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At present, the US, China and Japan are the top three markets for Sony globally, followed by India New Delhi : Japanese consumer electronics giant Sony expects India to overtake home market and become the company’s third largest market globally in the next couple of years with its revenue from the country reaching Rs 10,000 crore. Sony India Managing Director Sunil Nayyar said the company clocked a revenue of Rs 6,353 crore in 2022-23 in the country and is betting on the premium television segment besides its audio and imaging products to drive the growth. According to him, Sony India is also betting big on the fast growth of the gaming segment and imaging business. “We have travelled a long way. If I go 10 years back, we were quite behind the globe, but now, we are a close number four as a single country business across the globe, which means in a couple of years, maybe we can be number three and to remain in the top three in future I think should be a good position to stay as a S...

Joseph Paul George, executive director of Vismay converses with Rasul Bailay, Group Managing Editor of IMAGES Group, discussing the journey of the Kerala-based ethnic wear brand since its inception, its target markets, retail expansion goals and more. The post Vismay to solely solidify its Southern presence over the next 2 years: Joseph Paul George, ED appeared first on India Retailing . from India Retailing https://ift.tt/6S0rf4q via IFTTT

Few malls can clock Rs 100 crore turnover per month to become members of the elite big billion club. Here’s what they do differently… Bengaluru: Only 28 out of 1,000 malls in India have managed to join the exclusive billion-rupee club, as per leaders from the industry at the Phygital Retail Convention 2024. A mall that reports a gross turnover of Rs 100 crore per month or Rs 1,200 crore per annum is known as a Big Billion mall. India has approximately 1,000 malls, with around 600 registered under the Shopping Center Association of India (SCAI). Yet,only a few have achieved the distinction to be called a Big Billion Mall. In Bengaluru, only three malls meet this benchmark, while Mumbai, with around 40 malls in total, has just five that meet the criterion. Chennai, home to 35 malls, sees only two reaching this revenue level. Similarly, Delhi boasts five high-earning malls, and Hyderabad has three. High Street Phoenix, Forum South Bengaluru, Sarath’s City Capital Mall, DLF Mall of Ind...

Accel is also bullish on companies dabbling in edtech, upskilling and recruitment solutions as well as content platforms and consumer companies New Delhi : Several large, $1 billion-plus companies will be built over the coming decade, serving promising domains such as e-commerce, financial services and rural healthcare in smaller towns and cities, says Anand Daniel, a partner in leading venture capital firm Accel. The growth story in these largely untapped non-urban locations is now unfolding amid marked advancements in online, financial and delivery infrastructure, he adds in his blogpost “The imminent rise of startups catering to the Bharat”. Accel is also bullish on companies dabbling in edtech, upskilling and recruitment solutions as well as content platforms and consumer companies leveraging AI for these high-potential regional markets. The leading early-stage fund, which has invested in marquee companies, including Flipkart, Swiggy and Urban Company, is placing bold bets on ‘...

About 29% MSMEs used accounting software, followed by POS software and Customer Relationship Management (CRM) software at 17% and 14%, respectively, to manage their business operations, the PayNearby report found New Delhi: An overwhelming 68% Micro Small Medium Enterprises (MSME) in the country acknowledged the growth and beneficial impact of adopting digital technology on both their businesses and personal lives, as per the MSME Digital Index 2024 by PayNearBy, which showcased the technology consumption by MSMEs at the last mile. According to the report, over 65% of MSMEs utilise some form of digital technology for their daily operations. About 31% indicated that digital technology has enhanced business growth by improving operational efficiency, while 27% reported increased sales and income due to technology adoption. As for the main challenges in using technology for business operations, 36% cited resistance to adopting new technology, and 18% struggled with the high costs asso...

Retailers have been innovating with self-checkouts, but what are the key considerations for retailers and suppliers due to the shopper payment journey changing? Retailers continue to battle against rising operating costs. A key efficiency-aiding solution has been the implementation of self-checkouts. Because of this, the shopper payment journey has changed, so retailers are deploying new tactics to win impulse sales and tackle the growing problem of shrinkage. With a changing payment journey, there are key considerations for retailers and suppliers. The efficiency imperative As part of IGD’s Global Trends for 2024 , the efficiency imperative once again features as retailers fight to cut costs from their operations. Shrinkage reduction has become a key focus in 2024. However, with many retailers already deploying self-checkouts to cut labour costs, we are starting to see further developments and innovation to maximise opportunities from the changing payment journey of shoppers. Evo...

