The Power of Purpose: Converting Consumers by Aligning with Sustainable Values

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November 4, 2023

In an era where consumers are becoming increasingly conscious of the environmental and social impact of their choices, businesses are faced with a powerful opportunity to align with sustainable values and, in doing so, attract and retain a growing base of conscientious consumers. This shift towards purpose-driven marketing and sustainable practices is not just a passing trend; it is a fundamental transformation in the way companies operate and engage with their customers. This article will explore the power of purpose in converting consumers and how aligning with sustainable values can drive not only profitability but also positive societal change.

The Rise of Sustainable Consumerism

Consumer preferences are evolving rapidly, driven by growing concerns about climate change, resource depletion, social injustice, and the ethical treatment of workers. Today’s consumers are more informed and socially conscious than ever before. They are not merely interested in the products and services they purchase but also in the values and ethics of the companies behind those offerings. A study by Nielsen found that 73% of global consumers are willing to change their consumption habits to reduce their environmental impact, and 66% are willing to pay more for sustainable products.

This rise in sustainable consumerism is evident across industries. From fashion to food, and from electronics to energy, consumers are actively seeking products and brands that reflect their values. This presents a remarkable opportunity for businesses to align with these values and connect with a growing and increasingly influential consumer segment.

The Power of Purpose-Driven Marketing

Purpose-driven marketing involves going beyond traditional profit motives to engage with consumers on a deeper level. It means defining a clear and authentic purpose that extends beyond profit generation and reflects the company’s commitment to making a positive impact on society and the environment. When done correctly, purpose-driven marketing can be a powerful tool for converting consumers.

1. Building Brand Loyalty: Purpose-driven companies often cultivate strong brand loyalty. When consumers perceive a brand as genuinely committed to a meaningful cause, they are more likely to trust and remain loyal to that brand. Patagonia, for example, is known for its environmental advocacy, and its customers often become advocates themselves, promoting the brand’s values and products.

2. Attracting New Consumers: A purpose-driven approach can also attract new consumers who resonate with the brand’s mission and values. When consumers see a brand that aligns with their personal beliefs, they are more likely to give it a try, even if they were previously unfamiliar with the product or service.

3. Differentiation in a Crowded Market: As more businesses recognize the value of purpose-driven marketing, it becomes a way to differentiate from competitors. A strong and authentic commitment to sustainability and social responsibility can set a company apart in a crowded market, making it more attractive to conscious consumers.

4. Enhancing Employee Engagement: A clear corporate purpose can also inspire and engage employees. When employees believe in the company’s mission, they are more motivated and productive, which, in turn, positively affects the customer experience.

Sustainability as a Competitive Advantage

Sustainability is not just a marketing tool; it can also be a competitive advantage that leads to financial benefits for businesses. Sustainable practices can lead to cost savings, increased efficiency, and reduced risk. Here’s how:

1. Cost Reduction: Many sustainable practices, such as energy efficiency, waste reduction, and sustainable sourcing, can lead to cost savings. For example, switching to renewable energy sources can reduce energy expenses, while implementing efficient supply chain processes can minimize transportation and inventory costs.

2. Innovation Opportunities: A commitment to sustainability can drive innovation. Businesses that prioritize sustainability are more likely to invest in research and development for eco-friendly products and solutions, which can create new revenue streams.

3. Mitigating Risks: Companies that address environmental and social issues are better positioned to mitigate risks associated with regulatory changes, resource scarcity, and consumer backlash. Proactive steps toward sustainability can protect a company’s reputation and financial stability.

4. Access to Capital: Investors and financial institutions are increasingly considering environmental, social, and governance (ESG) factors when making investment decisions. Companies with strong sustainability practices may have easier access to capital and may even benefit from better lending terms.

The Role of Transparency and Authenticity

In the age of information, consumers are more skeptical than ever. They can easily spot greenwashing – the practice of making false or exaggerated claims about a product’s environmental or social benefits. To truly convert consumers through sustainability, businesses must prioritize transparency and authenticity.

Transparency means being open and honest about a company’s environmental and social impact. It involves disclosing information about supply chains, carbon footprints, and social responsibility efforts. Authenticity, on the other hand, requires a genuine commitment to sustainable practices, not just for marketing purposes but as a core part of the company’s values and operations.

When consumers sense that a company is truly dedicated to its purpose, they are more likely to trust and support it. Conversely, when greenwashing is suspected, it can erode consumer trust and damage a brand’s reputation.

