L’amant Café, the leading organic coffee brand from Vietnam, is poised to make its debut in the Indian market. This exciting development comes after the brand recently inked a Memorandum of Understanding (MoU) with its Indian partner, Rayanssh Impex, as they jointly embark on a mission to introduce the exquisite flavors of Vietnamese organic coffee to India.
This announcement was made during the ongoing 2023 World Coffee Conference in Bengaluru on Thursday. Additionally, L’amant Café is anticipated to inaugurate its own cafés and retail outlets in India by the end of 2025.
This partnership marks the beginning of a new venture for L’amant Café, as it ventures into the world’s largest consumer market.
L’amant Café holds the distinction of being the first Vietnamese brand to operate a coffee farm compliant with USDA organic standards set by the US Department of Agriculture. According to the company’s statement, L’amant Café sources its raw materials in accordance with various international standards, including 4C, UTZ, BRC, Japan Organic, and EU Organic.
“The Indian market holds immense potential, and we believe our unique blend of organic coffee will resonate with the discerning Indian consumer,” L’amant Café Founder Thai Nhu Hiep said.
The CEO of the Coffee Board of India, K G Jagadeesha, stated on Thursday that the World Coffee Conference-2023 in Bengaluru will finally provide India with the well-deserved acknowledgment for its sustainable cultivation of top-quality coffee. He emphasized that India produces some of the world’s finest coffee that remains unparalleled by any other nation, yet it has not received the international recognition it rightfully deserves until now.
“If you look at Indian coffees, we are the ones who grow coffee under shade. Our coffees are the most sustainable ones because we create forests to grow them. It’s something which is remarkable about Indian coffees,” Jagadeesha said in a press conference.
Speaking to journalists at the conclusion of the four-day World Coffee Conference, which attracted attendees from more than 80 countries, he highlighted that the event featured a total of 45 sessions. These sessions included contributions from 127 speakers, with 80 of them being international experts and 47 hailing from the national domain.
Dwelling further on Indian coffees, the Coffee Board CEO said, “Nobody can compete with Indian Robusta. In terms of Arabica, we are as good as Colombian coffees. But if you see in the global market, have we got our due recognition for our coffees? You go to any of the European cafes and see the menu, there is no Indian coffee at all. So India never got its due recognition for growing such sustainable and high quality coffees,” Jagadeesha said.
He expressed optimism that the conference would contribute to establishing a distinct identity for Indian coffee.
“This event is definitely going to open doors in the respect that India is a country that grows coffee in a more sustainable manner. India is a country which grows some of the finest coffees in the world,” the Coffee Board CEO explained.
Jagadeesha noted that the event would play a pivotal role in enhancing consumers’ perception of Indian coffee, potentially resulting in improved pricing. Additionally, he emphasized that it would facilitate the discovery of long-term solutions to the various challenges confronting the coffee sector. According to the CEO of the Coffee Board, the four-day conference featured a remarkable total of 347 business-to-business meetings and numerous informal gatherings.
People expressed their satisfaction with the establishment of such a platform, which provided them with valuable leads to foster stronger business connections. According to Jagadeesha, the prevailing sentiment was that India had set a noteworthy example for the world to follow.
“We have declared that India is one of the important coffee producing countries, that Indian coffee sector is very vibrant and we have arrived on the global map. Our presence was really strong earlier also. This has further enhanced the image of India as a producer of some of the finest coffees of India and a country with a vibrant coffee sector,” he noted.
The Coffee Board of India had appointed three universities as knowledge partners in each of the conferences, Jagadeesha said, adding that these universities will later bring out details of the proceedings of this event, which will be be published in the next few weeks.
The Delhi government has opted to extend the existing excise regime for an additional six months, citing concerns about introducing a new policy while several aspects of the previous one remain under investigation by law enforcement agencies.
According to officials, both the Delhi government and the lieutenant governor have granted their approval for the extension until March 31, 2024. Following clearance by the chief minister, the excise department’s proposal to extend the policy was submitted for the LG’s approval. Subsequently, the file was returned to the government from the LG’s secretariat, indicating it had been acknowledged with a “seen” mark.
The announcement regarding the extension is expected to be officially made on Friday.
As per a senior Delhi government official, the excise department intends to extend permits for both retail liquor shops operated by four government corporations and establishments such as hotels, clubs, and restaurants until March 31, 2024, subject to the payment of fees on a pro rata basis.
