Category: Business

Purpose, Community, and Values Drive Success

By Rick Williams

This is a story about what motivates your staff – your team – to be successful.

For more years than I want to admit, I have competed in sailing races across New England including Block Island Race Week, the Bermuda Race, Ted Hood Regatta, the Buzzards Bay Regatta, and the Marblehead to Halifax Race.

My sailboat CHARIAD’s home port is Marblehead, Massachusetts. We race with a ten-person crew and have won most local and regional sailing regattas. Competing successfully year after year as part of a high-performance team against talented skippers and crews is my motivation for staying engaged. CHARIAD’s website is HERE. (www.CHARIAD.com)

I have thought about writing a book entitled Everything I Know About Leadership I Learned on my Sailboat. Winning a sailboat race requires a winning boat, preparation, a winning strategy, and – most importantly – a winning crew. You may think of sailing like a boat gliding across the lake, river, bay, or ocean. Sailboat racing is people working together. In many ways, the challenges of leading a competitive team on a sailboat are the same challenges you face leading your organization.

My racing puts into hyper-focus the importance of creating a community of purpose and shared values that motivate our team to go racing on the sunny days and the wet, cold days.

Every team member on my boat is a volunteer. They are on the boat because they choose to be a member of this crew competing on this boat. We are not racing in America’s Cup with big-budget corporate sponsors buying sails and paying crew members to sail. I am not Tom Brady quarterbacking football players paid million-dollar salaries.

While the snow was still on the ground, I attended a panel discussion hosted by the Eastern Yacht Club in Marblehead on how to recruit a great racing crew. Hoping I would learn something new, I joined 40 other skippers on a cold March evening to learn from the “experts.”

The first speaker owned and raced two sailboats. One was in New England in the summer. In the winter months, he raced a different boat in Florida and the Caribbean. This boat owner employed a manager/skipper who hired key crew for each major regatta. The balance of the crew included sailmakers and equipment suppliers who outfitted the boats.

The second speaker owned the Rhumb Line, a bar in Gloucester, Mass. His racing crew came from the regulars at the bar. A fun gang indeed!

The yacht club presented these speakers as examples other skippers could follow when recruiting and leading a sailboat racing crew. Paying crew to be on the boat for a race was one approach. Owning a bar and enticing the barstool gang to go sailing in the morning was another. These experts were a clear expression of the yacht club’s image of sailboat skippers. These two approaches are certainly options for crew recruitment. We compete against professional crews and informal family and pick-up crews. But how relevant are they for most skippers and for you as a leader of your “crew?”

Sailboat racing is exhilarating and is physically and intellectually challenging. The crews are doing difficult and sometimes dangerous work in a high-stress setting. We have sparkling, beautiful days on the water with gentle breezes. Other days are cold with walls of green water washing over the boat. No demands by the captain or promises of drinks at the bar will get the crew to train over and over to become a successful team.

Yes, the employees of your company or non-profit are paid a salary. And for some employees, the only reason they come to work is to get a paycheck. If you want high performance from your employees, build a team committed to the team’s success.

Recruiting crew members who want to be part of a high expectations team is the starting point for my sailing. Training to build competency and confidence to work with limited supervision is the next step. Celebrating success and building community on the boat and off the boat are the next steps.

Purpose, community and values bind us together and motivate us to be a winning team. I believe this team-building approach is a better path to sustained high performance than a paid crew or free drinks at the bar. The performance follows process. Your company’s purpose and values and the community you build are more important motivators than the salaries you pay.

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About the Author

Rick Williams

Managing Director

Williams Advisory Partners, LLC

www.WilliamsAdvisoryPartners.com

Mobile: 617-771-1950

Rick Williams is Managing Director of Williams Advisory Partners, LLC. He has a breadth of experience as an executive and board director for technology companies including medical technology, software, and financial services. Rick is a nationally published thought leader. His soon-to-be-published book entitled “Create the Future – for your company and yourself” is a “how to field guide” for leaders who want to think creatively about where to take their organization.

