Tag: pandemic

Business

Changing Scenario of Retail and e-commerce

Dec 20, 2021 by Gouri Achary 0 Comments #Anuj Mundhra, #Coronavirus, #E-Commerce, #pandemic, #Raghunandan Saraf, #Retail, #Siddharth Maurya

During the pandemic years, the retail industry was highly inclined towards necessities and basics as the coronavirus ensured that such utilities will never be out of fashion.

Even the online delivery platforms focussed on food items, groceries, food and vegetables compared to luxury and discretionary items. However, as the vaccination paced up and the festive season headed closer, consumers shifted their pockets towards revenge expenditure in travelling, clothing, outing and more.

Ever since the coronavirus pandemic, the retail and e-commerce sector has witnessed tectonic shifts in terms of commerce and business. Technology continues to disrupt and transform the retail landscape.

Raghunandan Saraf, Founder and CEO, Saraf Furniture said that retail is witnessing a strong shift and customers are demanding for an end to end experiences at doorsteps. “It is not limited to e-commerce of the products. It is more inclined towards the change in needs and demands.”

As customer behaviour changes, retailers should hawk-eye the dynamic trends to ensure the success of the businesses for years to come. Here are trends that retailers should keep at focus.

Creating omnichannel routes

It is the latest trend in the retail sector to create omnichannel strategies for success. Nykaa is exemplary of its success as customers are opting for the players with Omni-channels.

Customers are looking on their devices for the routes, products, reviews, description, utilities and results. The ubiquity of devices means that consumers demand a seamless experience across multiple touchpoints.

Personalized Retailing

Customers need a personalized shopping experience. This involves retailers giving genuine suggestions for customers based on their tastes, locations, history and needs. This also includes simplification and ease of retailing with chat-bots, text messages and emails providing delivery updates and other related services.

“Personalised products and services are the hottest fads in retail,” said Anuj Mundhra, Chairman & MD, JaipurKurti.com. “Customers are thriving for experiences, which are unmatched. They are looking for personal touch through virtual means and retailers are finding routes for it.”

Serving the Immediate Needs

The retail industry is tackling a new breed of customers, the impatient ones. The fast-food cultured generation Z demands everything immediately and they are willing to pay for it too. This is why companies are looking for technology-led solutions like chat-bots over telephonic customer care.

Retailers need to not only expand the horizons of their products and allied services but also expedite them to serve the growing culture of immediacy. Some retailers are so quick that they show the inventory status online, setting up delivery lockers and on-time delivery at the doorsteps. However, all this needs an efficient supply chain and inventory.

New Markets and New Channels

The retail industry needs to swiftly navigate within the possible new markets, with large long-term potential and create new channels. Technology has made it easier but businesses still struggle hard to cope with it. Thanks to the rising acceptance of e-commerce channels, retailing is not confined to a single location. But this needs an effective digital strategy.

The footsteps of the digital-first ecosystem is likely to last longer and retailers need to adopt new channels along with the traditional means in order to increase their customer needs. Integration of multiple systems will open new doors for the retailers, where they can untap the opportunities and feed the growing appetite.

Siddharth Maurya, Resource Specialist- Fund Management said that there is immense potential and technology is the key but not the only solution. “Look at Alibaba for instance, which moved out of China and made its mark across the globe. Indian retailers should pitch-hit at the national levels, followed by solidarity at the international space.”

Embracing Digital Payments

Using mobile as a payment method is one of the biggest emerging trends for retail players. Almost every customer is a smartphone user, which is now an indispensable companion in daily life. Certain retailers have kicked off UPI-enabled payments but mass acceptance of digital payment is not widely implemented.

Rise of Digital payment highlights that consumers are demanding flexible payment modes. UPI enabled payments, clubbed with mobile apps, debit and credit cards and digital wallets are likely to see a big push. Such systems help the retailers to uplift the services a notch higher.

Business World

Large scale sectors, industries witnessed expansion despite pandemic disruption: American Express India CFO survey

Nov 19, 2020 by Gouri Achary 0 Comments #American Express India CFO Summit, #American Express India CFO survey, #industries, #Large scale sectors, #Megha Chopra, #pandemic

Businesses today are leading through uncertainty and addressing concerns with optimism to return to normalcy in 12-18 months time frame according to the survey released by American Express India. 51% of companies have not been adversely impacted due to ongoing pandemic and have experienced either growth or have had no impact on business performance. Industries such as healthcare, pharma, and manufacturing witnessed growth despite of the unprecedented time.

The survey was conducted for American Express by EY, the leading professional services organization and explores the impact of the current pandemic on finance function and business operations along with the key financial transformation areas of focus. Over 80 CFOs of large and mid-cap companies responded to the survey, which acts as a curtain-raiser to this year’s American Express India CFO Summit, being hosted by Moneycontrol to be held on November 24, 2020.