Yogendra Singh is a seasoned Head of IT/SAP, CTO, and Digital Transformation Leader with over 20 years of extensive experience across various industries including retail, manufacturing, real estate, and software. As a proficient SAP Techno-Functional Consultant, Yogendra has demonstrated expertise in driving technical analysis and delivering innovative solutions to complex business challenges. Throughout his career, Yogendra has been instrumental in spearheading digital transformation initiatives, leveraging cutting-edge technologies to optimise business processes and enhance operational efficiency. His profound understanding of IT systems and SAP functionalities has enabled him to streamline operations and drive business growth across diverse sectors. Yogendra’s exceptional contributions and remarkable achievements have been widely recognised, with 39 awards received over the past five years. Additionally, his expertise and insights have been featured in several prestigious magazine...

ONDC will surpass major e-commerce players like Flipkart and Amazon in future New Delhi : The Open Network for Digital Commerce (ONDC), which was set up with an aim to democratise the country’s e-commerce ecosystem, is on course to touch the 10-million transaction mark in June, a senior official said on Thursday. The open network has been adding one million transactions on a month-on-month basis, he said. “We will touch 10 million transactions in the month of June. We are growing strong, adding about one million transactions month-on-month,” ONDC CBO and President (Network Expansion) Shireesh Joshi said. Joshi was speaking here on the sidelines of the Bengal Chamber-organised 3rd edition of ‘World MSME Day’. He said testing of financial services with loans has also commenced with two private lenders, and the network will start insurance offerings soon, too. “Once these two categories settle, we will also include mutual funds,” Joshi said. The official expressed hope that ONDC wi...

These desi chains are brewing success and giving heated competition to the big-banner international coffee brands operating in the country Bengaluru:  Two years ago, the Canadian multinational coffeehouse Tim Hortons entered India and has since opened over 30 stores. Meanwhile, US-based Starbucks recently celebrated the opening of its 430th store in India, with plans to add another 1,000 outlets nationwide by 2028. Not to be outdone, UK-based Costa Coffee, which established its presence in India almost two decades ago, already has over 150 outlets. The burgeoning coffee culture in India is not only attracting numerous international brands seeking a pie of the hot market but is also fostering a fertile ground for homegrown coffee chains to thrive and expand. Homegrown coffee chains, in fierce competition with global giants, are currently in a rapid expansion phase in India, capitalising on the country’s potential for growth as one of the largest coffee-consuming nations. “Coffee...

The new outlet is at Sapphire North on the Jalandhar-Amritsar Highway New Delhi: Quick-service restaurant (QSR) chain KFC, which specializes in American-style fried chicken, has opened a new outlet in Punjab. The new outlet is opened at Sapphire North on the Jalandhar-Amritsar Highway, as per a social media post by a company official on Thursday. “One more feather added in KFC Sapphire. we opened #180 Beautiful KFC in Sapphire North at Jalandhar Amritsar Highway Raiyya Punjab. It is stunning Looking Flagship Property with a Digital Drive thru,” said Rahul Kumar, NSO Head North Region, Sapphire Foods India Limited. Sapphire Foods is one of the two companies that operate the Yum! Brands-owned KFC in India, the other being Devyani International Ltd. KFC has been aggressively expanding its footprint across the country. In December last year, it opened its 1000th store at DLF Cyber Hub in Gurugram, which was also the brand’s first restaurant in India with 100% table service. KFC is a ...

The company, which is known for its hand-knotted rugs and carpets, would continue to expand in the domestic market by opening stores in tier I & II cities New Delhi: Handmade rugs maker Jaipur Rugs, which has opened its showroom in London this week, plans to add two more stores this fiscal taking the total count to five, said its Director Yogesh Chaudhary. The company, which is known for its hand-knotted rugs and carpets, would continue to expand in the domestic market by opening stores in tier I & II cities. The company plans to open five new stores in the domestic market this year to tap the fast-growing demand for luxury home decor solutions. In December 2021, Jaipur Rugs opened its first international store at Milan, Italy, the fashion capital of the world. The company opened its second international store in Dubai last year. “We are thrilled to expand our global footprint, building on our success in Milan and Dubai, as we showcase Indian design and craftsmanship to ...