Digitalization in E-Commerce: A key driver for the transformation of the organic food market

Mr. Narendra Firodia, Co-Founder at YouCare Lifestyle
Mr. Narendra Firodia, Co-Founder at YouCare Lifestyle

By Mr. Narendra Firodia, Co-founder at YouCare Lifestyle

One of the most significant understandings for people across the world amidst the global crisis has been requisites to build ‘strong immunity’ to safeguard against the deadly virus. This has proven to be a shot in the arm for the Indian organic food industry that has been growing at an accelerated pace. According to various industry researches, the Global organic food market that stood at $ 110.25 billion in the year 2016, has over the years grown at a CAGR of 16.15per cent, in value terms and is expected to reach up to $ 262.85 billion by the year 2022. Going by the findings of various studies it has been researched that the organic market in India stood at over INR 1,200 crore last year and this year the market is likely to cross INR 2,000 crore. This noticeable mark-up is because the organic food demand has been rising steadily ever since the outbreak of the pandemic and in the wake of the lockdown.

Below mentioned points offer evidence of the way a digital revolution has been enabling the growth of the country’s dynamic organic food market:

A transparent future for the organic food chain: According to industry observers, there is a possibility of at least a 20-25 percent increase in the compounded growth of organic food in India for the year 2020-21. Taking this estimate into consideration, the Indian organics market is predicted to grow at about INR 3,000 crores even amidst an economic downturn. Under the current situations, the concerns for well-being and the environment will remain precedence, and this will keep the organic food demand in a high orbit for the times to come.
Advent of technology has proved to be a game-changer: The consumer behaviour patterns in favour of organic produce also appear to have become more deeply rooted and an embedded part of the consumer buying habit. In order to keep this surging demand intact, the retail world needs to confront a digital-first future. This applies chiefly to the organic foods market, which has long been relying upon the laurels of profitable revenue from the mandis or the counters and shelves of physical stores. Until recently, most of the industry’s key players have undervalued the impact, scale, and scope of the digital transition at hand. But for those who respond speedily, it’s not too late to catch the upcoming digital wave. Virtualization is empowered to boldly recreate the appeal of the conventional physical retail experience by adopting a user-centered approach. If addressed effectively, the shift to digitalization has the potential to amplify customer acquisition and retention, even in such economically tough times. Moreover, a digitally allied and responsive food chain and technology-enabled food producers are central in modifying the industry to meet the country’s nutritional requisites.

Technology fixing the supply chain to enable fair-trade practices: Innovations like rapid use of precision data, smart farming, artificial intelligence and machine learning have proved to offer a herald of hope for farmers across the country. By building an autonomous marketplace which ensures that farmers/local vendors are an active part of the ecosystem eliminating the middlemen, can aid in sourcing ethical products which can further strengthen the chain of fair-trade practices. Technology has created a level playing field by connecting the producers with the buyers through the sale and exhibit of locally sourced organic products, ensuring that the community benefits. The future holds massive possibilities, and if used considerately, technology has an ability to encourage yet another revolution which will alter the face of India’s agriculture industry.

Online grocery procurement has been clicking with consumers amidst pandemic: The current crisis has led to an elevated level of mindfulness on the significance of chemical-free and organic nutritive that help to improve immunity and build better well-being. As far as digitalization is concerned, the Indian e-commerce market has been one of the major beneficiaries of the pandemic, as containment measures familiarized millions with the suitability of online spending.

During the global lockdown, the only way people could buy these products was through ordering them online. This has given an additional boost to organic foods in the e-commerce sector. This phenomenon has led to a new way of living. An organic, natural, and healthy lifestyle are the new normal.

Looking ahead, there is definitely a great opportunity for the organic food market to take a big leap and corner a bigger share of the Indian grocery market. FBOs and entrepreneurs have a lifetime opportunity to come forward to fill in the gaps in the organic fruit and vegetable and other organic categories and meet the fast-growing and unfulfilled needs of this expanding market.