The Road Ahead

The power of purpose in converting consumers through sustainable values cannot be overstated. As the world faces pressing environmental and social challenges, consumers are looking to businesses to be part of the solution. By aligning with sustainable values, companies can not only drive profitability but also contribute to positive societal change.

The road ahead for businesses is clear: embrace sustainability, define a genuine purpose, and communicate it transparently. In doing so, they can connect with a growing base of conscious consumers, build brand loyalty, attract new customers, and differentiate themselves in the market. The power of purpose is not just a marketing strategy; it’s a transformation of business as usual, one that benefits both companies and the world at large.

Omni-Channel Mastery: Achieving Consistency and Engagement Across All Touchpoints

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November 4, 2023

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In today’s fast-paced and digital-centric world, consumers expect a seamless and consistent experience when interacting with brands. This demand has given rise to the concept of omni-channel marketing, which is all about creating a unified, consistent, and engaging experience across all touchpoints. From in-store experiences to online shopping, mobile apps to social media, and customer support to email marketing, omni-channel mastery is essential for businesses looking to thrive in the modern marketplace.

What is Omni-Channel Marketing?

Omni-channel marketing is a strategy that focuses on providing a consistent and integrated customer experience across all available channels and touchpoints. These touchpoints can include physical stores, websites, mobile apps, social media, email, phone, and more. The key objective of omni-channel marketing is to ensure that customers can transition seamlessly between channels without experiencing any disruption or inconsistency in their journey. Achieving this seamless experience requires a deep understanding of customer behavior and preferences, as well as the integration of technologies and systems to enable the flow of data and communication between channels.

Why Omni-Channel Mastery Matters

Omni-channel mastery is essential for several reasons. First and foremost, it meets the expectations of today’s tech-savvy consumers. Customers expect to have a consistent experience regardless of where and how they interact with a brand. If a customer browses a product online and later visits the physical store to make a purchase, they should expect a seamless transition, with their preferences and previous interactions recognized and carried over.

Consistency in omni-channel marketing builds trust and brand loyalty. When customers feel confident that a brand will provide a reliable and uniform experience across all touchpoints, they are more likely to become repeat customers. Inconsistencies, on the other hand, can lead to frustration and confusion, ultimately driving customers away.

Additionally, omni-channel marketing allows businesses to gather valuable data about customer behavior and preferences. By tracking interactions across various channels, businesses can gain insights into what works and what doesn’t, enabling them to make data-driven decisions for future marketing efforts.

Challenges of Omni-Channel Marketing

While omni-channel marketing offers numerous benefits, it comes with its own set of challenges. One of the most significant challenges is ensuring the seamless integration of data and technology across different channels. This often requires substantial investment in technology infrastructure and data analytics capabilities. Companies must also maintain data security and privacy standards to protect customer information.

Another challenge is the need for a unified and coordinated marketing strategy. To ensure a consistent experience, all marketing efforts must align across channels, from branding and messaging to promotions and customer service. This requires effective collaboration among different departments and teams within a company.

Moreover, maintaining consistent quality across all touchpoints can be challenging. For example, if a business has a high-quality website but poor in-store customer service, it can undermine the overall customer experience. Achieving excellence across all touchpoints is a complex task that requires constant monitoring and improvement.

Strategies for Omni-Channel Mastery

To achieve omni-channel mastery, businesses must adopt several strategies and best practices:

1. Customer-Centric Approach: Start by understanding your customers’ preferences and behaviors. Gather data on their interactions with your brand across all channels. This information will help you tailor your marketing efforts to meet their needs and expectations.

2. Integrated Technology: Invest in technology that allows data to flow seamlessly across channels. This includes customer relationship management (CRM) systems, marketing automation tools, and analytics platforms. These technologies enable you to track and analyze customer interactions and preferences in real time.

3. Consistent Branding: Maintain a unified brand identity and messaging across all touchpoints. This consistency helps customers recognize and trust your brand. Your brand’s visual and written elements should remain consistent, and your messaging should align with your brand values.

4. Training and Development: Ensure that your employees are well-trained and empowered to provide consistent service and information across all channels. This includes in-store staff, customer service representatives, and online chat support. Training and development programs can help staff understand the importance of omni-channel consistency.

5. Data Security: Implement robust data security and privacy measures to protect customer information. Customers should feel safe and confident when interacting with your brand.

6. Continuous Improvement: Regularly review and analyze the performance of your omni-channel strategy. Identify areas for improvement and make data-driven changes to enhance the customer experience.

7. Personalization: Use the data you collect to personalize marketing messages and product recommendations. Personalization can significantly improve engagement and conversion rates.