It recently launched a flagship store in Pune’s Amanora Mall, which is the brand’s 12th store New Delh i: D2C fashion startup Snitch has acquired a 2.4 % market share in the men’s fashion e-commerce segment, the company announced in a press release on Wednesday. The brand also reported a 130% increase in sales compared to last fiscal, the release added. “We are thrilled by the overwhelming growth the brand has witnessed in the past four years. Our journey has been marked by numerous milestones, each reflecting our commitment to excellence and innovation,” said Siddharth Dungarwal, Founder, Snitch. The brand has 11 stores in cities like Vadodara, Pune, Hyderabad, Bangalore, Surat, and Ahmedabad and it also sells online on its website. It recently expanded its offline retail presence by launching a flagship store in Pune’s Amanora Mall, which is the brand’s 12th store. Founded in 2020 in Bengaluru, Snitch is a fashion and lifestyle brand selling 15 units per minute across online and...

A large section of customers across sectors reported that replacement purchases would be a significant driver for purchases in FY25 New Delhi : Certain sectors including beauty products, personal care, consumer electronics and consumer durables may face a tempering of growth, according to a report from consulting firm Deloitte. The decline is on account of the high volume of purchases post-pandemic that have created a high base for FY25, according to Deloitte’s “Future of Retail” report. The report also highlighted a significant shift in consumer spending patterns with a rise in value-seeking buyers, which is evident across consumer businesses. While the consumer may increase their spending on leisure activities, suggesting a good performance for the aviation and hotel industries in FY2024–25, it added. “Yet the growth in premium products has outpaced entry-level products in several sectors, including electronics and personal care. Companies will benefit from understanding the pre...

The IPO has a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares New Delhi : The initial public offering (IPO) of luxury furniture brand Stanley Lifestyles got subscribed 96.98 times on the last day of subscription on Tuesday. The Rs 537-crore initial share sale received bids for 99,32,30,160 shares against 1,02,41,507 shares on offer, according to NSE data. The portion for qualified institutional buyers (QIBs) fetched 222.10 times subscription while the quota for non-institutional investors got subscribed 119.52 times. The quota for retail individual investors (RIIs) attracted 19.21-times subscription. The IPO has a fresh issue of up to Rs 200 crore and an offer for sale of up to 91,33,454 equity shares. The initial share-sale has a price range of Rs 351-369 per share. The IPO of Stanley Lifestyles got subscribed 1.43 times on the first day of subscription on Friday. Stanley Lifestyles on Thursday said it raised a little over Rs 161 crore f...

Unit economics is directly linked to the profitability of a business. Here’s what to focus on to improve it It took ride-hailing company Uber 15 long years to turn profitable. When it finally turned green in February 2024, chief executive officer Dara Khosrowshahi attributed it to shifting the company’s focus to unit economics. “If I could go back in time, I would start focusing on unit economics earlier. That saves you from a lot of distractions,” he was quoted as saying in the media. Unit economics involves achieving profitability at the level of the smallest unit of a business. A common unit that most businesses consider for measuring unit economics is the customer acquisition cost or customer lifetime value. For profitable unit economics, businesses must ensure that their customer lifetime value is greater than their customer acquisition cost. Edtech company Physics Wallah, which offers offline courses as well as pen drive courses and study materials, focuses on increasing eve...

The report provides an in-depth analysis of the current state of the FMCG sector in India and highlights future trends, focusing on the sector’s workforce dynamics ‘Empowering the Essentials: A Deep Dive into India’s FMCG Workforce’ report by recruitment and human resources services company TeamLease provides an in-depth analysis of the current state of the fast-moving consumer goods (FMCG) sector in India and highlights future trends, focusing on the sector’s workforce dynamics. The report gives an overview of the sector, highlighting its contribution to the Indian economy, market size, segmentation, and workforce composition. It also delves into various vectors influencing the segment, such as political, economic, social, technological, environmental, and legal factors. Moreover, the report covers the FMCG people supply chain and discusses gender distribution, associate distribution, hiring intent, and attrition rates. Key findings of the report are: Top five cities with strong...

The Mumbai-based brand also intends launch over 30 retail locations, comprising exclusive stores and shop-in-shops by the end of FY26 Bengaluru:  Outdoor clothing and gear brand Gokyo is targeting to become a Rs 100 crore plus brand in the next five years, a top company official told IndiaRetailing. The Mumbai-based direct-to-consumer (D2C) brand also intends to achieve at least triple growth annually. The company plans to launch over 30 retail locations, comprising exclusive brand outlets (EBOs) and shop-in-shops by the end of the fiscal year (FY) 2026. Gokyo started online and later transitioned to offline with its first flagship store in April 2023 in Mumbai. Today, it operates over eight outlets across Mumbai, Bengaluru, West Bengal, and Srinagar. “We have been expanding our presence with shop-in-shops in sports adventure shops nationwide by partnering with dealers. We are soon opening our exclusive stores in Nasik, Hyderabad, Delhi NCR, Kolkata, Chennai, and more,” said Ve...

