growth, economic indicators, and consumer spending patterns. We ensure that our physical stores are strategically located to reach our target customers, drive footfall, and provide an exceptional retail experience,” asserted Kassim.
The brand also believes in international collaborations and introducing top global brands to the nation. They already have NARS, Clarins, and L'Oreal in their kitty and are hoping to onboard renowned brands such as Huda Beauty, Charlotte Tilbury, and The Ordinary.
“Over the past year, SSBeauty has had a successful association with Estée Lauder and has exclusively set up stores to sell their products. Under our new subsidiary Global SSBeauty, we have got into the distribution of beauty brands like Clarins skincare, NARS cosmetics, and L'Oréal fragrances,” Kassim elaborated.
Britannia has reported consolidated sales of Rs 4,370 crore for the quarter ending September 30, 2023, showcasing a 1 percent growth over the previous year and an impressive 23 percent growth over the past 24 months. The operating profit reached Rs 801 crore, marking a substantial 21 percent increase from the previous year, and a remarkable 58 percent growth over the last 24 months.
Varun Berry, Vice Chairman and Managing Director, expressed satisfaction with the company's performance in a challenging economic landscape shaped by two years of high inflation. He highlighted successful innovations such as Jim Jam Pops and 50-50 Golmaal, contributing to robust sales. Additionally, the launch of distinctive cheese formats aimed at expanding retail presence was a notable strategic move.
Despite challenges, Britannia continued its rural expansion, recognizing untapped potential in these markets. The company's digital journey progressed positively, with a focus on digital marketing and leveraging technology for enhanced decision-making and distribution optimization.
Britannia's commitment to building technologically advanced factories saw significant progress, with the commercialization of a new Greenfield facility in Bihar during the quarter. Ongoing capacity and capability enhancements in markets like Uttar Pradesh and Tamil Nadu, along with planned improvements in the Ranjangaon Food Park, position the company for increased productivity and competitiveness.
In response to market dynamics, particularly softened commodity prices and competitive pricing activities in certain categories, Britannia strategically adjusted prices for key brands and SKUs. This move resulted in the recovery of market share during the quarter. However, the company remains vigilant due to the volatile global commodity prices influenced by geopolitical events in the Middle East and Russia.
Varun Berry reiterated Britannia's commitment to sustainability, emphasizing the company's adherence to its ESG framework focusing on People, Growth, Governance, and Resources. The company will continue its initiatives to build a sustainable and profitable business in line with these principles.
Soch crossed the 150 stores mark in August 2022, further solidifying its Pan-India presence. The brand is now across 60+ cities, all prominent marketplaces and its e-commerce site servicing over 30,000 pin codes. In line with its growth strategy, Soch launched 18 new stores in the previous year, with ambitious plans to double the number of new stores in the current year.
The brand operates on a distinctive hybrid model that encompasses three core elements, including internally driving the design and creative direction for its range, harnessing the capabilities of its expansive supplier network for manufacturing capability and design interpretation, and utilizing its internal Quality control expertise to ensure superior quality. This synergistic approach empowers Soch to maintain aesthetic control while drawing design inspiration and manufacturing capabilities from diverse regions across the country.
The company achieved a significant milestone during the fiscal year 2022-2023 by crossing the Rs 400 crore mark in topline revenue. The Operating EBDITA for the year was at Rs 36 crore (9 percent).
Soch has also experienced significant growth in its online business, recording a 125 percent increase in revenue from Rs 19 crore to Rs 44 crore. The brand's recent innovative omnichannel approach, introducing Digital Tabs in stores, has garnered praise for providing customers with an "Endless Aisle" experience, offering five times more choices than an average brick-and-mortar store.
Moreover, the introduction of digital catalogues and lookbooks has enhanced the shopping journey, exemplifying its omnichannel initiative. Its online business will continue to be a key pillar for future growth, increasing from an 11 percent to a 20 percent contribution of revenue by 2026.
The Body Shop, a globally recognized ethical cosmetics company, has taken a significant step towards sustainability by launching its flagship sustainable ACTIVIST WORKSHOP store in New Delhi. This marks a remarkable move in the company's mission to prove that business can be a force for good and promote change-making business practices.
The store showcases The Body Shop's unwavering commitment to sustainability and responsible business ethics. One of the standout features of this new store is the introduction of The Body Shop India's "Return Recycle Repeat" (RRR) in-store plastic recycling program.
Furthermore, The Body Shop has made a significant global commitment to becoming 100% Vegan certified by 2023, demonstrating its dedication to animal welfare and ethical sourcing.
Features of the Store
The store itself is designed to be an interactive and experiential space, inviting customers to explore products, campaigns, and the brand's vision for creating a positive impact on the planet and its communities. It features an Activism hub where visitors can learn about the brand's activist roots and participate in campaigns for social change, ranging from gender equality to the fight against cosmetic animal testing.
The store's sustainable fixtures, made from reclaimed wood and recycled plastics, reflect The Body Shop's commitment to environmentally progressive values and store design. The use of aluminum, an infinitely recyclable material that requires less energy production, is also prominent throughout the store.
The Body Shop's ACTIVIST WORKSHOP store offers a range of its most-loved products, including bestsellers sourced through the Community Fair Trade program. Customers can also enjoy a personalized gifting station and expert advice and demonstrations from friendly and knowledgeable store teams.
As we stand on the precipice of 2024, the landscape of retail is poised for a radical shift, with unprecedented innovations and consumer behaviors shaping the industry's trajectory. In this dynamic environment, electronics retail emerges as a focal point, drawing attention as a barometer for broader retail trends. The interplay of technology and consumer preferences is ushering in a new era, and understanding the nuances of this metamorphosis is crucial for businesses striving to stay ahead. From the rise of immersive in-store experiences to the accelerating dominance of e-commerce, the evolving dynamics of electronics retail encapsulate the larger narrative of retail's future. Delving into the trends set to define 2024 and beyond, we navigate a landscape where seamless omnichannel experiences, sustainability considerations, and the convergence of online and offline realms become paramount.
The following trends are set to define the retail market in the months to come:
Omnichannel and Personalization
One of the most important trends in the electronics retail industry is the shift to omnichannel and personalized consumer experiences. Consumers today expect to interact with brands across multiple channels, whether online, in-store, via social media, or over the phone. They also expect brands to offer them relevant, customized, and consistent product information, recommendations, and services. According to a report by 1WorldSync, 81 percent of consumers expect a brand’s product content experience to be similar wherever they interact with that brand. Brands that fail to deliver on this expectation risk losing their customers to competitors that can provide seamless and satisfying omnichannel experiences. To achieve this, brands need to leverage artificial intelligence (AI) and data analytics to understand their customers’ needs, preferences, and behaviors, and to create and deliver personalized content and offers. They also need to align their teams and systems around centralized and accurate data and content, and to integrate their channels and touchpoints smoothly.
Online Penetration of Retail
The e-commerce industry in India is expected to grow at a compound annual growth rate (CAGR) of 27 percent to reach $163 billion by 2026. Online penetration of retail is projected to increase from 4.7 percent in 2019 to 10.7 percent by 2024. This means that more and more consumers will shop for electronics online, either through websites or mobile apps. To compete in this space, you need to offer a seamless and convenient online shopping experience, with features such as fast delivery, easy returns, secure payments, and personalized recommendations. You also need to leverage social media, influencer marketing, and online reviews to build trust and loyalty among your customers.
Mobile Commerce
Mobile retail e-commerce sales in India were estimated to be nearly $67 billion in 2021 and likely to grow to over $145 billion by 2025. To stay competitive in the industry, retailers need to enhance their mobile websites and apps to provide a seamless shopping experience on smaller screens. They also need to optimize their mobile marketing strategies, such as SMS, push notifications, QR codes, and location-based services, to reach the target audience and drive conversions. The integration of mobile wallets, such as Paytm, Google Pay, and PhonePe to facilitate easy and secure transactions can be a wonderful effort toward leveraging mobile commerce.
IoT and Smart Devices
Another major trend in the electronics retail industry is the rise of IoT and smart devices. IoT refers to the network of devices, appliances, and objects that are connected to the internet and can communicate with each other and with users. Smart devices are devices that are enhanced with AI and can perform autonomous functions and decisions. The IoT and smart device market is projected to grow exponentially in the coming years, reaching more than 207 billion devices by the end of 2024. These devices offer various benefits to consumers, such as convenience, efficiency, security, entertainment, and health. They also offer opportunities for brands to create new products and services, to collect and analyze data, and to engage with customers in innovative ways. Smart devices are already taking retail sales by the storm, and this trend is likely to continue in the coming months.
QR Codes and Mobile Payments
QR codes and mobile payments offer convenience, speed, and security to consumers, as they can easily access information, make purchases, and transfer money without carrying cash or cards. They also offer benefits to brands, such as reducing transaction costs, increasing customer loyalty, and driving engagement and sales. QR codes and mobile payments have become popular in recent years, especially in Asia, where they are widely used for e-commerce, social media, and digital wallets. India has the highest rate of QR code usage in the world, with 83.5 percent of Indian smartphone users having used a QR code at least once. The Bharat QR code, a standardized QR code payment system in India, grew above 4.5 million in 2021. The QR code payment market size in India is expected to grow from $11.67 billion in 2023 to $55.60 billion in 2030, at a CAGR of 18.7 percent. Also, the mobile payments market in India was estimated to reach INR 245 trillion by the financial year 2025, up from only 80 billion in the fiscal year 2015. In the coming months, we can see more retailers hopping on the QR and mobile payments bandwagon, using the technologies to provide detailed and updated product information, payment options, loyalty programs and rewards, along with launching marketing campaigns.
Summing Up
The future of retail, particularly in the electronics sector, promises a kaleidoscope of transformative trends. As we peer into the horizon of 2024 and beyond, the resilience and adaptability of businesses in response to dynamic shifts in consumer behavior and technological advancements will be pivotal. Electronics retail stands as a microcosm of this evolution, showcasing the marriage of cutting-edge technology with the ever-changing demands of the modern consumer. As retailers navigate the uncharted waters of the future, those who grasp the nuances of these emerging trends will not only survive but thrive in the rapidly evolving retail landscape. The metamorphosis is underway, and the journey forward beckons with opportunities for those ready to harness the power of change.
Author: Gaurav Pahwa, Director, Lotus Electronics
Inflation has drastically impacted consumers' purchasing habits worldwide. About 62 percent of adults now shop primarily for discounts, and 69 percent have cut back on non-essential expenses. Additionally, the online shopping surge that brands experienced during the pandemic has been affected, with 42 percent of consumers opting out due to budget concerns.
However, the appetite for future spending remains strong, and 40 percent of consumers are still willing to make an exception for special occasions/higher quality products. All this is to say that this slowdown is an opportunity for e-commerce brands to invest in digital tools that can act as value additions for their business in the long run.
According to McKinsey, more than 120 consumer and retail companies revealed that those leveraging mature technology models outperform the rest. The use of advanced digital engineering technologies can be the driving force behind a brand's resilience. Let's delve further into the technologies that can help e-commerce brands flourish and future-proof their business.
Data-based Decision-making
E-commerce brands can benefit immensely by utilizing advanced data analytics to enable efficient inventory management and order fulfillment processes. It can help them gain insights into consumer behavior, preferences, and market trends. Within no time, insights drawn from data analytics solutions can inform marketing strategies, enabling businesses to target the right audience with the right products based on their preferences.
Real-time analytics and automated processes can allow businesses to adapt and innovate at an unprecedented pace and stay on top of trend cycles and preferences.
Prioritizing Customer Experience
Over 72 percent of customers globally expect personalized customer experience. And having the ability to not just understand what customers want, but tapping into the intricacies of their preferences can make all the difference. Given the economic conditions, customers are careful about the brands they buy from, and without efficient Customer Experience (CX), it wouldn’t take too long for them to opt for competition.
Digitally advanced CX solutions can elevate shopping experiences. With advanced personalization algorithms, businesses can deliver tailored recommendations, personalized marketing campaigns, and content that piques their target customers’ interest, ensuring that their preferences are seen and valued. This customer-centric approach can deliver increased conversions, higher customer loyalty and significant increase in sales and revenue.
Supply Chain Resilience
A robust and agile supply chain is a no-brainer, and many businesses in the sector understand its importance. However, only 40 percent are using technology to record and measure the performance of their supply chain. The challenge lies in the fact that more than half of e-commerce players still rely on spreadsheets, limiting their optimization capabilities.
Building a resilient supply chain network is crucial for inventory management, managing costs, and ensuring product availability. Leveraging digitally engineered advanced inventory management and order management systems to minimize errors, delivering prompt and accurate order fulfillment and timely deliveries. Adopting these technologies could make all the difference between being a business that sells products and one that owns the segment.
Digital Innovation to Stay in Vogue
The future of e-commerce depends on those willing to adapt, innovate, and invest in their digital infrastructure. As consumer preferences evolve, e-commerce businesses that anticipate and meet these changing needs will achieve success. Doing so without technological investments may make it challenging to keep up with the competition.
But understanding these technologies and navigating its implementation without a blueprint or guidance is not ideal. Engaging in strategic collaborations with digital engineering solution providers, can help brands cut costs and invest in technologies that align with their business needs. Over time, staying ahead of the curve will become second nature, making it easier to find success in the future of e-commerce.
Author: Dr. Soumya Bhattacharya, Executive Vice President IoT, AI/ML, Data, Creative Synergies Group
Kalyan Jewellers India Limited has reported robust financial performance for the first half of fiscal year 2024 (H1 FY24), showcasing significant growth in consolidated revenue. The company's consolidated revenue reached Rs 8,790 crore, marking a remarkable 29 percent increase compared to the corresponding period in the previous year, where it stood at Rs 6,806 crore. The consolidated profit after tax (PAT) for H1 FY24 also exhibited a substantial growth of over 30 percent, reaching Rs 278 crore in contrast to Rs 214 crore in the same period of the prior year.
In the second quarter of fiscal year 2024 (Q2 FY24), the company continued its upward trajectory, recording consolidated revenue of Rs 4,415 crore, a notable growth of over 27 percent from the Rs 3,473 crore reported in the corresponding quarter of the previous year. The consolidated PAT for Q2 FY24 was Rs 135 crore, reflecting a 27 percent increase compared to Rs 106 crore in the corresponding period of the prior year.
The company's India operations contributed significantly to this positive trend. In H1 FY24, the standalone revenue for the company in India surged to Rs 7,395 crore, exhibiting a growth of approximately 33 percent from Rs 5,560 crore in the same period of the previous financial year. The India operations also recorded a PAT of over Rs 254 crore for H1 FY24, reflecting a substantial 34 percent growth from approximately Rs 191 crore in the corresponding period of the prior year.
For Q2 FY24, the standalone revenue in India reached Rs 3,754 crore, showcasing a growth of around 32 percent from Rs 2,841 crore in Q2 of the previous financial year. The India operations' PAT for the quarter was Rs 126 crore, representing a robust 32 percent growth compared to Rs 95 crore in the corresponding period of the previous year.
In terms of international operations, the Middle East segment contributed positively with a total revenue of Rs 1,329 crore during H1 FY24, marking a growth of approximately 13 percent from Rs 1,174 crore in the same period of the previous financial year. The Middle East operations recorded a PAT of Rs 29 crore for H1 FY24, compared to Rs 27 crore in the corresponding period of the previous year. Similarly, in Q2 FY24, the Middle East operations reported a total revenue of Rs 629 crore, indicating a growth of around 5 percent from Rs 601 crore in Q2 of the previous financial year. The PAT for the quarter was Rs 12 crore, as opposed to Rs 14 crore in the corresponding period of the prior year.
Despite challenges such as a higher number of Shradh days and volatile gold prices, Kalyan Jewellers India Limited expressed optimism about the festive quarter's progress. Ramesh Kalyanaraman, Executive Director, highlighted a remarkable revenue growth of approximately 35 percent for the current quarter until November 12th, compared to the same period in the previous year, emphasizing the company's resilience and positive momentum.
e-commerce order volumes grew handsomely this festive season, increasing by approximately 37 percent during the festive season sale of 2023 as compared to the festive sale period in 2022. In addition to the substantial growth in order volumes, the Gross Merchandise Value (GMV) also saw an increase of 22 percent during the same festive period.
According to a report by Unicommerce one of India's leading e-commerce enablement Software-as-a-Service (SaaS) platforms, has unveiled its analysis of the recently concluded festive season sale of 2023. The success of the festive season sales in parts may be attributed to attracting discounts on online marketplaces and robust advertising campaigns. This has helped marketplaces record an impressive year-on-year (YoY) order volume growth of 39 percent. Brand websites, on the other hand, also reported a strong 23 percent increase in e-commerce order volumes.
Interestingly, the GMV reported an inverse trend with brand websites recording a 29 percent YoY GMV growth, while marketplaces recorded a 21 percent YoY GMV growth. This may signify that consumers are not only ordering more, but loyal customers are increasingly purchasing directly from their trusted brands, leading to a surge in average order values.
The fashion and accessories segment along with beauty and personal care, emerged as the two most prominent categories in terms of order volumes. These segments displayed consistent growth in both volume and GMV during the festive month. Categories like FMCG and home decor have emerged as strong e-commerce contenders which are now laying inroads for newer segments to flourish in the e-commerce ecosystem.
As per the orders processed through Unicommerce’s platforms, Rajasthan and Uttarakhand took the lead to become the top two states in terms of growth in order volumes, with Haryana in the third position, Uttar Pradesh at the fourth, and Meghalaya in the fifth spot.
Another striking trend observed during the festive season sale was the remarkable rise of prepaid orders this year, increasing by over 45 percent as compared to last year. In contrast, Cash-on-Delivery (COD) orders grew by 20 percent during the same period. The surge in prepaid orders can be attributed to lucrative bank offers and convenient EMI options, making it an encouraging trend for the industry.
Kapil Makhija, CEO Unicommerce stated, "The festive season determines the growing scale of e-commerce in India. As industry sectors continue to embrace the country’s e-commerce ecosystem, shoppers from across India’s length and breadth are willingly opting for online shopping. We ensure that our technology is easily accessible and deployable for sellers considering the fundamental complexities of the Indian market.”
Simpli Namdhari's presently has 10 world-class stores, strategically located in the cities of Bengaluru and Hyderabad. These stores are large-format experience centers, each bearing the hallmark of 'residue-free' and 'safe for consumption' groceries. Furthermore, the company has an extended footprint with 16 Namdhari's Fresh stores in Bengaluru. Namdhari's Fresh stores offer fresh fruits and vegetables, alongside a curated selection of daily necessities.
Store Design
Its design palette embraces earthy greens and browns, mirroring its 'farm to fork' model and deep-rooted sustainability values. The brand has also meticulously planned its store layout with spacious aisles and a chevron arrangement that not only enhances product visibility but also ensures a clutter-free, effortless shopping journey.
Furthermore, it leverages technology with digital screens to narrate its 'farm-to-fork' story, reinforcing trust through transparency. “Sustainability isn't just a buzzword for us; it's embedded in our DNA, from our choice of materials to energy-efficient lighting and our in-house live food section,” said Hema L, Head of Marketing, Simpli Namdhari’s and Namdhari’s Fresh.
Path Ahead
In the forthcoming 2-3 years, the brand is strategically poised to amplify its existing retail footprint in Bengaluru, with a distinct focus on Simpli Namdhari's format. Within the next year, the brand’s resolute objective is to introduce novel stores, thereby not only consolidating its presence but also enriching its service offerings.
This year, the company launched its first flagship Simpli Namdhari’s store in Hyderabad, marking its entry into Telangana. “Our initiation into the Hyderabad market signifies the beginning of an intensive phase of market testing and observation, aimed at garnering invaluable insights and expansion,” stated Hema.
“As we look forward, we aspire to further extend our influence in Hyderabad by introducing an estimated 4-5 additional stores within the ensuing 2-3 years,” she added
Da Milano currently operates more than 60 company-owned stores in 17 cities in India and abroad, including showrooms at 23 airport stores in the country. The brand is on the cutting edge of retail innovation, continuously integrating technology into its stores to revolutionize operations. Its EPOS machines, seamlessly integrated with digital mediums, have drastically reduced billing time, ensuring swift and efficient transactions. The introduction of footfall counting machines optimizes store layout and resource allocation, enhancing the overall customer experience. The brand values customer feedback and has simplified the process through scanners and QR codes, promptly addressing concerns within defined timeframes.
“With the Visual Merchandising App, we monitor and optimize in-store product displays, ensuring a captivating shopping environment. Our stores are secured with state-of-the-art biometric locking systems, prioritizing both safety and efficiency. Furthermore, we uphold international best practices, implementing store-specific replenishment systems, live point of sale systems, dynamic visual merchandising, and weekly product ranges tailored to demand,” stated Sahil Malik, Managing Director, Da Milano Italia.
Design Rationale
At the heart of the brand store design is a commitment to environmental consciousness and sustainable practices. It ensures that a significant portion, at least 20 percent, of the construction materials and furniture used in its stores are sourced from refurbished, reused, reclaimed, or recycled materials. This approach minimizes waste and showcases its dedication to reducing its ecological footprint. “Furthermore, we opt for energy-efficient lighting and equipment, reducing energy consumption while providing an inviting ambiance for our valued customers. By sourcing construction materials locally, we support local economies and contribute to reducing the carbon emissions associated with transportation,” explained Malik.