8. Responsive Design: Ensure that your website and mobile apps are responsive and user-friendly on different devices. This is crucial for providing a positive online experience.

Final Thoughts:

Omni-channel marketing is not just a buzzword; it’s a critical strategy for businesses in today’s digital age. Achieving omni-channel mastery is essential for providing consistent and engaging experiences across all touchpoints, which can lead to increased customer loyalty and business success. While it comes with challenges, a customer-centric approach, integrated technology, and a commitment to consistency can help businesses master omni-channel marketing and stay competitive in the modern marketplace. By focusing on the customer’s journey and delivering a seamless and consistent experience, businesses can build trust, enhance engagement, and ultimately drive long-term success.

Competitive Edge: Using Social Media Strategy to Stand Out in a Crowded Marketplace

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November 4, 2023

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In today’s fast-paced and increasingly digital business landscape, having a competitive edge is essential for success. With businesses of all sizes vying for the attention of a global audience, it can be challenging to stand out in a crowded marketplace. However, by leveraging a well-crafted social media strategy, companies can not only survive but thrive in this competitive environment.

Social media has become an integral part of our daily lives, with billions of people across the globe actively engaging on various platforms. As a result, it has evolved into a critical channel for businesses to reach and connect with their target audience. A well-executed social media strategy can provide several advantages that can help a company rise above the competition.

1. Building Brand Awareness

Brand awareness is a fundamental aspect of any marketing strategy. A strong social media presence allows a company to create and maintain brand visibility. Regularly posting engaging content, sharing updates, and interacting with the audience can significantly increase brand recognition.

In a crowded marketplace, the more familiar your brand is to consumers, the more likely they are to choose your product or service. Social media platforms provide an excellent opportunity to showcase your brand’s personality and values, helping you differentiate yourself from competitors.

2. Targeted Marketing

One of the most powerful features of social media is its ability to provide precise targeting options. Social media platforms collect vast amounts of data on user demographics, interests, and behaviors. This data can be harnessed to create highly targeted marketing campaigns.

By segmenting your audience based on their interests, location, age, and more, you can tailor your content and advertisements to reach the right people at the right time. This level of precision ensures that your marketing efforts are not wasted on an irrelevant audience, increasing your competitive edge.

3. Engaging Content

Content is king in the world of social media. High-quality, engaging content can captivate your audience’s attention, encourage interaction, and build a loyal following. Your content should reflect your brand’s voice, values, and mission, making it unique and memorable.

To stand out in a crowded marketplace, experiment with various content types, such as videos, infographics, blog posts, and user-generated content. Engaging content not only attracts new customers but also retains existing ones, helping you stay ahead of your competitors.

4. Customer Relationship Building

A strong social media presence also enables companies to build and maintain relationships with their customers. Responding to comments, messages, and inquiries in a timely and personalized manner can create a positive impression. It shows that you value your customers’ opinions and are dedicated to providing excellent service.

In a crowded marketplace, businesses that focus on nurturing customer relationships tend to stand out. People are more likely to choose a company that they feel connected to and trust. Social media facilitates this connection and builds customer loyalty.

5. Competitive Analysis

Monitoring your competitors’ social media activities can provide valuable insights. Analyzing their strategies, content, and engagement levels can help you identify gaps in the market and opportunities to differentiate your brand. You can learn from their successes and failures, allowing you to make informed decisions about your own social media strategy.

Moreover, by keeping a close eye on your competitors, you can identify trends and changes in customer preferences, enabling you to adjust your strategy accordingly. This adaptability is crucial in a dynamic and crowded marketplace.

6. Data-Driven Decision Making

Social media platforms offer robust analytics tools that provide data on the performance of your content and campaigns. By analyzing this data, you can gain a deeper understanding of what works and what doesn’t. This information allows you to refine your strategy, focusing on the tactics that yield the best results.

Data-driven decision making is a significant advantage in a crowded marketplace, as it ensures that your efforts are well-targeted and effective. It also allows you to quickly adapt to changes in consumer behavior or market trends.

7. Paid Advertising

Social media platforms offer a range of paid advertising options that can help you reach a larger and more specific audience. With options like Facebook ads, Instagram sponsored posts, and LinkedIn sponsored content, you can promote your products or services directly to potential customers.

Paid advertising on social media is a cost-effective way to stand out in a crowded marketplace. It allows you to reach a highly targeted audience without the need for a massive advertising budget, leveling the playing field for businesses of all sizes.

8. Influencer Partnerships

Influencer marketing has become a powerful tool for businesses looking to increase their reach and credibility. Collaborating with influencers who align with your brand can help you tap into their engaged and loyal following. These partnerships can introduce your products or services to a whole new audience.