Officials indicated that the existing policy, slated to expire on September 30, necessitated either an extension or the implementation of a new policy to address regulatory requirements for conducting retail and wholesale liquor trade in the national capital. Under the current excise duty-based liquor system, only government corporations are permitted to operate retail liquor stores in the capital.
Nevertheless, industry associations held the view that the liquor trade in the capital required a stable regulatory environment to facilitate seamless business operations and enhance the overall consumer experience.
“The existing policy is being extended repeatedly just to keep business going. It is not a planned excise policy design to work for all stakeholders. What the industry needs more than anything else is regulatory stability,” said Vinod Giri, director general of Confederation of Indian Alcoholic Beverages Companies.
Giri further emphasized that without a comprehensive, long-term excise policy in place, companies are unable to formulate extended-term strategies. They require clear policy direction for the coming year or two, at the very least, to make investments and carry out operations within the state.
“In recent times we have seen frequent major changes in excise policy, which have had an unsettling effect. Since Delhi’s operating margins are not great, companies with pan India footprint have the option of prioritising other markets for supplies if faced with such an uncertain regulatory framework,” he said.
Third Wave Coffee, a quick-service coffee chain headquartered in Bengaluru, has secured $35 million in a Series C funding round, with private equity firm Creaegis taking the lead. Notably, this funding round also witnessed the continued support of previous investors, such as WestBridge Capital and Sujeet Kumar, Co-Founder of Udaan.
In an official statement, the startup expressed its intention to utilize the newly acquired funds to intensify its focus on technology and product innovation. This strategic approach aims to enhance the overall cafe experience it offers throughout the country.
Established in 2017 by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, the startup presently manages a network of more than 100 stores spanning the entire nation. Additionally, it markets its coffee products via both its dedicated website and various e-commerce platforms.
In the announcement, Third Wave Coffee revealed that it secured $21 million in a Series B funding round back in May 2022, with WestBridge Capital as the leading investor. It’s worth noting that the startup did not make the funding round public at that time.
Before this, the company had successfully raised $6 million in its Series A funding round, with prominent investors such as Sujeet Kumar, Arpan Seth, and Ayyappan Rajagopal taking the lead.
Following this recent funding injection, the startup has accumulated a total of $62 million in funding up to this point.
As reported by ET, the startup’s valuation after the most recent funding round is estimated to be $150 million.
Third Wave Coffee faces competition from startups such as Blue Tokai and Slay Coffee, as well as formidable industry giants like Starbucks and Tim Hortons, among others.
At the beginning of this year, Blue Tokai, headquartered in Delhi NCR, secured $30 million in a Series B funding round, with A91 Partners taking the lead. Additionally, just earlier this month, the startup announced that it had also received an undisclosed amount of investment from actor Deepika Padukone.
In the retail sector, Third Wave faces competition from companies such as Rage Coffee, Sleepy Owl, and Country Bean, among others.
Creaegis, the leading investor in Third Wave Coffee’s recent funding round, recently completed the fundraising for its debut fund, amassing a total of $425 million (INR 3,529 crore) with a focus on investing in domestic startups. Just this Wednesday, SaaS startup Doceree revealed that Creaegis had taken the lead in its Series B funding round, securing $35 million.
In the realm of modern business, storytelling isn’t confined to fairy tales or bedtime anecdotes. It’s a powerful tool that can propel your brand to new heights, foster deeper connections with customers, and set you apart in a crowded marketplace. The art of storytelling goes beyond catchy slogans and sleek logos; it’s about weaving a narrative that resonates, inspires, and leaves an indelible mark on the hearts and minds of your audience.
Why Storytelling Matters
In today’s hyper-connected world, consumers are inundated with information. They are bombarded with advertisements, social media updates, and a deluge of content on a daily basis. In this cacophony, it’s the stories that stand out, the narratives that tug at the heartstrings and engage the imagination, that capture attention.
A well-crafted brand story can:
Forge Emotional Connections: Stories have the power to evoke emotions. A compelling narrative can make your audience feel like they are part of your brand’s journey, forging a connection that goes beyond the transactional.
Communicate Values and Purpose: Your brand story can convey your company’s values, mission, and purpose in a way that resonates with your target audience. It can show why you exist beyond profit, and how you’re making a positive impact.
