Survey finds 80% of D2C businesses yet to achieve profitability; only 12% report profits

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March 7, 2024

A recent survey conducted by MMA India and Publicis Commerce reveals that 80% of direct-to-consumer (D2C) businesses have not achieved profitability, with 63% reporting zero profitability.

The survey released on Wednesday added that only 12% of the D2C businesses have reported being profitable, while 25% of the D2C businesses said that they don’t measure profitability since they are part of larger ecosystems.

Anupriya Acharya, CEO for South Asia at Publicis Groupe, highlighted that ecommerce has emerged as the fastest-growing segment for the company, driven by the rising number of shoppers and increased consumer spending on e-commerce platforms. Acharya emphasized that the launch of the D2C Toolkit Advantage report aligns with the growing significance of commerce as a key agenda for clients.

“A lot of our clients are seeking our expertise for their D2C strategy. Many of our clients have traditional infrastructure. They have moved to marketplaces, and now they want to move into D2C,” she added.

Continue Exploring: D2C brands biggest disruptions to FMCG players, says Marico Founder Harsh Mariwala

Direct-to-consumer (D2C) is emerging as a prominent ecommerce channel, with 43% of e-commerce funding in 2022 directed towards these businesses. This surpasses marketplaces, making D2C the most funded e-commerce sub-sector.

According to Lalatendu Das, CEO of Performics India, only a handful of companies have successfully figured out how to operate a profitable direct-to-consumer (D2C) business. This challenge is primarily attributed to the high costs associated with customer acquisition, uncertainty surrounding return on investment, and the intricate operational complexities involved.

“Our survey shows that nearly 80% of D2C businesses are yet to attain profitability. About 12% of them are profitable, 63% are not profitable at all, and 25% said the D2C business is part of a bigger ecosystem, therefore they don’t measure profitability,” he noted.

Das noted that successful D2C ventures are excelling in four key areas.

“If these four things are done right, you are looking at an operating profit of roughly 8%,” he said.

This encompasses investing in consumer insights and leveraging them across various channels to boost sales, gathering first-party data for enhanced consumer understanding, fostering brand loyalty, and innovating products based on consumer feedback.

Continue Exploring: Digital-first D2C brands intensify brick-and-mortar presence to drive expansion and revenue growth

Bollywood actress Shraddha Kapoor joins Palmonas as Co-Founder

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March 7, 2024

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Palmonas recently announced its collaboration with Bollywood actor Shraddha Kapoor, who will be serving as the Co-Founder of the demi-fine jewellery brand. This significant development, initiated through an Instagram interaction, represents a milestone where a Bollywood actor joins hands with a startup, showcasing the influence of social media in forging meaningful connections.

The partnership between Kapoor and Palmonas originated from a comment exchange on Instagram, highlighting the organic nature of their association. With this collaboration, they seek to merge Kapoor’s celebrity influence with Palmonas’ commitment to innovative quality, with a focus on empowering women through versatile and contemporary demi-fine jewellery designs.

Established by Pallavi Mohadikar and Dr. Amol Patwari, Palmonas employs surgical-grade stainless steel plated with an 18k gold tone, as well as sterling silver coated with a 2.5-micron thick layer of 18K gold, establishing a benchmark for accessible luxury. Renowned for its modern and understated jewellery lines crafted from sterling silver, stainless steel, and gold vermeil, the brand has garnered recognition in the industry.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

Pallavi Mohadikar, Founder, Palmonas shared, “It all started when we received several orders with the initials S. Kapoor, sparking excitement that it could be the renowned actress Shraddha Kapoor herself. Shraddha always interacts with her fans on her Instagram and she replied to a fan’s comment on her reel in which she was flaunting our jewellery, and mentioned it in an Instagram story. To our surprise and delight, it was indeed Shraddha, confirming that she’s been a loyal user of our products.”

Shraddha Kapoor, actor and Co-Founder of Palmonas said, “I was searching for simple, good quality and reasonably priced jewellery on the internet because I was so fed up of my daily wear jewellery breaking or getting spoiled. I came across Palmonas and was just blown away their products. I went crazy purchasing so many pieces because I fell in love with their design sensibility as well and felt like I had so many options for my different moods and for different days. For me the product is everything and the fact that Pallavi and Amol have nailed that, got me very charged up and excited to partner with them.”