In a crowded marketplace, influencers can provide a valuable edge by lending their credibility and authenticity to your brand. They can showcase your offerings in a relatable and persuasive manner, helping you gain a competitive advantage.

Final Thoughts:

The business world is more competitive than ever, and standing out in a crowded marketplace is a constant challenge. However, a well-executed social media strategy can provide a significant competitive edge. By building brand awareness, leveraging targeted marketing, creating engaging content, nurturing customer relationships, analyzing competitors, making data-driven decisions, utilizing paid advertising, and exploring influencer partnerships, businesses can not only survive but thrive in the digital age. Social media has the power to level the playing field and give companies of all sizes the opportunity to make a lasting impression and capture the attention of their target audience. So, whether you’re a startup or an established business, harness the power of social media to rise above the competition and secure your place in the crowded marketplace.

Bull Agritech secures $100K in pre-seed funding led by PedalStart accelerator for agri-supply chain expansion

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November 3, 2023

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Bull Agritech, an agritech firm, has secured $100K in a pre-seed round, with startup accelerator PedalStart leading the way. Bull Agritech is a member of PedalStart’s current cohort, known as One-to-N, which enjoys the backing of venture capital funds.

In a press release, Bull Agritech announced that the funds will be directed towards the company’s expansion efforts, operational enhancements, and team development.

Founded in 2021 by Hit Desai and Divyajeet Chauhan, Bull Agritech plays a pivotal role in the agricultural supply chain market by facilitating direct connections between farmers and agri-commodity processors, offering comprehensive supply chain solutions.

Bull Agritech asserts that it has facilitated INR 25 crore worth of trades and digitally onboarded 15,000 farmers, underscoring their substantial growth and influence within just 18 months.

PedalStart specializes in nurturing founders as they develop their startup concepts, harnessing the expertise of former entrepreneurs, accomplished startup leaders, subject matter experts, and angel investors. With a portfolio encompassing over 10,000 startups, a network of more than 300 mentors, 800 founders actively shaping their ideas, and participation in over 1,200 house discussions, PedalStart asserts its track record in transforming ideas into high-potential businesses since 2021.

Blinkit records first positive contribution, anchoring Zomato’s quick commerce success

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November 3, 2023

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Blinkit, the quick commerce arm of the foodtech giant Zomato, marked a significant milestone during the quarter ending on September 30, 2023 (Q2 FY24) by achieving a positive contribution for the first time.

In the shareholder letter accompanying its Q2 FY24 financial statements, Zomato announced that Blinkit’s contribution margin, as a percentage of the gross order value (GOV) within the overall business, demonstrated a noteworthy transformation. It progressed from a negative figure of -7.3% in Q2 FY23 to a positive +1.3% in the quarter concluding on September 30, 2023.

The company determines its contribution by deducting various expenses, including store costs, warehouse expenditures, packaging and handling expenses, and recruitment costs related to delivery agents, among other factors, from its total revenue.

It’s worth highlighting that this marks the first full quarter in which Blinkit achieved a positive contribution, following its initial contribution-positive status in June 2023. This significant milestone has firmly placed the quick commerce division of Zomato in the spotlight in this quarter’s shareholder letter.

In Q2 FY24, Blinkit processed a total of 45.5 million orders, reflecting a robust quarter-on-quarter (QoQ) increase of almost 24% compared to the 36.8 million orders in the preceding quarter. Furthermore, this also marked a substantial year-on-year (YoY) surge of 74.3% in comparison to Q1 FY23, during which it handled 26.1 million orders.

The significant surge is likewise evident in the Gross Order Value (GOV), which escalated by 29% in the quarter-on-quarter (QoQ) comparison and a remarkable 86% in the year-on-year (YoY) comparison, reaching INR 2,760 crore in Q2 FY24.

“Part of the reason for high growth was the low base effect, given the temporary disruption in the business in the previous quarter (as mentioned in our last letter),” said Blinkit cofounder and CEO Albinder Dhindsa.

“On a YoY basis, the GOV growth was 86%, as expected and in line with the past. GOV growth was largely driven by same-store sales growth as we continue to focus on serving more customer needs and ensuring consistency of service levels,” Dhindsa added.

Zomato’s Chief Financial Officer, Akshant Goyal, anticipates that Blinkit is poised to achieve yet another quarter of record-breaking performance in Q3, primarily attributed to the festive season.

