Dabur, the renowned packaged consumer goods maker, reported on October 17 via a regulatory filing that it has been served a Goods and Services Tax (GST) demand notice totaling INR 320.6 crore. The company, recognized for its products such as Real juice and Vatika shampoo, has stated its intent to thoroughly review the notice and consider the optimal steps to take in response.
“The company has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017, wherein GST not paid amounting to Rs 320.6 crore has been advised to be paid by the company along with the amount of applicable interest and penalty under Section 74(5) of COST Act, 2017, failing which show cause notice will be issued,” Dabur said in an exchange filing.
The company stated that the notice, dated October 16, was issued by the Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI).
Dabur further noted in the filing that “it will challenge the notice based on strong merits by way of filing its reply before the relevant authorities.” The company further clarified that the tax demand notice will have no major impact on the financial, operation or other activities of the company. “The impact will be limited to the extent of final tax liability as may be ascertained along with interest and penalty, if any,” it added.
Utkrishta Kumar, who served as the Chief Experience Officer (CXO) in Meesho’s business division for five years, has officially resigned from his position. Meesho, the prominent e-commerce unicorn, has now named Megha Agarwal as the new CXO for the business division.
“We would like to express our heartfelt gratitude to Utkrishta Kumar who has decided to move on to pursue his entrepreneurship dream after a successful 5-year stint with Meesho. He has been instrumental in shaping Meesho’s business and has played a key role in our success over the years,” a Meesho spokesperson said.
The initial report on this development came from Moneycontrol, which stated that Kumar is leaving to launch his own fintech startup.
Throughout his tenure at Meesho, Kumar was tasked with the role of spearheading revenue growth and broadening the company’s product offerings. With his leadership, Meesho underwent substantial expansion, venturing into an array of new sectors such as pet supplies, stationery, musical instruments, and books.
On his LinkedIn profile, Kumar underscores his pivotal contribution to a remarkable 13-fold increase in Meesho’s order volume since July 2021.
Meanwhile, announcing the reshuffle at the unicorn following the exit of Kumar, the startup’s spokesperson said, “As we extend our best wishes for his (Kumar) future endeavours, we welcome Megha Agarwal as CXO Business and Nilesh Gupta as GM User Growth. With a strong leadership team, we will continue our mission of democratising internet commerce for everyone.”
Agarwal, who became part of Meesho in 2019, previously held the position of CXO-Growth at the company.
This occurs at a juncture when Meesho, aligning with the heightened emphasis of startups on profitability during the prevailing funding constraints, also asserts its achievement of turning profitable.
Following its assertion of achieving profitability in July this year, Meesho reaffirmed its profitable status on Monday. The ecommerce startup additionally stated that it recorded 1.6 crore app installations during the 10-day period of its festive sale this year.
In the fiscal year 2022, Meesho reported a substantial 550% year-on-year increase in its net loss, reaching INR 3,247.8 million in FY22.
Recently, the investment firm WestBridge Capital made a strategic move by acquiring a stake in the e-commerce unicorn through a secondary transaction, purchasing it from its early and long-term supporter, Venture Highway.
Venture Highway divested a portion of its stake in the e-commerce startup, realizing a remarkable return of over 50 times its initial investment.
After two rounds of evaluation, Invesco, an investment firm headquartered in Atlanta, significantly increased the valuation of the Indian foodtech startup Swiggy by over 42%, reaching $7.85 billion by the end of July.
The updated valuation of the Bengaluru-based startup, Swiggy, was revealed in recent financial disclosures by Invesco. Invesco had previously set Swiggy’s valuation at $5.5 billion at the close of April 2023.
The Atlanta-based investment firm holds 24,844 shares in Swiggy, amounting to a total value of $135.6 million. This valuation translates to a per-share value of $4,703.
This marks a significant upturn for the foodtech giant following two successive reductions in valuation by the investor. In January 2022, Invesco initially invested in the company, leading a $700 million funding round that valued the company at $10.7 billion.