Megha Chopra, Business Head, Global Commercial Services said, “The pandemic has led to significant changes and challenging situations for businesses across industries. Interestingly, 60% of the companies which responded to the survey are prioritizing transformation to ensure business continuity and resilience as one of their top focus areas. The silver lining is that many sectors reported growth during the COVID-19 pandemic, and what is really encouraging is that we have already started witnessing green shoots in the impacted sectors such as auto, travel, food and entertainment.”

Technology: a key business enabler
While technology is being increasingly looked at as an enabler for virtual operations, there is also a growing need to leverage technology for better planning, forecasting and reporting. Three out of five CFOs are also looking to us herein digital strategies and transform the core accounting processes. Two in every three CFOs are willing to invest in collaboration software & digital enablers to enable virtual operations.

Silver lining: Risks and uncertainties, not a deterrent
While the systemic risks loom large over organisations, there is a belief that further stimulus packages and regulatory support will ease the journey back to normal. 1 out of 2 CFOs agrees that they need to address issues such as productivity, costs and talent management to be able to build resilience.

Re-strategize and focus on transparency across the value chain
With supply chain management being a key issue for companies, CFOs are looking to re-strategize sourcing and focus on transparency across the value chain. Additionally, there is an increased focus to address bottlenecks in receivable and payable cycle – both internal and external- to meet working capital requirements.

The India CFO Summit will bring together various industry doyens such as Megha Chopra, Country Business Head, Global Commercial Services, American Express India, R Shankar Raman, CFO L&T, and Pratyush Mittal, CFO, Mondelez India, among others. It seeks to elucidate the pathway to navigate the next course of cash management and chart the businesses’ transition into the new normal with a CFO’s perspective.

To know more about the summit you can visit: https://www.moneycontrol.com/msite/microsite-url-amex-india-cfo-summit

Business World

How corporates are safeguarding their employees in this pandemic?

Nov 19, 2020 by Gouri Achary 0 Comments #Avis India, #Corporates, #DROR, #Employees, #Magneto Cleantech, #pandemic

While we slowly but steadily move into new normal, many corporates are also preparing and introducing new technological innovations that can help limit us to the infections of viruses. Some of the corporates have been playing a significant role in bringing about some sense of normalcy to the way we work, commute or basically just hang out.

While we prepare for the new normal, below are a few companies that have been providing some solutions which have a combination of contact tracing solutions, Indoor Air purification and tech-driven parking solutions. Here is the list of companies that are working on safeguarding the netizens.

Magneto CleanTech introduces Air Sanitization solution to prevent air transmission of COVID-19

Magneto’s advanced central air cleaner helps stop the spread of COVID-19: In order to maintain the apt air sanitization standards, Magneto CleanTech launched an enhanced version of their cutting-edge Magneto Central Air Cleaner, now co-powered by Filterless Magnetic Air Purification (FMAP) and Ultraviolet (UVGI) technology. This high-efficiency air filtration system based on the “Trap & Kill process now combines with anti-microbial UV-C rays thoroughly decontaminate the indoor air by killing over 90% of airborne viruses and infections instead of letting them grow. Magneto Central Air Cleaner now comes equipped with the combined power of dual forces of magnetism & UV-C to amplify the microbe elimination on even the smallest viruses complying with the global industry guidelines for preventive measures from the spread of diseases like COVID-19.

Avis India, A leading car rental company

Avis India has been at the forefront in providing unique and safe mobility services to its customers during the COVID-19 pandemic. The leading car rental service provider also launched the Avis Secure Shuttle service for a large number of corporate employees, travelling a distance of 15 to 45 km on a daily basis in this post lockdown COVID-19 era.

Avis India has enhanced its safety and cleaning protocols, sanitizing its vehicles after every use. Particular attention is paid to high-contact surfaces, both inside and outside of the car, such as seats, steering wheels, and door handles. It is mandatory for Avis chauffeurs to wear face masks at all times. Employees, chauffeurs, and customers are scanned with infrared thermometers at the main gate itself. Anyone displaying symptoms of COVID-19 is not allowed to enter Avis premises; thereby ensuring maximum security for both our employees and customers.

Park+ Automated smart parking in India,

A smart parking start-up has introduced a tech-drive solution for corporates offices. The solutions are aimed at preparing corporate offices for reopening and ensuring maximum safety while searching for a parking spot. This app will enable the office personnel to check-in and out of employees as well as track and check body temperatures.

DROR

Gurugram headquartered DROR Labs has introduced a citizen safety app to support employees and manufacturing plants get back to work.