“Our 3D Concept Rendering brings in-store displays to life, making them visible and accessible to customers, effectively showcasing our products and engaging shoppers. Easy self-navigation is prioritized, ensuring that customers can effortlessly explore the store, creating a seamless and enjoyable shopping journey,” he added.
Global Expansion
Da Milano is working on expanding the brand internationally. It already has five stores in the UAE and one in Nepal and aims to open multiple stores in London and Singapore.
“We would also like to be seen on the high streets of European countries 5 years from now,” he concluded.
In the evolving landscape of retail, there's an undeniable transformation underway. AI and IoT, once just tech lingo, are now breathing new life into our traditional brick-and-mortar stores. My journey in the tech world has allowed me to see firsthand the magic these technologies weave. They're not merely sprinkling tech onto our neighborhood stores; they're reshaping the entire shopping narrative. These advancements ensure that our cherished physical stores continue to play a pivotal role in our shopping routines, even amidst the digital boom. It's a harmonious blend of the nostalgic charm of face-to-face shopping and the prowess of contemporary tech. Let's dive deeper into how AI and IoT are reimagining the essence of shopping in physical outlets.
1. Revamping In-Store Experiences
Tailored shopping journeys: Gone are the days when shopping was a generic experience. AI is personalizing it. By analyzing customer data, stores can now offer product recommendations that resonate with individual preferences, making every visit feel like the store was set up just for you.
Responsive Store Design: IoT is not just about connecting things; it's about making environments adaptive. Smart shelves, interactive kiosks, and even lighting systems adjust in real-time to customer behaviour, ensuring a dynamic shopping environment.
2. Inventory Management Perfected
Real-time stock updates: The integration of sensors ensures that stores are always aware of their stock levels. This not only ensures product availability but also significantly reduces wastage.
Predictive restocking: It's not about reacting but anticipating. AI algorithms can now predict stock depletion rates, triggering automated reordering processes. This ensures that the shelves are never empty and customers always find what they're looking for.
3. Elevating Customer Service
AI Assistants: These aren't your regular store assistants. AI-powered bots are now equipped to answer intricate customer queries, guiding them throughout their shopping journey, ensuring every doubt is addressed.
Frictionless Checkouts: The dread of long queues is becoming a thing of the past. Advanced systems now allow customers to simply pick up their desired items and walk out, with payments being processed automatically, enhancing the shopping experience manifold.
4. Gleaning Insights through Data Analysis
Decoding customer behavior: AI isn't just about automation; it's about understanding. By analyzing in-store customer behavior, retailers gain invaluable insights into product placements, store layouts, and even shopping peak times.
Personalized Marketing: With a deeper understanding of customer preferences, stores can now craft marketing campaigns that resonate on a personal level, ensuring higher engagement and conversion rates.
5. Safety and Security Reinvented
Proactive Theft Prevention: With IoT sensors, stores are not just reacting to thefts but preventing them. These systems can detect unusual activity, triggering alarms or notifications, ensuring a secure shopping environment.
Healthcare Protocols: In our current health-conscious world, IoT devices play a pivotal role in ensuring adherence to health protocols, ensuring a safe shopping environment for all.
6. Driving Efficiency and Sustainability
Smart Energy Management: It's not just about saving costs but the planet. Smart lighting and temperature control systems optimize energy usage, reducing the carbon footprint.
Minimizing Waste: With AI's ability to predict product shelf life, stores can manage perishables more efficiently, leading to significant reductions in waste.
The threads of AI and IoT are weaving a narrative that's nothing short of revolutionary. As I reflect upon the seismic shifts in the retail landscape, it's evident that we're not merely witnessing a technological transition but a holistic transformation of the shopping experience. The essence of brick-and-mortar stores, which many feared would fade in the digital age, is being rejuvenated, and how!
The confluence of AI and IoT is doing more than just sprinkling tech magic onto our traditional shopping avenues. It's about reimagining the very ethos of shopping. It's about ensuring that when a customer steps into a store, they don't just engage in a transaction, but an experience—one that's personalized, efficient, and memorable. From the moment they enter, tailored recommendations and dynamic environments cater to their unique preferences, making them feel truly valued.
Beyond the undeniable business benefits, what truly resonates with me is the sustainability and responsibility angle. In an era where every action counts, the integration of smart energy management and waste reduction is a testament to the potential of technology to not just drive profits, but also protect our planet.
In essence, the future of brick-and-mortar retail isn't just about survival; it's about thriving in harmony with technology. As we stand at this juncture, it's heartening to see that the heart and soul of physical retail, enhanced by AI and IoT, is pulsating stronger than ever, ready to embrace the future with open arms.
Author: Sauvik Banerjjee, CEO, Rezolve Limited
Sauvik Banerjjee is a testament to the power of resilience and the pursuit of passion. From representing Bengal in the Ranji Trophy as a professional cricketer to becoming a global CEO in the tech industry, his journey is nothing short of inspirational. Sauvik stands as a paragon of technological innovation and leadership in the digital era.
Flashlights have seen remarkable progress in terms of employing cutting-edge illumination technology, adjustable beam angles for tailored lighting, improved performance, and safety-enhancing features. Some of the more advanced flashlights are capable of delivering higher lumens instantly. The growth of the industry is driven by the increasing demand for portable lighting solutions in various sectors, including home, outdoor, industrial, and emergency use. However, despite this growth, the industry grapples with persistent challenges that undermine its potential.
When we take a look at what’s going on in the industry, it becomes a matter of concern when imports of electronic instruments, including flashlights, from China saw a notable increase with a 14 percent year-on-year growth in fiscal year 2023. It becomes evident that this growth in imports is part of a larger trend as India's imports from China also showed significant increases across at least 25 major commodity groups. It is imperative to take a holistic approach toward addressing the pivotal factors of quality, transparency, and trust for the flashlight industry. These factors are not only critical but also hold the potential to reshape the way Indian consumers perceive and engage with the industry moving forward.
Quality Control Challenges
One of the foremost challenges facing the Indian flashlight industry is maintaining consistent product quality. Quality control issues not only affect customer satisfaction but also hinder the industry's reputation on the global stage. Several factors contribute to these challenges:
- Non-standard Manufacturing Practices: Many unbranded flashlight manufacturers in India operate with varying standards and practices, leading to inconsistent product quality. This lack of standardization can result in significant variations in brightness, battery life, and durability among different flashlight brands. Branded flashlight manufacturers operating in the country are subject to a regulatory requirement that mandates the recycling of a substantial 60 percent of the rechargeable batteries incorporated into their products. However, a significant problem arises when these entities produce lower-cost or generic flashlight products and frequently disregard the recycling regulations.
- Compromised designs: Many times it is found that the manufacturers compromise on product design aspects to lower the cost which results in safety hazards. Nowadays use of Li-ion batteries in rechargeable flashlights even demands enforcement of safety features like battery overcharge protection, short circuit & deep discharge protection, etc. to avoid serious safety hazards like fire.
- Substandard Components: Previously, the flashlight market has been dominated by established brands that prioritize quality, performance, and longevity. The influx of low-cost Chinese imports has raised legitimate concerns. These flashlights are often manufactured with cost-cutting measures that compromise quality, resulting in issues such as shorter product lifespans, subpar performance, and inadequate safety features.
- Lack of Standardized Testing: Many of the low-cost Chinese torches inundating the market fail to adhere to The Legal Metrology (Packaged Commodities) Rules, 2011. They may lack proper labelling, precise specifications, and compliance with safety standards. For instance, using substandard Li-Ion batteries or improper internal electronic design tend to cause fire hazards. This not only causes serious concerns to consumers but also undermines the efforts of reputable manufacturers who invest in adhering to these regulations.
Transparency Concerns
Transparency is another critical issue affecting the flashlight industry in India. Here are some key transparency-related challenges:
- Supply Chain Opacity: Many flashlight manufacturers in India source components from various suppliers, both domestic and international. The lack of transparency in the supply chain can make it difficult to trace the origin of materials and components, potentially exposing manufacturers to quality control issues.
- Inadequate Product Information: Another disconcerting transparency issue is the absence of Maximum Retail Price (MRP) labels on the packaging. Consumers rely on MRP information to assess pricing fairness and make informed choices. The absence of MRP labeling not only contributes to an unfair marketplace but also hampers consumer decision-making. The absence of this critical information can lead to confusion and ultimately create a less competitive market and favor those who exploit price disparities.
- Warranty and After-Sales Support: Many flashlight manufacturers fail to provide clear warranty terms and after-sales support, leaving consumers with little recourse in case of product defects. Transparent and consumer-friendly warranty policies can build trust and confidence.
Trust Deficits
Building trust is essential for any industry's long-term success. In the flashlight industry, trust deficits are a major roadblock to growth and sustainability. These deficits arise from a combination of quality and transparency issues and can have far-reaching consequences:
- Impact on Reputation: The flashlight industry's overall reputation is affected by instances of subpar products and unethical practices. Inexpensive Chinese torches often make exaggerated claims. However, when put to the test, these products frequently fall short of the promised specifications. This practice affects not only consumer trust but also damages the reputation of the entire flashlight market.
- Hindrance to Innovation: Lack of trust can discourage investments in research and development within the flashlight industry. Manufacturers may be hesitant to introduce innovative features or technologies if they fear that consumers will doubt their efficacy.
- Negative Consumer Perceptions: Ongoing quality control issues and lack of transparency have eroded consumer trust in Chinese flashlight brands. This offers a valuable opportunity for Indian brands to strengthen their image as reliable and trustworthy players in the industry.
- Lack of Consumer Grievance Redressal: When consumers encounter problems or have concerns about flashlight products, accessible and reliable avenues for resolution must be made available. Without this, consumer confidence erodes and the entire industry suffers as a result. At the same time, Consumer Grievance Redressal and compliance costs represent the need for industry regulations to ensure both environmental responsibility and consumer protection.
Conclusion
In the grand scheme of things, the Flashlight Torch market stands at the precipice of sustained growth in the forthcoming years. With an astonishing compound annual growth rate spanning from 2023 to 2030, the flashlight industry in India faces significant challenges related to quality control, transparency, and trust. These challenges not only affect consumer satisfaction but also hinder the industry's growth potential, both domestically and internationally.
To address the challenges a comprehensive approach is needed in terms of establishing standardized certifications, promoting supply chain transparency, creating a regulatory framework, educating consumers, encouraging industry collaboration, and encouraging innovation through research and development. The flashlight industry can overcome its hurdles and ensure long-term growth and sustainability by implementing these initiatives.
Authored By:
Suddhajit Sinha, Vice President & Head – Technology, Eveready Industries India Ltd.
Diwali, the festival of lights, is a time for joy, celebration, and thoughtful gift-giving. As we approach this auspicious occasion, it's essential to choose gifts that reflect the spirit of the festival. The global gifts retailing market size war $65 billion in 2021. As per research, the market is projected to touch $94.044 billion in 2031, exhibiting a CAGR of 3.74 percent during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with gifts retailing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over, recent status, and development trends.
Our guide brings you a curated list of exquisite products from renowned brands, spanning diverse industries such as fashion, jewelry, beauty, and more. Let's explore unique Diwali gifting options that will surely delight your loved ones.
1. Fashion Finesse:
1.1 Bombay Shirt Company: 100 percent Pure Silk Shirts
Gift the epitome of luxury with Bombay Shirt Company's silk shirts. These shirts boast a silky smooth texture and a rich, lustrous sheen, making them a perfect addition to any festive wardrobe. Available online and across 17 stores, they offer a touch of elegance to your Diwali celebrations.
1.2 Fabindia: Svarnim Collection
Celebrate the spirit of Diwali with Fabindia's Svarnim Collection. From handcrafted kurtas to Banarasi, Maheshwari, and Chanderi silk saris, this collection embraces the grandeur of Indian heritage while offering timeless masterpieces for generations to come.
1.3 Urbanic: Slit Cocktail Dress
Add a touch of elegance and joy to Diwali celebrations with Urbanic's Slit Cocktail Dress. This stylish gift, priced at Rs. 2,390, is designed to make a statement and elevate the festive wardrobe.
2. Festive Accessories:
2.1 Caprese: Dazzling Festive Collection
Caprese, synonymous with sophisticated fashion, presents its dazzling Festive Collection. From the Lillie Box Clutch to the Merle Box Clutch, these handcrafted handbags are designed to make a lasting impression during festive gatherings and special occasions.
2.2 Lavie Luxe's limited edition Crystal Frame Clutch and Crystal Flapover Sling Clutch
Perfectly capturing the spirit of the festival. Lavie crafted the Crystal Frame Clutch and Crystal Flapover Sling Clutch with meticulous attention to detail and a deep understanding of contemporary fashion trends, these bags are designed to make a statement and leave a lasting impression.
3. Jewelry Elegance:
3.1 BlueStone: Dhanteras and Diwali Necklaces
Celebrate Diwali with BlueStone's exclusive Dhanteras and Diwali necklaces. From the Wilda Front Back Earrings to the Yvonne Statement Ring, each piece reflects a blend of tradition and innovation, making it a perfect choice for festive celebrations.
3.2 Carat Crush Bracelet Collections
Elevate your festive style with Carat Crush's exquisite bracelet collections. From the iconic Slide Collection to the delicate Mini Slide Collection and the unique Evil Eye Bracelet, each piece offers a distinct style statement for the season of light.
3.3 Talking Threads: Pink Floral Jeweled Crystal Belt
Introduce a touch of chic sophistication to your loved one's ensemble with Talking Threads' Pink Floral Jeweled Crystal Belt. This exquisite accessory, available online, radiates elegance with its delicate pink flower design and captivating jeweled crystals.
3.4 Avenir Jewelry: Terra Drop Necklace
Elevate your style with the Terra Drop Necklace from Avenir Jewelry. Featuring a delicate, earth-inspired design, this necklace is perfect for a plunging neckline or layering, adding a touch of natural beauty and elegance to any look.
3.5 Carat Crush: Polki Drop Necklace
Discover timeless elegance with Carat Crush's Polki Drop Necklace. This exquisite piece showcases the brilliance of a single piece of polki surrounded by a halo of diamonds, making it a versatile accessory for both traditional and contemporary attire.
4. Gift of Time:
4.1 Timex Watches
Make this Diwali unforgettable by gifting your loved ones the timeless gift of a Timex watch. With a wide array of designs from traditional to contemporary, these watches serve as practical accessories and elegant fashion statements.
5. Ethnic Charm:
5.1 Neha Mehra: Green Barfi Print Peplum Set
Explore Indian elegance with Neha Mehra's Green Barfi Print Peplum Set from the Royal Safari collection. Blending contemporary style with traditional charm, this outfit is perfect for special occasions or festive celebrations.
5.2 Kahva: Bandhej Embroidered Suit Set
Indulge in the essence of Diwali with Kahva's Laal Bandhej Suit. This radiant red Bandhej pattern suit captures the artistry and dedication of craftsmen, making it a stunning symbol of festivity and culture.
6. Beauty and Glamour:
6.1 Diam Beauty: Festive Treat Gift Box
Immerse yourself in the ultimate beauty experience with Diam Beauty's Festive Treat Set. This lavish assortment includes liquid blush, lipstick, lip glaze, and a beauty blender, offering a luxurious gift of beauty for the festive season.
6.2 Etude: Self-Love Makeup Kit
Step up your Diwali celebrations with Etude's Self Love Makeup Kit. This FAB 5 Combo includes smudge-proof matte liquid lipstick, peachy ice cream tint, 2-in-1 eyebrow enhancer, pop socket, and scrunchie for maximum impact with minimal effort.
6.3 Perfora: Radiant Smile Limited Edition Gift
Embrace a healthy smile with Perfora's oral care gift set. The Radiant Smile Gift Box includes Awake Toothpaste, Unwind Toothpaste, and a Copper Tongue Cleaner, ensuring lasting oral health during the sweet indulgences of the season.
The global gifts retailing market is poised for growth due to the rising demand for seasonal decorations and the growing gifting culture. Seasonal decorations contribute significantly to the market's revenue, while personalized decorative gifts are popular choices for important occasions.
The second quarter results for fiscal year 2024 have brought mixed fortunes for prominent retail and consumer goods brands in India. Shoppers Stop, Page Industries, Bajaj Electricals, Crompton Greaves Consumer Electricals, and Metro Brands have all reported declines in net profit, reflecting the challenges posed by weak consumer demand and other economic factors.
Here we delve into the specifics of each company's financial performance during Q2.
Shoppers Stop Ltd:
Shoppers Stop faced an 83 percent year-on-year decline in net profit during Q2 FY24, dropping from Rs 18.14 crore to Rs 1.78 crore. Despite a marginal growth in revenue from operations, expenses surged, leading to an overall decline. The company's total income increased, but the substantial decrease in net profit underscores the impact of weakened consumer demand on its bottom line.
Page Industries Ltd:
Page Industries, a prominent apparel manufacturer, reported a 7.3 percent decline in net profit, falling from Rs 162.12 crore to Rs 150.27 crore in Q2. Lower sales volume and value contributed to this decline, reflected in an 8.4 percent decrease in revenue from operations. The challenging market conditions have affected Page Industries' financial performance.
Bajaj Electricals Ltd:
Bajaj Electricals witnessed a significant 56 percent decline in consolidated net profit, from Rs 62 crore to Rs 27.28 crore. The weak consumer demand sentiment impacted net sales, which declined by 3.76 percent. The company's chairman, Shekhar Bajaj, acknowledged the challenging conditions but highlighted the company's stable performance amid adversity.
Crompton Greaves Consumer Electricals Ltd:
Crompton Greaves reported a 22.9 percent decline in consolidated net profit, falling from Rs 126 crore to Rs 97 crore in Q2 FY24. Despite a 4.8 percent increase in consolidated revenue from operations, a 10 percent decrease in EBITDA and a reduction in EBITDA margin underline the operational challenges faced by the company.
Metro Brands:
Metro Brands, a footwear retail chain, experienced a 13.18 percent decline in consolidated net profit during Q2, dropping from Rs 77.89 crore to Rs 67.62 crore. Although revenue from operations increased by 16.66 percent, the rise in total expenses by 23.81 percent indicates the cost pressures faced by the company.
The second quarter of fiscal year 2024 has undoubtedly presented challenges for these leading brands, as they grapple with weakened consumer demand, rising expenses, and other economic headwinds. While revenue from operations has seen varied trends across the companies, the consistent decline in net profit emphasizes the need for strategic adjustments and resilience in the face of evolving market dynamics. As these brands navigate through the rest of the fiscal year, it will be interesting to observe how they adapt their strategies to recover and thrive in an ever-changing economic landscape.
Q2 2024 has been a defining period for several brands across various sectors, with many companies reporting remarkable financial performance and growth despite the challenges posed by market conditions and external factors.
Here are five brand winners in the Q2 2024 results:
Raymond
Raymond, a renowned name in the Indian textile and apparel industry, continued its impressive streak of consecutive quarters with record performance in Q2 2024. The company's strategic growth initiatives and transformation journey have paid off handsomely. Despite delays in consumer spending due to postponed festive and wedding seasons, Raymond reported a robust 6 percent revenue growth, reaching Rs 2,321 crores. The EBITDA margin remained healthy at 16.5 percent. Notably, Raymond has reported record performance for the ninth consecutive quarter, reflecting its strong market presence and customer trust.
Trent Ltd
Surpassing Q2FY23 Performance, Trent Ltd, a subsidiary of the Tata Group, has displayed remarkable growth in Q2 2024 when compared to the same period in FY23. The company's strategic choices and execution supported its expansion agenda, resulting in significant revenue growth. While the consolidated revenue figure for Q2FY24 is not available, the company's total income for Q2FY23 was reported at Rs 2,022.66 crore, marking a substantial increase from the previous year's Rs 1,225.52 crore. This growth showcases Trent Ltd's commitment to maintaining operational efficiency, even in challenging market conditions, as evidenced by the improved EBIT margin of 10.8 percent in Q2FY24.
Nykaa
With an impressive 22 percent Y-o-Y Growth in Q2 2024, Nykaa, a well-known beauty and fashion e-commerce platform, demonstrated remarkable growth in consolidated revenue and profitability in Q2 2024. Despite challenges stemming from the timing of the festive season, Nykaa achieved a 22 percent year-over-year growth in consolidated revenue from operations, reaching Rs 15,070 million. The ability to sustain strong revenue growth, even with festivities beginning in October instead of September, highlights Nykaa's resilience in the face of market fluctuations. The company's profit before tax (PBT) and net profit also showed impressive growth, with PBT growing by over 50 percent year-on-year to Rs 133 million and net profit reaching Rs 78 million.