The Atlanta-based firm revised the company’s valuation downward to $8 billion in September 2022, and subsequently reduced it even further to $5.5 billion by the close of April 2023 in its financial records.
Nonetheless, Swiggy remains closely aligned with its rival, Zomato, in terms of valuation. In July, Zomato’s market capitalization was approximately $7.7 billion on the BSE. Nevertheless, the publicly-traded foodtech leader has experienced a 30% surge in its valuation since that time.
Zomato’s market capitalization currently stands at INR 98,004 crore, equivalent to $11.7 billion on the BSE, surpassing Swiggy’s highest valuation of $10.7 billion.
The most recent development follows almost two months after the U.S.-based asset management firm Baron Capital Group raised Swiggy’s valuation by 33.9% quarter-on-quarter (QoQ) to reach $8.54 billion as of June 2023.
The sense of reassurance follows months of reductions in valuation for Indian startups by international investment firms, including Prosus and Neuberger Berman. These favorable developments primarily stem from enhanced financial metrics and a relaxation of macroeconomic challenges, resulting in positive outcomes for the foodtech major.
In the wake of a funding downturn that adversely affected the startup ecosystem, domestic companies have transitioned to emphasize sustainable and profitable expansion while reducing costs. This shift has led to an industry-wide optimization effort, which has included substantial employee layoffs.
Following extensive deliberation, earlier this year, Swiggy’s CEO, Sriharsha Majety, announced that the company’s food delivery business had achieved profitability (excluding ESOP costs) as of March 2023.
Curiously, Swiggy disclosed a combined loss of INR 3,629 crore in the fiscal year 2022, despite generating INR 5,704.9 crore in revenue.
At the same time, there are reports that the company is contemplating a potential public listing in 2024, engaging in talks with financial institutions to assess its valuation. To enhance its profitability and increase its overall revenue, Swiggy has also recently raised its platform fee from INR 2 to INR 3 per order.
Zomato, a major player in the foodtech industry, has recently inked an agreement with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide pre-ordered meal supply and delivery services in a pilot program.
Initially, the initiative will be launched as a proof of concept (PoC), allowing train passengers to reserve meals through IRCTC’s e-catering portal. In the initial phase, this service will be accessible at five railway stations: New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.
“IRCTC has tied up with M/s. Zomato Limited for supply and delivery of preordered meals through IRCTC’s E-catering portal as a Proof of Concept (PoC) in the first phase at five Railway stations i.e. New Delhi, Prayagraj, Kanpur, Lucknow and Varanasi,” said IRCTC in a regulatory filing with the BSE.
This new service will allow Zomato to broaden its range of offerings and access the growing market of railway passengers in India.
Conversely, this move will enable IRCTC to diversify the array of food choices available to passengers.
According to Statista, the annual railway passenger traffic in the country stood at approximately 352 crore in FY22. This presents a highly lucrative opportunity for Zomato, even if only a fraction of the total travelers opt to pre-order meals through the foodtech platform.
This new offering arrives as the prominent foodtech company has been swiftly introducing fresh services and intensifying efforts to enhance profitability. Just this month, the startup led by Deepinder Goyal expanded into the logistics sector by introducing a fast delivery service for merchants.
In a recent announcement, the foodtech industry leader also disclosed the schedule for its forthcoming food and live entertainment festival, Zomaland, which is set to kick off on November 4. The festival will take place in eight cities, including Pune, Mumbai, Delhi, Bengaluru, and more.
During the first quarter of FY24, Zomato achieved its first profitable quarter, recording a profit after tax (PAT) of INR 2 Cr, as opposed to a net loss of INR 186 Cr in Q1 FY23. Additionally, revenues from operations surged to INR 2,416 Cr for the quarter ending in June 2023, compared to INR 1,413.9 Cr in Q1 FY23.