The company has introduced enterprise solutions like parameterized social distancing features, invasion alarms, containment zone alerts, and self-declaration forms. The app helps the HR department track and preview the team’s real-time social distancing score, enabling them to maintain social distancing within the office premises and sustain a safe work environment.

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Business World

Pandemic increases demand in suburbs in Bangalore, Chennai, Hyderabad, Delhi-NCR, and Pune

Nov 18, 2020 by Gouri Achary 0 Comments #Bangalore, #Chennai, #Delhi-NCR, #Hyderabad, #NoBroker.com, #pandemic, #pune, #Saurabh Garg, #suburbs

Only a little while ago, potential homebuyers were researching best localities to buy a house near their workplace. Data from India’s leading real estate platform, NoBroker.com, shows how it has all changed since the onset of the pandemic. Earlier, proximity to workplace took the topmost spot among homebuyers’ considerations. But ever since the Covid-19 outbreak triggered the new normal and work from home became the norm, the demand in areas other than the ones located near IT hubs has been increasing.

Over the last decade or so, the significance of “dream” in “dream house” had waned with people prioritising the area or the locality instead of the size and even the quality of the unit. For instance, in cities such as Bangalore, Hyderabad, and Chennai that are notorious for their traffic, homebuyers have traditionally preferred staying close to their office to save commute time, often at the cost of their lifestyle-related preferences. But all that is changing for the better.

In the wake of the pandemic, many companies have mentioned that their employees would continue to work from home until June 2021. Consequently, homebuyers are looking to buy properties that are not only more spacious but also located in less populated areas, irrespective of their distance from the workplace. This trend is reflected in the fact that in Bangalore, localities such as Whitefield, Marathahalli, HSR Layout, and Electronic city which were high in demand pre-Covid have experienced a decrease. Conversely, new localities that are attracting greater interest from homebuyers post-May 2020 include Horamavu (32%), Yelahanka (56%), RT Nagar (42%), and Hebbal (36%). Currently, space is a bigger concern for working-class couples as they need a home that can accommodate two workstations along with a study room for kids. The prices in areas that are not strategically located around IT hubs are more affordable and living conditions are better as they experience less traffic. The NoBroker portal has registered a growing demand for bigger houses like 3 and 4 BHKs.

A similar pattern is being observed in Chennai as well. The platform has received more queries for localities such as Ambattur (46%), Perambur (105%), Kolathur (77%), Mylapore (31%) and Valasaravakkam (26%) in Chennai. Only a few months ago, the more popular and in-demand areas were Velachery, Madipakkam, Pallikaranai, Porur, and Choolaimedu. The data at the platform also indicated a similar trend in Hyderabad where areas such as Malkajgiri (26%), Kothapet (18%), Nagole (19%), Toli Chowki (9%) and Ramachandra Puram (12%) are more in demand than ever before.

People are prioritizing better lifestyle over staying closer to work. The benefits of this development are many. It would help reduce stress from popular areas and distribute the population more evenly for better management of resources. Further, this trend might even be the representative of a larger, nationwide sentiment because the platform has found this trend to be dominant in Delhi-NCR and Pune as well. In Delhi-NCR, some of the regions that are experiencing a spike in demand in the post-pandemic landscape include Rohini (126%), Dwarka (73%), Vaishali (69%), Okhla (53%), and Indirapuram (53%). In Pune, the regions that homebuyers are showing keener interest in include Baner (28%), Ambegaon BK (16%), Wadgaon Sheri (31%), Hinjewadi (68%), and Wagholi (25%).

Saurabh Garg, Co-founder and Chief Business Officer of NoBroker.com said, “The work from a home culture has helped demand spread more evenly across the cities of Bangalore, Chennai and Hyderabad and suburbs are seeing a surge in demand. This is a good change as it has helped price correction in a couple of localities and people do not have to compromise on space, size and locality in order to stay close to their workplace. It gives builders also a good opportunity to build and develop more areas and not fixate on areas around IT hubs only. But the key thing is that this change is bringing people closer to buying a house. They can buy with the available corpus instead of compromising on lifestyle to save up to buy in high demand areas. The pandemic has given people an understanding that the satisfaction that comes from owning a house is equal to none other.”

Even after offices open by next year, many employees will continue to work from home. Work from home has proven beneficial for both employees as well as organizations. Amid the crisis, many big companies have come to grips with the benefits of the work from a home model of continuing business as usual. Not only does it affect employee productivity, but also helps the firms in cutting down on costs that they incur when offices operate in full capacity.

The best takeaway is that people are closer than ever to consider taking the plunge of buying a house. This is a good thing for the sector that has been battling a slump for a few years now.