Continue Exploring: D2C jewellery brand Kushal’s raises $34 Mn in Series B funding from Lighthouse’s fourth PE fund

Shraddha further reiterates, “Bringing demi-fine jewellery to India with an aim to make luxury jewellery available at a fraction of the price, without compromising on the quality. I felt was needed in this space without harming the environment.”

Dr Amol Patwari, Founder, Palmonas said, “We’re honored to have Shraddha Kapoor join our journey and deeply grateful for the continued support of all our customers. I am thankful for the continued support of customers and excited about our journey ahead. Together, we’ll continue to create products that empower and inspire individuals to embrace their unique stories.”

Palmonas, renowned for its distinctive materials and unwavering dedication to excellence, holds a prominent position in the worldwide demi-fine jewellery sector. The partnership with Shraddha Kapoor is expected to enhance the brand’s expansion and reinforce its standing in the market, offering affordable luxury to a wide-ranging clientele.

Continue Exploring: Fashion jewellery brand salty secures INR 5.4 Crore for team expansion and product innovation

Hong’s Kitchen expands to iconic Chandni Chowk with 25th Store launch, offering fusion flavors in Delhi’s bustling food hub

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March 7, 2024

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Hong’s Kitchen, an Indo-Chinese quick-service restaurant chain operated by Jubilant FoodWorks Ltd. (JFL) in India, has opened a new restaurant in Delhi at the newly constructed Omaxe Chowk, Chandni Chowk.

This will be the 25th store from the company, the release added.

“As we open our store in Omaxe Chowk, Chandni Chowk, we are excited to introduce our unique blend of Indian and Chinese flavours in a location as iconic as Chandni Chowk which many consider the heart of the city, a buzzing and diverse community of food enthusiasts in this historic area. We aim to provide our consumers with affordable and great-tasting Chinese food customized for the Indian palette,” said Avinash Kant Kumar, President, of Jubilant FoodWorks Limited.

Continue Exploring: Fresh flavors hit Shahdara as Hong’s Kitchen opens new outlet in Delhi

To commemorate its 25th store launch at Omaxe Chowk, Chandni Chowk, Hong’s Kitchen introduces a menu that combines beloved classics with inventive fusion creations.

Snackfax had earlier reported that JFL, also a master franchisor of Domino’s, Popeyes, and Dunkin’, is expanding its reach and is expected to reach around 3,000 outlets in the medium term.

JFL plans to expand the presence of Popeyes to NCR and other prominent cities of North India. The brand, launched by JFL in January 2022, is currently present in 10 cities in south India, and Delhi is the eleventh city. For the current fiscal year, the company plans to invest around INR 750 crore in expansion and opening of new stores.

Continue Exploring: Jubilant Foods expects Popeyes to hit INR 1,000 Crore sales mark in 3-4 years, plans rapid expansion

JFL stands as one of India’s leading food service companies, operating under the Jubilant Bhartia Group. Established in 1995, the company possesses exclusive master franchise rights from Domino’s Pizza Inc. to expand and manage the Domino’s Pizza brand across India, Sri Lanka, Bangladesh, and Nepal.

In India, it boasts a network of 1,928 Domino’s stores spread across 407 cities. Additionally, the company holds exclusive rights to establish and manage Popeyes restaurants in India, Bangladesh, Nepal, and Bhutan, as well as Dunkin’ restaurants in India. Currently, the company operates 32 Popeyes restaurants in 10 cities and 25 Dunkin’ restaurants across eight cities. ‘Hong’s Kitchen’ marks the company’s debut restaurant brand in the Chinese cuisine segment, with 25 establishments now in operation across four cities.

FMCG sector to experience subdued growth until September quarter in 2024: Kantar

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March 7, 2024

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The FMCG sector is anticipated to experience modest growth throughout 2024 until the September quarter, as indicated by Kantar, a research and insights firm. This subdued growth is attributed to several factors, including uncertainty in the agricultural sector and elections that are predicted to have minimal impact on FMCG consumption. However, Kantar expects FMCG growth to improve gradually in the latter part of the year.

Additionally, it mentioned that the intense summer weather could potentially increase sales in categories like soft drinks, ice creams, sunscreens, and laundry products. However, it emphasized that the growth in these categories is expected to have a minimal effect on overall FMCG consumption.