The foodtech industry leader has recently closed down several of its international subsidiaries, redirecting its efforts towards expanding its Indian operations. Simultaneously, it has implemented artificial intelligence (AI) and introduced a platform fee ranging from INR 2 to INR 3 to bolster its revenue.
While a funding scarcity impacts the Indian startup environment, Zomato’s recent streak of favorable developments has led to a surge in the company’s stock prices. The foodtech industry leader’s shares have gained almost 92% in year-to-date (YTD) trading, and its present market capitalization is INR 98,004 Cr ($11.7 Bn).
On Tuesday, October 17th, Zomato achieved a new 52-week high of INR 114.10 in intraday trading on the BSE. It concluded the day with a 2.15% increase, closing at INR 113.90 on the BSE.
The Food Safety and Standards Authority of India (FSSAI) initiated the “Shree Anna” project, officially known as the Eat Right Creativity Challenge for Millets, on October 16, 2023, in conjunction with World Food Day. This nationwide endeavor is geared towards promoting the health benefits of millets and encouraging their consumption among school children, thereby extending these advantages to the broader population. As part of its efforts in observance of the International Year of Millets (IYOM), FSSAI has taken numerous proactive steps to enhance public awareness of the utilization and nutritional benefits of millets across various communication platforms.
The competition will span across various activities, encompassing Poster Making (for students in Class 3-5), Rangoli (for students in Class 6-8), Slogan Writing (for students in Class 9-10), and Essay Writing (for students in Class 11-12). These contests will take place at both Regional and National levels, with each competition revolving around the theme of millets. The primary goal is to raise awareness among school children about the health benefits associated with consuming millets.
Competition winners will receive both a cash prize and a certificate. A total of 160 prizes are up for grabs at the regional level, and 40 prizes are available at the national level for each of the four competitions. Registration for the competition is currently open, and schools can complete their registration through the following portal: https://eatrightindia.gov.in/CreativityChallenge4/home
The ‘Eat Right Creativity Challenge’ (ERCC), an integral component of FSSAI’s Eat Right India initiative, aims to harness students’ creative abilities to promote wholesome eating practices. Furthermore, this competition motivates schools to establish a setting that emphasizes the importance of safe and nutritious food, while also motivating, captivating, and empowering students to embrace healthy lifestyles. To date, three iterations of the ERCC have been conducted effectively across multiple phases, each phase featuring its distinct theme.
Recognizing that young individuals have the potential to drive transformation and shape the broader community’s dietary choices, the ERCC serves as a testament to FSSAI’s dedication to fostering health, nutrition, and sustainable eating habits among India’s youth.
Social media is a double-edged sword for businesses in today’s hyper-connected society. While it provides a tremendous platform for engaging customers and increasing brand exposure, it can rapidly turn into a battleground during a crisis. Creating a crisis-ready social media plan is critical for handling difficult situations and protecting your brand’s reputation.
Crises on social media can erupt seemingly out of nowhere. A single negative post, a miscommunication, or a public relations misstep can snowball into a full-blown crisis. These situations can damage your brand’s reputation, erode customer trust, and even lead to financial losses. Being unprepared is no longer an option.
Creating a Crisis-Ready Social Media Strategy
Identify Potential Crisis Scenarios: Start by identifying potential crises that could affect your business. These could range from product recalls to customer service issues or public relations challenges. Knowing what to look out for is the first step.
Designate a Crisis Response Team: Assemble a dedicated team that will handle crises. This team should include social media managers, public relations experts, legal advisors, and anyone with expertise relevant to your industry.
Establish Clear Communication Protocols: Define a clear chain of command and communication procedures for responding to crises. Everyone on the crisis team should know their roles and responsibilities.
Monitor Social Media Continuously: Use social listening tools to monitor social media for any mentions of your brand. This real-time monitoring helps you catch potential issues before they escalate.
Prepare Response Templates: Create templates for various types of crises, outlining potential responses. While every situation is unique, having a starting point can save valuable time during a crisis.