During the reviewed quarter, Blinkit added 28 new stores, bringing the total store count to 411. Dhindsa elaborated on the geographical expansion, stating that the quick commerce platform targets a minimum of 100 additional stores by the end of FY24. Anticipating an estimated total of 480 stores by March 2024, the company aims for substantial growth.

Regarding the effects of geographic expansion, Dhindsa expressed optimism that Blinkit’s adjusted EBITDA margin would see improvement, leading the platform toward a break-even point by the first quarter of FY25.

“Having said that, what we really care about is that our existing stores increasingly make more contribution profit and at the same time the new stores that we open ramp-up at a pace that we expect them to (or better),” added the Blinkit CEO.

“…even if the aggregate margin falls as an outcome, we would not worry about that because the underlying business is solid and the fall in margin is then more a function of rapid good quality expansion in the business,” Dhindsa said.

The average order value (AOV) at Blinkit increased to INR 607 in the second quarter of FY24, up from INR 582 in the first quarter of FY24. Additionally, it saw a year-over-year growth of 7%.

“…part of the recent uptick in AOV was also driven by the improving assortment and GOV mix in favour of high ASP (average selling price) categories such as electronics, toys, books, beauty products, home décor, festive needs, among others. While the ordering frequency of these categories is lower, their ASP tends to be 3-4x higher than other categories, thereby driving up AOV,” the Blinkit CEO explained.

Zomato CEO Deepinder Goyal reaffirmed his optimistic outlook for the quick commerce business, stating that it has the potential to outperform the food delivery business.

Goyal said Blinkit is seeing profitable economics not just at a store level but also at a city level and some of the cities are now operating at similar contribution per order as the food delivery business in those cities. “So even from a potential profit pool perspective, we think quick commerce is a larger opportunity than food delivery,” he said.

Zomato, during the second quarter of FY24, achieved its second profitable quarter, reporting a Profit After Tax (PAT) of INR 36 crore.

The company’s shares concluded Friday’s trading session with an 8.3% increase, closing at INR 116.40 on the BSE.

Zomato Gold Loyalty program sees remarkable success with 38 Lakh members in just three quarters

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November 3, 2023

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Zomato, the foodtech giant, reported that its customer loyalty program, Zomato Gold, has attracted 3.8 million members in just three quarters since its launch in January this year.

In its shareholder letter, which accompanied the Q2 financial reports, Zomato further stated that Gold members are playing a pivotal role in propelling the expansion of its food delivery operations. The company disclosed that Zomato Gold orders currently account for approximately 40% of the gross order value (GOV) within the food delivery sector.

During the quarter ending in September 2023, Zomato’s gross order value (GOV) for food delivery amounted to INR 7,980 crore, with Gold members contributing INR 3,192 crore to this total.

Nonetheless, the company emphasized that a Gold order tends to be less profitable than a non-Gold order, primarily because of the influence of program perks. Zomato pointed out that the fees paid by Gold members are nearly negligible, largely owing to the complimentary delivery benefits.

The startup explained that the expenses associated with the Zomato Gold program are elevated, primarily due to increased delivery costs stemming from longer average delivery distances, the provision of priority service to members during peak hours, and the expenses incurred to honor the no-delay guarantee. The subscription fees collected from members only partially offset these additional costs.

“All of this results in Gold orders being meaningfully worse-off on contribution margin vis-à-vis non-Gold orders. However, that gap is starting to (and should continue to) narrow, driven by efficiencies across both pricing and cost of the program,” the company stated.

In the same period, food delivery gross order value (GOV) saw a 9% quarter-on-quarter (QoQ) increase and a 20% year-on-year (YoY) growth. The company noted that demand for the service is rebounding effectively after the previous two quarters of FY23 experienced a slowdown.

The contribution margin for food delivery increased to 6.6% in the current quarter, up from 5.1% in Q3 FY23 (prior to the Gold relaunch).

Regarding platform fees, Zomato explained that it is implementing a fee ranging from INR 2 to INR 5 for each food delivery order with the aim of enhancing the sustainability and long-term viability of their economics.

Overall, in Q2, Zomato reported its second consecutive profitable quarter, demonstrating a PAT of INR 36 Cr. This followed its maiden profitable quarter in Q1 FY24, where its PAT stood at INR 2 Cr.

Also Read: Zomato turns profitable in Q1 FY24, reports INR 2 Cr consolidated PAT

During the quarter being reviewed, Blinkit, the quick commerce platform, achieved a positive contribution for the first time.

Zomato reports remarkable surge in profit, achieving second consecutive profitable quarter in FY24

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November 3, 2023

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Foodtech giant Zomato has unveiled its second consecutive profitable quarter today, experiencing a remarkable surge in profit after tax, reaching INR 36 Crore during the September quarter of the financial year 2023-24 (FY24). This outstanding performance represents an 18-fold increase from the INR 2 Crore PAT in the preceding quarter.