Set You Apart: In a crowded market, a unique and authentic brand story can differentiate you from competitors. It can help you stand out, not just as a product or service provider but as a relatable and trustworthy entity.
Build Trust: Consumers are more likely to trust a brand with a compelling story. A well-told story can instill confidence in your brand’s reliability and authenticity.
Crafting Your Brand Narrative
Start with Your Why: Simon Sinek famously said, “People don’t buy what you do; they buy why you do it.” Your brand’s origin story, your motivations, and your vision are all integral parts of your narrative.
Know Your Audience: Understand your target audience’s values, aspirations, and pain points. Tailor your story to resonate with them emotionally.
Be Authentic: Authenticity is key. Your brand story should reflect your true identity and values. Don’t try to be something you’re not.
Create a Hero’s Journey: Many powerful stories follow the hero’s journey archetype – a protagonist facing challenges, undergoing transformation, and ultimately triumphing. Position your brand, or even your customers, as the hero in your story.
Keep it Simple: A clear and concise narrative is more memorable. Avoid jargon and complexity; focus on delivering a straightforward message.
Examples of Brand Storytelling Done Right
Nike: “Just Do It” isn’t just a slogan; it’s a call to action. Nike’s brand story revolves around empowerment and achievement.
Coca-Cola: Coca-Cola’s iconic Christmas ads have been telling stories of love, togetherness, and joy for decades, creating a sense of nostalgia and warmth.
Apple: Apple’s brand story revolves around innovation, challenging the status quo, and making technology accessible.
Crafting a compelling brand story is an art that can make your business unforgettable. It’s not just about what you sell; it’s about the emotions, values, and purpose you convey. So, as you navigate the competitive waters of the business world, remember that your brand’s story isn’t just an addendum; it’s the heart of your identity. Embrace it, share it, and watch your brand emerge as a force to be reckoned with.
In the ever-evolving world of business, one thing remains constant: the undeniable value of loyal customers. These dedicated patrons are not just buyers; they are the lifeblood of your company, the advocates who sing your praises, and the ones who can propel your brand to new heights. The question is, how do you cultivate and nurture this invaluable asset called customer loyalty?
The Power of Customer Loyalty
Customer loyalty is not merely about repeat purchases; it’s about creating a community of brand enthusiasts who stay with you through thick and thin. These are customers who choose your products or services over competitors, refer friends and family, and are forgiving in the face of occasional missteps. In essence, they are your business’s greatest allies.
Here’s why fostering customer loyalty is crucial:
Repeat Business: Loyal customers make repeat purchases, providing a stable revenue stream.
Word-of-Mouth Marketing: Loyal customers are natural brand advocates, spreading the word about your business far more effectively than any advertising campaign.
Cost-Efficiency: Acquiring new customers can be expensive, while retaining existing ones is cost-effective. Loyal customers require less marketing expenditure.
Feedback and Improvement: Loyal customers provide valuable feedback, helping you improve your products and services.
Competitive Edge: In a competitive market, customer loyalty can be a key differentiator.
The Building Blocks of Customer Loyalty
Exceptional Customer Service: Outstanding customer service goes a long way in building loyalty. Prompt responses, problem resolution, and a personal touch can make customers feel valued.
Quality Products and Services: Consistently delivering high-quality offerings instills trust and confidence in your brand.
Engagement and Personalization: Interacting with customers through personalized messages and offers shows that you care about their individual needs and preferences.
Loyalty Programs: Implementing loyalty programs that reward repeat customers can be highly effective.
Transparency and Trust: Building trust through transparency in pricing, policies, and business practices is essential.
The Role of Emotional Connection
Emotions play a significant role in customer loyalty. When customers feel an emotional connection to your brand, they are more likely to remain loyal. This connection can stem from shared values, relatable brand stories, or memorable experiences.
Examples of Successful Customer Loyalty
Amazon Prime: Amazon’s loyalty program offers a slew of benefits, from free shipping to exclusive content, creating a loyal customer base.
Apple: Apple’s seamless ecosystem, coupled with exceptional customer service, has created a cult-like following.
Starbucks: Starbucks’ loyalty program rewards customers with free drinks and personalized offers, fostering a sense of belonging.