Stay Transparent and Honest: Transparency is key. If a crisis arises, communicate openly and honestly with your audience. Avoid the temptation to hide or downplay the issue.
Train Your Team: Regularly train your crisis response team on how to manage social media crises effectively. These training sessions should include simulated crisis scenarios to prepare for real-world situations.
Act Quickly: In the world of social media, a crisis can escalate within minutes. The speed of your response can make a significant difference. Address the issue promptly, even if it’s just an acknowledgment that you’re looking into it.
Utilize Social Media Platforms: Use the platforms themselves to your advantage. Many platforms have features for managing crises, such as pinning posts, hiding comments, and moderating discussions.
Learn from Each Crisis: After a crisis is resolved, conduct a thorough post-mortem to understand what happened and how to prevent a similar situation in the future.
The Power of Preparedness
In the digital age, a crisis can unfold in the public eye, potentially reaching millions of people within moments. A crisis-ready social media strategy is no longer a luxury but a necessity for any business. By following the steps outlined above and learning from past incidents, your brand can not only navigate challenging situations but also emerge stronger and more resilient. Being prepared is the key to maintaining trust and ensuring the long-term success of your business in the digital world.
The lightning-quick world of business requires cultivating long-term consumer relationships is analogous to fostering a friendship that goes beyond a transaction. In this post, we’ll look at the art of making connections that go beyond the buy-sell dynamic, as well as tactics for building lifelong client relationships.
In the traditional business model, the interaction between a business and its customers often ended with the purchase. However, the modern consumer seeks more than just a product or service. They seek a meaningful connection with the brands they choose to engage with.
The Power of Consumer Relationships
Building lifelong consumer relationships can have a profound impact on your business in great ways as loyal customers are more likely to make repeat purchases, even in the face of competitive offers. Satisfied customers can become enthusiastic brand advocates, spreading the word about your business to their friends and family.
In addition to that, long-term customers provide valuable feedback that can help you refine your products or services. A solid customer base provides stability in revenue, helping your business weather economic fluctuations.
Techniques for Building Lifelong Consumer Relationships
Personalization: Get to know your customers personally. Address them by their name, offer tailored recommendations, and remember their preferences.
Exceptional Customer Service: Provide top-notch customer service that goes above and beyond solving issues. Make customers feel valued and heard.
Loyalty Programs: Reward your customers for their loyalty. Offer exclusive discounts, early access to products, or special perks.
Regular Communication: Keep in touch with your customers through newsletters, email updates, or social media. Share valuable content and industry insights.
Request Feedback: Encourage customers to provide feedback on their experiences. Use this information to improve your products and services.
Celebrate Milestones: Acknowledge your customers’ special occasions, like birthdays or anniversaries, with personalized greetings or discounts.
Surprise and Delight: Occasionally surprise your customers with unexpected gifts, discounts, or thank-you notes.
Community Building: Create a community around your brand. Online forums, social media groups, and user-generated content can help customers connect with your brand and with each other.
Solve Problems Proactively: Anticipate potential issues and resolve them before they become problems for your customers.
Share Values: Connect with your customers on a deeper level by sharing your brand’s values. Support causes that align with your mission and encourage customers to join in.
The Human Touch in a Digital World
In the digital age, businesses have the tools to connect with consumers on a more personal level than ever before. By applying these techniques and embracing the mindset of relationship-building, you can transform your customer base into a community of lifelong brand enthusiasts. The results are more than just financial; they are a testament to the lasting, emotional connections your business can create. So, go beyond the buy and start building lifelong consumer relationships that will benefit your brand for years to come.
Standing out and grabbing the attention of consumers in a market crowded with products and services may be a challenging undertaking. Even when your offering is outstanding, it will be ineffective if your target clients do not grasp or appreciate its worth. This is where good consumer education comes in.