Reliance Retail
A 21 percent Surge in Profits and Unprecedented Expansion, Reliance Retail, the retail arm of Reliance Industries, reported a substantial 21 percent increase in net profit in Q2FY24, reaching Rs 2,790 crore compared to Rs 2,298 crore in the same quarter the previous year. This surge in profits was accompanied by a remarkable 40.5 percent year-on-year growth in foot traffic to over 260 million, demonstrating the brand's strong appeal to consumers. Reliance Retail's Digital Commerce and New Commerce segments also continued to flourish, contributing significantly to the company's revenue, accounting for 19 percent of the total.
Marico
A Glimpse into India's FMCG Market Resilience with 17 percent Profit Growth, Marico, a prominent player in India's FMCG sector, displayed resilience in its Q2FY24 financial results. Despite facing challenges in the domestic market, Marico showcased steady performance. While the company's Revenue from Operations in Q2FY24 stood at Rs 2,476 crore, reflecting a modest 1 percent decline year-on-year, the underlying volume growth in the domestic business was positive, showing a 3 percent increase. Marico's international business exhibited even stronger performance with a constant currency growth of 13 percent. Notably, around 85 percent of Marico's business either gained or sustained market share and penetration, indicating the brand's resilience in the face of fluctuating demand and pricing pressures.
The Q2 2024 results for these five brands have shown impressive growth, resilience, and adaptability in the face of various challenges, making them clear winners in their respective sectors. Their consistent commitment to operational efficiency, strategic choices, and a customer-centric approach have contributed to their continued success. These results bode well for the prospects of these brands and their ability to navigate the ever-evolving business landscape.
With the onset of the festive season, more than 2 out of 5 consumers across the country have expressed their intent to shop online from Direct-to-Consumer (D2C) merchants. The surge in consumer interest can be attributed to the growing number of individuals turning to D2C merchants in recent years to meet their evolving needs.
According to a survey conducted by Simpl, one of India's leading Checkout Network. Overall, consumer optimism remains high, as 41 percent of the participants said they have strong online shopping plans during this festive season, with 33 percent of the respondents planning to purchase fashion and accessories, followed by 23 percent for travel, and 11 percent for personal care. Food and beverages, as well as consumer electronics, were other popular categories that respondents plan to spend on.
Interestingly, Gen Y (between 1982 and 1994) and Millennials (between 1981 and 1996) constituted a majority of the responses, highlighting their strong preference for festive shopping online, including D2C merchants, to cater to their specific and unique needs.
Khanaz K.A. CXO - D2C Business at Simpl, said, “The festive period is undoubtedly a much-anticipated season for consumers and merchants across India. As an organization, we are committed to building consumers’ trust in merchants, D2C merchants in particular, and increasing conversions and reducing returns for the latter through our AI-led checkout and post-checkout solutions.”
They further added, “Considering D2C merchants service the majority of their annual business during this period, we are focused on enabling these merchants to offer a "better than marketplace" experience on their platforms. Over the last six months, we have been able to improve conversions by up to 87 percent and reduce returns to the extent of 66 percent for hundreds of our merchants across fashion, footwear, travel, home decor, and other categories, in a testament to our commitment”.
Nearly 70 percent of D2C merchants are also expecting a 2x-4x increase in sales during the festive season, revealed another survey by Simpl conducted with hundreds of merchants across the country. These merchants are significantly adding manufacturing and warehousing capacities, along with increasing manpower and spending on marketing, the survey stated.
Apple opened its first two exclusive India retail stores in April, with famous CEO Tim Cook inaugurating the outlets in the financial capital Mumbai, and the national capital Delhi. Apple India welcomed customers through a uniquely designed curved storefront with white oak tables displaying its wares and accessories, as well as a feature wall, manufactured in India. The stores feature dedicated Apple Pickup stations, which makes it easier for customers to order online and collect their devices in-store at a convenient time.
Like all Apple facilities, the operations in India run on 100 percent renewable energy and are carbon neutral. The store in Saket has more than 70 highly skilled retail team members who come from a combined 18 states in India and collectively speak more than 15 languages. They are educated, learned in their craft, and help customers discover and shop for the latest products, and sometimes just discuss the latest technological advancements in the world!
The stores also offer services like ‘Genius Bar’, where customers can book an appointment for hands-on technical and hardware support. As per Apple, Genius Bar appointments can help with everything from setting up a device, recovering an Apple ID, selecting an AppleCare plan, or modifying subscriptions.
Bullish on India Expansion
Apple currently has a tiny share of the Indian smartphone market, which is dominated by Android phones. However, as per Counterpoint data, Apple simply dominates the premium smartphone segment in India, with 65 percent of the above Rs 30,000 smartphones sold in India being iPhones. The move to open the brand stores in India is seen as a significant milestone for Apple, which has struggled to establish a foothold in the Indian market.
With a presence in over 100+ cities and deep penetration in Metro and Tier I, II, and III markets, Pepperfry has become a popular neighborhood brand in the Furniture and Home Goods category. It has 200+ Studios, strategically distributed across India. The brand maintains at least 10 Studios in large Metro markets, multiple studios in Tier I markets, and single studios in Tier II and III markets, ensuring accessibility in all relevant trade areas.
“Moreover, our early entry into Tier II and III markets has yielded substantial benefits, enhancing brand popularity and customer loyalty in these regions. Among our Studios, 43 are COCO (Company-Owned, Company-Operated), while the rest are Franchise Owned and Operated,” noted Kushal Budhia, Chief Category Officer, Pepperfry.
“Almost all major furniture players in India sell on Pepperfry. We also have our private labels in furniture to complete our entire offering. There are 1000+ merchants listing their products on our platform with 1,00,000+ products available to the customers. Leveraging our in-house supply chain, we facilitate deliveries to a network of over 500 cities and 9000+ pin codes across the country,” he added.
Key Elements
In contrast to traditional furniture displays where items are grouped by category (e.g., all beds in one section, all wardrobes in another), Pepperfry Studio layouts mirror the actual living spaces of its customers. This means the brand has dedicated sections resembling living rooms, bedrooms, and more, each furnished with relevant pieces from its Furniture and Home Goods offerings. This unique approach allows customers to envision how their products could seamlessly fit into their own living spaces.
“Furthermore, we boast an extensive selection in our Virtual Catalogue, complemented by the expertise of our in-house Home Consultants. These consultants assist our clients in selecting the most suitable furniture based on their tastes and requirements,” he explained.
Festivals everywhere are seasons for exchanging gifts. Worldwide the gifting market is worth $475 billion and India is poised to make a significant dent by 2024 with a market worth $84 billion. The Indian gifting market is driven by a multitude of factors, like cultural traditions, the overall economic prosperity in India and the consequent lifestyle changes, the surge in e-commerce, and the growing trend of corporate gifting.
As India's economy grows, so does its expanding middle-income group, with more disposable income in hand. This segment of consumers is driving the upsurge in the sale of premium and luxury gifting products. The gifting market can be categorised into three primary segments, festival gifting, personal gifting, and corporate gifting. Corporate gifting is an expanding business as companies show their appreciation for employees and build relationships with clients through gifts and hampers during festivals. These trends have significantly elevated the demand for personalized and top-tier corporate gifting items.
The skincare industry in India has witnessed remarkable growth in recent years, with consumers increasingly prioritizing self-care and wellness. As such, skincare products have become highly sought-after gifts, aligning perfectly with the growing emphasis on health and well-being in the corporate world. Let's explore the ultimate Diwali gifting ideas for the skincare industry and the retail sector.
As the festive season of Diwali approaches, why not choose the gift of radiant skin and self-care for your clients, employees, or partners? We've curated a listicle of the leading skincare brands in India, offering a wide range of skincare products that are perfect for gifting.
- INNISFREE - Super Hero Serum For Your Healthy Skin Set
INNISFREE presents the Super Hero Serum Set, an ideal corporate gift for your clients or employees. This set is designed to moisturize, brighten, and effectively address trouble areas, ensuring that your business relationships are as healthy as your skin.
- mCaffeine - Pore-Refining & Sun Protection Routine
mCaffeine offers a Pore-Refining and sun Protection Routine, perfect for gifting to your corporate partners. This routine includes products that can help your business relationships stay clear and glowing.
- Hyphen - All I Need Sunscreen SPA 50++++ and Golden Hour Glow Face Serum
Hyphen's sunscreen and face serum make for practical and thoughtful corporate gifts. Shield your corporate connections from the sun's harmful rays and brighten your skin with these high-quality skincare products.
- Rivona Naturals - Wellness Rituals Gift Set.
Elevate your business relationships with Rivona Naturals' Wellness Rituals Gift Set. This exclusive hamper is crafted to ensure that your clients or employees feel pampered and glowing throughout the festive season.
- Sommer Diwali Bundle
Sommer's Huesicle bundle is the ultimate Diwali corporate gift. It's a versatile and fuss-free gift that adds a touch of festivity to your business relationships.
- CHOSEN Store's Diwali Gifting Corporate Boxes
CHOSEN By Dermatology offers a range of corporate gift boxes meticulously crafted for Indian skin. These thoughtful gifts not only express gratitude but also reflect your commitment to sustainability and well-being in your corporate relationships.
- Juicy Chemistry - Glow with Saffron Gift Box
The Glow with Saffron Gift Box by Juicy Chemistry is a luxurious and organic corporate gift, enriched with saffron and roses. It's an excellent choice for expressing appreciation to your clients or employees.
- The Skin Diet Company - All-Rounder Combo
The All Rounder Combo from The Skin Diet Company is like a superfood diet for the skin. Show your clients or employees that you care about their well-being by gifting them this bundle of skincare goodness.
- O3+ - Vitamin C Combo Kit and Agelock Diwali Duo
O3+ presents a Vitamin C Combo Kit and an Agelock Diwali Duo that are perfect for corporate gifting. Give the gift of radiant skin to your valued partners.
- Sara Dtan Combo
The Sara Dtan Combo is a unique and practical corporate gift that includes skincare products for a glowing look. Show your business associates that you appreciate their radiance in your corporate journey.
- Indulgeo Essentials - Rose Gold Oil (Buy one Get 5 Free Combo)
Indulgeo Essentials offers an exclusive corporate gift package where you can buy one Rose Gold Oil and receive five additional products of your choice. This gift is a token of appreciation for your clients or employees.
- YourHappyLife - Glow & Shine Diwali Delight Bundle
YourHappyLife's Glow & Shine Diwali Delight Bundle is designed to enhance natural beauty and help your corporate partners shine throughout the celebrations. It's a perfect way to celebrate your business relationships.
- moha - Festive Glamour Kit
Moha's Festive Glamour Kit is an exquisite corporate gift for Diwali. It includes a selection of luxurious, all-natural products that express your appreciation to your clients, employees, or partners.
- Aqualogica - Illuminate+ Lush Strobe Cream
Aqualogica's Illuminate+ Lush Strobe Cream is a game-changer that can instantly elevate your corporate relationships. It's versatile, offering an all-over glow, a foundation boost, or a highlight to your business connections.
This Diwali, celebrate the festival of lights by expressing appreciation to your clients, employees, or partners with the gift of self-care and radiant skin. These leading skincare brands in India offer a wide range of products perfect for corporate gifting, ensuring that your business relationships radiate with a luminous glow throughout the festive season. Embrace the spirit of Diwali and indulge in the beauty of self-care with these remarkable B2B gifting ideas from the skincare industry.
At the crossroads of its transformation journey, Raymond has continued to impress with its remarkable quarter-on-quarter performance. The second quarter of the fiscal year 2024 (Q2FY24) marked the ninth consecutive quarter of the highest-ever performance, both in terms of revenue and EBITDA.
Tri-Focused Growth Strategy
Raymond's growth trajectory is anchored in a strategic approach that revolves around its three distinct verticals: Lifestyle, Real Estate, and Engineering businesses. This growth strategy has been fortified by the effective implementation of key drivers, including the strengthening of distribution channels and capitalizing on export orders within the Lifestyle business.
In Q2FY24, Raymond reported a robust revenue growth of 6 percent, reaching Rs 2,321 cr, with a healthy EBITDA margin of 16.5 percent. This remarkable performance occurred despite the postponement in consumer spending cycles due to delays in the festive and wedding seasons.
Lifestyle Business on the Rise
The Branded Apparel segment, during the quarter, exhibited an impressive growth of 18 percent compared to the same quarter the previous year. This feat was achieved by expanding the product range in the casual category and opening 63 new stores. Raymond's Branded Textile business maintained steady performance during the same period. Furthermore, Raymond's garmenting business thrived, boasting an 18 percent growth rate compared to the previous year, driven by new customer acquisitions and increased order volumes from existing clients.
Real Estate Business Reaches New Heights
Raymond's real estate business demonstrated stellar performance in Q2FY24, recording a total booking value of over 650 cr. This feat was primarily achieved through the launch of premium residential projects. Raymond Realty has recently been appointed as a developer for the redevelopment of a prominent housing society in Mahim, Mumbai, with a potential revenue of over Rs 1,700 cr over the project's duration. The real estate business is now expanding beyond Thane and initiating two residential projects based on the joint development model, with a combined revenue potential exceeding Rs 3,700 cr in highly sought-after residential areas of Mumbai.
Entry into Aerospace, Defense, and EV Components Business
Recently, the Raymond Group made an exciting foray into the sunrise sectors of Aerospace, Defense, and EV components by acquiring a 59.25 percent stake in the business of Maini Precision Products Ltd (MPPL). The transaction is subject to regulatory approvals and is expected to be completed during the current fiscal year. The consolidation of Engineering business companies of JK Files & Engineering Ltd, RPAL, and Maini Precision Products Ltd has created a proforma consolidated engineering business with revenues of approximately Rs 1,600 cr and an EBITDA of about Rs 220 cr in the financial year 2023. This consolidation provides scale, size, and a strong platform for the profitable growth of the engineering business through meaningful synergies.
Path Forward
Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, expressed his optimism about the future. He stated, “The growth trajectory at Raymond continues its journey as we have recorded yet another stellar quarter. We continue to achieve milestones across businesses as we recently announced our second project under joint development in our real estate business with a potential of ₹ 1,700 cr revenue. With acquisition of MPPL, our engineering business will now be consolidated and will participate in sunrise sectors like aerospace, defense and EV components, which have phenomenal growth opportunities. With the onset of festivities and wedding season, we at Raymond are optimistic that there will be an uptick in the consumer demand and overall sentiments should remain positive.”
As the festive and wedding season approaches, Raymond anticipates an uptick in consumer demand and remains optimistic that overall sentiments will remain positive.
Segmental Performance Highlights
In Q2FY24, the Branded Textile segment maintained a steady topline of Rs 933 cr, with an EBITDA margin of 22.1 percent. In contrast, the Branded Apparel segment achieved impressive growth, with sales of Rs 437 cr, reflecting an 18 percent increase compared to the same quarter the previous year. The Garmenting segment saw an 18 percent growth, reaching Rs 312 cr, while the High Value Cotton Shirting segment maintained a sales figure of Rs 211 cr.
The Engineering business reported sales of Rs 201 cr, experiencing a 12 percent decrease due to sluggish export market conditions, although the domestic market witnessed growth. Despite this, the business reported an EBITDA margin of 12.7 percent. With the acquisition of MPPL, Raymond's engineering business is poised to explore high-growth precision engineering products in the aerospace, defense, and EV sectors, both internationally and domestically.
Raymond's real estate business continued its construction momentum in several projects, delivering a robust sales performance of Rs 243 cr in Q2FY24. Total booking value in launched projects reached approximately Rs 650 cr, highlighting strong customer confidence and acceptance.
Raymond's journey of transformation and growth is a testament to its adaptability and strategic acumen. As it continues to excel across diverse sectors, the conglomerate remains committed to delivering value to its shareholders and anticipating changing market dynamics with agility and innovation.
Trent Ltd, a subsidiary of Tata Group, has recently released its financial results for the second quarter of FY24, and it is evident that the company has made significant progress compared to the same period in FY23.
Q2FY24 vs. Q2FY23 - A Comparative Analysis
Revenue Growth: Trent Ltd continued to display robust revenue growth in Q2FY24, even amidst relatively subdued market conditions. The company's strategic choices and strong execution supported its expansion agenda. The consolidated topline revenue for Q2FY24 was not provided in the given information, but in Q2FY23, Trent's total income was reported at Rs 2,022.66 crore, reflecting a remarkable increase from the previous year's Rs 1,225.52 crore. This indicates an impressive growth trend for the company over the year.
Operational Margin: Trent Ltd has managed to improve its operating EBIT margin for Q2FY24, reporting a margin of 10.8 percent, which is higher than the 9.7 percent reported in the same quarter in FY23. This signifies the company's commitment to maintaining operational efficiency, even in challenging market conditions.
Store Expansion: The company expanded its store network during Q2FY24, with 6 new Westside stores and 27 new Zudio stores across 19 cities. This reflects the company's dedication to its expansion agenda, even in a challenging market. In Q2FY23, Trent's focus on store expansion was also evident with Westside registering an LFL (Like-for-Like) growth of 20 percent.
Fashion Concepts Growth: It has witnessed encouraging LFL growth of over 10 percent for its fashion concepts in Q2FY24 compared to the same period in FY23. This growth can be attributed to delivering consistent value to customers through a differentiated product portfolio. The company's commitment to providing an elevated brand experience in its stores was also highlighted.
Emerging Categories: The company's emerging categories, including beauty and personal care, innerwear, and footwear, continued to gain traction with customers, contributing over 19 percent of standalone revenues. This diversification strategy appears to be paying off for Trent Ltd.
Star Business: Trent's Star business, consisting of 65 stores, registered impressive operating revenue growth of 30 percent in Q2FY24 compared to the same period in FY23. This growth was mainly from like-for-like stores, and the business experienced an all-round performance improvement. The positive economics of the Star business suggests that it is becoming a key growth engine for Trent Ltd.
Online Growth: Online revenues through Westside.com and Tata platforms contributed over 6 percent of Westside revenues, registering a 32 percent growth in Q2FY24 over the corresponding quarter. This emphasizes Trent's commitment to expanding its reach and reinforcing its lifestyle offerings across various channels.
Speaking on the performance, Noel N Tata, Chairman, Trent Limited said, “Our lifestyle offerings across concepts, categories, and channels witnessed strong momentum in Q2FY24 despite challenging market conditions. We continue to see growing relevance for our offerings, resilience in our business model choices, and attractiveness of our differentiated platform. We will expand and deepen our store presence to be ever more proximate and convenient to customers reinforcing our brand promise.”
“We have applied our playbook to the Star business and are witnessing strong customer traction, instilling a growing conviction to build out this growth engine in the food and grocery space. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead,” he further added.
The company has showcased a commendable performance in Q2FY24, with notable growth in revenues, operational efficiency, store expansion, and encouraging LFL growth. The company's strategic initiatives, focus on customer experience and diversification into emerging categories have contributed to its success. Furthermore, the performance of the Star business and the growth in online revenues indicate Trent's readiness to adapt to changing consumer preferences and market dynamics. Overall, Trent Ltd's Q2FY24 results reflect a company with a clear growth agenda and a commitment to delivering value to its customers and shareholders.
In less than a year, Forever New India has become the country's fastest-growing high-premium fashion brand, with a strong presence in Tier II and III cities. The brand currently operates 38 exclusive business outlets and over 40+ concession stores in India. These stores are company-owned and are located in various cities across the country, including Chandigarh, Mohali, and Pune, amongst others.
The brand’s retail stores prioritize quality materials, carefully planned layouts for easy shopping, environmental consciousness through sustainable materials and practices, and a commitment to sustainability, resulting in an enhanced shopping experience aligned with modern consumer values.
“These elements come together to create a world-class shopping experience that showcases our commitment to quality and style and aligns with the values of modern consumers who prioritize sustainability and responsible fashion choices. The result is an enhanced shopping experience, making Forever New a preferred destination for fashion enthusiasts,” said Dhruv Bogra, Country Manager, Forever New.
Embracing Tech
Forever New India has embraced technology to enhance its in-store operations and customer experiences. "Virtual shopping" and "Home shopping" services are provided ensuring the convenience of shopping in the comfort of consumers’ homes. In-store, the brand uses technology for inventory management, point-of-sale systems, and data analytics. With numerous physical outlets and a strong online presence, customers can explore the brand's collections in stores and online. The brand's website and partnership with Myntra provide online shopping convenience.
Expansion Ahead
The brand's expansion plans are focused on Tier II and III cities, including Chandigarh, Mohali, Pune, etc. These cities are the potential targets for its upcoming presence as it continues to rapidly grow its footprint in India.
“Additionally, we are also expanding our product portfolio in the handbag category and envision a future presence in the footwear market,” added Bogra.
Extra Butter has six stores in the United States – most located in New York City. Last month, the brand opened its first international store in Mumbai. The store displays around 120 SKUs of footwear and 150-160 SKUs of apparel and accessories.
“Less than 5 percent of our total assortment is generally available in our brick-and-mortar stores at any given point in time. Our online store naturally serves a much wider customer base. Last year, we shipped to every single state in the US. We expect the same to be true in India,” said Ankur Amin, Chief Executive Office, Extra Butter India.
Store USP
Extra Butter shops have some signature elements such as theater seating, velvet curtains, and a monochromatic background, which lets the product become the main focus of the store. But, at the Mumbai store, it also highlights Indian artisans and local materials. Hence, the brand worked with A Wicker Story for the beautiful handmade benches that look like shoe laces. For the flooring, they went with Kota in the showroom, which is about as Indian as it gets. For the cafe flooring, hand-laid mosaic tiles were used.