Epson Maintains No.1 Position in the Indian Inkjet Printer Market

National, June 24, 2021: Epson, a world leader in digital imaging and printing solutions, has once again secured the No.1 position in the Indian Inkjet printer market, according to the latest data published by market intelligence firm IDC’s Worldwide Quarterly Hardcopy Peripherals Tracker, 1Q2021. Epson has been leading India’s Inkjet market since 2017.

In FY20 (April 2020-March 2021), Epson captured 40.85%* of the overall Inkjet printer market [InkTank + Ink Cartridge printers] based on unit shipment. Epson sold 766,965 printers during the 12 month period. In the first quarter of CY 2021, the most recent results indicate Epson’s market share was 50.85% for the overall Inkjet market.

Epson announced that its EcoTank printers are also marking two significant milestones, that of having completed 10 very successful years in India and during this time having achieved a consolidated sale of over 5 million EcoTank printers. In 2011, Epson introduced the concept of InkTank printing to the world announcing the sale of Epson L100 Inkjet printer and the L200 All-in-One printer – the world’s first integrated ink tank system printers. These printers were conceived to cater to the requirement of typical cost conscious consumers in India and around the world. Since then, Epson has seen great success with its EcoTank printers and has continued to innovate and provide affordable, yet high performance printing solutions to help customers lower their cost of printing.

“We are delighted to retain our No.1 position in the Indian Inkjet market despite the changing landscape brought on by the pandemic. We have seen an accelerated change in business and customer behaviour and expectations resulting in cost, environmental and social issues gaining traction. Sustainability is a fundamental requirement for achieving this. Our EcoTank printers with Heat-Free technology are developed keeping in mind our vision to provide products and services that reduce costs and environmental impact. Epson will remain committed to using its original technology to create new value and change the way we live and work,” said Mr. Siva Kumar, Senior General Manager, Inkjet Printers at Epson India.

Epson continues to highlight the formidable advantages of low print cost, high page yield and the environmental benefits of its patented Micro Piezo Heat-Free technology in its EcoTank range of printers. Epson’s Heat-Free Technology is a revolutionary technology that helps consume less power, compared to Laser printers, thereby saving money and the environment. The company has also recently renewed the Environmental Vision 2050, a statement of its environmental goals for 2050, to achieve sustainability and enrich communities as it seeks to become carbon negative and underground resource free by 2050.

In the upcoming years, Epson’s focus will remain on reducing the environmental impacts of products and services and in supply chains, achieving sustainability in a circular economy and advancing the frontiers of industry through creative, open innovation while contributing to international environmental initiatives.

* Source: IDC Worldwide Quarterly Hardcopy Peripheral Tracker, 1Q2021

Myntra’s EORS-14 set to offer the best value-based deals across categories to woo over 50 million visitors

Bengaluru: Myntra announces the arrival of the 14th edition of its flagship event, End of Reason Sale (EORS), slated to be held between July 3 and 8. The biggest ever edition of the mega fashion carnival, brings with it over 9 lakh styles from over 3000+ brands and is expected to cater to the fashion and lifestyle needs of over 50 million visitors. Traffic to the platform during the six day period is expected to rise by about 75% over the previous edition of the sale held in June last year, with a projection of over 3X demand over BAU.

In the last few months, Myntra witnessed a marked increase in the first time users from across regions, clearly indicating a strong shopping intent. This sets an encouraging and positive tone for the mega event, the focus of which is to present customers with ‘never before offers’ while following all the safety protocols. Giving impetus to SMEs, Myntra has scaled-up the ‘Made in India’ handloom selection manifold, over the June 2020 edition, offering 20000 styles from 1800 brands.

Myntra’s innovative and attractive customer engagement initiatives, ahead of the biannual fashion event, such as ‘price reveal’ and ‘early access’ that have highly enhanced shopper experience over the years, will be a part of the current edition too. The top tiers (Select, Elite & Icon) of Myntra Insiders, or members of Myntra’s Loyalty Program, will have free Early Access a day before EORS kicks off. Other benefits for Insiders include, free shipping, exclusive additional offers from over 90 leading brands, and redeemable voucher points.Gold passes are also available for shoppers a day prior to EORS, between 7 pm and 11 pm on July 2. This four-hour shopping window can be availed through wishlisting, adding products to cart or through play & earn. On-app engagement activities to enable customers to book a slot and earn coupons via games, such as Matching logos, Pictionary and Quiz, will go live on 23rd June.

