First episode briefing you about retail sales growth, consumer behaviour, e-commerce competition, expansion stories and more.
Hello and welcome to This Week in Indian Retail - a podcast dedicated to the major events, news and stories that impacted the Indian retail industry in the last week.
This is June 19th 2022 and I’m your host Prateek Malik from New Delhi.
Let’s get started.
Summary of Week 24 of 2022 :
Retail sales surged by 24% during May month compared to the pre-pandemic levels of 2019 - as per the new Retail Business Survey conducted by RAI (Retail Association of India). The highest growth was observed in the product segments of QSR, footwear, apparel and sports goods. Organized retail markets in the West and East zone of India has showcased the best growth of approx 30%.
Over 80% of Indian retail consumers have purchased products in new ways since 2020 - as per a new report published by Salesforce called ‘State of the Connected Customer’. This report includes insights from 17,000 consumers and business buyers across 29 countries including 650 individuals from India.
72% customers have switched brands at least once in the past one year.
92% customers from India believe that trust is an important factor in the brand-consumer relationship
E-commerce webstore platform Dukaan CTO Subhash Choudhary fired cannons against US giant Shopify this week as he presented a technically detailed thread on Twitter to explain the page loading issues in Shopify for the Indian audience. You can follow the same on his Twitter handle @subhashchy. The same got featured on TechCrunch this week.
Consumer behaviour across India e-commerce domain is being strongly driven by offers like cashbacks and product discounts - as per a new research report published by Mintel India. Over 50% of respondents claimed that cashback offers are a major temptation towards buying online; while 46% mentioned product discounts affect in a similar manner.
Bengaluru based lifestyle brand Tynimo has announced that the group plans to expand to 400 franchise stores across Tier I and Tier II cities over the next 4 years. According to the sources, Tynimo has a well managed business using modern retail ERP technology solutions that empowers its retail network. That’s a quick wrap for this week. Keep listening to us and do share with your peers in the retail ecosystem.
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