Road Ahead
The brand plans to open a second store in a year or so. “We’ll probably use our proprietary e-commerce data to decide where and take our time to make the right decision. What we know for sure is the appetite for retail concepts like ours is real - India needs more premium multi-brand retailers. Whether it’s Extra Butter or another brand, the Indian customer deserves to have the best of global brands curated for them in a premium, experiential shopping environment,” he concluded.
Today, a home is much more than a unit where one resides. It is a reflection of our personality, a place where we spend time with loved ones, a multi-purpose space that houses all interests, passions, recreational and functional needs. It is a meaningful, intimate space that individuals are increasingly investing behind.
The significance of living spaces is growing, and home décor and designs are playing a major role in this evolution. The surging demand for functional and aesthetically pleasing homes has led to a significant increase in the demand for interior décor services. This growing trend has also attracted the attention of larger companies, which are now entering the home décor space. Recent data from the IMARC Group reveals that in 2022, the India home furnishings market had reached a substantial size of Rs 48,625 Crore. Furthermore, the market is projected to expand to Rs 78,536 Crore by 2028, indicating a noteworthy compound annual growth rate (CAGR) of 8.23 percent expected during the period from 2023 to 2028.This implies that residents are going to prefer innovative and smart solutions for creating a living space that feels homely and functional.
With this rising trend, let’s look at how home improvement companies are elevating the homes of customers.
1. Smart Living Solutions
With advancing technology, smart homes have evolved from futuristic concepts into accessible and affordable realities. As per research, the home decor market is registering a CAGR of 6.2 percent between 2023 and 2033. Sneha Varghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI) says that the adoption of DIY culture and smart home integration solutions is at its peak for renovating houses with environmental awareness. Home décor companies are seamlessly offering innovative and aesthetic designs to create intelligent and captivating spaces. It's more than just adding smart devices; it's about integrating technology into the very core of a home's interior to craft harmonious and highly functional living environments. For instance, companies are offering solutions like automated lighting, smart thermostats, and voice-activated controls, allowing residents to control their environment with ease.
2. Innovative and Customized Living Spaces
Addressing the diverse demands of customers, companies are customizing versatile interiors while also considering environmental sustainability. With the increasing trend of smart home interior design, brands are providing customizable solutions specializing in a range of home solutions including windows, wardrobe shutters, ceilings and more, including free consultation services, catering to the diverse lifestyles and preferences of individuals in urban, tier two, and tier three cities. Another way of tailoring your living space is customizing textiles, widely cushions, curtains, bedding bringing an aesthetic appeal to your home. This approach ensures that homeowners can have spaces that reflect their unique personalities and meet their practical needs while also aligning with their eco-friendly aspirations.
3. Eco-elegance in Interiors
Sustainability has become a defining aspect of modern home decor, where style and environmental responsibility go hand in hand. The use of environmentally friendly materials such as cork, bamboo, and recycled materials has transformed interior design. Glass is increasingly favored in the realm of environmentally friendly home decor due to its unique combination of elegance and sustainability. This versatile material offers several benefits that make it a wise choice for those who wish to enhance the aesthetics of their living spaces while minimizing their environmental footprint. Glass is 100 percent recyclable. It seamlessly blends the interiors and exteriors with its inherent trait of transparency awarding scenic views of the outdoors. The industry is making moves in making homes that are tailored to modern demands and leaving a positive environmental legacy, from energy-efficient designs to recycled materials. The entry of large companies into home décor services mirrors shifting consumer preferences. This change underscores the importance of innovation, sustainability, and smart living in modern homes. Homeowners are increasingly looking for innovative, eco-friendly, and tech-savvy solutions that blend personal style with practicality.
Author: Hemant Khurana, Executive Director (Homes & Hospitality Business), Saint-Gobain India
Tanishq has been setting the standard for superior craftsmanship, exquisite designs, and guaranteed product quality for over two decades. In a rapidly evolving retail landscape, Tanishq recently embarked on a journey to expand its offline success into the online realm with the help of MoEngage, an intelligent customer engagement platform. In a joint interview, Pelki Tshering, Marketing Head at Tanishq, and Yash Reddy, Chief Business Officer (APAC & EMEA) at MoEngage, shed light on how they harnessed the platform’s capabilities to enhance customer experiences and strike the perfect balance between Tanishq’s offline and online initiatives.
Recalibrating Customer Engagement
The COVID-19 pandemic pushed businesses to adapt to new circumstances quickly, and Tanishq was among the first movers in the jewelry industry to make the transition online. Understanding the need of the hour, Tanishq introduced innovative buying initiatives, such as virtual jewelry try-ons, video calls, real-time live chats, and appointment-based shopping, to cater to the evolving preferences of its customers. In the post-pandemic era, Tanishq recognized the importance of knowing its customers well and tailoring engagement strategies accordingly to thrive in changing environments.
The jewelry industry often faces long purchase cycles, as customers carefully consider their choices. Tanishq utilized MoEngage's Onsite messaging (OSM) and In-app Communications to reach out to potential customers who were browsing the website. These campaigns featured high-intent call-to-actions (CTAs) and highly relevant content, leading to a 7.2 percent clickthrough rate and a 5 percent fill rate. These efforts resulted in an impressive average of over 5000 leads generated each month, effectively converting window shoppers into potential customers.
Driving Retention
Since Tanishq valued its customers' role in bringing its brand story to life, MoEngage enabled the brand to deploy detailed communication flows across various channels like WhatsApp, Push, In-app, and emails. This approach increased weekly retention rates by 25 percent, demonstrating MoEngage's effectiveness in enhancing customer loyalty and lifetime value.
The jewelry industry's long purchase cycles present an opportunity to re-engage with cart abandoners effectively. Tanishq used MoEngage to send reminders to abandoners via onsite, in-app, and WhatsApp campaigns, accompanied by product images and persuasive messaging to induce FOMO. These campaigns achieved an impressive 3.37 percent conversion rate, effectively reducing cart abandonment and increasing conversions.
Counteracting Dormancy
Customer dormancy is a challenge that all brands face. To re-engage dormant customers, Tanishq leveraged MoEngage's web and app personalization capabilities. By offering relevant product categories, personalized recommendations, and special promotions, Tanishq successfully revived customer interest. For instance, during the Akshaya Tritiya sale, Tanishq customized its homepage banner for visitors who had shown an affinity for specific product categories. This approach resulted in a remarkable 0.6% conversion rate.
Tanishq was highly impressed with the flexibility of MoEngage's Website Personalization capabilities. They successfully ran multiple campaigns for various use cases, allowing for quick experiments and parameter adjustments. The CTR for these campaigns improved from 0.2 percent to 0.6 percent within minutes, without the need for technical intervention, showcasing the power of MoEngage's user-friendly platform.
Tanishq's partnership with MoEngage has been instrumental in adapting to changing customer preferences, enhancing engagement strategies, and boosting online sales. By leveraging MoEngage's intelligent engagement platform, Tanishq has not only retained its status as a jewelry giant but has also solidified its presence in the online jewelry market. This collaborative effort is a testament to the power of innovative customer engagement strategies and the flexibility of MoEngage's solutions.
Nykaa, the well-known beauty and fashion e-commerce platform, announced its financial results for the second quarter of fiscal year 2024, ending on September 30, 2023. The company, officially known as FSN E-Commerce Ventures Limited, demonstrated impressive growth in consolidated revenue and profitability, despite some challenges posed by the timing of the festive season.
Robust Financial Performance
The standout achievement in Nykaa's Q2 FY2024 results was the impressive 22 percent year-over-year growth in consolidated revenue from operations, reaching a total of Rs 15,070 million. This growth is especially noteworthy considering the delay in the festive season compared to the previous year, with festivities starting in October instead of September. The company's ability to maintain strong revenue growth in the face of such challenges is a testament to its resilience.
Despite a slight dip of 221 basis points in gross margin as a percentage of revenue compared to the previous year, Nykaa's gross margin profile remained stable. The company's commitment to improving business efficiency led to significant advancements. The EBITDA margin expanded to 5.4 percent for the quarter, a remarkable 32 percent year-over-year increase, driven by cost-efficiency improvements in both direct and indirect costs.
In terms of profitability, both profit before tax (PBT) and net profit witnessed impressive growth, with PBT growing by over 50 percent year-on-year to Rs 133 million and net profit for the quarter reaching Rs 78 million.
Nykaa's Financial Highlights for Q2 FY2024
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GMV grew by 25 percent year-on-year to Rs 29,435 million.
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NSV saw a 24 percent year-on-year increase to Rs 14,983 million.
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EBITDA recorded a 32 percent year-on-year growth, reaching Rs 806 million.
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EBITDA margin expanded to 5.4 percent, up from 5.0 percent in the same quarter the previous year, marking a 38 basis point expansion.
Diverse Business Highlights
Nykaa's success can be attributed to its diverse portfolio of businesses, including Beauty & Personal Care (BPC), Fashion, and new ventures.
Beauty & Personal Care:
In the BPC segment, the company demonstrated a 23 percent year-on-year growth in GMV, with a 19 percent year-on-year increase in NSV. The expansion of physical retail stores, which now constitute 8 percent of the BPC GMV, and strong performance of owned beauty brands contributed to this growth.
Nykaa's unique "Hot Pink Sale" event in July 2023, with its innovative features and early access for Prive customers, resulted in a 37 percent year-on-year increase in GMV. The company continues to enhance beauty consumption and adoption in India through events like Nykaaland and campaigns like "CSMS”.
Fashion:
The fashion segment of Nykaa's business reported a consolidated revenue from operations of Rs 1305 million, a 28 percent year-on-year growth. This growth was underpinned by a 32 percent year-on-year increase in NSV and a surge in annual unique transacting customers (AUTC).
Notably, Nykaa Fashion improved its contribution margin as a percentage of NSV, reaching 4.7 percent in Q2 FY2024, up from 2.3 percent in Q2 FY2023. The company's long-term investments in platform capabilities and business positioning have paid off, with a strong increase in customer retention, user conversion, and overall improvements in unit economics.
Others/New Businesses:
Nykaa's new businesses, including Superstore by Nykaa, reported an NSV of Rs 986 million for the quarter, marking a remarkable 105 percent year-on-year growth. The Superstore business expanded its reach to serve almost 1.3 lakh transacting retailers across 770 cities.
Moreover, Nykaa's new business vertical saw significant improvements in contribution margin as a percentage of NSV, moving from -33.4 percent in Q2 FY23 to -14.8 percent in Q2 FY24. This improvement was driven by operational enhancements and cost optimizations.
Nykaa's diversified portfolio also includes Nykaa Man, international ventures, content-led platform LBB, and the wellness brand Nudge.
Continued Growth and Innovation
Nykaa's ability to thrive in the ever-evolving e-commerce landscape is a testament to its commitment to growth and innovation. The company's Q2 FY2024 results reflect its resilience in the face of challenges and its strategic initiatives to improve profitability, maintain strong customer relationships, and expand into new business segments.
As Nykaa continues to disrupt the beauty and fashion market in India, it remains a trusted destination for millions of beauty and fashion enthusiasts. With its innovative events, strong digital presence, and a comprehensive portfolio of offerings, Nykaa is well-positioned for continued success in the coming years.
The dilemma of shopping online or in retail markets has been on every conventional shopper's mind. In the initial days of online retail shopping being introduced, there was apprehension about trust & quality as individuals were used to asking our set of questions to the shopkeeper, trying the outfits, feeling the fabrics, checking for damages, bargaining for the best price, comparing with other shopkeepers, etc. All these parameters have been adapted very well in the online e-commerce section. Retail online shopping made its first impression in the early 2000s, marking its big boom in 2012.
According to Jack Ma, Alibaba founder, "The future is not in dominating e-commerce; it's rather in the complete digitalization of the retail concept. It's the perfect mix of on- and offline logistic services and user behavior analytics, i.e., big data. They call it the New Retail."
The Indian retail industry has arisen as one of the most unique and quick-moving businesses because of the section of a few new players. The Indian Retail area has fallen off age and undergone significant change over the past ten years with a perceptible shift towards coordinated retailing. As per Kearney Report 2019, Gross domestic product development has further developed simplicity of carrying on with work, and better clearness regarding unfamiliar direct venture guidelines places India in the second spot. India is presently the world's quickest-developing economy, surpassing China. The retail demand is progressively determined by urbanization, an extending working class, and more ladies entering the labor force. India remains a challenging and complex market for unfamiliar retailers. India's solid positioning reflects unfamiliar retailers' expanded hopefulness in the $1 trillion retail market and immense potential. By 2026, the Indian online business market is supposed to develop to US$ 200 billion.
Buyers' Mindset While Shopping in 2023
With India's huge 'youthful' populace and high homegrown utilization, the large-scale patterns for the area look ideal. As indicated by industry experts' purchasers who are happy with the store's administrative quality will stay faithful. Administration quality is progressively seen as a device to increase the purchaser's incentive, to situate in a cutthroat climate to guarantee customer fulfillment, maintenance, and support.
Clients are content with the quality and assortment of items at coordinated retail outlets. They like to purchase from these stores as they get limits and offers. With India's huge youthful populace and high homegrown utilization, the online retail business is another organization with a high potential for development sooner rather than later. Online shopping offers comfort, convenience, and choice. Also, the return of goods policy at your doorstep has opened new doors for retailers and consumers to shop online regularly. From celebrity styles to various products available on user-friendly websites and applications today.
Online VS Retails
Pros
With the fame of internet shopping, somebody with a thought for another retail business no longer needs to open a retail shop. That doesn't mean, in any case, that there could be, as of now, not a requirement for retail locations or that all business thoughts function admirably on the web. If one hopes to open a store, consider your item, the buyer, and your general business objectives when concluding whether a retail shop or online store will turn out best for your private venture.
- Online Stores are A lot Less expensive to Open
Generally, starting a business as an internet-based store is much less expensive than a retail shop. Dissimilar to a retail shop, there is no lease to cover or other service bills straightforwardly connected with the store, except web facilitating and specialized help. You don't need to beautify the store, buy inside and outside signage, or show units. Since you can handle the work yourself, you don't need to recruit extra representatives.
With a web-based store, your expenses are straightforwardly connected with your site, transportation, and tolerating on the web installments. You should pay for your ideal space name and may pay somebody to foster your site and internet business stage, which can be costly; however, it is more affordable than opening a retail shop.
Cons
- The client Like to Contact the Stock
For high-esteem things, for example, originator clothing, collectibles, gems, furniture, and vehicles, a retail shop might pursue more clients and create a higher net revenue on individual things. A few clients search for the shopping experience and like to see, contact, and test things before purchasing.
Notwithstanding the cost of things you can sell, you should consider the quantity you wish to sell. A retail shop will perform better for a business that sells a select measure of items, while a web-based store might turn out better for a business that conveys a broad determination.
- Think about the Opposition
Anyone starting a business should look at the opposition before hopping into the cycle. How much is a moment contest more prominent with a web-based business than a retail shop? At the point when you need to open a retail shop, you can undoubtedly overview a region and figure out the things different stores are selling and the items you need to offer or decide to open where those stores do not exist.
On the web, there are normally various organizations selling the item you offer, and many of them are now settled, making it hard for another beginning up to break in and make progress. If what you offer isn't novel, then a retail shop will succeed at attempting to procure new clients rather than breaking into a generally soaked web-based market.
- Requires Different Showcasing Approaches
Building a client base is one of the most fundamental parts of beginning an effective retail business, whether online or disconnected. With a retail location, the potential client base is restricted to the encompassing region. On the web, the client base is vast. When you open up a retail location, your choices for drawing in new clients are restricted. You are limited to the retail space you picked, and evolving logos, signs, racking, and the general showcasing procedure can be costly.
When you work the internet, changing signs and logos requires only minutes, and you can rapidly and effectively change the items you sell and how you present them on your site.
Conclusion
Coordinated retail stores have managed to satisfy their customers by offering a variety of high-quality products, along with discounts and promotional offers. Despite this, India's large young population and high domestic consumption suggest that the online retail industry has immense potential for growth in the future.
Whether you start with an online store or a physical retail outlet, having an omnichannel presence is crucial for sustainable growth. New brands, in particular, would benefit significantly from an omnichannel strategy.
Authored By
Navin Rao, Co-founder, The Kaftan Company
In the ever-changing paradigm of the world of consumer goods, Bhaskar Venkatesh Products Private Limited, BVPPL as it is popularly known, has etched its path to success with an expansion strategy rooted in a commitment to entering new markets and diversifying its product offerings. Over the years, the company has refined this strategy, and built upon several key elements that are fundamental to its continued growth and resilience. In an interaction with Govind Goyal, Founder, BVPPL, he admitted that building and enhancing brand awareness, key product placements, and reliable distributors have been the route to success.
BVPPL's journey is characterized by a resolute focus on building and enhancing brand awareness. In the cluttered marketplace, consumers not only recognize their brand but also associate it with quality and value. The company has made a solemn pledge to deliver quality within the prices it offers, emphasizing the mantra of "best quality, best price." This clear message has resonated with consumers who seek both affordability and uncompromised quality.
“Strategic product placements, both on store shelves and e-commerce platforms, are essential to guarantee high visibility and easy accessibility to potential customers. Moreover, BVPPL is known for setting competitive prices for its products, attracting price-conscious consumers while maintaining profitability,” Goyal elaborated.
One core element of their expansion strategy is the acquisition of reliable and efficient distributors. These distributors form a crucial link in the supply chain, playing a pivotal role in reaching customers far and wide. This ensures that products reach the market efficiently and on time, bolstering customer satisfaction.
Diversification is the hallmark of BVPPL's journey. This journey is exemplified by the introduction of flagship products like Tan Man Detergent and Bhaskar Salt, which have been embraced by consumers. Moreover, in 2018, BVPPL ventured into uncharted territory with the launch of Big Boss Spices, marking their adaptability and commitment to staying ahead in the competitive consumer goods sector.
Future Expansion Plans
BVPPL has no intention of resting on its laurels. The company has set its sights on expanding its geographical footprint beyond its current market. The aim is to establish a strong presence in neighboring states like Uttar Pradesh and Maharashtra, capitalizing on their existing success and reputation to tap into new markets.
“Looking ahead, we plan to expand our distribution network even further, aiming to partner with approximately 1,000 more distributors over the next two years and acquire another 15 million consumers in the next two years,” Goyal stated.
In the quest for excellence, BVPPL is unwavering in its commitment to product quality and customer satisfaction. To this end, the company is set to implement a series of measures and initiatives in the coming year:
- Advanced Quality Assurance Technologies: Investment in cutting-edge quality assurance technologies and systems, including automated inspection tools and data analytics, will enable real-time detection of defects and deviations, ensuring products consistently meet the highest quality standards.
- Customer Feedback and Improvement Loop: The establishment of a robust system for collecting and analyzing customer feedback takes center stage. BVPPL believes that active listening to customers' preferences and needs is invaluable for continuous improvement.
- Product Innovation: BVPPL's commitment to innovation remains unwavering, and investments in research and development will continue to yield innovative and improved products that align with changing customer needs.
- Customer Education: A unique approach is taken by providing educational resources to customers, guiding them on how to use and maintain products effectively. This not only reduces the likelihood of product misuse but also increases overall satisfaction.
Embracing an Omnichannel Approach
In an era where convenience is key, BVPPL is actively incorporating an omnichannel approach into its expansion strategy to ensure a seamless shopping experience for customers across various retail channels. This includes making products available on various e-commerce platforms and increasing offline placement for those who prefer physical stores. BVPPL has established a dedicated customer care team to address customer feedback and provide tailored solutions. The customer-centric approach reinforces their commitment to delivering products that meet customer expectations.
The company's expansion strategy is a journey marked by unwavering commitment, innovation, and adaptability. With an unrelenting focus on quality, customer satisfaction, and sustainability, the company has set a benchmark for excellence in the consumer goods sector. As they continue to expand their reach and diversify their product portfolio, BVPPL remains dedicated to being a name synonymous with quality and value in the minds of consumers.
The textiles industry GVA would see a 9 percent CAGR from 2021 to 2028, while technical textiles are set to lead sector growth with a projected CAGR of 15 percent. The said industry is one of the largest sources of employment generation in India and is committed to contributing significantly to the nation's growth, targeting a substantial $250 billion milestone by 2030.
In a report launched by CII and Primus Partners titled Decadal Outlook for Textile Industry: Threads of Transformation for Textile Industry highlights the contribution of the textile industry to the GDP. Which will more than double from 2.3 percent to about 5 percent by the end of this decade. Additionally, the Gross Value Added (GVA) is anticipated to display a consistent annual growth rate of 9 percent from 2021 to 2028.
Textile Minister of Maharashtra Chandrakant (Dada) Patil, stated “The launch of Textiles Policy 2023-28 signifies a pivotal step in Maharashtra's journey towards progress. With an ambitious goal of attracting investments worth Rs 25,000 crore and creating job opportunities for 5 lakh individuals, this policy exemplifies our commitment to the industry's growth and sustainability. It also places critical emphasis on the promising field of Technical Textiles. Furthermore, our policy is firmly rooted in the vision outlined by our Honorable Prime Minister, aligning with the collective goal of propelling India towards developed nation status by 2047.”