Special offers:

1. Myntra will gratify people who wishlist more than 4 items during pre-buzz time (23 Jun-1 July) with an exciting reward encouraging them to shop during EORS to drive engagement.
2. Early Bird shoppers between 2-3pm during EORS will be given exciting deals on a first come first serve basis.
3. First-time shoppers will get flat Rs. 500 off on their first transaction along with Free Delivery for their first month on Myntra.
4. As a part of Myntra’s unique Shout & Earn feature users will be able to invite their friends to the EORS and get additional offers up to Rs. 150 per friend who simply visits the EORS page. Flat 10% off on HDFC Debit + Credit Cards plus additional 2% off for EMI users

Shoppers can pick their favorite fashion wear, accessories, beauty products, home decor and more at value offers ranging between 50% and 80% from various domestic and international brands. Loungewear and Lingerie, one of the most trending categories on the platform, will have 20000 styles from 180+ brands on offer, while parents of kids can look forward to 90000 style options from 500 kidswear brands. The event will have 2500+ brands across Sports and Westernwear and nearly 500 brands across Beauty and Personal Care categories. Myntra Fashion Brands will host 75000+ styles across apparel, beauty, accessories and footwear.

Myntra expects ethnic wear, kidswear, beauty & personal care and casual wear to contribute ~50% of the overall demand for this EORS, with other important categories being, western wear, footwear, sports and accessories. To address the growing popularity for the curated selection of Myntra’s Home and Living products, the category has been ramped up by 2.5X this EORS compared to the June 2020 edition.

Speaking on the arrival of EORS, Amar Nagaram, CEO, Myntra, said, “The fashion ecosystem, including brands, suppliers, artisans, SMEs and delivery partners, among others, are eagerly awaiting a positive business momentum. We hope that this edition of EORS will be the catalyst for confidence and growth that needs to emerge hereon, on which the industry can thrive. The event is poised to serve as a ray of hope, by reviving demand for small, medium and large brands, augmenting the income opportunity for delivery partners, including the kirana (MENSA) network, while offering customers the joy of shopping. We are also introducing the Charity at Checkout feature, enabling all our EORS shoppers to donate a certain sum towards the current healthcare needs of the society.”

To meet the last mile delivery requirements, Myntra has scaled up its MENSA network by 4X and will be working with 17,700 kirana (MENSA) partners who will cater to 80% of the overall deliveries spanning about 600 cities. The company expects to ship over 15 million items, 40% of which is likely to be delivered to tier 2 cities and beyond. The company has also scaled up its tech capabilities to handle the scale of the event and will be able to manage over 8 lakh concurrent users at peak.

Housing Sales Rise 93% Y-o-Y in Q2 2021, but Dip 58% Q-o-Q Amid 2nd Wave

Mumbai: For residential real estate, the first COVID-19 wave in 2020 had a significantly deeper impact than the second wave this year. ANAROCK data reveals that housing sales in Q2 2021 stood at approx. 24,570 units across the top 7 cities, increasing by 93% annually but dropping by 58% Q-o-Q.

12,740 units were sold in the corresponding quarter of 2020, and 58,290 units in the preceding quarter (Q1 2021). MMR and Pune drove a massive share of housing sales between April and June 2021 with a 46% share of the total sales.

Meanwhile, despite localized lockdowns and restrictions due to the second wave, developers launched new projects (mostly digitally) and put approx. 36,260 units on the market across the top 7 cities. Interestingly, Hyderabad is the frontrunner in overall housing launches with approx. 8,850 units launched in Q2 2021 – followed by MMR with 6,880 and Bengaluru with 6,690 units.

Housing Sales Rise 93% Y-o-Y in Q2 2021, but Dip 58% Q-o-Q Amid 2nd Wave

Housing Sales

Notably, the premium budget category (priced between INR 80 lakh to INR 1.5 Cr) saw maximum new launches in the quarter with an 36% share. Next came the mid-range segment (priced between INR 40-80 lakh). Unlike in previous quarters, affordable housing accounted for just 20% of the new supply in Q2 2021.

