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Reliance Retail starts ONDC pilot via retail platform Fynd
Reliance Retail, a subsidiary of Reliance Industries, has begun testing the government's Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance holds an investment.
Retail cos, QSRs expand at slowest pace in 5 years
Retailers and quick-service restaurant chains in India experienced the slowest pace of store expansion in five years at 9%, with 33,219 stores as of March 31. In FY23, the number was 30,551, up 18% from the previous year. These companies added 2,700 stores, averaging 7 a day, but that's nearly half compared to 13 doors each day in FY23. Retail sales growth rate fell year-on-year every month in the previous fiscal, reflecting weak consumer sentiment across segments like apparel, footwear, and QSR.
Reliance Retail plans 30-minute delivery model for quick commerce re-entry
Reliance Retail is re-entering the quick commerce market with a 30-minute delivery model, focusing on a wider assortment of products than existing players like Blinkit and Zepto. They will leverage their network of stores and kiranas, connected through the JioMart Partner initiative, for product sourcing. Unlike competitors, Reliance will not set up dark stores for under-ten-minute delivery but will optimize delivery routes using tech platforms like FYND and Locus. The venture will start with groceries and expand to apparel and electronics, utilizing the 19,000-plus store network.
EET Retail continues to expand fuel retail network
EET Retail, the retail division of EET Fuels, has reopened two new service stations in the UK, signaling a new era of convenience and service for the Essar consumer brand.
Next disruption? Reliance’s JioMart to enter quick commerce space to take on Blinkit, Zepto and others
Reliance Industries, led by Mukesh Ambani, plans to enter India's quick commerce sector, aiming to compete with Blinkit, BigBasket, Instamart, and Zepto. Initially targeting 7-8 cities, JioMart aims to expand to over 1,000 cities. Unlike rivals, it will leverage Reliance Retail's network instead of dark stores. Goldman Sachs estimates the online grocery market at $11 billion, with quick commerce accounting for $5 billion, possibly affecting kirana store sales.
Meme stock GameStop jumps 17% after raising $933 million in share sales
Meme stock GameStop soared nearly 20% in premarket trading on Tuesday after the struggling videogame retailer said it had raised over $900 million from selling its shares during the market rally earlier this month.
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Post-pandemic, Indians shopped...till they dropped (in FY24)
Pent-up demand post-Covid led to booming sales in athleisure wear and lifestyle products. Kumar Rajagopalan notes the unsustainable high growth post-pandemic and the impact on consumer spending.
Dubai-based Pluugin e-commerce plans expansion in India, create 2,000 jobs in 3 years
Dubai-based Pluugin E-commerce plans to expand in India, aiming to create over 2,100 jobs in three years and achieve full pan-India coverage within 12 months. India will also serve as the backend office for operations in Bangladesh, Nepal, and Sri Lanka. The company focuses on MSMEs, promoting a global presence for 'Make in India' brands.
Retailers cut stocks of impacted spice brands like MDH and Everest
About a third (32%) of retailers are limiting stocks of MDH and Everest branded packaged spices alleged to have contaminants exceeding permissible ethylene oxide levels, according to Kirana Club, which has 1.8 million kirana stores on its network.
Retailers report 4% growth in sales in April 2024
Retail sales in April 2024 increased by 4% compared to April 2023, according to a survey by the Retailers Association of India. However, the retail sector is not experiencing double-digit growth, as customers are cautious on non-essential items and splurging on capital purchases. Sales across regions showed growth, with QSR, food & grocery, and jewellery categories experiencing significant growth.
Reliance Retail partners with UK-based fashion retailer ASOS
India's largest retailer, Reliance Retail, has signed a long-term licensing agreement with UK's leading online fashion retailer ASOS, bringing the brand to India. Reliance Retail will be the exclusive retail partner for ASOS across all online and offline channels in India, introducing its curated portfolio of fashion-led own brand labels through a multi-channel presence and diverse retail formats.
Why touchy-feely consumerism is here to stay and also thrive
The surge in e-commerce once signaled the demise of brick-and-mortar stores, but a notable shift is occurring as D2C companies expand offline. The trend extends beyond smartphones to FMCG and banking, with consumers favoring physical stores for premium items. Retailers are adapting by enhancing store sizes to provide immersive shopping experiences.
Behind ghost shopping malls, a new consumer trend glimmers
Ghost shopping malls with a vacancy rate of 40% or higher in 2023 are on the rise, with a 59% year-on-year increase in top 8 metros, resulting in 13.3 million sqft of retail space remaining vacant. The loss in value amounts to $800 million. High-grade malls are thriving due to premiumisation and a focus on consumer experience, leading to larger store sizes and better shopping experiences. New factory outlet malls are also set to surge in India.
A big consumer tide is coming to India. Who all will rise?
India is poised to become the world's third-largest consumer market by 2026, surpassing Germany and Japan. UBS forecasts a doubling of affluent individuals with annual incomes exceeding $10,000 to 88 million by 2028. Household spending per capita in India is projected to outstrip other Asian economies, with rural and urban consumption expenditures witnessing significant growth over the past decade, according to recent reports.