Furthermore, Dr Praveer Sinha, Chairman, CII Western Region and CEO & MD, Tata Power Company Ltd added, “India, the fifth largest economy globally has a share of just about 5 percent of the international trade in textiles and apparel. Clearly, the Indian textile industry has a vast potential waiting to be explored, which demands an integrated approach simultaneously focusing on greater value addition, enhanced competitiveness, and sustainable industry practices. This will not only boost employment generation but also add to national output. CII is committed to supporting the textile industry in furthering this journey towards growth and excellence”.
Industry Outlook
India's textile industry is poised for remarkable growth, remaining a steadfast source of employment, with over 100 million individuals engaged in textile and allied sectors. As we look to the future, the Indian textile industry is committed to contributing significantly to the nation's growth, targeting a substantial $250 billion milestone by 2030. Additionally, India stands proudly among the top five global exporters in numerous categories, including natural fibers, MMF, spun yarn, filament yarn, woven fabric, and home textiles, with textile and apparel exports expected to surge to an impressive $65 billion by FY 2026.
Trends Driving the Textile Industry
In the ever-evolving landscape of the textile industry, trends are surfacing in response to dynamic consumer preferences, technological strides, and a resolute commitment to sustainability. Both central and state governments have embarked on a journey of progressive initiatives with schemes like PM MITRA, PLI, and SAMARTH. Remarkably, the textile Industry is poised to remain a significant generator of employment, underpinned by the proactive measures of states like Maharashtra, whose 'Integrated and Sustainable Textile Policy 2023-28' targets the creation of half a million jobs. The commitment to fostering employment is further underscored by various Government of India policies, such as PLI Scheme (7.5 lakh) and PM MITRA (3 lakh), collectively aimed at enriching job opportunities.
Challenges
While government initiatives have been pivotal in driving the textile sector's growth, certain challenges demand immediate attention. The industry's supply chain, largely comprising MSMEs, is highly fragmented, resulting in suboptimal coordination and resource utilization.
Quality training programs are essential as only 5 percent of the sector is organized, leaving the unorganized sector reliant on traditional methods due to financial constraints and lack of formal education. The overreliance on labor-intensive technologies hinders progress, especially in the unorganized weaving sector, where over 90 percent of operations occur. Embracing modern technologies is vital to unlock the industry's export potential. Sunrise sectors like technical textiles require greater awareness and research and development investments to realize their potential. Lastly, quality testing throughout the value chain needs stronger emphasis to enhance the 'Brand Image' of Indian textiles.
Way Forward
Looking ahead, the industry is poised to embark on a transformative journey toward sustainability and circularity, shifting from a 'good to have' to a 'must-have' imperative. Moreover, women-led enterprises are emerging as a driving force in the industry. Globally, women are significant contributors to apparel expenditure, with women accounting for 85 percent of graduates from leading fashion schools. While only 14 percent of the top 50 major fashion brands are led by women, the Indian textile industry is fostering a wave of change. Over 27 million women are employed in this industry, with a significant presence in unorganized sectors like handlooms, handicrafts, and sericulture. Emerging sectors like technical textiles and government initiatives, such as the Production Linked Incentive Scheme, are poised to create additional employment opportunities for women.
Technical textiles are set to lead sector growth with a projected CAGR of 15 percent. Embracing digital technologies, regular upgrades, and blockchain-based supply chain traceability are encouraged. Collaborations with e-commerce platforms, including ONDC, will drive these industry goals and secure a promising future.
Sharing his insights on the report Devroop Dhar, Co-Founder and Managing Director, Primus Partners, said “The textile industry is playing a pivotal role in global trade, employing millions of individuals worldwide. The government has introduced various schemes and incentives aimed at promoting the textile sector, such as the Amended Technology Upgradation Fund Scheme (ATUFS), Production-Linked Incentive (PLI) Scheme for man-made fibers and technical textiles, National Technical Textile Mission, PM MITRA scheme. These initiatives have not only provided financial assistance but also encouraged investments in modern technology and infrastructure, thereby improving the sector's overall competitiveness.”
Innovation plays a crucial role in driving progress, especially during these times of rapid change and evolving needs like the post-COVID-19 era. This holds true across various industries, including the fast-moving consumer goods (FMCG) sector, as they strive to establish a competitive presence in the global economy. To achieve this, companies are placing increased emphasis on strengthening their research and development (R&D) divisions to foster innovation.
The concept of innovation extends beyond the creation, introduction, and promotion of new products. It encompasses enhancing the shopping experience, providing consumers with convenient tools for purchasing, and ensuring the entire organization is dedicated to enhancing overall customer satisfaction. As Indian consumers become more globally aware and are exposed to international products through business and leisure travel, a sudden influx of foreign brands in the country, and increasing digital penetration, their desire to consume local market goods has also grown. In response to this demand, FMCG companies must prioritize R&D and innovation to expand their businesses.
Simultaneously, product lifecycles are shrinking, leading to a surge in new product launches across various sectors. This intensifies the pressure to swiftly market innovative products. Innovation becomes not only a strategic advantage but also a survival tactic. FMCG companies recognize the immense potential for sustained demand and growth in markets like India, where incremental penetration and consumption opportunities abound. Consequently, many FMCG brands are racing to conceive, develop, test, and launch new products that resonate with Indian consumers.
Why Invest in R&D?
While the primary goal of R&D is to create and enhance products, its benefits extend far beyond that. A well-executed R&D strategy can bring numerous advantages, while a flawed one can potentially hinder your company's success. Here are some of the key benefits of investing in R&D:
Product Innovation: R&D enables FMCG companies to develop new and improved products that cater to evolving consumer demands and preferences. It allows them to stay ahead of the competition by introducing unique features, formulations, packaging, or functionality that resonate with customers.
Market Expansion: Investing in R&D can help FMCG companies explore new markets and expand their consumer base. By understanding local preferences, cultural nuances, and specific needs, R&D efforts can lead to the development of products tailored to different regions, allowing companies to enter new markets with a competitive edge.
Cost Optimization: R&D can contribute to cost optimization by finding ways to enhance manufacturing processes, improve supply chain efficiency, or develop more cost-effective ingredients or materials. This can lead to economies of scale, lower production costs, and increased profitability.
Competitive Advantage: Continuous R&D efforts enable FMCG companies to differentiate themselves from competitors. By consistently introducing innovative products, they can build brand loyalty, attract new customers, and maintain a competitive edge in the market.
Consumer Insights: R&D activities often involve extensive market research, consumer surveys, and data analysis. This helps FMCG companies gain valuable insights into consumer behavior, preferences, and trends. Such insights can guide decision-making processes, product development strategies, and marketing campaigns, leading to more targeted and effective approaches.
Adaptability to Regulatory Changes: FMCG companies operate in a highly regulated industry. Investing in R&D allows them to proactively address and adapt to evolving regulations, such as those related to safety, labeling, or environmental concerns. This helps companies stay compliant and avoid potential penalties or reputational damage.
How to Device an R&D Strategy
Creating a robust R&D strategy poses unique challenges that differ from other organizational functions. Scientists and engineers involved in R&D must consider factors beyond their core expertise, such as market dynamics, customer needs, and economic considerations. On the other hand, stakeholders outside the R&D labs must grasp complex technologies and development processes, while also adopting longer-term perspectives compared to their usual time horizons.
To ensure an R&D strategy serves as a comprehensive blueprint guiding the organization, it must engage stakeholders from both within and outside the R&D group. This includes involvement from leading scientists to chief commercial officers. Additionally, the strategy should provide a progressively detailed view of capabilities, technologies, talent, and assets as it is implemented throughout the various levels of the R&D organization. Assessing the effectiveness of a new strategy in the R&D context can be done through two key tests:
Does the strategy leverage true sources of advantage? It is common for R&D organizations to mistakenly equate technical necessity with strategic importance. It is crucial for organizations to regularly reassess whether their capabilities truly differentiate them from competitors, as once-differentiating capabilities can become commoditized over time.
Does the strategy balance commitment-rich choices with flexibility and learning? While R&D strategies often have long-term horizons, they should not be isolated from external changes or immune to revisions. Establishing clear milestones, such as technical or regulatory checkpoints, allows organizations to make informed decisions on resource allocation for different research areas. These milestones also help track progress and ensure the execution of the strategy stays on track.
Moreover, effective communication of the R&D strategy is essential, both internally within the organization and externally to stakeholders. One approach to enhance clarity is to distill the strategy into fill-in-the-blank components. These components should outline how the company anticipates the evolving world and plans to refocus accordingly, the choices R&D will make to support the new focus, and the concrete actions and milestones that will drive strategy execution. If the entire strategy cannot fit on a single page using this exercise, it indicates the need for further synthesis.
To reinforce the impact of the strategy, it is important to cascade it down through the R&D organization. This includes managers communicating the strategy to their subordinates, which helps deepen their understanding and alignment with the overall strategic direction.
Final Say
The significance of R&D cannot be overlooked, as it forms the foundation of the product lifecycle. In a rapidly evolving market where consumer demands are constantly expanding, it is crucial for companies to align themselves with these needs and remain updated. This holds particular importance in the Fast Moving Consumer Goods (FMCG) market, where maintaining competitiveness necessitates a significant allocation of revenue towards research and development efforts. By investing in R&D, companies can focus on creating new products and services, or enhancing existing ones, ensuring they meet the evolving demands of consumers and stay ahead of the competition.
About the Author
Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd
For about 20 years now, Manish Aggarwal has been a prominent face in the Indian FMCG industry. During these years, he has proved himself to be an outstanding business leader, innovator, and an out-of-the-box thinker always ready to ‘take on’ new problems. When Aggarwal joined Bikano in 2000, he was rightly taking the family legacy forward. However, during this stint, he has also made his mark as an individual who has had the wherewithal, the resourcefulness, and the vision to take the company forward on his own.
Consumers often find themselves disadvantaged in a world where manufacturers have a firm grip on repair services. With substantial authority, these manufacturers set prices and manage the core aspects of goods and services, resulting in a system where costs rise to unaffordable levels and competition is limited. This control over repairs by manufacturers raises three critical issues: excessive resource wastage, limited access to economies of scale, and extended waiting times for customers. On the one hand, the abundant use of resources contributes significantly to environmental challenges, while on the other hand, consumers bear the brunt of high maintenance costs.
Top of Form
However, amidst this stifling atmosphere, a ray of hope has emerged in the form of a worldwide discussion that captured the world's attention. It all began with the Motor Vehicle Owners' Right to Repair Act, enacted in Massachusetts, USA, in 2012. Massachusetts was the first state in the US to champion the cause, compelling manufacturers to provide essential repair information for vehicles. This movement, however, extends beyond automobiles, igniting a broader discourse on consumers' fundamental right to repair their own products.
Similarly, in India, the 'Right to Repair' initiative, administered by the Ministry of Consumer Affairs (MCA), streamlines the repair process for citizens. It is a comprehensive resource, providing warranty and post-sales information from consumer brands. This concept promotes the extension of product lifespans by facilitating access to repairs through original equipment manufacturers (OEMs) or impartial third-party repair services, reducing the need for costly replacements. It champions sustainability by enabling consumers to opt for cost-effective repairs instead of purchasing entirely new products.
The aftermarket landscape in India is rapidly expanding, reinforcing its significance within the broader automotive context. While the aftermarket segment constitutes a modest 18% of the comprehensive components market in the Indian automotive industry, its economic impact is far from insignificant. This sector plays a crucial role in injecting approximately $10.1 billion (equivalent to Rs 83,294 crore) into the nation's economy.
This burgeoning aftermarket presents a promising outlook for small-scale repair establishments, which are vital contributors to local economies. As the sector thrives, these neighborhood repair shops are poised for increased business, further enhancing their capacity to generate jobs and bolster economic growth. Moreover, the benefits extend beyond financial gains, as consumers can anticipate cost savings and time efficiency in vehicle maintenance and repairs.
Moreover, the impact of the 'Right to Repair’ movement on companies cannot be understated. It challenges the long-standing anti-competitive practices of certain auto companies, prompting them to make it more convenient for consumers and independent repair shops to take control of repairs. Often, manufacturers wield significant power over repair options, resulting in expensive and limited choices for consumers. This movement also raises questions about potential disruptions to product designs and intellectual property ownership, forcing corporations to reevaluate their traditional business strategies.
For multi-brand showrooms and spare parts businesses, the 'Right to Repair’ Act offers substantial benefits and opportunities. It creates a conducive environment for multi-brand showroom service providers to take on annual maintenance contracts for various vehicles, including 3-wheelers and 4-wheelers. This enables them to offer hassle-free services with quality-approved parts and on-site servicing. The reduced turnaround time and choice of multi-brand showroom service providers benefit the end customer, preventing accidents caused by unapproved parts and enhancing overall safety. This scenario also boosts the production and sales of spare parts for organized multi-brand showroom service providers, benefiting the automotive ecosystem.
India's embrace of the 'Right to Repair' heralds a seismic transformation in the automotive service sector. As regulations evolve and consumers become empowered, we stand on the cusp of a more fiercely competitive, transparent, and ecologically responsible landscape. This transformative movement extends its impact beyond mere repairs, resonating throughout the broader economy and fortifying our commitment to sustainability.
Author: Narasimha Jayakumar, CEO, Greaves Retail
Adani Wilmar Limited (AWL), a key player in India's food and fast-moving consumer goods (FMCG) sector, has demonstrated resilience in a challenging year for edible oils. In the first half of fiscal year 2023-24 (H1 FY24), AWL achieved an impressive 18 percent volume growth across all segments.
Commenting on the results, Angshu Mallick, MD & CEO, Adani Wilmar Limited said, “We continued the growth momentum across all the business categories, amidst the challenging environment in the edible oils segment. The Company gained market share across most of the edible oil & food categories, given the immense focus on expanding our direct reach and rural town coverage. We see a huge potential for packaged oils & foods in the rural markets. Today, 30 percent of our sales comes from rural towns, wherein more than 70 percent population resides. In the past 6 months, we have added over 13,000+ towns, and we will continue this growth. The out-of-home consumption continues to grow with our HoReCa business showing volume growth of over 50 percent+ on a QoQ basis. The revenues from the branded products under the Food & FMCG segment have been growing consistently at 40 percent+ YoY in the past 8 quarters. We are also simultaneously building our branded exports business, where we see potential to serve the Indian diaspora abroad. Given the importance of health and wellness in today’s era, I am pleased to share that the company launched Brown Rice under premium Kohinoor brand. While the profitability in edible oils were impacted consecutively for the second quarter, we believe that the abnormality will soon reverse.”
Strong Growth in the Food & FMCG Segment
The Food & FMCG segment, contributing revenue of approximately Rs 2,380 Crores, recorded remarkable year-on-year growth of 27 percent in H1'24. This segment's strong performance in H1'24 was driven by the efficient execution of go-to-market strategies, an improved supply chain, and a gradual uptick in consumer demand.
In the second quarter of H1'24 (Q2'24), AWL continued to thrive, achieving an 18 percent year-on-year volume growth, and 11 percent year-on-year volume growth for the quarter. This robust growth was supported by improving consumer demand, lower edible oil prices, and efficient supply chain management.
Edible Oil Challenges in a Divergent Market
Despite facing challenges in the edible oil segment, AWL continued to exhibit strong growth. While the quarter witnessed less volatility compared to previous periods, it still saw divergent trends in spot and future prices. The industry experienced record imports in anticipation of early festive demand. Edible oil prices fell by 3 percent to 6 percent during the quarter but remained range-bound below US$1,000 per ton.
Export restrictions on basmati and non-basmati rice persisted during the quarter, while wheat prices surged due to strong demand and supply chain constraints. To control prices, the government intervened by releasing wheat under the Open Market Sale Scheme (OMSS).
Segmental Performance
In the Edible Oil segment, AWL achieved a 4 percent year-on-year volume growth in Q2'24, although B2B sales volumes dipped. Branded sales in edible oils witnessed a robust 12 percent year-on-year volume growth in Q2'24. The segment's revenue in Q2'24 amounted to Rs 9,038 Crores, reflecting a 19 percent year-on-year decline primarily due to falling edible oil prices. H1'24, on the other hand, showed a strong 15 percent year-on-year volume growth, with branded edible oils growing faster at 22 percent year-on-year volume.
Sunflower oil and mustard oil played pivotal roles in the growth of the edible oils segment, fueled by strong brand equity. AWL's ROCP market share in edible oils reached 19.6 percent in September 2023 on a Moving Annual Total (MAT) basis, marking a 10bps increase from the same period the previous year.
Outperformance in Food & FMCG
The Food & FMCG segment, which encompasses products like wheat flour, rice, pulses, besan, sugar, poha, and soap, continued to outperform expectations. During the quarter, the segment reported a significant 26 percent year-on-year growth in revenue with an underlying volume growth of 19 percent year-on-year. In H1'24, this segment achieved a turnover of Rs 2,380 Crores, representing a robust 27 percent year-on-year growth.
In Q2'24, Food & FMCG accounted for 10 percent of the sales revenue and 18 percent of the sales volume. The company aims to enhance the importance of its food business, targeting approximately 30 percent of sales volume in the coming years. The growth rate in the food business slightly moderated to around 20 percent due to export restrictions on rice. However, the domestic food business experienced exceptional 50 percent year-on-year growth during the quarter, supported by strong brands like Fortune and Kohinoor.
Thriving Industry Essentials
The industry essentials business reported a 25 percent year-on-year growth in Q2'24, primarily driven by robust performance in the Castor & Oleochemical businesses with growth exceeding 20 percent.
Impact on Profitability
While profitability was impacted due to losses in the edible oil segment, better margins in the Food & FMCG and industry essentials segments provided partial offsets. Edible oil losses primarily resulted from divergent trends in spot and future prices, leading to hedging losses.
Promising Outlook
Looking ahead, AWL anticipates the profitability of the Edible Oil segment to return to normal levels in terms of gross margin and EBITDA per ton. The Food & FMCG and Industry Essentials segments are expected to maintain their profitability momentum, contributing to the company's overall resilience and growth. Despite challenges, AWL's strong performance in H1 FY24 underscores its ability to adapt and thrive in India's dynamic food and FMCG industry.
Blue Star, a leading name in the Indian air conditioning and cooling solutions industry, has reported exceptional financial results for the second quarter of fiscal year 2023-24 (Q2FY24). The company witnessed a remarkable 66 percent increase in its net profit, which reached Rs 70.77 crores. This strong performance is attributed to several key factors, including improved demand for room air conditioners post a challenging summer season affected by unseasonal rains.
Robust Demand and Business Growth
Blue Star experienced a revival in demand for its room air conditioners as urban sentiment improved. Simultaneously, the corporate and commercial segments continued to grow at a healthy pace. This surge in demand, along with the company's focus on Total Cost Management, stability in commodity prices, and exchange rates, contributed to improved margins across all business segments. The company also reported a substantial order inflow during the quarter, resulting in a record carried forward order book.
Key Financial Highlights for Q2FY24
Revenue Growth: The company's Revenue from Operations increased by 19.5 percent to Rs 1,890.40 crores in Q2FY24 compared to Rs 1,582.29 crores in the same period the previous year.
Operating Profit: Blue Star's Operating Profit (PBIDTA excluding Other Income) for Q2FY24 showed significant improvement, reaching Rs 122.69 crores (6.5 percent of Revenue) compared to Rs 85.59 crores (5.4 percent of Revenue) in Q2FY23.
Net Profit: The net profit for the quarter was Rs 70.77 crores, representing a remarkable growth of 66.0 percent compared to Rs 42.64 crores in the same quarter of the previous year.
Earnings Per Share: The earnings per share (Face value of Rs 2.00) for Q2FY24 stood at Rs 3.65, as compared to Rs 2.21 for Q2FY23.
Carried-Forward Order Book: The carried-forward order book as of September 30, 2023, saw a significant increase of 44.4 percent to Rs 6,008.52 crores compared to Rs 4,162.05 crores as of September 30, 2022.
Investment in Growth: Blue Star remains committed to expanding its manufacturing capacity, accelerating research and development (R&D), and digitalization as part of its growth plans and profitability improvement programs.
Financial Position: As of September 30, 2023, the company boasted a net cash position of Rs 285.85 crores, a remarkable shift from a net borrowing of Rs 392.62 crores as of September 30, 2022.
Segmental Performance
Blue Star's performance across its various segments also yielded positive results in Q2FY24:
Electro-Mechanical Projects and Commercial Air Conditioning Systems: Revenue in this segment grew by 12.1 percent to Rs 1,077.21 crores during the quarter. The Segment Result was Rs 65.28 crores (6.1 percent of Revenue) compared to Rs 60.72 crores (6.3 percent of Revenue) in Q2FY23. While the commercial buildings sector faced order finalization delays, inquiries and finalizations in other sectors remained strong.
