08 July 2023, Mumbai

According to Amazon, cumulative overseas sales by Indian exporters participating in the Amazon Global Selling program are on track to exceed $8 billion this year. In its Exports Digest 2023, Amazon revealed that exports from India through the program reached $5 billion last year.

Steady growth in overseas sales

The report also highlighted the program's expansion since its launch in 2015, with 125,000 exporters now on board. Notably, 1,200 Indian exporters achieved sales exceeding Rs 1 crore in 2022. The report further outlined popular export categories, including toys, home and kitchen products, and beauty items.

Outlining emerging categories

Additionally, emerging product categories such as apparel, groceries, and health and sports equipment showcased promising export potential. Delhi led the way in exports, followed by Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, and Madhya Pradesh, as per the report.

Bullish outlook

Amazon India's management is quite optimistic about the future, citing the inclusion of a dedicated chapter on e-commerce exports in the FTP'23, aiming to enable $20 billion in cumulative e-commerce exports from India by 2025.

The report also disclosed that more than 266 million 'Made in India' products have been exported to customers in the US, the UK, the UAE, Canada, Spain, France, and Italy through the program.

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20 June 2023, Mumbai

The CII Smart Manufacturing Summit 2023, scheduled for July 7th at Hotel Shangri-La in New Delhi, is set to redefine manufacturing competitiveness through digitalization, sustainability, and supply chain resilience.

Embracing Disruptive Technologies

This summit brings together industry leaders, thought leaders, and policymakers from around the world to discuss strategies for embracing disruptive technologies such as AI, IoT, and advanced robotics.

Attendees will explore the value of digitalization, with a focus on AI, machine learning, and data analytics, to stay competitive in a rapidly evolving market. Digitalization and Sustainable Practices

Additionally, the summit will emphasize the importance of sustainable practices, reducing carbon footprints, and promoting circular economies.

The Key to Future Success

The event will also feature B2B meetings with leading Singapore Industry 4.0 companies, providing valuable networking opportunities. Join the conversation and empower your organization's growth in the era of smart manufacturing.

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05 July  2023, Mumbai

Wunderman Thompson Commerce & Technology has launched the 7th edition of its Future Shopper report, offering valuable insights into the online shopping habits of 31,000 consumers across 18 international markets, including India.

Shaping the future of Indian retail

The report highlights the growing significance of digital channels in shaping the future of retail, with 64% of shoppers expecting nearly two-thirds of their purchases to be made online in the next decade.

Datapoints

Online spending through direct-to-consumer (D2C) channels has doubled from 7% to 14% in 2023, narrowing the gap with marketplaces. To capitalize on this trend, brands are advised to review their online sales models, as 58% of global shoppers prefer buying from branded marketplaces.

The increasing role of AI

The report identifies India as the leading market for consumers interested in posthumous purchasing, enabled by AI and cloud-based avatars. Additionally, India ranks highest for digital item purchases due to affordable mobile internet data and high mobile phone penetration across all demographics.

Customer purchase journey

The concept of "compressed commerce," where customers seek fast purchasing experiences, is gaining traction. Indian B2B buyers display the strongest preference for this approach, while Japanese B2B buyers are least interested. Brands emphasizing purpose and ethics appeal to an increasingly conscious consumer base.

Competitive landscape

Thailand and India rank highest in terms of changing shopping habits due to environmental concerns. Voice commerce adoption remains moderate, but China leads with 72% of shoppers owning voice-enabled devices, followed closely by India.

Omnification

Omni-channel strategies are crucial for brand success, with 77% of Indian shoppers preferring brands with both physical and online stores. Indian consumers have high expectations, demanding engaging experiences, quick deliveries, and minimal returns.

They also exhibit trust in marketplaces beyond shopping, with openness to marketplace dating services and utility purchases.

Observation

Hugh Fletcher, Global Head of Consultancy and Innovation at Wunderman Thompson Commerce and Technology, emphasizes the importance of providing a seamless shopping experience across all channels and devices to meet evolving consumer demands and retain customers. Are businesses prepared for the consumer of the future?

The Future Shopper report urges organizations to invest wisely and leverage data to deliver the experiences consumers will come to expect.

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19 June 2023, Mumbai

Retail mall operators are expected to experience a significant rental growth momentum this fiscal year, with an estimated incremental growth of around 10%, according to a recent report.

Optimism for Fiscal Year Growth

The report highlights the robust rental income and footfalls witnessed in the previous fiscal, surpassing pre-pandemic levels by nearly 27%.

Continual Footfall Improvement and Increased Retail Sales Boost Net Operating Income

The positive outlook stems from the continual improvement in footfalls and the subsequent rise in retail sales, leading to a healthy net operating income, states the report released by Icra Ratings.