Continue Exploring: From scoops to sundaes: Ice cream sales set to soar 15-20% this summer

“As a result, we do see FMCG growth to be subdued, at least until Q3 of 2024. Keeping in mind the stronger first half of 2023, we may even end up seeing some stagnation in the early part of the year, with things getting progressively better,” Kantar said in its outlook for 2024

Describing the agricultural outlook for 2024 as a “mixed bag,” it further elaborated that dry weather conditions, attributed to El Niño, are anticipated to persist until the first half of the year. The El Niño phenomenon has also influenced the harvests of Kharif crops.

“As per the first estimates of Kharif crops released, almost all Kharif crops have seen lower yields due to uneven rainfall. This is likely to impact the first half of 2024. However, the Rabi sowing, though mildly disturbed, is much better with record hectarage under the wheat crop. El-Nino is also expected to wane by the middle of the year, and with the Rabi harvests close by, without any unexpected weather phenomenon, the year might yet turn good, especially in the second half,” Kantar stated in the February FMCG Pulse Report.

The research and insights firm also pointed out that despite 2024 being an election year, historical data shows no significant surge in FMCG growth rates during previous election cycles.

“In 2009, the consumption growth was 0.7 per cent; in 2014, it was static; and in 2019, it was negative,” it said. It added that it does not see General Elections significantly impacting FMCG growth rates at the national level.

Continue Exploring: FMCG companies boost production of affordable snacks and beverages ahead of general elections, anticipating surge in demand

Kantar also observed a slight decrease in the average annual FMCG consumption in 2023, dropping from 117.2 kg per household in 2022 to 117.1 kg. They highlighted that among the 90 categories and subcategories they monitor, approximately half experienced a decline in consumption or remained unchanged. Shoppers appeared to be scaling back on expenses, particularly in categories like cooking oils, washing powders, basmati rice, and salt.

The research and insights firm also highlighted a sudden decline in value growth during the December quarter of 2023, attributed to price reductions implemented by key players.

“Categories where we see slower value growth, compared with volume growth in the latest quarter, are Hand wash, Body wash, Shampoos, Floor Cleaners, Cooking Oils,” Kantar added.

Hotel chains tailor loyalty programs to woo Indian customers amidst travel boom

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March 7, 2024

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hospitality hotel — (Representative Image)

Hotel chains are competing for the ‘loyalty’ of Indian guests amidst a travel boom, diversifying their offerings and crafting personalized experiences in their loyalty programs tailored to meet their preferences.

Khushnooma Kapadia, Vice President of Marketing for South Asia at Marriott International, introduced the Marriott Bonvoy HDFC Bank Credit Card last year, marking India’s first co-branded hotel credit card. Kapadia revealed that the chain presently boasts six million members in India, with aspirations to elevate this figure to 10 million. She noted a significant 18% growth in Indian members last year compared to 2022.

“Our entire vision, right from the global headquarters to regional offices is simply focused on growing our Marriott Bonvoy occupancies.We need to make sure we are garnering enrolments and encouraging members to redeem points,” she said.

“The adoption of our Marriott Bonvoy HDFC Bank Credit Card has been fantastic and there are ongoing conversations to consider potential partnerships with other banks,” she added.

Continue Exploring: Indian hospitality industry set for a record-breaking 2024: Surge in new hotel rooms expected

Shalini Tewari, General Manager of Corporate Loyalty and Spa at the Lalit Suri Hospitality Group, announced the launch of The Lalit Rewards, a novel digital loyalty program. It operates on a point-based system, serving both B2C and B2B (corporate) customers, as well as participants in its comprehensive Pure Love loyalty program.

“This comes as a response to changing market dynamics, ensuring our members enjoy personalized benefits and seamless engagement,” said Tewari and added that membership has grown 35% over the past year.

Nikhil Sharma, Managing Director of the Eurasia market at Wyndham Hotels & Resorts, observed a significant uptick in consumer interest in loyalty programs in India, mirroring the growth of the middle class and increasing disposable incomes.

“Our programme Wyndham Rewards has seen a 29% rise in Indian membership compared to 2022 and a 50% increase compared to 2019,” he added.

