Retail
An Amitabh Bachchan advert has landed Flipkart in big trouble with mobile phone retailers
Smartphone retailers have accused Flipkart of misleading buyers with an advertisement featuring Amitabh Bachchan, claiming that online platforms offer better deals. In the advertisement, Bachchan says that the mobile deals offered by Flipkart will not be available at retail stores. The All India Mobile Retailers Association has written to leading smartphone brands, asking them to clarify that these statements are not accurate.
Future Retail resolution professional pushes for new bidding round, 58% lenders' reject Space Mantra's plan
Deloitte-backed resolution professional Vijaykumar Iyer has requested a fresh opportunity to seek new bids for Future Retail, after lenders rejected Space Mantra's buyout offer. However, the lenders have unanimously rejected the proposal to restart the process. The voting results showed that 58% of lenders voted against the plan. Future Retail, which is undergoing a corporate insolvency process, had received only one eligible resolution plan. The lenders believe that restarting the process would be a waste of time and there is no certainty of improved offers.
Festive Season: Dispute between online and offline retailers back
Brick-and-mortar retailers in India are urging leading electronics and mobile phone brands to maintain price parity and stock supplies with e-commerce platforms during the festive season. Industry groups representing these retailers have written letters to Samsung, Oppo, Vivo, Realme, Xiaomi, and OnePlus, expressing their concern that online-exclusive and end-of-life models will receive deep discounts, leaving brick-and-mortar retailers at a disadvantage.
JioMart witnesses 7x growth in monthly orders via WhatsApp
Reliance Retail's partnership with Meta has significantly boosted the growth of JioMart. The platform has witnessed a seven-fold increase in monthly orders via WhatsApp compared to the previous year, along with a six-fold month-on-month growth in new customer conversion. JioMart-on-WhatsApp aims to provide a seamless shopping experience for businesses and consumers.
After bumpy 3 quarters of 2023, online sellers see 15 pc rise in festive sales
Sellers expect a minimum 15 per cent online sales growth compared to last year's festive event, with the median growth figure of 26 per cent sales increase expected. E-Commerce platforms are tailoring solutions to meet the optimism of sellers and as a consequence of which, seller perceptions around support provided by eTailing platforms have seen an uptick.
Tussle between online, offline retail makes comeback after three years this festive season
The retailers fear that the brands may undertake deep discounts on their online exclusive and end of life models whose supplies will be focused on e-commerce platforms considering almost all are carrying excess unsold inventory which they want to clear off in the up-coming festive sales.
ADIA looks to put $600 million into RIL's retail business
Abu Dhabi Investment Authority (ADIA) is reportedly looking to invest $600 million in Mukesh Ambani's retail empire, Reliance Retail Ventures (RRVL), at valuations significantly higher than those in the previous round three years ago. ADIA already holds a 1.2% stake in RRVL, alongside other investors such as KKR and Qatar. The current valuation is about 60% higher than the last round but lower than analysts' estimated value of $131 billion. RRVL, with a market value of $100 billion, is the 12th largest retail giant globally. Reliance Retail posted annual revenue of INR 2.6 trillion ($35 billion) in FY23.
Kishore Biyani moves Bombay High Court against BDO and Bank of India
On Monday, Future Retail said in the stock exchange announcement that Biyani has filed a writ petition against the company, its forensic auditor BDO India and its lender Bank of India.
Supreme Court rejects Future Group companies' pleas seeking stay on DRT order
The HC had, while issuing notice to the government and various lenders including RBL Bank and Yes Bank, refused to stay the DRT order and posted the matter for hearing on October 18.
Consumers intent to shop online, spend more this festive season: Survey
The survey found that over 77 per cent of consumers affirmed that online festive shopping events enhance the convenience of their online shopping experience with options like faster delivery. According to the survey, 76 per cent of Indian consumers purchase luxury and authentic beauty brands during online festive shopping events.
Must Watch
No proposal for independent regulator in proposed e-commerce policy: Official
The proposed e-commerce policy in India will not include provisions for an independent regulator for online retail platforms or cover data-related issues. The policy is in its final stages and will be presented to the Prime Minister's office soon. The Department for Promotion of Industry and Internal Trade recently held discussions with e-commerce firms and domestic traders, resulting in a broad consensus on the proposed policy.
GoKwik launches solutions for peak sale period traffic for D2C brands
GoKwik, an ecommerce enabler, has developed solutions to manage high order volumes during peak sale periods for direct to consumer brands during the festive season. It has created a mechanism to ensure seamless order processing and enhanced checkout efficiency. GoKwik helped beauty and personal care brand Pilgrim tackle the issue of high traffic during a flash sale by increasing the API rate limit.
India growing more than other markets for Lladro: global chief
Spanish luxury porcelain brand Lladro is planning to increase its investment in India, as it sees potential for growth in the market. India currently accounts for 11% of Lladro's global sales, and the company plans to develop online sales and open more mono-brand stores in the country. Lladro's CEO, Ana Rodriguez, stated that India is a strategic market for the brand, and it has seen significant growth there in recent years
Lulu Group exec meets CM Banerjee, expresses interest to invest in West Bengal
The Lulu Group, a multinational conglomerate based in Abu Dhabi, has shown interest in investing in various sectors in West Bengal, India, including fish processing, poultry, dairy, and meat processing. The group, which operates hypermarkets and retail companies, discussed the possibility of creating a world-class mall in Newtown and promoting Bengal products in their retail outlets.
Retail sales grew by 9% in August, says Retailers Association of India
According to a survey by the Retailers Association of India (RAI), retail sales in August 2023 grew by 9% compared to the same period last year. Apparel sales rose by 8%. QSR and jewellery saw growth of 14% each, while food & grocery grew by 13%. Retailers are expecting double-digit growth in the upcoming months due to the festive season. South India experienced the highest growth at 15%, potentially due to Muhurtham Days, weddings, and the Onam festival. QSR and jewellery reported the highest growth in categories at 14%.
Amazon vs CCI: SC schedules final hearing in December, relief for e-commerce giant continues
Extending the interim stay for e-commerce giant, the Supreme Court on Friday scheduled the final hearing on Amazon's plea in December after senior counsel Gopal Subramanium said the case needs detailed hearing.