In the digital age, it’s no longer enough to rely solely on word-of-mouth or traditional advertising. To keep your tables full, your orders rolling in, or your cooking classes fully booked, you need a consistent influx of quality leads – individuals genuinely interested in your offerings.
Crafting Your Unique Value Proposition
Before we dive into lead generation strategies, let’s talk about the heart of your food-related enterprise – your unique value proposition. What sets your business apart? Whether it’s your chef’s expertise, a secret family recipe, a commitment to locally sourced ingredients, or a particular cuisine, your value proposition is the essence of what makes you unique. This is the foundation upon which you’ll build your lead generation strategies.
Delectable Lead Generation Strategies
Delightful Website and Social Media: A mouthwatering website and active social media profiles are your digital calling cards. Ensure they reflect your brand, showcase tempting images, and provide essential information.
Email Marketing: Offer a tasty incentive, such as a free recipe e-book or a discount, to entice visitors to subscribe to your email list. Use this channel to share recipes, special offers, and news about your business.
Online Cooking Classes: If you’re a culinary school or restaurant, offering online cooking classes can be a fantastic lead magnet. These classes not only engage your audience but also provide a direct pathway to your offerings.
Blogging and Content Creation: Share your culinary expertise through a blog. Cover topics like cooking tips, food trends, or the history of certain dishes. This not only showcases your knowledge but also attracts food enthusiasts.
Collaborate with Food Bloggers and Influencers: Partner with local food bloggers and influencers to review your dishes or cooking classes. Their followers may become interested in experiencing your offerings themselves.
Reviews and Testimonials: Encourage satisfied customers to leave positive reviews on platforms like Yelp or TripAdvisor. Authentic reviews build trust and attract potential customers.
Online Ads: Use targeted online ads, such as Google Ads and Facebook Ads, to reach people actively searching for food-related experiences. These platforms allow precise audience targeting.
Food Photography and Visual Marketing: Stunning food photography on your website and social media can entice visitors and make them eager to try your offerings.
Offer Cooking Kits: Consider selling DIY cooking kits with pre-portioned ingredients and step-by-step recipes. These kits can attract home cooks looking for a convenient, delicious meal.
Participate in Food Festivals and Events: Attend local food festivals and events to showcase your culinary creations, and use the opportunity to collect leads.
Savor the Flavor of Success
In the world of food-related enterprises, generating irresistible leads is like crafting the perfect recipe – it takes time, experimentation, and the right ingredients. By embracing these savory lead generation strategies and highlighting your unique value proposition, you’ll have a recipe for success that not only attracts leads but also keeps them coming back for more. So, start cooking up your lead generation plan and watch your food-related enterprise thrive!
The world of sales has undergone a profound transformation in recent years. Instead of the traditional approach focused solely on pushing products, a more customer-centric strategy is taking the lead. In this article, we’ll explore the art of crafting a customer-centric sales process that not only aligns with your product’s value but also builds stronger relationships with customers.
In the past, sales were often driven by aggressive tactics, highlighting the features and benefits of products without necessarily considering the customer’s unique needs. However, the modern consumer is well-informed and values a personalized experience. To succeed in today’s market, sales processes must adapt to this new landscape.
Understanding Customer-Centric Sales
Customer-centric sales is a philosophy that places the customer’s needs, preferences, and objectives at the center of the sales process. It involves actively listening to the customer, understanding their pain points, and tailoring the product or service to address those specific needs.
Aligning Your Sales Process with Product Value
Know Your Product Inside and Out: Before you can sell your product effectively, you must truly understand its features, benefits, and value proposition. This knowledge forms the foundation of your sales efforts.
Understand Your Customer: Take the time to get to know your customer’s business, challenges, and goals. This information will help you tailor your product’s value to their specific needs.
Active Listening: Instead of jumping right into a sales pitch, listen actively to your customer. Ask open-ended questions to uncover their pain points and aspirations.