It is important to highlight that Zomato achieved its first-ever profitable quarter in Q1 of FY24. In Q2 of FY23, the company incurred a net loss of INR 251 Crore.

Notably, Zomato recorded a profit before tax (PBT) of INR 21 Crore in Q2 of FY24, a significant turnaround from the INR 15 Crore loss in the preceding quarter.

Meanwhile, in Q2 FY24, Zomato announced a significant milestone with its quick commerce business Blinkit achieving positive contribution for the first time. This quarter, Blinkit marked a 1.3% contribution, a remarkable shift from the negative 7.3% recorded in Q2 FY23.

Zomato’s operating revenue surged to INR 2,848 Crore in the quarter under consideration, a significant increase from the INR 1,661 Crore reported in the corresponding quarter from the previous year.

Operating revenue also experienced an 18% increase, rising from INR 2,416 Crore in Q1 of FY24.

Zomato reported a significant year-on-year (YoY) increase of 47% in its gross order value (GOV), which reached INR 11,422 Crore in Q2 of FY24, reflecting positive growth across its various business verticals.

The company reported that the gross order value (GOV) for food delivery increased by 9% quarter-on-quarter (QoQ) and 20% year-on-year (YoY) to INR 7,980 Crore. Zomato mentioned that the food delivery sector is steadily recovering from the demand slowdown observed during the last two quarters of FY23.

Zomato explained that the growth in gross order value (GOV) within its core food delivery vertical was primarily driven by an increase in order volumes, with minimal fluctuations in the average order value.

“Order volume growth is typically negatively impacted in this quarter due to lower delivery partner availability during rains. However, this year we were able to improve on that through better all-round execution,” Zomato said in its statement.

Another significant factor contributing to the growth of the gross order value (GOV) during the quarter was the expanding adoption of its Gold program.

The company reported a total of 3.8 million Gold members by the end of the September quarter, and these members accounted for nearly 40% of the gross order value (GOV) in its food delivery business. The platform had 2 million active Gold members as of June 2023.

Nevertheless, the contribution margin for its food delivery business increased from 6.4% in Q1 of FY24 to 6.6% in Q2 of FY24.

Zomato witnessed a positive shift in its consolidated adjusted EBITDA, which improved to INR 41 Crore in the current quarter, marking a significant turnaround from the INR 192 Crore loss in Q2 of FY23.

Zomato experienced a substantial year-on-year increase of over 45% and a sequential growth of 16.3% in its total expenses, reaching INR 3,039 Crore in Q2 of FY24.

In the current quarter, Zomato’s expenditure on purchasing stock-in-trade nearly doubled, reaching INR 685 Crore. Additionally, the company’s employee benefit expenses increased by 9.4% year-on-year, totaling INR 417 Crore.

During the preceding quarter, Q1 of FY24, Zomato allocated INR 338 Crore to employee benefit expenses.

At the same time, the company continued to allocate more funds to advertising and sales promotions, resulting in an 18.3% year-on-year increase, reaching INR 355 Crore.

Zomato witnessed a significant increase in its delivery and related expenses, more than doubling to INR 919 Crore in Q2 of FY24 compared to the previous year.

Zomato has observed that festivals have a more pronounced impact on driving growth in its quick commerce subsidiary, Blinkit, compared to its food delivery business. With significant festivals such as Navratri, Dussehra, and Diwali on the horizon in the December quarter, Zomato anticipates another robust growth period for Blinkit.

“The festive period in Q3 FY24 is usually a mixed bag for the food delivery business. While people order more around the festivals, at the same time, they also travel and eat-out more in this quarter,” it said.

Nevertheless, the company added that the ICC World Cup is likely to generate increased order volumes, although the surge in demand is anticipated to be concentrated on a few select match days.

Zomato’s shares closed today’s trading session at INR 116.4 on the BSE, marking an 8.3% increase.

Zomato’s CEO Deepinder Goyal sheds light on the company’s unconventional approach to recruitment

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November 3, 2023

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Deepinder Goyal, the Co-Founder and CEO of the prominent food technology company Zomato, recently disclosed the company’s approach to recruitment. During a recent conversation, he emphasized that Zomato does not hire individuals actively seeking job opportunities.

“The kind of workforce we hire is very different. Ideally, we don’t hire people who are looking for jobs. The kind of people we need, they don’t search for jobs,” Goyal explained during his discussion with YouTuber Ranveer Allahbadia on “The Ranveer Show.”