Unitary Products: This segment reported significant revenue growth, with a 38.0 percent increase to Rs 729.49 crores in Q2FY24. The Segment Result also grew substantially by 90.2 percent to Rs 61.61 crores (8.4 percent of Revenue). This growth was driven by latent demand resulting from a muted summer, contributing to significant growth in the room air conditioner business.
Professional Electronics and Industrial Systems: The revenue for this segment declined by 9.4 percent to Rs 83.70 crores in the quarter. The Segment Result also decreased by 11.4 percent to Rs 12.23 crores (14.6 percent of Revenue). Despite the temporary slowdown, the segment remains optimistic about future prospects due to rising corporate capital expenditure.
Consolidated Financial Performance for H1FY24
For the half-year ended September 30, 2023, Blue Star reported impressive financial results:
Revenue Growth: The company reported Revenue from Operations of Rs 4,116.40 crores, representing a growth of 15.7 percent compared to Rs 3,559.32 crores during the same period in the previous year.
Operating Profit: The Operating Profit (PBIDTA excluding Other Income) for H1FY24 reached Rs 267.69 crores (6.5 percent of Revenue) compared to Rs 208.90 crores (5.9 percent of Revenue) during the same period last year.
Net Profit: The net profit for H1FY24 was Rs 154.14 crores, compared to Rs 116.99 crores in H1FY23.
Outlook and Future Growth
Vir S. Advani, Vice Chairman & Managing Director, Blue Star Limited shared, ““Despite being a lean quarter, the Company performed well in almost all the segments that it operates in and enhanced its profitability due to scale and higher gross margins. This quarter marked the completion of our 80 years of existence on September 27, 2023. Born during World War II, Blue Star’s ability to survive and prosper through these eight decades can be attributed to its customer focus and the trust it has earned as a dependable brand, its agility and ability to adapt to changing circumstances, and to its deep technical expertise in cooling. While the occasion marks our entry into an elite league of Indian companies that have achieved this milestone, we will now focus on the next phase of our journey. With the infusion of Rs 1000 crores equity from the recently concluded QIP, we intend to accelerate our growth plans and make prudent investments in several developmental areas that will help the Company scale further. Given the continued robust demand from the corporate, commercial, and residential segments, I remain optimistic about our prospects in H2.”
In recent years, the world has witnessed a remarkable transformation in consumer choices and lifestyle preferences. As the awareness of sustainability, animal welfare, and personal well-being continues to grow, the vegan movement has gained momentum like never before. With the global celebration of World Vegan Day, it's the perfect time to explore the dynamic landscape of new-age vegan brands that are redefining the market with their innovative and eco-conscious products.
Reports and data available online reveal a significant surge in the growth of vegan brands. These brands are embracing a holistic approach to veganism, extending beyond plant-based diets to offer sustainable, cruelty-free alternatives in various facets of our lives. The market positioning of these brands is firmly grounded in values of environmental responsibility, ethical sourcing, and a commitment to delivering products that meet the highest standards of quality.
According to a report, the Indian vegan food market was valued at $1,372.3 million in 2022 and is expected to reach $ 2,756.6 million by 2030, exhibiting a CAGR of 9.1 percent during the forecast period 2023-2030, while the Vegan Cosmetics Market size is expected to grow from $2.66 billion in 2023 to $3.70 billion by 2028, at a CAGR of 6.83 percent during the forecast period of 2023 to 2028.
From skincare to fragrances, makeup, and food products, these brands are pioneering a movement that promotes a lifestyle rooted in compassion, sustainability, and personal wellness. In this listicle, we will introduce you to eight remarkable new-age vegan brands and their offerings, each exemplifying the spirit of World Vegan Day.
- Kastoor: Embracing Indian Heritage Through Pure and Clean Fragrances
Kastoor, a plant-based perfumery, offers exclusive ittar blends crafted using traditional methods of hydro-distillation. These fragrances are free from alcohol and chemicals, making them a pure and sustainable choice. Kastoor invites you to experience a journey back in time with scents like "Reign," "Mahal," "Daydream," "Mystique," and "Armour." These vegan perfumes are a tribute to the heritage of ancient India.
- AltCo: India's First Plant-Derived Vegan Food Brand
AltCo celebrates World Vegan Day by offering soy and oat milk products that are not only delicious but also beneficial for health. Soy milk contains high-quality proteins and good fats, while oats are rich in complex carbohydrates, dietary fiber, and antioxidants. Incorporating both into your diet can lead to numerous health benefits, and AltCo aims to provide healthy and sustainable eating solutions.
- IBAEUTY: A Mindful Skincare Choice
IBAEUTY's Tintsome Massaging Serum is an all-rounder, genderless product that enhances skin health. This vegan makeup brand prioritizes natural ingredients and offers three lovely shades: "JOWAR," "RAGI," and "BAJRA." It refines skin texture, heals sun damage, and adjusts its tint based on your skin's pH.
- Nourish You: Championing Superfoods and Sustainability
Nourish You is on a mission to promote a healthier lifestyle and a healthier planet. Their products, including Millet Milk, Super Muesli, Chia, Quinoa, and Meal Mixes, offer maximum nutritional value with minimal environmental impact. Nourish You is a pioneer in the superfood renaissance, providing a brighter and healthier future for all while championing equitable trade practices and conscious eating.
- Friday Feeling: Sunscreen That Feels Like Skin
Friday Feeling offers one of the best sunscreens for all skin types and climates. Their sunscreen is sweat and water-resistant, ensuring effective sun protection. This formulation-first brand focuses on making skincare enjoyable, with two variants, "Second Nature" and "Golden Hour."
- La Mior: Clean Beauty Revolution
La Mior, a high-performing clean beauty brand, has introduced the Glistening Eyes Liquid Eyeshadow. This product is vegan, cruelty-free, and PETA-certified. It comes in nine captivating sets, each featuring a trio of perfectly coordinated shades, including matte, shimmer, and glitter. Achieve professional-level eye makeup in minutes with these highly pigmented, crease-proof liquid eyeshadows.
- Conscious Chemist: Unveiling the Ultimate Vegan Sunscreen Innovation
Conscious Chemist's Sun Drink Unwind Edition is a water-resistant and lightweight sunscreen with SPF 50 PA++++. It offers high protection against UVA and UVB rays and is suitable for oily and combination skin types. This vegan sunscreen ensures comprehensive sun protection for your skin, whether you're indoors or enjoying the great outdoors.
- La Pink: Illuminate Your Skin the Vegan Way
La Pink Ideal Bright Face Serum is a 100 percent microplastic-free formulation that helps you achieve glass-like, brightened, and luminous skin. With a unique 360° formula, this pigmentation serum contains a combination of key ingredients, including Kakadu plum, Sea Lettuce flakes, and Cactus flower extract. These ingredients deliver visible results in just 10-12 days, brightening skin, reducing pigmentation, and providing antioxidant protection. Vegan skincare at its finest.
This World Vegan Day, embrace the vegan lifestyle and support these innovative brands that are making a difference in the world of beauty, skincare, and food. By choosing their sustainable and cruelty-free products, you not only prioritize your well-being but also contribute to a more compassionate and eco-friendly world.
Technology has been a driving force in shaping various industries, and the seafood retail sector is no exception. In recent years, advancements in technology have significantly influenced how seafood is sourced, distributed, and sold to consumers. This impact has been multifaceted, bringing both challenges and opportunities to the seafood retail industry.
Supply Chain Transparency and Traceability
With the use of blockchain and IoT (Internet of Things) devices, consumers can now trace the journey of seafood products from the ocean to their plate. This has led to a rise in consumer confidence as they can verify the authenticity, origin, and sustainability of the seafood they purchase.
Online Marketplaces and E-commerce
The proliferation of online marketplaces and e-commerce platforms has allowed seafood retailers to reach a broader customer base. Consumers can now conveniently order a wide variety of seafood products from the comfort of their homes. This shift has prompted traditional seafood retailers to adapt by establishing an online presence to remain competitive.
Mobile Apps and Delivery Services
Mobile apps developed by seafood retailers enable customers to browse their product offerings, place orders, and track deliveries. This level of convenience has led to increased sales and customer loyalty. Furthermore, many seafood retailers have partnered with food delivery services, ensuring that fresh seafood can be delivered directly to consumers' doorsteps.
Inventory Management
Advanced inventory management systems powered by technology help seafood retailers streamline their operations. These systems monitor stock levels, optimize orders, and reduce waste by ensuring that products are sold before they spoil. This not only improves efficiency but also contributes to sustainability by reducing food wastage.
Quality Control and Safety
Technology has introduced innovative tools for quality control and safety in the seafood retail industry. Sensors, for instance, can monitor temperature and humidity during transportation and storage to maintain the freshness and safety of seafood products. Automated systems can also identify and remove contaminated or spoiled items from the supply chain.
Consumer Education and Engagement
Mobile apps, websites, and social media platforms have become powerful tools for educating consumers about seafood. Retailers can use these platforms to share information about sustainable fishing practices, cooking tips, and nutritional benefits. Engaging content fosters customer loyalty and encourages informed choices.
Data Analytics and Personalization
Through the collection and analysis of customer data, seafood retailers can offer personalized recommendations and promotions. This data-driven approach allows retailers to tailor their offerings to individual preferences, improving the overall shopping experience and increasing sales.
Challenges and Concerns
While technology offers numerous benefits, it also brings challenges. Cybersecurity threats can compromise sensitive customer data. Additionally, the digital divide can exclude some consumers who lack access to online platforms. Furthermore, the adoption of technology often requires significant investment and training for seafood retailers.
In conclusion, technology has had a profound impact on seafood retail, transforming the way seafood is sourced, sold, and consumed. From supply chain transparency and online marketplaces to mobile apps and data analytics, technology has created a more convenient and informed seafood shopping experience. However, addressing challenges such as cybersecurity and ensuring accessibility remains essential as the seafood retail industry continues to embrace technological advancements.
Author: Sunny Khattar, Founder, Farmio
In the recently released Q2FY24 financial report, Marico, a prominent player in the Indian FMCG sector, showcased steady performance despite facing challenges in the domestic market. The company's financial results reveal resilience in the face of fluctuating demand and external factors, with several product segments and international operations contributing to its overall stability.
Saugata Gupta, MD & CEO, Marico commented. “The domestic and overseas businesses have delivered a fairly resilient performance amidst a challenging operating environment in the first half of the fiscal. We have made substantial progress towards achieving the diversification objective set for the year with Foods and Digital First portfolios scaling up on expected lines We are also on course to deliver robust gross and operating margin expansion this year, even while ramping up brand building investments to strengthen the equity of our franchises We continue to hold the aspiration of exhibiting an improvement across key performance parameters on a full year basis.”
Resilience in Domestic Operations
Marico's Q2FY24 Revenue from Operations stood at ₹2,476 crore, reflecting a modest 1 percent decline year-on-year. However, it's important to note that the underlying volume growth was positive, with the domestic business achieving a 3 percent increase. The company's international business exhibited even stronger performance, boasting a constant currency growth of 13 percent.
The domestic FMCG sector experienced demand patterns similar to the preceding quarter, with urban sentiment showing improvement. Nevertheless, the recovery in rural demand was slower than expected due to factors such as higher food inflation and uneven rainfall distribution. Packaged foods, which have a strong urban appeal, continued to perform well and outpaced mass home and personal care categories. Marico remains optimistic about sectoral volume growth, anticipating further recovery, especially with the onset of the festive season and government spending.
The India business posted a 3 percent volume growth, despite domestic revenue declining by 3 percent on a year-on-year basis. This decline was primarily due to price corrections in key portfolios over the past year. Notably, around 85 percent of Marico's business either gained or sustained market share and penetration, indicating the brand's resilience. The modern trade and e-commerce channels registered significant growth, while general trade experienced a slight decline year-on-year.
Strong International Momentum
Marico's international business defied challenges in the global landscape and delivered an impressive constant currency growth of 13 percent. This remarkable performance is especially noteworthy given the geopolitical and macroeconomic headwinds in select markets.
Financial Highlights
- The company's gross margin expanded by 685 basis points year-on-year, reaching its highest level in 26 quarters. This margin growth was primarily attributed to softer input costs. Despite this, advertising and promotion spends increased by 26 percent year-on-year, indicating the company's commitment to strategic brand building. As a result, the EBITDA margin reached 20.1 percent, an increase of 272 basis points year-on-year. The company's EBITDA grew by 15 percent, and PAT increased by 17 percent on a year-on-year basis.
- The Board of Directors declared an interim dividend of 300 percent (₹3 per share) on the paid-up equity share capital of approximately ₹129.36 crore.
Segmental Performance
Several segments within Marico's portfolio demonstrated notable performance:
- Parachute Rigids achieved 1 percent volume growth, with a 35 basis point increase in market share. The gradual conversion from loose to branded products is expected to boost volume growth in the near term.
- Value-Added Hair Oils recorded 1 percent growth in value terms, reflecting slower recovery in mass personal care categories. The franchise maintained market share leadership.
- Saffola experienced a 12 percent decline in value terms, primarily due to price cuts. However, Saffola Edible Oils managed to achieve low single-digit volume growth.
- Foods exhibited steady growth, with a 25 percent increase in value. The franchise is on track to meet its FY24 revenue goals, with various product categories gaining traction.
- Premium Personal Care continued to grow and is expected to contribute around 10 percent of domestic revenues in FY24.
Looking Ahead
Despite challenges, Marico remains committed to adapting to changing market dynamics and expanding its product offerings. With a diverse portfolio, strong international presence, and focus on innovation and market development, the company is well-positioned for sustained growth in the FMCG sector.
Marico's performance in Q2FY24 highlights its ability to navigate complex market conditions and its dedication to delivering quality and value to consumers in India and around the world.
LT Foods, the venerable Indian-origin global Fast-Moving Consumer Goods (FMCG) company with over 70 years of legacy in the consumer food space, recently announced its audited consolidated financial results for the second quarter and half-year ending September 30, 2023. The company, known for its renowned basmati rice brands - Daawat and Royal, has demonstrated impressive growth and stability in a dynamic market.
Ashwani Arora, Managing Director & CEO, LT Foods, said, “We are pleased to announce yet another quarter of strong performance led by our unwavering commitment to excellence and innovation. Our ongoing efforts to expand our presence in India and International markets have yielded substantial results, with our total business growing by 13 percent during H1 FY’24 and Profit After Tax (PAT) grew by 55 percent. We have continued our investment to enforce our brand equity and as a result, the market share of our Daawat® brand in India surged to an impressive 30.2 percent, marking a consistent upward trajectory with a remarkable increase of 160 bps over the same period last year (MAT September 23; AC Nielsen Retail Survey Audit). Furthermore, we are thrilled to note that the number of Daawat® consuming households has risen by a substantial 24 percent year-on-year, reaching a staggering 48 lakhs (Kantar MAT September 23) in India."
Robust Performance
The company's financials for the July-September quarter showed a net profit of Rs 95.39 crore, showcasing its financial prowess and consistent performance. Comparing this figure to the previous year's results, it's evident that LT Foods has maintained its upward trajectory.
Additionally, the company reported a substantial increase in revenue from operations. It recorded a 14.66 percent surge, reaching Rs 1,977.78 crore during the second quarter of 2023, as opposed to Rs 1,724.83 crore in the same quarter the previous year. This growth reflects the company's ability to adapt and expand in a competitive market.
Financial Insights
Despite the positive revenue and profit figures, it's important to note that the total expenses for LT Foods in the September quarter also saw an increase. Expenses surged by 11.94 percent, amounting to Rs 1,792.33 crore. While the expenses increased, they were effectively managed to ensure that the company maintained healthy profitability.
The total income for LT Foods in the September quarter increased by 15.02 percent year-on-year, totaling Rs 1,991.81 crore. These financial results demonstrate the company's capacity to generate substantial revenue, manage expenses, and maintain a healthy bottom line.
A Global Player in Speciality Rice and Rice-Based Foods
LT Foods has solidified its position as a global leader in the speciality rice and rice-based foods business. The company's commitment to delivering high-quality products to consumers worldwide has contributed to its sustained success.
Reflecting on the company's performance and future prospects, Arora, stated, "In response to the evolving consumer trends and preferences, we ensure to grow our core business and innovate and stay ahead in the segment by introducing new product offerings and diversifying our product portfolio by leveraging our global distribution and strong brand equity. We are confident of continued improvement in our performance over the long term and in our ability to deliver consistent, sustainable, profitable, and responsible growth."
This forward-looking approach highlights LT Foods' commitment to adapt to changing consumer needs and expand its product offerings. It also reflects their dedication to maintaining sustainable growth and financial responsibility. With a strong portfolio of products, a global presence, and a commitment to innovation, the company is well-positioned for future success and continued growth in the consumer food space.
- Revenue and Profit – Consolidated H1 FY’24 Total Revenue and Profit After Tax was up by 13 percent and 55 percent, respectively on a YoY basis aided by accelerated brand investments and distribution expansion.
- The Company's Basmati and Other Specialty rice business for H1 FY’24 was up by 23 percent on a YoY basis on account of increased investment in brand and marketing and subsequent gain in market share.
- The Company witnessed a decline in its Organic segment, which was down by 22 percent for H1 FY’24 on a YoY basis as compared to H1 FY’23. This was due to anti-dumping duty on the import of Organic Soya in the U.S.
- Revenue in the Health & Convenience segment comprising Daawat® Sehat on the Health platform and Royal Ready-to-Heat (in the US), Daawat® Cuppa Rice, Daawat® Sauté Sauces and Kari Kari (Japanese Rice Snacks) stood at Rs. 92 crores in H1 FY’24.
- Margin Expansion
- Gross Profit for H1 FY’24 was flat on a YoY basis amounting to Rs. 1,219 crores and the Gross Profit Margin decreased by 421 bps to 32.3 percent in H1 FY’24.
- EBITDA increased by 35 percent on a YoY basis to Rs. 479 crores and the EBITDA Margin increased by 209 bps to 12.7 percent in H1 FY’24.
- PAT increased by 55 percent on a YoY basis to Rs. 295 crores and the PAT Margin increased by 211 bps to 7.8 percent in H1 FY’24.
- Further Strengthening Financial Metrics
- Current Ratio improved from 2.1 in H1 FY’23 to 2.4 in H1 FY’24.
- Interest Coverage Ratio increased to 9.9 in H1 FY’24 compared to 8.6 in H1 FY’23.
- Debt-Equity declined to 0.2 in H1 FY’24 compared to 0.5 in H1 FY’23.
- Debt-EBITDA declined to 0.7 in H1 FY’24 compared to 1.6 in H1 FY’23 on annualized basis.
- The Return on Capital Employed improved to 21.9 percent on a net debt basis in H1 FY’24 compared to 17.7 percent in H1 FY’23.
- The Return on Equity improved to 19.5 percent for H1 FY’24 compared to 16.5 percent in H1 FY’23.
Reliance Retail, the retail arm of Reliance Industries, reported a 21 percent increase in net profit to Rs 2,790 crore in the quarter ended September 30, 2023, compared to Rs 2,298 crore in the corresponding quarter last year.
The report showcased an impressive array of achievements and milestones that highlighted Reliance Retail's steadfast commitment to serving its diverse customer base and expanding its horizons.
“Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering. We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance,” commented Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
While Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited stated, "I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial matrices. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm."
Expanding Horizons: A Growing Store Network
Reliance Retail's ambitious expansion drive resulted in the opening of 471 new stores, bringing the total store count to an astounding 18,650. This impressive growth reflects the company's commitment to making its presence felt across the country, with a combined retail space spanning a vast 71.5 million square feet.
Record Footfalls and Digital Triumph
Foot traffic in Reliance Retail's stores soared to over 260 million during the quarter, marking a substantial 40.5 percent year-on-year growth. This remarkable feat illustrates the brand's strong appeal to consumers. Moreover, the Digital Commerce and New Commerce segments continued to flourish, contributing a substantial 19 percent of the revenue.
Strategic Acquisitions and Global Investor Confidence
The company made strategic moves by acquiring Ed-a-Mamma, a renowned kids and maternity-wear brand, and securing majority ownership of Superdry IP for India, Sri Lanka, and Bangladesh. Global marquee investors expressed their unwavering confidence in Reliance Retail's vision, execution prowess, and value creation, participating in an equity fund raise of ₹15,314 crore.
Consumer Electronics: A Thriving Segment
The Consumer Electronics business maintained its growth momentum with an impressive 11 percent year-on-year growth. Successful initiatives like the "Digital India Sale" showcased a 23 percent year-on-year growth with exclusive ranges, new launches, and enticing consumer offers. Reliance Retail capitalized on regional festivals, new product launches, and promotions to drive growth in categories like air conditioners, phones, and refrigerators.
Fashion & Lifestyle: A Blend of Innovation and Style
Reliance Retail's Fashion & Lifestyle segment delivered a phenomenal 32 percent year-on-year growth. The brand introduced the "Yousta" store format, targeting the youth market with fast fashion at affordable prices. Meanwhile, "Trends," the flagship store format, offered an immersive shopping experience with a contemporary design.