Last year, Accor teamed up with Katrina Kaif, a member of ALL-Accor Live Limitless, the chain’s loyalty program, in an effort to reach a broader audience and entice new members.

“In India, the membership growth of ALL-Accor Live Limitless has been substantial,” Accor said in a statement.

Continue Exploring: Accor to double room capacity in India, plans weekly hotel openings across PME segments in Asia

Anuraag Bhatnagar, CEO of The Leela Palaces, Hotels, and Resorts, mentioned that Leela DISCOVERY has amassed over five lakh members in India, witnessing a growth of over 50% in the past two years.

“This year, we are excited to announce our first ever Double DISCOVERY Dollar promotion which allows members to avail double the reward currency while booking our member special rates for stays at any of our hotels in India. This is scheduled to be launched at the end of this month,” he added.

Every tier within Leela’s loyalty program enables members to accumulate real currency in terms of dollars, in addition to receiving enhanced stay benefits.

Accor’s loyalty perks encompass booking tickets for concerts, sports events, and securing car reservations. Members have the opportunity to redeem accumulated points for complimentary nights and various privileges such as room upgrades, late check-outs, and exclusive invitations to ‘limitless experiences’. Deepa Krishnan, Head of Marketing for India and Southwest Asia at Hyatt India Consultancy, noted a robust double-digit growth in the customer base in India.

“There have also been recent changes in the programme to further enhance the rewards and benefits to our guests. These include rewards at more regular intervals, more choices at each milestone, and cultural exploration opportunities through FIND experiences,” she added.

Marriott International ranks as one of the top three sponsors for the forthcoming Ed Sheeran tour in India.

“Such events and tie ups provide a platform to connect with our existing members for opportunities that they usually don’t get. Partnering for IPL was another one of those endeavours. Our aim is to constantly find these big-ticket avenues, strengthen our existing member base, acquire new members and encourage them to spend more with us,” said Kapadia.

Continue Exploring: Hotels set to achieve 11-13% revenue growth in next fiscal despite high base: CRISIL Ratings

Eggoz achieves remarkable milestone: Surpasses INR 100 Crore in annual revenue within three years of launch

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March 7, 2024

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Eggoz, a Gurugram-based consumer brand with a focus on eggs, has accomplished an impressive feat by surpassing INR 100 crore in net annual recurring revenue within a mere three years of its launch.

Presently, the brand maintains a foothold in Delhi-NCR and Bengaluru.

Abhishek Negi, CEO and Co-Founder of Eggoz, “Our success during our three-year journey can be attributed to our fervent dedication to making healthy eggs available in the market. We hope to further expand our consumer base by helping people opt for a healthy living, while also guiding the farmers to produce better & chemical-free eggs.”

Continue Exploring: Eggoz spearheads nationwide campaign to redefine egg quality standards in India

Eggoz operates within the $12 billion egg industry, where packaged egg sales represent less than 3% of the market. Collaborating with local farmers, Eggoz provides comprehensive tech-enabled assistance and herbal hen feed to enhance egg production. Each egg sold by Eggoz undergoes 11 safety checks, including UV sanitization. The company asserts that it has facilitated a 30% increase in farmers’ incomes.

Established by alumni of IIT Kharagpur, Eggoz is expanding within a $12 billion market at a rate of 15% CAGR, as stated by the company. According to its LinkedIn profile, Eggoz has secured $8.8 million in Series B funding. The company distributes its products through online marketplaces, quick commerce websites, and supermarket chains.

Continue Exploring: The Every Company launches world’s first hen-free liquid eggs

FMCG companies boost production of affordable snacks and beverages ahead of general elections, anticipating surge in demand

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March 7, 2024

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Packaged food companies FMCG — (Representative Image)

Consumer goods companies are ramping up their inventory of small packs of biscuits, bhujias, chips, packaged water, and beverages priced at INR 5 and INR 10 each by as much as 10% nationwide. This move is in anticipation of a temporary surge in sales during rallies and meetings coinciding with the upcoming general election. Additionally, some companies are strengthening their manufacturing capabilities and distribution networks to meet the expected increase in demand.

Senior executives from multiple fast-moving consumer goods (FMCG) companies have noted a slight but noticeable increase in sales in politically significant markets like Uttar Pradesh, Rajasthan, Bihar, West Bengal, and Tamil Nadu. This uptick has instilled confidence in them, leading to expectations of strong sales for small packs of food products in these regions until the elections conclude.