There was a strong year-on-year expansion of rental income in FY23, which grew by a substantial 78%, surpassing pre-pandemic levels by 25-27%. This growth was primarily driven by higher revenue shares supported by increased retail trading and occupancy levels.

Enhanced Revenue

Reddy predicts that the current trend will likely persist throughout this fiscal year, resulting in improved revenue for operators.

Icra Ratings expects a further 8-10% increase in rental income for retail mall operators in FY24, backed by an anticipated 4-5% improvement in trading value across various sectors, including jewelry, electronics, and apparel, as well as increased spending on food, beverages, and entertainment.

Stable Outlook for the Sector, Despite Vacancy Challenges

The report maintains a 'stable' outlook for the retail mall sector. Despite healthy leasing activities, vacancy levels are expected to hover around 18-19% this fiscal year, mainly due to the substantial new supply of 9-10 million square feet.

The top six metros, particularly Delhi-NCR and Chennai, will account for a significant portion of this year's new supply, while approximately 17% of the upcoming supply in FY24 has already been pre-leased.

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30 June  2023, Mumbai

Commerce and Industry Minister, Piyush Goyal, emphasized the importance of increased and affordable credit for Micro, Small, and Medium Enterprises (MSMEs) engaged in exports.
Urges Banks to Provide Affordable Credit Boost
The objective is to bolster the country's outbound shipments and achieve the ambitious target of $1 trillion in merchandise exports. In a recent meeting attended by officials from 21 banks, including the State Bank of India, Bank of Baroda, and Punjab National Bank, Goyal discussed ways to enhance the availability of export credit to MSME exporters.
Stresses the need for enhanced credit to MSME
The Export Credit Guarantee Corporation Limited (ECGC) proposed modifications to provide adequate and affordable credit to a wider section of MSME exporters.
A nudge to ECGC
Goyal suggested extending the scheme to all banks to maximize the uptake of export credit. Bankers recommended adopting a claim processing method similar to the Credit Guarantee Fund Trust for Micro and Small Enterprises. Goyal advised ECGC to follow a similar pattern to compensate for any losses incurred by exporters.

CREDITS: economictimes

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19 June 2023, Mumbai

Ace Turtle, India's leading technology-native retail company, announces the addition of two senior executives to its leadership team.

Ervin Lim assumes the role of Chief Strategy Officer, bringing a wealth of experience in equity fundraising, investor relations, and strategic initiatives.

Turtle's Future Growth Trajectory

His expertise will fuel Ace Turtle's long-term vision and growth, leveraging his successful track record with multinational organizations.

Christian Westphal takes on the position of Creative Director, responsible for conceptualizing and implementing creative visions for design, visual merchandising, and online content.

Enhance Design and Creative Endeavors

With over two decades of global experience in fashion, luxury, and online marketplaces, his creative prowess will bring innovation to Ace Turtle's visual identity and storytelling.

Nitin Chhabra, CEO of Ace Turtle, expresses excitement about the appointments, anticipating their significant contributions to shaping the company's strategic direction and fostering creativity and innovation in design.

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14 July  2023, Mumbai

The Indian GST Council has announced a significant reduction in GST rates for imitation zari thread, a key component in handicrafts and traditional Indian garments.

To benefit artisans

At the 50th GST Council meeting held in New Delhi, the council proposed a reduction from the existing 18% to just 5% for this vital textile intermediate product.

Rationalisation

Finance and corporate affairs minister Nirmala Sitharaman presided over the meeting, which also saw recommendations for simplifying GST compliances.

Streamline compliance

Alongside the tax rate reduction, the council proposed regularizing past GST payments related to this matter.

Furthermore, it clarified that the supply of raw cotton by agriculturists to cooperatives, including kala cotton, falls under the taxable category through the reverse charge mechanism, with retroactive regularizations.

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24 June 2023, Mumbai

The Delhi Government is set to revolutionize the way markets operate with the upcoming launch of Dilli Bazaar, a pioneering digital platform connecting local vendors to customers nationwide and worldwide.

What all you need to know

Unique e-portal

With an initial focus on 10,000 vendors, this ground-breaking initiative marks the country's first-of-its-kind portal. The government aims to provide a 24x7 digital storefront to over one lakh shops in Delhi within six months.

Promoting Local Markets and Supporting Startups

Dilli Bazaar promises an immersive virtual experience, showcasing Delhi's iconic and local markets, while enabling customers to explore diverse products. Notably, the platform welcomes all shopkeepers, regardless of GST registration, and offers personalized digital storefronts.

Value Accretion

In addition, virtual market tours and ONDC compatibility enhance convenience and promote flexible e-commerce opportunities.

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