Strength in Partnerships and Exclusive Brands
Reliance Retail further enhanced its brand portfolio through strategic partnerships, with "Performax" partnering with the All India Football Federation as an official kit sponsor and "Point Cove" joining forces with Viacom18 for MTV's kid's collection. "AJIO" reported strong growth, expanding its range by 50 percent year-on-year and attracting around 2 million new customers. Partner Brands continued to lead in the premium and luxury segment, with a vast portfolio of brands.
Grocery: Consistent Record Performances
The Grocery segment continued its impressive growth trajectory with a remarkable 33 percent year-on-year growth, driven by Smart and Smart Bazaar formats. The "Full Paisa Vasool Sale" achieved the highest single-day sales on August 15th, reflecting customer enthusiasm. Festive seasons like Raksha Bandhan, Onam, Janmashtami, and Ganpati witnessed strong shopping, and the integration of Metro Cash & Carry's operations promises an even better omni-channel experience.
Consumer Brands and JioMart: A Tale of Success
Consumer brands sustained their growth, particularly in beverages, general merchandise, and staples. The General Trade channel delivered a staggering 4x year-on-year revenue growth, with beverages experiencing a remarkable 7x revenue growth. JioMart, the e-commerce arm of Reliance Retail, saw a substantial increase in traffic and average bill value. The "Grand Independence Sale" achieved impressive results. MS Dhoni's association as a brand ambassador, along with the "JioUtsav – Celebrations of India" event, promises a rewarding festive season.
Reliance Retail remains dedicated to improving the customer experience, exemplified by the "Smart" branding for grocery shopping. A threefold growth in the option count and a twofold expansion in the seller base underscore JioMart's continued commitment to delivering quality and convenience to its customers.
Amazon.in recently revealed an impressive surge in demand within Telangana. During the festive season, this dynamic region experienced a remarkable twofold increase in the demand for televisions, alongside a substantial 60 percent rise in the sale of cutting-edge 5G smartphones. This performance catapults Telangana into the upper echelons of TV and Smartphone categories for Amazon India. The robust growth can be attributed to the attractive financial schemes, such as the no-cost EMI option, which continues to entice customers towards premium smartphones and expansive, large-screen televisions.
Notably, the city of Hyderabad had the privilege of hosting the Amazon Great Indian Festival 2023 at the prestigious Indian Institute of Technology, Hyderabad. The 'Amazon Xperience Arena' (AXA) unfolded its unique splendors on October 26th, offering a distinctive platform for media, influencers, and customers to engage with their favorite brands and products while enjoying entertaining activities. Across seven interactive zones at the event, customers eagerly participated in competitions for exciting rewards and cherished opportunities to interact with their preferred brands spanning various categories.
Commenting on the occasion, Ranjit Babu, Director, Smartphones and Televisions, Amazon India said, “We're thrilled to introduce the Amazon Xperience Arena to our customers in Hyderabad. The city of Nawabs is amongst the top performing metros for the Smartphone and Television category. As the people of Telangana continue to shop for their favorite products during the festive season on India’s most preferred, trusted, and loved online marketplace, we’re humbled to see continued growth in the region. With the customer inclination increasing towards premium smartphones and televisions, we at Amazon India continue to provide attractive affordability options such as no cost EMI, bank discounts, Apay rewards, cashback and exchange offers, along with an array of the best-in-class products from all major brands.”
Telangana stands as a pivotal market that has significantly contributed to Amazon's success in India. Amazon's largest corporate edifice globally is situated in Hyderabad, India, signifying its strategic importance. Over the years, Amazon has invested extensively in constructing a robust physical infrastructure across India and particularly in Telangana. At present, Amazon boasts six sprawling fulfillment centers and one state-of-the-art sortation center, covering a vast processing area of more than 1.75 lakh sq. ft. Additionally, they operate nearly 70 Amazon-owned and Partner Delivery Stations, complemented by over 1800 'I Have Space' stores. The e-commerce giant supports close to 50,000 sellers hailing from Telangana, who offer a wide array of products ranging from apparel and sports gear to hosiery items and consumables on Amazon.in. These infrastructural investments play a pivotal role in enabling Telangana-based sellers to efficiently serve customers across the nation while fostering employment opportunities throughout the state.
In a recent development, Amazon.in introduced 'Extra Happiness Days,' a promotion co-powered by realme narzo. Customers are now presented with an exclusive opportunity to purchase the latest products from top brands across various categories, replete with fantastic deals and offers. The Amazon Great Indian Festival – 'Extra Happiness Days' brings forth an array of special offers from sellers, spanning the broadest selection of smartphones, televisions, gaming components, large appliances, audio devices, health and personal care products, gourmet food, baby items, and more. Customers can take advantage of exclusive offers from renowned brands like realme, Nvidia, Haier, Pedigree, Ferrero, Hershey's, Pampers, JBL, Gillette, and many others.
Furthermore, Amazon.in, in collaboration with Digit, has introduced the "Smartphone Genie" product finder. This innovative interactive widget, available exclusively on the mobile app, simplifies the process of making informed smartphone purchase decisions. With the Smartphone Genie, finding the perfect phone becomes effortless, thanks to a streamlined four-step process. This initiative empowers consumers to make smartphone selections that align perfectly with their individual needs and preferences.
Every time we step into retail, there's a hidden hero that ensures your favorite products find their way to you seamlessly: Supply Chain Management. It's like the behind-the-scenes wizardry that keeps the show running smoothly. For ages, Supply Chain Managers have been ensuring that all the components in supply chain operate efficiently, and it certainly creates a curiosity into how just a bunch of few people transform the mere produce and sell system of products into this giant mechanism that reduces wastage, gets products ready and delivered on time, ensures constant availability of products, and builds trust among the consumers. Well, this article addresses not only your curiosities, but also the intricacies of Supply Chain Management.
What is Retail Supply Chain Management?
At its core, retail supply chain management is all about managing the journey of goods and services, right from where they're made to your doorstep. It's a vital process that ensures your desired products are always available and delivered on time. Of course, this is not a simple task and requires various components to come together, and be managed by skilled professionals, but we will get to that in a minute. For now:
Why does it Matter?
- Managing Inventory Costs: One of the crucial aspects is managing inventory costs. These costs include everything related to ordering and storing products. Efficient management involves improving demand forecasting, finding the right balance in purchasing and storage, optimizing storage expenses, avoiding both overstock and stockouts, and dealing with items that aren’t selling.
- Avoiding Stockouts: Ever walked into a store, hoping to buy something specific, only to find it out of stock? Stockouts happen due to various reasons like inventory discounts, sudden surges in demand, delayed supplies, or limited cash flow. Efficient supply chain management ensures that these situations are rare.
- Building Customer: Trust: Imagine ordering something online and receiving it on time, or even before expected! This builds trust. When customers get what they want when they want it, they are more likely to trust the brand and return for more.
- Gaining a Competitive Edge: In the competitive retail market, being able to deliver products faster and more efficiently than others can be a game-changer. A well-managed supply chain can give companies a significant advantage.
Components of Supply Chain Management
To know how the system functions, one must know its components. Following are the components of Supply Chain Management:
- Planning: Strategizing and setting goals for the entire supply chain process.
- Sourcing: Finding the right suppliers and negotiating deals.
- Inventory: Managing and optimizing the stock of products.
- Transportation and Production: Ensuring goods move smoothly from one point to another.
- The Final Takeaway: Delivering the product to the customer seamlessly.
- Return of Goods: Managing returns and exchanges effectively.
Factors at Play
Several factors influence how supply chain management functions. These include consumer demand (what people want to buy), globalization (products being sourced or sold globally), competition (other companies striving to sell similar products), information and communication (how effectively information is shared within the supply chain), government regulations (laws that dictate how products can be sourced, stored, and sold), and environmental concerns (sustainability and eco-friendly practices). The level of understanding of these factors Supply Chain Managers have, determines the ultimate efficiency output of that supply chain.
Functions at the Operational Level
At the operational level, daily activities include managing production and distribution, creating detailed schedules for manufacturing facilities, forecasting customer demands, coordinating forecasts with suppliers, planning sourcing based on inventory and demand, handling inbound operations (receiving products from suppliers), managing production operations (using raw materials and producing finished goods), handling outbound operations (all activities involved in fulfilling customer orders), and managing transit damages and settlements at the customer level. The importance of these functions to be carried out efficiently cannot be emphasized on enough. Simple mistakes in carrying out these functions can create ripple effects that can shutdown entire system.
In the world of retail, where time is money and customer satisfaction is key, a well-oiled supply chain management system ensures that products reach the customers efficiently, and businesses thrive in a competitive market. It's not just about moving products; it's about creating a seamless experience for shoppers, one order at a time. As the markets keep expanding, and businesses keep tapping into the new markets, the demand for efficient and well-functioning supply chains keeps growing, and so does the demand for professionals who will bring such expertise to the organizations.
Author: Akshay Bector, Chairman and Managing Director, Cremica Foods
Honasa Consumer Limited (HCL), a company with a significant presence in the consumer goods industry, is all set to go public with its Initial Public Offering (IPO) on October 31, 2023. The IPO includes equity shares of face value of Rs 10 each, and it's a significant development in the company's journey. HCL is coming off a remarkable turnaround, reporting a net profit of Rs 24.71 crore in Q1-FY 2024, compared to a net loss of Rs 151 crore in FY 2023.
Steady Progress and Improved Profitability
The company's recent performance in Q1-FY 2024 highlights its steady progress towards a more profitable future. The gross profit margin, which stands at 17.03 percent, is a positive sign for the company. It not only indicates a healthier financial outlook but also signifies the potential for higher profits as cost-efficiency measures take hold. The company's business model is becoming more efficient, and operating leverage is starting to make an impact, setting it on a path to increased profitability.
IPO Details & Offer Size
HCL's IPO will open on October 31, 2023, and it comprises a total offer size of fresh issue aggregating up to Rs 365 crore in equity shares. Additionally, there will be an Offer for Sale (OFS) of up to 41,248,162 equity shares by Selling Shareholders. These selling shareholders include the company's promoters and founders, Varun Alagh and Ghazal Alagh, as well as investors like Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit Kumar Bansal, Rishabh Harsh Mariwala, and Bollywood actor Shilpa Shetty Kundra. The IPO is scheduled to close on November 2, 2023.
Price Band and Employee Discount
The Price Band for the IPO has been set at Rs 308 to Rs 324 per Equity Share. Investors can bid for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter. Notably, the company is offering a discount of Rs 30 per equity share to eligible employees who participate in the employee reservation portion.
Utilization of Proceeds
As part of the Objects of the Offer, HCL plans to utilize the net proceeds raised through the Fresh Issue for several purposes, including:
- Advertisement Expenses: To enhance the awareness and visibility of its brands.
- Capital Expenditure: To set up new Exclusive Brand Outlets (EBOs).
- Investment in Subsidiary: Specifically, Bhabani Blunt Hairdressing Private Limited ("BBlunt"), for setting up new salons.
- General Corporate Purposes: This encompasses various operational needs and allows for flexibility in resource allocation, as well as the possibility of unidentified inorganic acquisitions.
READ MORE: Honasa Consumer Unveils Refreshed Corporate Identity
Leading Financial Institutions Involved
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, and J.P. Morgan India Private Limited are the Book Running Lead Managers for this offering, ensuring a well-organized and regulated IPO process.
Tata Consumer Products Ltd (TCPL), the global leader in consumer products and a member of the Tata Group, has unveiled a comprehensive set of sustainability milestones and metrics for the fiscal year 2025-26. The company reaffirms its unwavering commitment to sustainable business practices, in line with its previously announced ESG Strategy, structured around the four pillars of "For Better Sourcing, For Better Planet, For Better Communities, and For Better Nutrition."
TCPL boasts a diverse portfolio, including iconic brands like Tata Tea, Tata Salt, Tetley, Eight O’Clock Coffee, Tata Sampann, Himalayan, Tata Soulfull, Tata Copper+, Tata Gluco+, and more.
"At Tata Consumer Products, creating sustainable value for all our stakeholders is a top priority, shaping our position as a premier FMCG organization. We have consistently taken steps to enhance our ESG performance and are dedicated to keeping our stakeholders informed of the strides we make," the company stated.
The ESG Strategy, known as 'For Better Living,' aligns with the Tata Group's commitments under 'Project Aalingana' and adheres to regulatory frameworks in all markets where TCPL operates.
Key Achievements for FY 2022-23:
- TCPL reduced Scope 1+2 emissions by 18 percent between 2020 and 2022, despite expanding business operations significantly.
- Currently, 19 percent of the company's energy needs are met by renewable sources.
- TCPL initiated "Project Jalodari," recharging 314 million liters of water in Himachal Pradesh and Assam.
- All global beverage factories achieved "Zero Waste to Landfill" status.
- TCPL achieved 100 percent compliance with its Extended Producer Responsibility (EPR) commitments in India.
- Ongoing projects are expected to reduce packaging materials by 900 metric tons annually.
- The company's CSR initiatives across seven specific themes have positively impacted over 1.2 million beneficiaries.
Future Goals for FY 2025-26:
- Climate Adaptation:
- Aims to achieve carbon neutrality on Scope 1 and Scope 2 emissions worldwide.
- Targets to source 35 percent of power requirements from renewable sources.
- Circular Economy:
- Strive for Zero Waste to Landfill across all global operations.
- Aim to make 70 percent of packaging material recyclable, compostable, or reusable worldwide.
- People and Community:
- Aspire to impact 1.75 million lives through community initiatives.
- Target 100 percent ISO 45000 certification for all operations.
- Aim to increase women's participation in the global workforce to above 35 percent.
Sunil D’Souza, MD & CEO of Tata Consumer Products, emphasized, "As we advance in our transformation journey to become a premier FMCG company, we remain committed to delivering on our long-term sustainability roadmap. The commitments made for FY 2025-26 will reinforce the long-term goals established as part of our ESG strategy. We will continue to fortify our sustainability strategy, as it plays a vital role in building a future-ready organization, strengthening consumer-favored brands, and enhancing value for our stakeholders."
Tata Consumer Products stands firm in its mission to make sustainable progress and ensure the well-being of both the environment and the communities it serves.
Daewoo, the internationally acclaimed brand under the umbrella of South Korea's powerhouse conglomerate, Posco Daewoo, is strategically positioning itself for a grand entrance into India's dynamic market. This strategic masterstroke is set to ride the wave of India's robust economic growth and skyrocketing consumer demand, cementing its place as one of the world's most promising consumer frontiers.
Operating in 110 countries and counting, Daewoo has now extended its global reach into India through an exciting brand licensing partnership, bringing a new era of excellence to the subcontinent. Get ready to witness the fusion of global legacy and Indian promise as Daewoo takes center stage in the heart of this bustling market!
Unlike its previous foray in the Indian market, where the company was selling cars such as the popular Cielo and Matiz, it will now advance into the energy and battery, electronics and e-bikes segments in the near future. For its re-entry, the company has entered a brand licensing partnership with home-grown Kelwon Electronics and Appliances Private Limited.
Chan Ryu, Director, Daewoo India Operations, said to Indian Retailer, “Today, India is the most important economy in the world. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape. India is booming and we don’t want to lose this kind of market. We are now looking forward to making a new brand story, along with Kelwon.”
Asked about the investments the company would make in India, he said that the comeback will be through brand licensing and Daewoo will not making investments in the country. "In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices" added Ryu.
In the coming year, there will be a plethora of cutting-edge products as Daewoo will extend its consumer durables portfolio. With an exciting array of offerings on the horizon, including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and an all-encompassing assortment of small home and kitchen appliances, the brand is set to redefine lifestyle in the country.
But that's not all! In a visionary leap, within the next three years, Daewoo has its sights set on revolutionizing mobility in the Indian market with a remarkable lineup of e-bikes and e-cycles. Kelwon, led by H. S. Bhatia, a well-known figure in the Indian consumer market, has been chosen as the exclusive brand licensee for Daewoo in India. This alliance capitalizes on Bhatia's extensive industry knowledge and aims to introduce the global brand’s innovative technology led innovative products to the Indian market. This collaboration underlines Daewoo's dedication to becoming a household name in India while also supporting local manufacturing efforts.
Ryu further highlighted that this new partnership marked the beginning of a new chapter for Posco Daewoo in India. He also emphasized India's emergence as a global manufacturing hub and Daewoo's intent to seize this opportunity by collaborating with an Indian partner who possesses substantial experience and capabilities in the manufacturing, marketing, and sales of its products in India.
H.S. Bhatia, Managing Director, Kelwon Electronics & Appliances Pvt. Ltd., added that the partnership was a long-term and will be the cornerstone of Kelwon Electronics’ sustained growth. He elaborated, “Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India in becoming the third largest economy in the world.” He also added that the products will be made in India as Kelwon Electronics is associating with local manufacturers.
When asked about the investment plans, he added, “Being the manufacturing and marketing partner, we will be provided with the brand guidelines, technology transfer, and other innovations by Daewoo. The entire investment will be made by our company. We are planning to put in over Rs 300 crore towards business expansion, marketing, product development, R&D, over a period of three years.”
For now, both the partners were not looking at numbers, but are keen to establish a brand recall among the younger generation.
As the Indian fashion industry continues its upward trajectory, the men's apparel segment is emerging as a powerhouse in its own right. With a market size that surpassed 1.83 trillion Indian rupees in 2020 and a projected worth of 3.3 trillion rupees by 2028, the menswear market has overtaken its female counterpart, capturing a substantial 46 percent share of the overall apparel sales. This financial surge aligns with changing consumer dynamics, where men have become increasingly style-conscious, seeking both traditional and contemporary sartorial choices. In 2023, per-person revenues of $20.87 were generated in this segment, and this momentum is set to continue with an expected volume growth of 4.9 percent in 2024.
Amid these exciting industry developments, as the Indian fashion market gears up for its ambitious growth trajectory, men's fashion designers are playing a pivotal role in defining the nation's style narrative. These designers are crafting a contemporary and unique blend of classic and modern influences, offering exceptional choices for those looking to make a statement this festive season. As we enter a season where fashion holds particular significance, here are five eminent menswear designers who are at the forefront of shaping the stylish landscape for men across India.
1. TASVA: Redefining Ethnic Elegance
TASVA, a collaboration between Aditya Birla Fashion and Retail Ltd. and designer Tarun Tahiliani, emerged on the men's fashion scene in 2021. Offering a fresh take on ethnic wear, TASVA combines tradition with contemporary trends. From kurtas to sherwanis and suits, their collection is a testament to style and comfort, blending Indian culture with a modern edge. TASVA's products are available both online and in select stores across India.
2. Manyavar: The Style Maestros
Founded by Ramesh K. Tanna in 1999, Manyavar has grown to be a leading brand in India with over 500 stores nationwide. Renowned for its stylish and affordable men's ethnic wear, Manyavar offers a vast selection, including kurtas, sherwanis, suits, and accessories. Their success is attributed to a winning formula of fashionable yet affordable clothing, a diverse product range, and strategic partnerships with Bollywood stars such as Ranveer Singh, Anushka Sharma, and Amitabh Bachchan.
3. House of Anita Dongre: Fashion with a Conscience
House of Anita Dongre Limited, founded in 1995 by Anita Dongre, Meena Sehra, and Mukesh Sawlani, isn't just a fashion house; it's a symbol of sustainability and social impact. With a workforce of over 2,800 associates, the brand has been recognized for its commitment to empowering rural women through livelihood opportunities and skill training. They also champion animal welfare and environmental causes.
4. Kunal Rawal: Where Contemporary Meets Classic
Kunal Rawal's luxury menswear brand redefines style with a fusion of contemporary and classic. Rawal, the founder, challenges conventional fashion norms with boundary-pushing designs that blend premium fabrics into unique silhouettes, patterns, and prints. The collection caters to weddings and special occasions, with celebrities like Ranbir Kapoor and Kartik Aaryan choosing Kunal Rawal's creations. The brand also offers an impressive range of men's footwear, crafted by skilled artisans to elevate style and posture.
5. Payal Singhal: A Fusion of Tradition and Modernity
Established in 1999, Payal Singhal's South Asian fashion brand excels in modern Indian bridal and occasion wear with global appeal. Inspired by history and culture, Payal Singhal's signature aesthetic is a contemporary minimalism infused with a vintage touch. Beyond clothing, the brand is transitioning into a sought-after lifestyle brand, offering products ranging from footwear and jewelry to home decor and wedding essentials. With her rich artistic background, Payal Singhal is revolutionizing traditional wear, infusing it with contemporary elegance.
The retail landscape is undergoing a seismic shift, largely propelled by technological advancements. The global pandemic and the ascent of eCommerce have only intensified the influence of technology. Retailers have leveraged technology innovations to enhance efficiency while remaining steadfast in their commitment to customer centricity. The result? Total experiences that delight both customers and employees.
However, the retail journey doesn't stop here. The evolution of customer behavior and technology continues unabated. Retailers are mandated to stay attuned to this evolution to stay ahead of the curve in terms of sales and customer satisfaction.
The future of retail is poised to ride the technology wave, further bridging the physical and digital realms. Retailers are looking beyond mere product sales on shelves, aspiring to build comprehensive ecosystems that encompass services spanning health, finance, entertainment, and more capitalizing on digitization and technology's ability to offer enhanced accessibility to consumers. In this era of technological transformation, barriers between industries are blurring, enabling retailers and other operators to seize opportunities rapidly by engaging directly with consumers.