“We are already seeing increased demand for small packs of biscuits and snacks in rally-intensive markets such as the Hindi heartland,” said Mayank Shah, senior category head at Parle Products. “Hence, we are increasing stocking of such packs by 8-10% more than usual since out-of-home consumption will definitely see a boost in the run-up to the elections,” he said.

Continue Exploring: FMCG giants boost advertising spend, surpass pre-Covid levels amid economic boom

According to Anshul Gupta, head of sales at Dabur India, the company has increased the distribution of economical packs of beverages, hair oils, and shampoos across various markets. This strategic move aims to cater to the anticipated rise in demand for essential daily-use items and beverages during the election campaign period.

With the world’s largest democracy gearing up for polls in April/May, political parties have commenced public meetings and rallies nationwide. According to the Election Commission of India, approximately 970 million Indians will have the opportunity to cast their votes in this year’s Lok Sabha elections.

Companies anticipate a 6-8% increase in sales of small packs of mass-market products during the election period, mirroring trends from previous years. Consequently, they are intensifying efforts in manufacturing, distribution, and increasing visits to small kirana stores, particularly in rural areas and towns, to ensure stock replenishment.

Angelo George, the CEO of Bisleri International, the largest packaged water manufacturer in the country, anticipates a surge in sales not only during major rallies but also at smaller gatherings held on street corners.

“We have to use the opportunity and ramp up manufacturing and distribution by putting additional fleet and stock up at distributor level,” he said.

Chandu Virani, the founder of Balaji Wafers, stated that the company has decided to keep its manufacturing operations running throughout the week during the election period, departing from the standard five-day schedule. This adjustment aims to ensure a continuous supply to meet the heightened demand.

The anticipated surge in sales during the polling season brings a sigh of relief to FMCG companies amidst a subdued demand environment. According to Kantar, overall volumes, reflecting the number of products purchased by consumers, grew by 5.2% in the December quarter, down from 6.9% in the September quarter. Kantar predicts that consumption growth will remain modest, at least until the September quarter.

Continue Exploring: FMCG giants roll out budget-friendly digital packs, targeting mass market

Surplus in global tea market to impact Indian tea prices and exports

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March 7, 2024

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The global tea market is facing a surplus of 100 million kilograms of tea, which could have repercussions on Indian tea prices and exports in 2024, as noted by industry executives. In 2023, global tea production reached nearly 6,500 million kilograms, surpassing the 6,400 million kilograms recorded in 2022, with Sri Lanka and Africa driving this increase in output.

CK Dhanuka, chairman of Dhunseri Tea & Industries, said, “The excess tea in the global markets that has been carried over from last year will impact the prices and exports of Indian tea.”

Continue Exploring: Luxmi Tea to intensify retail presence, targets key airports for expansion

The global tea markets in 2023 have been influenced by geopolitical tensions and escalating concerns about an economic downturn.

In the calendar year 2023, Indian tea exports totaled 227.91 million kilograms, marking a decrease of 1.37% compared to 2022. Additionally, the unit price realization also experienced a decline, dropping by 3.5% to INR 265.58 per kilogram in 2023 compared to the previous year.

Continue Exploring: Commerce Ministry mandates auction route for dust tea sales in India

United Spirits hit with INR 4.47 Crore tax demand by Maharashtra State Authorities

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March 7, 2024

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Liquor maker United Spirits, now Diageo India, on Wednesday said it has received a tax demand of INR 4.47 crore from the Maharashtra state tax authorities for non-submission of statutory declaration forms. The assessment order dated March 5, 2024, is for FY 2018-19 for CST (Central Sales tax) and MVAT (Maharashtra Value Added Tax), the company said in a regulatory filing.

The state tax authority has demanded INR 1.21 crore as MVAT, including a penalty of INR 1 lakh, and INR 3.26 crore as CST.

Continue Exploring: United Spirits reports 63% YoY growth in Q3 net profit, reaches INR 350 Crore

“Deputy Commissioner, State Tax has levied demand on non-submission of statutory declaration forms and disallowed an element of input tax credit,” it said.