How quick commerce is rewriting the rules of retail in India
Quick commerce, or super-fast deliveries, is becoming increasingly popular among millennials and Gen Z, with companies delivering various items to doorsteps in no time. Quick commerce makes up about 5-6 per cent of a household's grocery spending, with platforms like Blinkit valued at around $13 billion. It is mostly popular in big cities but is also gaining traction in places like Vizag, Nagpur, Kochi, Jaipur, and Lucknow.
Retailers body to seek govt intervention on POCO's business practices
The South Indian Organised Retailers Association is planning to approach the central government regarding POCO's business practices, alleging that the brand avoids supplying phones to mainstream channels. ORA claims that POCO's approach minimizes spending by favoring online and "illegitimate" channels, neglecting consumer experience and employment generation. They assert that POCO's actions harm legitimate sales channels and government revenue, calling for swift action to ensure ethical business conduct.
Retailers report 8% growth in March 2024
Retail businesses across regions have indicated growth in sales as compared to March 2023 sales level with the highest in South India signaling a growth of 9%, while West India indicated a growth of 8% followed by North and East India signalling a growth of 7% and 6% respectively.
Deal activity on the rise in consumer & retail sector
India's consumer and retail sector experienced a surge in M&A and private equity deal activity in the March quarter. The sector recorded 102 deals valued at $1.74 billion, with a focus on acquisitions and investments in the food processing and healthy food market segments.
Retail buying in Asia including India fuels gold price momentum: Goldman Sachs
The report underscores the significant role played by new incremental factors, particularly the surge in accumulation by Central Banks in emerging markets (EM) and increased retail buying in Asian markets including India have led to an increase in gold prices worldwide. Despite expectations of fewer Federal Reserve rate cuts, strong growth trends, and record-breaking equity markets, gold has rallied by 17 percent over the past two months.
Godfrey Phillips to exit retail business division ‘24Seven’
Tobacco manufacturer Godfrey Phillips India Ltd has decided to exit its retail business division, 24Seven, after a negative net worth as of March 31, 2023, following losses. The decision was made after a thorough review of the division, considering stakeholders' feedback, long-term performance, market conditions, and long-term business strategy.
Why is Godfrey Phillips exiting from 24Seven? Here's what may happen to the round-the-clock retail chain
24Seven, a popular late-night convenience store in India, may face closure or seek new investors after its parent company, Godfrey Phillips India, announced its exit from the retail business division. The company's negative net worth as of March 31, 2023, stems from accumulated losses. The retail business generated Rs 396 crore in FY23, accounting for 9.3% of the total revenue for the Modi Enterprises-led company and the retail division.
Kiko hits 99% fulfillment rates and doubles Kirana orders
"ONDC is constantly working with us to improve processes further and keep improving this metric, and also bring multiple hyperlocal logistics partners on the platform to bring delivery speeds on par with Quick Commerce. We are working to fulfill every retailer's dream of a successful digital footprint,” Alok Chawla, Co-Founder of Kiko Live, said.
Retail brands flocking to religious cities with rise in spiritual tourism
According to CBRE, retail brands across segments, including fashion & apparel, food & beverage, hypermarkets, homeware & department stores and consumer electronics brands, are expanding by tailoring the offerings to the pilgrim’s needs.
Consumer commission imposes Rs 35,000 fine on Amazon, retailer
The District Consumer Disputes Redressal Commission fined Amazon and a retailer for service deficiencies, emphasizing delays in refunding a laptop worth Rs 77,990 and unfair trade practices. Amazon was directed to improve its grievance redressal mechanism.
Fashion, grocery, general merchandise to capture 2/3rd of e-commerce by 2027: Falguni Nayar
Nayar said that in today's phygital (physical plus digital) world- understanding consumer patterns, behaviours and preferences is paramount in order to solve consumer concerns.
Retailers report 5% Y-o-Y growth in February
In February 2024, retail sales increased by 5%. Sports goods, footwear, and QSR showed growth. East India weakened, while CDIT products faced challenges. Middle-class consumers stretched budgets.
Decathlon to accelerate investments in India on production, retail expansion: Global CEO
Decathlon expects to continue its "high growth rate" from the Indian market, which is also emerging as an important manufacturing hub for the sports retailer, from where it currently exports around 65 per cent of production to global markets, she added.
India to be among top 5 markets for Decathlon in next 5 years; to increase local sourcing to over 90 pc: Top exec
French sports retailer Decathlon considers India a "big priority" market and aims to be among its top five global markets within the next five years. It plans to add 10 new stores annually, increase online sales, and raise local sourcing to over 90% to boost competitiveness in the Indian sports and athleisure segment. Decathlon's sales in India grew by 37% in the financial year ending March 2023.
When online goes offline: Why brick-and-mortar is back in fashion
India's new digital payment infrastructure and deeper internet penetration triggered a wave of e-commerce, but brick-and-mortar retail is making a comeback. Direct-to-consumer brands are opening physical stores. Retail leasing is at a record high. Growth in online users has slowed. Retailers are expanding stores to enhance the shopping experience.
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