Some of the technologies that are scripting this transformation and will continue to do so in the future are Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Blockchain, Internet of Things (IoT), and others. These multifaceted technologies promise to revolutionize both physical and virtual operations and reshape customer relations. Let’s take a closer look at these modern-day technologies that will undoubtedly shape the future of retail, catering to a digital-first, digital-only consumer base.
Generative AI will Drive Customer Benevolence
The ability of Generative AI to work with Large Language Models applying in-context learning to learn from analogy and generate responses based on enhanced understanding of context, improved reasoning, inference skills, and tailored problem-solving capabilities has come out as a potent force for businesses.
Generative AI is a powerful technology that leverages vast datasets to create personalized experiences and optimize various aspects of retail operations. It's not limited to one area but offers multiple benefits across different functions. In content creation and optimization, Gen AI autonomously generates and improves product descriptions and copy, reducing the need for extensive human involvement. It also excels at providing personalized discounts by analyzing purchase history.
Gen AI extends its capabilities to customer interactions through the development of intelligent bots. These bots go beyond traditional AI bots by generating relevant responses in various formats, such as text and visuals, based on real-time data. They are efficient in handling customer inquiries and can identify upselling and cross-selling opportunities.
In the context of inventory management, Gen AI analyzes multiple data sources, including consumer sentiment and competitor data, to predict demand accurately. This helps retailers drive sustainability by optimizing supply and delivery, preventing inventory deficits, and avoiding wastage.
In the instance of supply chain management, Gen AI can assist with product configuration in transport, ensuring the best possible use of space and safe handling of goods, apart from suggesting the most viable transport routes. This ability to optimize the operational aspect of logistics not just saves costs but also augurs well for sustainability reducing carbon footprints, and ensuring minimum wastage of perishable and high-value goods.
Gen AI's real-time capabilities also extend to pricing optimization, where it can adjust prices based on competitor pricing, demand trends, and market conditions.
Gen AI can also play a crucial role in fraud detection by identifying counterfeit products, unauthorized sellers, and fraudulent activities, helping retailers save valuable resources and drive sustainability. Similarly, the technology can be utilized for product and packaging design optimization, reducing material use, and encouraging recyclable materials.
The versatility of the technology is already a talking point among retailers around the globe with 92% planning to ramp up their investments in Generative AI as per a GlobalNewswire release.
Immersive Reality will No Longer be a Novelty
Retailers bet big on experience as a major differentiator and try using technology to drive experience as a differentiator. The evolution of Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality has thrown open a new paradigm in experience that seamlessly marries the physical with the virtual. The ability to experience furniture, fashion, and more from the comfort of the drawing room is a relatively new experience, one that customers are eagerly absorbing and consuming. According to a survey by PWC, India, China, and Qatar are most keen on VR. The survey states that 32% of users buy products after checking them out on VR platforms. A similar report on AR from NielsenIQ highlights that 56% of customers feel more confident about the product using AR, while 61% said they prefer to shop with retailers offering AR experiences.
AR/VR and MR empower retailers to:
- Entertain – Walmart collaborated with DC Comics and Marvel to bring superhero-themed AR experiences to selected outlets
- Educate – Vanity Planet’s skin reporter app scans users faces to educate them about their skin types and possible skin conditions, aligning it with complementing makeup recommendations
- Evaluate product fit – IKEA uses AR to help users gauge the fit of furniture within a given surrounding enabling consumers to validate their purchase against their exact requirements
- Enhance the post-purchase experience – McDonald's used AR to help users discover the origins of ingredients used in their products to ensure customers know the source of their produce and enjoy consuming the products without hesitation
The evolving wave of spatial computing that utilizes a range of technologies, including AI, ML, AR, and IoT, to establish an awareness of the three-dimensional (3D) environment surrounding an object, enable it to interact seamlessly with its surroundings is a fast-developing technology poised to take the experience quotient to another level and promise an immersive, engaging future for retail consumers and better returns for retailers. The growing influence of immersive technologies is charting the way for retailers into the evolutionary world of the Metaverse. Retail giants like Nike, Gucci, and Adidas among others have already made a foray into the virtual world by buying real estate, building digital stores, conducting fashion shows, and hosting concerts. The future state of this space holds a lot of promise for retailers as it is expected to create a digital connection between the customer and the brand, like never before. Retail brands are excited about the opportunity as it provides them with direct access to zero-party data of customers, enabling retailers and service providers to establish a hyper-personalized connection with the customers. The customer is enthusiastic and buoyed by the surreal experience that is being rendered across these new digital platforms, which promises to better all previous experiences from the past.
Expanding the Expanse with Omnichannel Integration
Powering the futuristic omnichannel retail ecosystem at the front end will be a headless commerce architecture that delivers a distinctive, consistent customer experience across channels and supports all touchpoints with shared functionalities, such as wish lists, appointment booking, and payments. This architecture is also expected to be more scalable and flexible than a traditional monolithic architecture as it is decoupled from the backend giving retailers the ability to drive changes faster. The world is steadfastly embracing IoT in the shape of wearables, home automation, and more. The headless architecture will help retailers deliver content across each device type without reinventing the wheel, keeping the experience consistent. Talking of the backend, the move towards a microservices-based architecture at the backend can also be a game changer for retailers. This decoupling of the monolithic architecture at the backend will help retailers to upgrade or revamp a specific function quickly, for example integrating biometrics into the sign-in function or integrating gesture recognition for payment. These new-age capabilities can be separately developed and deployed in a modular fashion. This is unlike how it is done in the traditional monolithic architecture where the complete system would need a revamp for the addition of any functionality.
Blockchain Safeguarding Digital Assets across the Virtual Terrain
Blockchain technology is a decentralized ledger system that provides robust security and transparency for safeguarding digital assets in the retail sector across the digital landscape. Through its immutable and distributed nature, blockchain ensures the integrity of transactions and data, reducing fraud and enhancing trust. For example, in supply chain management, blockchain can trace the origin and journey of products, allowing customers to verify the authenticity and quality of goods. It also acts as a powerful tool for driving sustainability within the retail sector by providing retailers insight into their supply chains, promoting responsible sourcing and reducing waste. By verifying product authenticity, blockchain helps combat counterfeiting, ensuring that consumers receive genuine, quality products discouraging the production of environmentally damaging fakes.
In e-commerce, blockchain-based payment systems like Bitcoin offer secure and borderless transactions, eliminating the need for intermediaries. Blockchain can also be a game changer in driving loyalty programs enabling retailers to offer customers rewards securely, while smart contracts, an agreement based on blockchain technology that kicks in automatically once certain conditions are met, can enforce credible, transparent agreements on product authenticity, warranties, or refund policies, ensuring a seamless and trust-driven retail experience. Blockchain holds significant value in a rapidly digitizing world that is embracing Non-Fungible Tokens, or unique digital identifiers recorded on a blockchain ledger as an identification of ownership and authenticity for digital assets such as art, music, fashion, or any other collectible owned by an entity. One of the main advantages of NFTs is that they allow people to own and intellectual property. NFT cannot be replicated, a strong reason why fashion labels, and multinational retail conglomerates, are exploring the use of NFTs to secure ownership of digital assets and thwart counterfeiting.
Embracing the Future of Retail Technology Today
As inflation and fears of an economic slowdown weigh heavy on the minds of consumers, curtailing their spending, retailers will need to embrace the advances in technology to attract, convince, and drive sales to build an all-encompassing retail ecosystem. Retailers will need to deploy new-age strategies powered by contemporary technologies such as artificial intelligence, blockchain, augmented and virtual reality, and more to get up close and personal with their customers building long-lasting trust and value. Retailers will have to look at technology not just for delivering convenience and experience but also as a medium to drive sustainability and security. The time is ripe for retailers to embrace the future of technology to catapult from digital transformation to digital ascendance.
Author: Nareshraj Gururaj, Sr. Vice President, India Delivery & Operations, Innover
INGKA Group, the parent company of IKEA, has made a significant impact on the global retail landscape. With 482 stores worldwide and a remarkable group turnover of €42 billion in FY22, the company stands out not only for its retail success, but also for its innovative and responsible approach to automation. In a recent address by Wim Blaauw, Chief Digital Officer, INGKA Group, at the World Retail Congress, we gained insight into the group's commitment to human-centric automation, reshaping the customer experience, and ensuring a better everyday life for all.
Customer Experience: A Constant Focus
Establishing its digital organization in 2018 marked a pivotal moment in INGKA Group's journey. Blaauw emphasized their unwavering commitment to enhancing the customer experience. Acknowledging that the digital transformation journey was still ongoing, he recognized that many customers still encountered challenges. As online shopping becomes more prevalent, the company is striving to ensure a seamless and satisfying experience for its clientele. The fact that 80 percent of their customers now commence their shopping journey online, demonstrates the significance of their digital transformation. Pre-pandemic, their online share was just 7 percent, but it has since surged to an impressive 25 percent.
Responsible Automation: A People-Centric Approach
INGKA Group takes pride in being a people-oriented business, a legacy that spans eight decades! As they embrace automation and artificial intelligence (AI), the company remains committed to preserving its people-centric ethos. They value the development and employability of its co-workers, whether within or outside IKEA. Their focus on lifelong learning is particularly vital in a competitive market where talent is scarce. INGKA Group aspires to retain its position as a people-centric enterprise, ensuring the well-being of both customers and co-workers in the face of technological change.
Innovation and Reinvention: Embracing an Omnichannel World
The company's illustrious history has largely revolved around the iconic blue-box stores, known for their cache and carry model. However, recognizing the shift towards an omnichannel world, they have embarked on a journey of innovation and reinvention. Their diversification includes stores in urban areas, city shops, plan and order points, and the introduction of remote selling, which gained prominence during the pandemic. These innovative steps demonstrate the company's adaptability and commitment to staying relevant.
Enhancing the Customer Experience: Immersive and Creative Solutions
The company is also actively investing in technology to improve the customer experience. Two notable examples include immersive experiences in select stores and the "Ikea Creative" app. The immersive experience provides customers with a hands-on opportunity to explore products and test ideas within a small, physical space. Simultaneously, the "Ikea Creative" app, available in 3D, enables customers to visualize and experiment with furniture placement in their homes. These technologies provide a more engaging and interactive shopping experience, allowing customers to better connect with the brand.
Technological Advancements: Autonomous Inventory and Efficient Fulfillment
INGKA Group has taken a bold step into the future by implementing autonomous inventory tracking using drones! These drones are deployed in seven countries across 16 locations, performing functions such as verifying product placement, ensuring safety, and detecting damaged racks. The result is a significant reduction in errors, particularly in overselling products, which leads to enhanced customer satisfaction.
The company has also innovatively optimized their in-store fulfillment operations. By constructing mezzanines in the self-serve warehouses, they have created high-density picking areas for small goods. This two-person solution streamlines the picking process, ensuring that products are retrieved efficiently and without disruptions for customers.
Fostering Digital Trust: A Responsible Approach to Data and AI
As the company continues to embrace technology and automation, they place a strong emphasis on data ethics and responsible AI use. They are committed to creating "digital trust" by ensuring that customer and coworker data is treated responsibly. While they have already established a data ethics policy, they seek to take further steps to ensure that data and AI are handled in a manner that builds trust with their stakeholders.
Pacific Group, a renowned name in the retail industry, has made a bold entry into the Faridabad market with the opening of "The Mall of Faridabad." This sprawling shopping destination is set to redefine the retail experience and elevate it to new heights. Let's dive into the various aspects of this business venture.
“From a business perspective, the opening of "The Mall of Faridabad" represents a significant investment and growth opportunity. Our entry into this burgeoning market reflects our commitment to staying at the forefront of the retail industry. With the inclusion of diverse brands and tech-driven solutions, we are poised to attract a wide customer base, catering to the evolving preferences of today's shoppers,” said Abhishek Bansal, Executive Director of Pacific Group.
A Vision for Community: Beyond a Shopping Center
"The Mall of Faridabad" is more than just a shopping center; it's a community hub designed to reflect the essence of Faridabad. “The project's core vision is to create a space where people from all walks of life can come together, experience something extraordinary, and appreciate the hard work and love invested by the Pacific Group,” stated Bansal.
He further noted, "Faridabad is an evolving part of the Delhi-NCR region with a diverse consumer profile. Our focus is on providing convenience and a wide array of renowned brands, making 'The Mall of Faridabad' the go-to destination for shoppers in the region."
Introducing New Brands to Faridabad
With 87 diverse outlets, this shopping haven is poised to become the ultimate destination. Among the 90 brands in the mall, several are being introduced for the first time in Faridabad. Brands like GAP, Nykaa Luxe, and Apple are set to create a buzz among the tech-savvy and fashion-conscious residents of Faridabad.
The entertainment quotient at the mall is elevated with a multiplex, a food court, and the first-of-its-kind family entertainment center, Timezone, in Faridabad. These additions promise to create a holistic shopping and leisure experience for visitors.
Tech Integration for Seamless Shopping
Tech integration is at the forefront of "The Mall of Faridabad." A Fast Tag system simplifies parking, eliminating the need for physical cash transactions.
“We are also developing a loyalty program with a tech-enabled mobile app, offering shoppers numerous benefits and rewards,” highlighted Bansal.
READ MORE: India’s Mall Shopping Experience Taking a Leap Forward as a “New-Age Industry”
Future Expansion Plans
As for future expansion, Pacific Group is gearing up to open a new center in Dehradun in the coming year, and this grand launch is part of a broader strategy to capture the evolving retail landscape in India.
More and more, communities form the foundation of successful businesses globally. A community-based brand guarantees longevity, delivers focus, and provides priceless feedback. Additionally, since the ties that bind a true community cannot be simply broken, it gives companies the exceptional ability to make mistakes and recover. Building a community-based brand requires more than just a marketing plan; it also entails a dedication to establishing relationships that go well beyond simple business dealings. It's about building a tribe that is aligned with the brand's mission and values and achieving greatness as a group. The fashion and streetwear industry are ever evolving. To remain relevant, a community-based brand must stay adaptable and agile. Keep an eye on industry trends, technology, and consumer behavior. Be willing to evolve and innovate when necessary while staying true to your core values-
1. The Power of Authenticity
In today's hyper-connected world, authenticity is the currency of trust. Building a community-based brand begins with a commitment to being authentic. It's not about projecting a polished image; it's about letting your brand's personality shine through. Authenticity fosters trust, and trust is the foundation upon which a thriving community is built.
2. Know Your Audience Well
Understanding your audience is paramount. Successful community-based brands invest time in researching and understanding their target demographic's preferences, values, and pain points. In our case, we recognized the emerging passion for street culture and sneakers among urban youth in India. By appealing to their interests and sharing knowledge, we were able to create a place for our audience.
3. Engage & Listen Actively
A community isn't a one-way street; it's a dynamic conversation. Engage with your audience on various platforms, be it social media, events, or through customer feedback channels. Listen to what they have to say, and don't be afraid to adapt and evolve. This two-way communication fosters a sense of ownership among community members.
4. Create Valuable Content
Content is the lifeblood of community building. Share content that educates, entertains, or inspires your audience. Whether it's blog posts, videos, or social media stories, make sure your content aligns with your brand's values and resonates with your community's interests. Providing value through content helps in building a loyal following.
5. Build Relationships, Not Just Transactions
A community-based brand isn't solely focused on sales; it's about building meaningful relationships. Treat your customers as part of your extended family. Personalize interactions, reward loyalty, and show appreciation. When customers feel valued, they become brand advocates and are more likely to spread the word to others.
6. Embrace Social Responsibility
Modern consumers are increasingly conscious of a brand's social responsibility. To build a community-based brand, consider the societal impact of your business. Support causes that align with your brand values and engage your community in meaningful acts of giving back. This not only attracts like-minded individuals but also solidifies your brand's reputation.
7. Collaborate
Collaboration is at the heart of every brand and instrumental in community's growth and vitality. These collaborations not only boost your brand's visibility and authenticity, but also add an element of excitement for your community. Collaborations with artists, content creators, and like-minded businesses can be a powerful way to expand your community. Partner with individuals or entities that share your brand's ethos and can introduce you to new audiences.
Author: Abhineet Singh, Cofounder, VegNonVeg
The festive season in India is more than just a time of celebration; it's a significant economic force that sets the stage for unprecedented business growth. With consumers brimming with enthusiasm, this vibrant period provides a golden opportunity for brands to thrive and prosper.
To offer marketers deep insights into India’s festive purchases this year, ShareChat & Moj revealed India’s #FestiveFeeling Report 2023, highlighting the year’s festive shopping trends and how brands can drive sales by making the most of them.
The Report indicates that 47 percent of India will spend over Rs 10,000 on festive purchases, about 2.5x more than last year’s 19 percent. Of the Indians spending Rs 10,000 or more this year, 48 percent will spend Rs 20,000 or more.
Reiterating similar sentiments, Himanshu Chakrawarti, CEO, Snapdeal, states "As we celebrate the festive season, the trends are a testament to the evolving tastes and festive needs of our customers across Bharat. Snapdeal has witnessed 25-30 percent year-on-year growth. From the rising demand for sarees and ethnic wear in fashion to the upswing in sports and casual footwear to festive jewelry, it's clear that our shoppers are embracing style and comfort.”
He further adds, “The surge in wearables like earphones, headphones, and smartwatches in electronics highlights the tech-savvy nature of shoppers beyond metros. Moreover, the spike in lighting and decorative items, along with the increasing popularity of dry fruits, showcases the spirit of festivity and gifting. In the home category, the rise in kitchenware and bed linen reflects the importance of trendy and well-equipped living spaces. These categories are not just growing; they are flourishing at an impressive rate, surging by 1.5x to 2X growth above the pre-season levels.”
While 59 percent of India will prioritize discounts and offers for these festive purchases, the inclination to prioritize discounts and offers is consistent across age groups but most prominent among 26 to 35-year-olds (62 percent).
Key Highlights:
- Increased Festive Spending: The report indicates a remarkable upswing, with 47 percent of Indians planning to spend over Rs 10,000 on festive purchases. This marks a substantial increase, being 2.5 times more than the 19 percent seen in the previous year. Among those ready to spend Rs 10,000 or more, a significant 48 percent are willing to go as far as Rs 20,000 or beyond.
- Discount-Driven Purchases: A vast 59 percent of Indian consumers prioritize discounts and offers for their festive purchases. This inclination cuts across age groups but is most pronounced among the 26 to 35-year-olds, with 62 percent favoring discounts.
- Shopping Preferences: The report highlights that Indians plan to spend on clothing, mobile phones, and more. A substantial 66 percent intend to utilize their savings for these purchases. Discounts play a pivotal role in consumers' brand and product choices, with 59 percent giving priority to offers, particularly in the 26 to 35 age group.
- Home Appliance Choices: Among those considering home appliances, 19 percent aim to acquire a new television, while 18 percent seek a new washing machine to elevate their homes.
- Mobile Phone Preferences: For consumers in the market for a new mobile phone, 44 percent are looking to upgrade for a better camera, and 34 percent intend to stay current with technological advancements by opting for a 5G-enabled device.
- Beauty Product Trends: Perfumes and makeup take the spotlight in the shopping carts of Indian consumers. Notably, 14 percent more males than females plan to purchase perfumes during the festive season. Social media continues to be the top resource for researching beauty products, with 34 percent relying on it to discover and explore products they love.
- Vehicle Purchases: When it comes to four-wheelers, 41 percent of Indian vehicle buyers plan to upgrade to larger vehicles this festive season. Intriguingly, a significant portion of these buyers is embracing sustainability, with nearly a quarter intending to transition to electric vehicles.
- Brand Preference: A notable shift is observed in Indians prioritizing brands when making festive purchases, with 28 percent indicating a preference for brands they love. Moreover, 19 percent express keen interest in buying directly from brand websites, drawn by product variety, competitive pricing, and trustworthiness.
It's a reminder that festivals are not merely a confluence of traditions and colors; they are a bustling marketplace where opportunities flourish. As we embark on this festive journey, armed with the insights from this report, businesses have a unique chance to align their strategies with the evolving consumer dynamics, fostering brand loyalty, and leveraging the season's economic fervor. The potential for business growth during this festive season is limitless, and by understanding these trends, brands can embark on a journey that leads to not just economic success but also an enduring connection with the heart of India's festive spirit.
These connections, referred to as #YaaronWaaliBaat by House of McDowell’s Glassware, embody the heartwarming depth that extends beyond existing friendships to include those encountered along life's journey.
Black Friday gains traction in India as a major e-commerce event, with Unicommerce reporting a 23 percent surge in orders. Tier III cities lead growth, signaling diverse consumer preferences.
The offering includes shares from Promoters and other selling shareholders, prominently Bipinbhai Vithalbhai Hadvani, Gopal Agriproducts Private Limited, and Harsh Sureshkumar Shah.
Sanjay's vision, leadership skills, and deep industry knowledge aim to establish a robust market presence for Adani Sportsline while contributing to the organization's continued growth and success.