A person in a suit and tie

Anuj Puri, Chairman - ANAROCK Property Consultants
Anuj Puri, Chairman – ANAROCK Property Consultants

Description automatically generated with medium confidenceAnuj Puri, Chairman – ANAROCK Property Consultants says, “The second COVID-19 wave definitely impacted overall residential property market activity in the second quarter this year when juxtaposed against the preceding quarter. However, compared to the corresponding period of 2020, the sector displayed remarkable resilience. To the backdrop of developers adopting technology in their businesses, there was a huge yearly jump in both new launches and sales. Importantly, the localized lockdowns and restrictions did not dent activity as much as the complete nation-wide lockdown last year.

“Additionally, we saw the rising dominance of listed and leading developers whose sales share against the smaller and unorganized ones increased further in the quarter amid the second wave – from 40:60 previously to 43:57 now. Back in FY2017, the ratio was 17:83. The impact of the second wave was felt more intensely by smaller and unorganized players.”

“Restrictions are now easing across cities and the vaccination drive is gathering momentum. We, therefore, anticipate residential demand to see steady growth in the upcoming quarter. The previously-noted structural shift in housing demand continues – many current homeowners seek to upgrade to larger homes and the previously purchase-averse millennials remain very active property buyers.”

Q2 2021 Sales Overview

Approx. 24,570 units were sold in Q2 2021 across the top 7 cities, against ~58,290 units in Q1 2021 – marking a decline of 58% Q-o-Q. NCR, MMR, Bengaluru, and Pune together accounted for 74% of the sales in this quarter. Compared to Q2 2020, housing sales increased by 93% in Q2 2021.

MMR is the frontrunner in housing sales in Q2 2021. On a yearly basis, sales in MMR rose by 104% – 7,400 units sold in Q2 2021 against 3,620 units in Q2 2020. Quarterly, sales in MMR dropped by 64% from approx. 20,350 units sold in Q1 2021.

Pune came next with ~3,790 units sold in Q2 2021 against 2,160 units in the corresponding quarter last year, and 10,550 units sold in Q1 2021 – a 75% y-o-y increase and a 64% Q-o-Q decline.

NCR sold approx. 3,470 units in Q2 2021 against 2,100 units in the corresponding period last year – an annual increase of 65%. Quarterly, housing sales decreased by 61% (from 8,790 units in Q1 2021).

Bengaluru recorded sales of approx. 3,560 units in Q2 2021 as compared to 2,990 units a year ago – a 19% yearly increase. On a Q-o-Q basis, sales in the city declined by 59% (from 8,670 units in Q1 2021).

In Hyderabad, 3,240 units were sold in Q2 2021 as compared to 660 units a year ago, and 4,400 units sold in Q1 2021 – an annual increase of 395% and a Q-o-Q decrease of 26%.

In Chennai, approx. 1,590 units were sold in Q2 2021, increasing by 231% y-o-y and decreasing by 44% against Q1 2021.

In Kolkata, 1,520 units were sold in Q2 2021, increasing by 108% annually and declining by 43% against the preceding quarter Q1 2021.

Housing Sales (Units) in Top 7 Cities
 Cities   Q2 2021  Q1-2021  Q2-2020
NCR 3,470 8,790 2,100
MMR 7,400 20,350 3,620
Bangalore 3,560 8,670 2,990
Pune 3,790 10,550 2,160
Hyderabad 3,240 4,400 660
Chennai 1,590 2,850 480
Kolkata 1,520 2,680 730
Total 24,570 58,290 12,740

Source: ANAROCK Research

Q2 2021 New Launch Overview

The top 7 cities saw around 36,260 new units launched in Q2 2021, as compared to 62,130 units in Q1 2021 – a decrease of 42% Q-o-Q due to the 2nd COVID-19 wave. The Southern cities Hyderabad, Bengaluru and Chennai accounted for 51% of the total new launches during Q2 2021. In Q2 2020, a mere 1,400 units were launched across the top 7 cities.