The company said it will be contesting the matter by filing a rectification application or appeal before the higher authorities.

Based on the company’s risk-assessment process, it believes to have a good case and does not expect any material financial implication, it added.

Continue Exploring: Diageo and AB InBev gear up to navigate liquor sales disruptions during general elections

Flipkart challenges Zepto and Blinkit with quick commerce expansion

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March 7, 2024

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The quick commerce sector is all set to heat up once again as India’s e-commerce giant is now eyeing the segment. Flipkart has started ramping up infrastructure for its quick commerce play, according to a report by Entrackr, citing three sources aware of the details of the plan.

“Flipkart will launch 10-15 minutes delivery in at least a dozen cities in the next six to eight weeks,” said one of the sources requesting anonymity. “It’s building up a chain of dark stores across several cities including Bengaluru, Delhi (NCR) and Hyderabad among others.”

As Flipkart ventures into quick commerce, experts foresee its rapid growth potentially overshadowing traditional e-commerce in India. A 2022 Redseer report estimates the total addressable market for quick commerce in India to be nearly valued at $45 billion. Notably, quick commerce has displayed remarkable resilience in recent years, with the success of platforms like Zepto and Zomato’s Blinkit convincing investors of its promising future in the Indian market.

Zepto secured a unicorn round, whereas Blinkit (formerly Grofers) witnessed a notable turnaround, and Swiggy Instamart experienced significant growth, highlighting their ability to scale up while enhancing margins for their stakeholders.

“If you look at Flipkart’s recent launches, it hints at the firm’s foray into quick commerce. It launched same-day delivery in 20 cities a couple of weeks ago… the company began delivering flowers and cakes around the Valentine season (February 2024),” shared an analyst specializing in e-commerce and quick commerce sectors, who preferred to remain anonymous.

Continue Exploring: Flipkart revives same-day delivery service across 20 cities, taking on Amazon’s Prime model

Reports suggest that Flipkart’s catalog is expected to be broader compared to incumbents like Zepto and Blinkit.

“The company will have a sharp focus on FMCG, grocery and daily essentials but it would also push categories such as electronics, fashion,” added the person quoted above.

It’s noteworthy that existing quick commerce players have been consistently broadening and diversifying their product offerings as well.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

Responding to queries, a Flipkart spokesperson said they are working towards delivering a wide range of products with speed. “Over the past few months, we have made several investments to enhance our delivery capabilities, including adding same-day delivery in 20 cities. This covers mobiles, essential items, electronics, home appliances, fashion, books and lifestyle products,” said the spokesperson. “We are committed to meeting evolving customer expectations and delivering excellence in value, selection and speed, with more initiatives expected on this front in the coming months.”

Over the past three years, quick commerce has made substantial strides in the top 15 Indian cities, with the top three players in the segment—Blinkit, Swiggy Instamart, and Zepto—successfully expanding their operations. According to sources, BlinkIt fulfills approximately 600,000 orders daily, while Swiggy InstaMart and Zepto manage around 500,000 and 300,000 orders per day, respectively.

According to sources and publicly available data, Blinkit has an average revenue run rate of INR 12,000 crore in the ongoing fiscal year, while Swiggy Instamart’s ARR (read as GMV) stands at around INR 8,000-8,500 crore. Zepto’s gross merchandise value has neared INR 7,000 crore.

Following its recent funding round, Zepto has emerged notably more assertive, boasting a expanded catalog and intensified marketing efforts.

In contrast, Dunzo, backed by Reliance and Google, experienced a decline in momentum. Failing to secure a new funding round in the past two years, the company reported revenue of only INR 226 crore in FY23, coupled with losses amounting to INR 1,801 crore. Reports suggest that Flipkart has entered discussions regarding a potential acquisition of the Kabeer Biswas-led firm.

Continue Exploring: Cash-strapped Dunzo promises to settle outstanding payments to former employees by March-end

While these developments may appear positive, the undeniable reality is that the market lacks sufficient size to accommodate numerous players, turning this into a battle for survival for most. Alternatively, exploring new operational models that guarantee sustainable growth might be imperative. The overarching trend of expanding catalogs and focusing on higher-value transactions, such as electronics, suggests that the competition will likely persist unabated.

Continue Exploring: Flipkart explores buyout of cash-strapped Dunzo

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