Measuring and Nurturing Loyalty
Measuring customer loyalty is essential to understand its impact on your business. Tools like Net Promoter Score (NPS), customer satisfaction surveys, and customer retention rates can provide valuable insights. Additionally, regularly seeking feedback and acting on it demonstrates your commitment to improvement.
Nurturing customer loyalty is an ongoing process. Continuously strive to exceed customer expectations, innovate, and adapt to changing preferences. Remember, customer loyalty is not built overnight; it’s cultivated through consistent effort and a genuine commitment to customer satisfaction.
Customer loyalty is not just a buzzword; it’s the secret sauce that can turn a good business into a great one. By prioritizing exceptional customer experiences, personalization, and emotional connection, you can foster loyalty that will sustain your brand for years to come.
The ideal meal in the culinary world demands the appropriate components, exact measures, and a touch of originality. Similarly, creating great leads for your food business requires a well-thought-out approach, the correct tools, and a dash of ingenuity. Let’s look at how to create a lead generating formula suited exclusively for the food business.
The Importance of Quality Leads
Quality leads are the lifeblood of any food business, whether you run a restaurant, catering service, food truck, or sell gourmet products. These leads are potential customers who have expressed genuine interest in what you offer. They are more likely to convert into paying customers, leading to increased revenue and brand growth.
Key Ingredients for Lead Generation Success
Identify Your Target Audience: Just as a chef selects the finest ingredients, you must identify your ideal customers. Who are they? What are their preferences? Knowing your target audience is essential for crafting a tailored lead generation strategy.
Content Marketing: Create and share valuable content that resonates with your audience. Share recipes, cooking tips, behind-the-scenes stories, and more. This not only engages potential customers but also positions your brand as an authority in the food industry.
Leverage Social Media: Social media platforms like Instagram, Facebook, and Pinterest are ideal for showcasing mouthwatering visuals of your dishes or products. Engage with your audience through posts, stories, and live videos.
Email Marketing: Collect email addresses through your website or in-store interactions. Send out regular newsletters with promotions, recipes, and updates to keep your audience engaged.
Collaborations and Partnerships: Collaborate with influencers, local businesses, or food bloggers to expand your reach. Joint promotions and partnerships can introduce your brand to new audiences.
Customer Reviews and Testimonials: Encourage satisfied customers to leave reviews and testimonials on platforms like Yelp, TripAdvisor, or Google My Business. Positive reviews build trust and can be powerful lead generators.
Cooking Up a Lead Magnet
A lead magnet is an irresistible offer designed to entice potential customers to provide their contact information. In the food industry, lead magnets can take various forms:
Recipe E-Book: Offer a downloadable e-book filled with your signature recipes.
Cooking Classes: Provide access to virtual or in-person cooking classes.
Discounts and Coupons: Offer exclusive discounts or coupons for first-time customers.
Tasting Events: Host tasting events or pop-up shops and collect contact information at the event.
Loyalty Programs: Create a loyalty program that rewards customers for referrals.
Measuring Success and Iterating
Just as chefs taste their dishes along the way, it’s crucial to measure the success of your lead generation efforts. Use analytics tools to track website traffic, email open rates, and conversion rates. If a particular lead generation strategy isn’t yielding results, don’t be afraid to pivot and try something new. Experimentation is key to finding what works best for your food business.
Much like crafting a delectable meal, generating quality leads for your food business requires careful planning, attention to detail, and a deep understanding of your audience. By combining these ingredients and consistently refining your approach, you can create a recipe for success that will drive growth and sustain your food business for years to come.
One size does not fit all in the world of sales. Sales success is built on techniques that are as distinct as the things they represent. Whether you’re selling cutting-edge technology or handcrafted items, adapting your sales process to your product is the key to long-term success. Let’s go into the art of creating a tailored sales plan that precisely complements your product.
Understanding the Product-Process Connection
Before diving into specific strategies, it’s crucial to grasp the fundamental link between your product and your sales process. Your product’s characteristics, pricing, target audience, and competitive landscape all influence the sales journey it should take. Here’s how to make that connection work for you:
1. Know Your Product Inside Out
Begin by understanding every facet of your product. What makes it unique? What problems does it solve? What are its strengths and weaknesses? A deep product knowledge forms the foundation of your sales strategy.