The ecosystem required for electronics in the next 6-7 years is going to be far more developed New Delhi : Signify’s India market is becoming more important by the day, and it is evaluating the manufacturing capacity in the country under the China Plus-One strategy, a company official said. Signify India has started playing an important role not only in the domestic business but also in helping our global business to grow from India, said Sumit Joshi, Vice-Chairman and Managing Director of Signify Innovations India. The Indian market of Signify — earlier known as Philips Lighting — is playing a big role in the design and R&D of Signify’s global lighting business and as an ecosystem for electronic products as semiconductors are developed here, the manufacturing opportunity will become bigger. “India is a very very important market and I am saying obviously because of the domestic potential which we have… but I also think the role that India could play for the world for Signify...

The company has already sold 7 lakh units of residential air conditioner (RAC) in the first three months of the year New Delhi: Air conditioner maker Daikin expects to manufacture two million units in India this fiscal and has plans to scout for more export opportunities by making India a manufacturing hub. The company has already sold 7 lakh units of residential air conditioner (RAC) in the first three months of the year, helped by a blistering summer this season and expects over 50% growth, said Daikin Airconditioning India Chairman and Managing Director Kanwaljeet Jawa. Daikin, which has started its third manufacturing unit in India at Sri City in Andhra Pradesh, is investing in compressor manufacturing here and aiming to manufacture five million units by 2030. “The mandate is of 5 million units, which includes 4 million units for the domestic market and 1 million of exports by 2030 and we are very confident,” Jawa told PTI. The company is anticipating a “robust growth” in RAC...

Consumerisation, banking, and hospitality are some of the other sectors that are utilising the power of AI New Delhi : AI will replace people with people, contrary to the common narrative, Deloitte’s AI Executive Rohit Tandon said, emphasising that the future belongs to AI-human collaboration, not replacement, as he envisions a revolutionary era where technology empowers, rather than replaces, the workforce. In an interview with PTI, Tandon, Managing Director, AI and Insights Practice Leader, Deloitte LLP, said AI will not snatch jobs, but will simply do away with some of the easier jobs, and create new roles. “AI will, with people, replace people… It’s not just AI replacing people. You still need humans in the loop,” he said. Tandon said the same kind of fear of job roles getting wiped out existed when IT, technology, and computers came into the scenario. “But just look at how many more jobs have been created across the globe because of IT. The same thing is going to happen wit...

Gaurav Pande, Executive Vice President and Business Head of Popeyes (Jubilant FoodWorks Ltd.) engages in a discussion with Rasul Bailay, Group Managing Editor of IMAGES Group about the fried chicken restaurant chain’s two-year journey in India, retail expansion goals and and other related topics. The post Popeyes to enter over 40 Indian cities in the next 2-3 years: Gaurav Pande, Business Head appeared first on India Retailing . from India Retailing https://ift.tt/4FRnXbZ via IFTTT

Having over 250 SKUs  already, the company is aiming to introduce over 1,000 SKUs in the coming years The Indus Valley’s healthy kitchenware has been warmly received by customers across India, including chefs, home cooks, health-conscious individuals, fitness enthusiasts, and food bloggers and influencers. The brand, which has already reached the kitchens of over four lakh families, is surging towards its mission of transforming 100 million kitchens in India into healthy ones. Stirring it up The Indus Valley was founded by Jagadeesh Kumar and his wife Madhumitha in 2016. It all started due to a mishap with plastic cookware in the oven that made the couple look for safe and chemical-free cookware. “However, we were surprised to find that no popular brand was offering what we were looking for. The available cookware was either unhealthy or unreliable. We wondered why there was no reliable healthy cookware brand in India. This was one of the key gaps in the Indian market which led ...

Marking the seven-year journey of GST, Deloitte India conducted the survey to capture India Inc.’s views on this transformational tax reform New Delhi:  An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. The Deloitte GST@7 survey, engaging C-suite and C-1 level executives across diverse industries through online platforms, highlights areas which have resulted in growing confidence in GST, specifically on the positive role of GST automation/ technology and consultative environment, in policy making. Reflecting growing confidence in GST, the survey found that about 84% of respondents reported a positive perception of GST in 2024, up from 72% in 2023 and 59% in 2022. Automation of tax compliance, including e-invoicing, continues to be voted as a top performance area. Also, enh...