The Indian Kaldeiscope – Emerging Trends in retail: FICCI-PwC
Following are the key highlights of the report:
Customers today are increasingly aware of shopping trends around the world. They expect retailers to be more connected, empowered and proactive.
With the increasing internet penetration in the country, Indians are no longer wary of purchasing goods online and the success of online shopping portals is testimony to that. m-commerce is also seeing remarkable growth and is expected to be as successful as e-commerce further emphasisng the need to interact with customers through multiple channels in order to stay relevant.
Dynamic retailing- With around fourteen percent of the consumers buying on the web every week, presence across multiple channels has become inevitable. The real winners will be those who can deliver a sustainable advantage by developing new operating models, designed to handle the realities of multi-channel retailing.
Continuous innovation is inevitable to stay ahead - retailers must step up to reach their customers in more innovative ways. This makes it crucial for them to invest in developing new skills and tools to become more responsive to customer needs. They must integrate multiple channels and deliver a seamless shopping experience to customers.
Industry Status- Need for industry status for the retail sector and having a dedicated minister responsible for the development of the sector and balancing stakeholder interest is the key. Setting up a single window clearance system for licences and approvals is necessary.
Simplifications of the regulations and taxes - Like a well-defined TP policy that clearly spells out the functions, assets and risk profiles of transacting entities. Retailers will also need to have well-drafted intercompany agreements that echo the group TP policy. Modernisation of the laws under the Agriculture Produce Marketing Committee (APMC) Act, for agricultural procurements by state governments will help in development of an efficient farm-to-fork supply chain infrastructure.
Clarity and simplification of the FDI regulations
Lack of talent- Availability of trained manpower both at the store and managerial level has been a major concern for the Indian retail sector. The problem is escalating with the rise in organised retail and large global players entering the country. The attrition rate in the industry stands at 25 to 35%.
“While the retail industry continues to grow, the mantra today is profitable growth, building efficiency into the system and going beyond loyalty card to create a distinctive experience for the customers. The focus today is to create a compelling product, which is no longer just merchandise in the shop but the store experience itself.”
McDonald's to launch vegetarian restaurants in India
McDonald's reportedly to launch all-vegetarian restaurants in various pilgrimage sites across India with the first outlet opening in Amritsar by middle of 2013.
According to reports, the company strategically attempts to raise sales by focusing local tatse outside its home market. The vegetarian restaurants will include offerings such as the McAloo Tikki burger, a sandwich with a mashed-potato patty and the Pizza McPuff, a vegetable and cheese pastry.
The other outlet will be in Katra in Jammu and Kashmir in the north, reports added.
LG launches advanced display solutions for B2B verticals
LG Business Solutions, one of the most innovative companies in B2B vertical, has launched a line-up of highly advanced display solutions for Indian business verticals- Video Wall Solutions (55WV70 / 70B and 47WV30 / 30B), Commercial Monitors (WS10, VS20, VS10) and Hotel Interactive TV with Pro:Centric Solutions (LT740H,LT650H) and Commercial Plus (LT360C).
These technologically advanced displays are slim and have super bright displays, ensuring a visual treat to the viewers.
LG has been one of the top brand names in India and to continue this legacy, LG has decided to further strengthen its portfolio by launching these end-to-end solutions for different business processes. These technologically advanced slim displays have narrow bezels which create powerful and impactful video walls that can easily be installed, maintained and managed.
According to Mr. Himendu Sinha, B2B Sales Head, LG India “We are certain that LG has found the right fitment in the Indian market. Our advanced technology is strengthened by diligent research, backed with market insight, which enables us to offer products which are essentially tailor-made to suit our consumers’ needs.
The single source buying & service support will enhance the comfort of our customers .India has been very kind to LG and has given us immense opportunity for growth of integrated solutions for B2B. We are sure that our new range of products will set the standard much higher.”
LG's Business Solutions have simplified various business processes by meeting diverse needs of consumers as well as partners. These new business models are designed to offer resellers and distributors a new opportunity.
Shoppers Stop opens 7th store in Bengaluru
Jubilant….Dunkin’ building a doughnut culture in India
Go enters UHT milk category with two variants
Get ready to discover ‘adidas for women’ fragrance line
Panasonic India releases its first sustainability report
iCubes presents Email Vidya to explore a quantifiable approach to email marketing
Tata Chemicals launches Tata Swach Lavita
Nihar Naturals launches “Chhotte Kadam Pragati ki Aur” campaign
Surjit Singh Rajpurohit appoints as new CEO Neptune Magnet mall
PPZ brings DLF brands to Bangalore
Bosch launches ‘Bosch@Home’ range in Bangalore
Metro Shoes debuts in Hoshiarpur
Cycle Pure Agarbathies presents ‘Naivedya’ for Ganesh Chaturthi
Australian retail sales fall in July
Retail sales in Australia declined in July by the most in almost two years, as consumers held back spending amid growing uncertainty over the macro-economic situation.
The local currency weakened to a five-week low after the release of the retail sales data.
Retail sales declined 0.8% to A$21.40bn (US$21.90bn) in July from a month earlier, when they rose at a revised pace of 1.2%, the Bureau of Statistics said today.
July's was the steepest monthly fall since October 2010.
The result compares with the median forecast of economists for a 0.2% gain.
Spending at department stores plunged 10.2%, the biggest drop since April 2005
Consumers spent 2.8% less on other retailing, a category that includes pharmacies, newspaper shops and book stores, today’s report showed.
Consumers spent 2.4% more on household goods, the report added.
The Australian dollar, which is up 5.5% since the start of June, has helped contain import prices and costs for consumers.
It traded at US$1.0265 at 1:01 p.m. in Sydney, after touching US$1.0240, the lowest level since July 25.
Amazon introduces new Kindle Fire HD family
Nokia and The Coffee Bean & Tea Leaf form partnership in US
Nokia, Virgin Atlantic to launch wireless charging in lounges
Supervalu to shut 60 stores
Eurpean retail sales drops in July
H&M bans perfluorinated compounds in clothes