Furthermore, the Zomato CEO mentioned that the company actively seeks out talented individuals, initiates contact with them, and invests in their development, especially in the case of mid to senior-level recruitment.

Launched in 2010, Zomato’s technology platform seamlessly connects customers, restaurant partners, and delivery partners, catering to a wide range of needs. It empowers customers to search for and discover restaurants, share and read customer-generated reviews, upload and view photos, order food for delivery, make table reservations, and complete payments while dining at restaurants.

Conversely, restaurant partners are equipped with specialized marketing tools tailored to their industry, allowing them to actively engage and attract customers for business expansion. Simultaneously, they benefit from a dependable and efficient last-mile delivery service.

When discussing the Gen Z workforce, Goyal said they are noticeably smarter.

“GenZ’s are way smarter than we were at that age and the potential is huge, but they’ve less patience than us at that age. And patience is a virtue which is required at work,” he said.

When inquired about the company’s hiring practices as it progresses through various stages, Goyal stated, “It’s more advantageous to foster internal growth.”

“Zomato is 15 years old. We have enough people who are 5-6 years old in the system. In such a case, the context gets changed. If we were a two-year-old company, we had no choice but to get external hires but now if I have to bring someone from outside, either I have to be very sure that he’s really good or that he has a unique skill,” Goyal stated.

Expanding on the difficulties of external hires, he elaborated, “If I hire from outside, it will take six months to bring someone. First, you’ll interview for three months. Then he’ll have to serve three months’ notice period in his previous organisation. He’ll join in six months and there’ll be induction for three months. Then, after a year’s time you’ll know his performance. That way, you’ve lost two years.”

“It’s easier for me to pick someone from inside, spend three months to grow him/her and put him in that role. He/she knows the business and that works.”

Zomato Limited achieved its first-ever profitability milestone in the initial quarter of FY24. The company posted a consolidated profit after tax of INR 2 crore for the quarter ending June 2023, a significant turnaround from the INR 186 crore loss reported in the same period the previous year.

The company’s revenue from operations in the quarter reached INR 2,416 crore, marking an impressive year-on-year increase of nearly 71%, as compared to INR 1,414 crore in the corresponding period the previous year.

Norse Brands and DCHome by DICITex join hands to introduce ‘Nordic Sleep by Fossflakes’ in India, pioneering a new era of luxurious slumber

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November 3, 2023

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In a significant stride towards enhancing the Indian home and lifestyle market, Norse Brands, a purveyor of premium Nordic/Scandinavian products, has launched its highly anticipated ‘Nordic Sleep by Fossflakes’ collection. Hailing from Denmark, this exquisite range of pillows, duvets, and pet beds promises to redefine luxury, craftsmanship, and comfort, all while staying true to the heritage and aesthetic of the Nordic regions.

Norse Brands has been making waves with its commitment to bringing the finest high-end fashion, home, and lifestyle brands from Denmark, Norway, Sweden, and Finland to the global stage. With this latest addition, the company aims to solidify its position as a key distributor in India’s thriving market, offering discerning consumers a taste of the Nordic lifestyle.

The ‘Nordic Sleep’ collection, in particular, is a testament to the company’s dedication to quality and innovation. Produced by Fossflakes, a renowned Danish brand, these products stand out for their sustainable, high-quality materials and unique filling technique. Inspired by the natural air-trapping abilities of down and feathers, Fossflakes creates hypoallergenic and durable pillows and duvets that cater to various needs. This includes specialized options such as Chiropractic, Nursing, Maternity, and Ergonomic pillows, ensuring that everyone can find their perfect sleep companion. Additionally, pet parents will be delighted by the thoughtfully designed Pet Beds that offer comfort and well-being to their furry friends.

One of the key differentiators of the ‘Nordic Sleep’ collection is its Danish craftsmanship. Denmark is globally recognized for its excellence in design and production, as well as its commitment to stringent product standards, safety protocols, and environmental sustainability. The meticulous attention to detail and unwavering focus on quality shine through in each piece from Fossflakes.

Henrik Haagen, Co-Founder & Director of Norse Brands, expressed his enthusiasm for the launch, saying, “The introduction of the Nordic Sleep collection to the Indian market which is now focusing on lifestyle changes and sleep being the top most priority, fills us with pride. These offerings not only reflect the essence of Norse and Nordic culture but also offer our customers an immersive experience of elegance and comfort. We believe this collaboration will resonate with those who appreciate exceptional quality and style, and value a good night’s sleep. Norse Brands is also proud to announce that it is bringing the exquisite glassware brand “Frederik Bagger” to India through its retail partners and also concentrating on Home as a holistic approach.”