Tailor Your Pitch: Customize your pitch to address the customer’s unique needs. Highlight how your product’s features can solve their problems and drive their goals.
Demonstrate Value: Clearly communicate the value your product brings. Use examples and real-world scenarios to illustrate how it can make a difference for the customer.
Provide Expert Advice: Position yourself as a trusted advisor rather than just a salesperson. Offer expert advice and insights that help the customer make informed decisions.
Offer Solutions, Not Just Products: Don’t focus solely on selling a product; offer solutions to the customer’s challenges. This might involve customizing the product or suggesting additional services.
Build Relationships: Sales isn’t just about the transaction; it’s about building lasting relationships. Stay in touch, provide ongoing support, and be there for your customers even after the sale.
Benefits of a Customer-Centric Approach
Increased Customer Satisfaction: By addressing their specific needs, you’ll leave customers feeling heard and valued.
Higher Conversion Rates: Tailored solutions are more likely to resonate with customers, resulting in higher conversion rates.
Loyalty and Retention: Building strong relationships with customers leads to loyalty and repeat business.
Positive Word of Mouth: Satisfied customers are more likely to recommend your product to others, leading to organic growth.
Competitive Advantage: A customer-centric approach can set you apart from competitors, who may still be using traditional sales methods.
A Customer-Centric Future
The future of sales lies in customer-centricity. As the modern consumer becomes increasingly discerning and values personalized experiences, it’s essential for businesses to design sales processes that align with the value their products or services provide. By doing so, not only will you create more satisfied customers, but you’ll also secure a competitive edge in an evolving market. So, take the leap into customer-centric sales, and watch your relationships with customers grow stronger while your sales numbers follow suit.
Standing out and grabbing the attention of consumers in a market crowded with products and services may be a challenging undertaking. Even if your offering is outstanding, it will be ineffective if your target customers do not grasp or appreciate its worth. This is where good consumer education comes in.
Before diving into solutions, it’s crucial to understand the nature of the problem. The consumer education gap often arises when there is a mismatch between what a product or service offers and what the consumer knows or perceives about it. This gap can manifest in various ways:
Unawareness: Consumers don’t know your product or service exists.
Misconceptions: They have incorrect or incomplete information about your offering.
Lack of Understanding: Consumers don’t grasp how your product or service works or why it’s beneficial.
Competing Options: Consumers might be aware of your offering but prefer a competitor’s due to perceived advantages.
Effective Strategies to Bridge the Gap
Content Marketing: Content is a powerful tool for educating consumers. Create blog posts, articles, videos, and infographics that explain your offering’s features, benefits, and use cases. This not only informs but also builds trust.
Clear and Simple Messaging: Ensure your marketing materials and website are user-friendly, and your messaging is straightforward. Avoid jargon or overly technical language that can confuse consumers.
Customer Reviews and Testimonials: Real-life experiences from existing customers can carry more weight than your promotional content. Showcase positive testimonials and reviews to highlight the value of your offering.
Interactive Demos and Trials: Allow potential customers to experience your product or service firsthand through interactive demos or free trials. This hands-on experience can bridge the education gap quickly.
Educational Webinars and Workshops: Hosting webinars or workshops to explain the benefits and features of your offering can be highly effective. These events provide an opportunity for real-time Q&A and engagement.
Email Campaigns: Implement targeted email campaigns that provide information in digestible chunks. Send out regular newsletters with helpful tips and insights.
Social Media Engagement: Actively engage with your audience on social media platforms. Respond to questions, share informative content, and participate in conversations related to your offering.
The Power of Education
Bridging the consumer education gap isn’t just about selling a product; it’s about building lasting relationships with your customers. By effectively conveying the value and benefits of your offering, you empower consumers to make informed decisions. When customers understand how your product or service can improve their lives, they’re more likely to become loyal advocates for your brand. So, take the time to educate and engage your audience, and you’ll find your offering resonating with a more receptive and appreciative audience.
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