Approx. 8,850 units were launched in Hyderabad – a decrease of approx. 30% from Q1 2021. Interestingly, over 75% of the new supply was added in the INR 80 lakhs to INR 2.5 Cr budget segment. In Q2 2020, the city saw no new launches at all.

Bengaluru added approx. 6,690 units in Q2 2021, a Q-o-Q decrease of 13%. Over 75% of the new supply was added in the sub-INR 40 lakh to INR 1.5 Cr price bracket. In Q2 2020, just 590 units were launched.

Pune added new supply of approx. 4,920 units in Q2 2021 compared to 13,820 units in Q1 2021 – a decrease of 64%. Approx. 60% of the new supply was added in the INR 40-80 lakhs price bracket. In the corresponding period in 2020, the city saw just 750 new units launched.

NCR added approx. 3,820 units in Q2 2021, a Q-o-Q decrease of 43%. Approx. 69% of the new supply was in the INR 40-80 lakhs price bracket. In Q2 2020, the region saw no new launches.

In MMR, new launches declined by 54% in Q2 2021 against the preceding quarter. Approx. 6,880 units were launched in Q2 2021, while in the corresponding quarter last year, there were no new launches.

Chennai added approx. 3,110 units in Q2 2021, a Q-o-Q decrease of 33% over Q1-2021 and a 100% jump over last year.

Kolkata added approx. 1,990 units in Q2 2021, an increase of 10% over Q1 2021. Over 73% of the new supply was added in the affordable segment.

Housing Launches (Units) in Top 7 Cities
 Cities   Q2-2021  Q1-2021  Q2-2020
NCR 3,820 6,750 0
MMR 6,880 14,820 0
Bangalore 6,690 7,690 590
Pune 4,920 13,820 750
Hyderabad 8,850 12,620 0
Chennai 3,110 4,620 0
Kolkata 1,990 1,810 50
Total 36,260 62,130 1,390

Source: ANAROCK Research

Unsold Inventory

Unsold inventory across the top 7 cities increased by 2% in Q2 2021 over Q1 2021 since new supply outpaced overall absorption numbers in this quarter. Unsold inventory increased from 6,41,860 units in Q1 2021 to approx. 6,53,540 units in Q2 2021. On a yearly basis, the overall unsold stock in the top 7 cities increased by 3%. However, the two major realty hotspots – MMR and NCR – saw their unsold stock decline by 6% and 1% respectively.

Price Movements

Due to the second COVID-19 wave, average residential property prices across the top 7 cities remained stagnant in Q2 2021 against the preceding quarter. On a yearly basis, Bengaluru and NCR saw the average residential prices rise by 2%, while MMR, Pune, Hyderabad and Chennai saw average property prices increase by 1%. Kolkata saw no yearly change in average property prices.

Shoppers Stop launches its beauty festival with the hottest beauty brands and the coolest offers

Hyderabad: Shoppers Stop, India’s leading fashion and beauty destination, brings to you the biggest 4-day beauty event – Showstoppers 2021 from Thursday, 24th June 2021 – Sunday, 27th June 2021. This interactive beauty festival brings to you a mix of edutainment content like tutorials, live sessions, and the best of offers from brands like Arcelia, M.A.C Cosmetics, Clinique, Smashbox, Lakme, L’Oréal, Elizabeth Arden, Bobbi Brown, MyGlamm and much more.

Shoppers Stop has also roped in the best of lifestyle and beauty influencers like Malvika Sitlani, House of MISU, Roshni Bhatia, Sushant Divgikar, Debasree Banerjee, Aashna Shroff, Tina Kakkad, Shereen Sikka, and Santoshi Shetty for this festival. These influencers will be creating the latest beauty trends on their handles and will give their followers a chance to win the Shoppers Stop Showstopper Beauty Kit full of makeup goodies from the best of brands through multiple contests.

You can also book appointments and consult with expert Beauty Advisors in-store and online via the White Glove Service for your skincare routine and makeup opinions.