Rajjnish Aroraa, Vice Chairman, and Nimish Arora, Managing Director, of the Dicitex Furnishings Group, shared their excitement about the partnership, emphasizing the importance of sleep in overall well-being. They stated, “Our collaboration with Norse Brands is a significant milestone in our commitment to provide top-notch home furnishing solutions. We are thrilled to bring the luxurious Nordic Sleep by Fossflakes collection to the discerning Indian audience, adding timeless charm, unmatched comfort to their lifestyle and emphasising sleep as the most crucial aspect to complete wellbeing.”

Norse Brands is known for being a premier destination for iconic Nordic Mid Century furniture, exquisite lighting fixtures, and lifestyle products. The term ‘Norse’ itself pays homage to Nordic mythology, embodying the minimalistic and functional design tradition synonymous with the Nordic/Scandinavian region. This design philosophy seeks to create enduring pieces that harmonize with living spaces, promoting a simple yet quality-driven home environment that enhances a lifestyle devoid of excess consumerism. Incorporating simplicity, functionality, and comfort, Nordic/Scandinavian architecture embraces natural light, organic materials, and integration with nature, embodying the essence of sustainable living and well-being.

Dicitex Furnishings, a pioneering name in the home furnishings industry, with its visionary leadership, is poised to take the Indian home decor market to new heights. With a commitment to quality and innovation, their collaboration with Norse Brands promises to bring the best of Nordic luxury to the Indian audience, emphasizing the importance of a good night’s sleep in the pursuit of overall well-being.

In a world where comfort, quality, and aesthetics come together, ‘Nordic Sleep by Fossflakes’ is set to become a staple in Indian homes, offering a touch of Nordic elegance to enrich the lives of those who value a good night’s sleep and a sophisticated lifestyle.

Make this Diwali extra special: Gift your loved ones the power of health with CosMix!

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November 3, 2023

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As the festive season approaches, the pressure to choose the perfect gift intensifies with each passing day. The hunt for thoughtful and meaningful presents becomes a quest in itself. To make your Diwali gifting experience a breeze and promote the gift of health and wellness, CosMix offers an array of exquisite Diwali gifting options. Founded by Vibha Harish, a herbalist, and Soorya Jagadish, an agriculturalist, CosMix is on a mission to promote holistic health through plant-powered solutions without the gimmicks of quick fixes. With a wide range of functional superfoods sourced from farmers worldwide, CosMix stands out as India’s only clean, educational, body-neutral, and holistic health and wellness brand.

This Diwali, celebrate a “Happy & Healthy Diwali” with CosMix products, extending a hamper of love and care to your family and friends. Let’s show our loved ones that we care about their well-being and help them keep their fitness in check by presenting them with unique health benefit jars that contribute to their health and happiness in a meaningful way.

Healthy Hair:

Your hair is your crowning glory, and gifting the right hair care product is a thoughtful gesture. CosMix’s “Healthy Hair” is a perfect choice, formulated with a blend of essential ingredients and vital nutrients to support the well-being of your hair. Packed with the goodness of amla and vitamin C, this product ensures that your loved ones have strong and healthy hair. The ingredients are meticulously sourced, and the product is mindfully formulated, making it a perfect addition to the culture of thoughtful gifting.

Feel Good Skin:

The festivities often lead to neglecting our skin, thanks to skipped meals or indulging in unhealthy snacks. Show your love and care by presenting “Feel Good Skin” by CosMix, a product that will provide a radiant glow during this festive season. Powered by vitamin C, vitamin E, and antioxidants, this blend is made with plant-based superfoods that nourish the skin from within. The synergistic power of these skin super-herbs addresses the root causes of skin issues, promoting restoration, replenishment, and healing.

All Day Energy:

Festivities can be exhausting, leaving us drained of energy. Recharge your loved ones with “All Day Energy” by CosMix, a refreshing adaptogenic blend with herby, citrus notes. These ingredients are clinically proven to fuel both the body and mind, providing better energy and focus. Rich in essential minerals and with gut-detoxifying properties, this blend offers stable and sustained energy throughout the day, without the jitters. Just one glass is enough to keep you going through the festive madness.

This Diwali, let your gifts symbolize your love and concern for the health and well-being of your friends and family. CosMix’s unique health and wellness products are the ideal way to convey your heartfelt wishes for a Happy and Healthy Diwali. Choose CosMix and make this festive season a celebration of both tradition and wellness.

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