2. Define Your Target Audience
Identify the specific demographic and psychographic characteristics of your ideal customer. Your product’s appeal may differ widely based on factors like age, gender, interests, and lifestyle. Tailor your messaging accordingly.
3. Price and Positioning
Your product’s pricing should align with its perceived value in the market. High-end products often require a more consultative sales approach, while lower-priced items may thrive with a self-service model.
Strategies for Different Product Types
Now, let’s explore how to adapt your sales process to various types of products:
1. Complex and High-Value Products
These products often require a consultative approach. Develop a deep understanding of your prospect’s needs, and tailor your pitch to highlight how your product solves their specific challenges. Personalized demonstrations, consultations, and case studies can be powerful tools.
2. Mass-Market and Low-Cost Products
For products with broad appeal and lower price points, a streamlined, self-service approach can be effective. Focus on creating a seamless online shopping experience, and use clear, concise messaging to highlight the product’s value.
3. Niche or Artisanal Products
Niche or artisanal products often appeal to discerning consumers who value authenticity and uniqueness. Highlight the craftsmanship and individuality of your product. Consider building a community around your brand to engage with like-minded enthusiasts.
4. Tech or Innovative Products
In the rapidly evolving tech space, staying up-to-date with product knowledge is crucial. Offer product demos, webinars, or virtual tours to showcase the latest features. Highlight how your product fits into the broader tech ecosystem.
5. Subscription-Based Products
Subscription models require ongoing engagement. Focus on building strong customer relationships, delivering consistent value, and addressing feedback promptly. Consider loyalty programs to reward long-term customers.
Adapting in a Changing Landscape
As market trends, consumer preferences, and technology evolve, be prepared to adapt your sales strategy accordingly. Continuously gather feedback from your sales team and customers to refine your approach.
Sales success is not a one-size-fits-all endeavor. By tailoring your sales process to fit your product’s unique characteristics and the needs of your target audience, you can maximize your chances of success. Whether you’re selling complex technology solutions or handcrafted artisanal goods, the right sales strategy can make all the difference. So, take the time to craft a blueprint that aligns seamlessly with your product and watch your sales soar.
FMCG maker Procter & Gamble India unveiled on Thursday its commitment to fostering collaboration with external partners and innovators through the establishment of a INR 300 crore fund. This initiative aims to co-create solutions for a cutting-edge supply chain ecosystem.
According to a company statement, the P&G Supply Chain Catalyst Fund will offer startups and innovators a chance to partner with Procter & Gamble (P&G) India in tailoring business solutions, thus expediting the company’s progress towards its Supply 3.0 endeavors.
This contribution is a segment of the INR 1,800 crore commitment toward business solutions within the vGROW framework. Under this initiative, the company behind renowned brands like Gillette, Whisper, and Vicks is channeling investments into small businesses, individuals, and large organizations that provide innovative solutions.
“The announcement is in line with the Prime Minister’s Gati Shakti initiative, which is an endeavour towards multi-modal connectivity in the country that will enhance seamless movement of goods and services through targeted interventions,” the statement said.
Commenting on the development, P&G India Subcontinent CEO L V Vaidyanathan said through this fund, the company is focused on co-creating innovative solutions that enhance the very backbone of its operations – the supply chain.
“We are confident that focused interventions in the supply chain will have a positive impact on our overall priorities including constructive disruption and productivity, he said.
P&G India had launched vGROW six years ago with a vision to create a platform to foster collaboration and partnerships with external partners and suppliers, to solve business challenges and provide a breeding ground to emerging startups across the country, he said.
“With this fund, we have committed spends of more than INR 1,800 crore to date in business solutions through vGROW. We strongly believe that a healthy dissatisfaction with the status quo will help us raise the bar on constructive disruption and better serve consumers, customers, and communities,” Vaidyanathan said.
Utilizing the vGROW platform, P&G actively interacts with a diverse network of more than 2,300 suppliers, encompassing startups, small enterprises, and large corporations spanning various industries and services. This includes collaborators ranging from creative agencies and technology partners to material suppliers.
Styched, the direct-to-consumer (D2C) fashion and lifestyle brand, has completed an acquisition of Zymrat, a performance wear brand, through a combination of cash and equity exchange.
Without revealing the financial particulars of the agreement, Styched has stated that it acquihired Zymrat’s team.
Founded in 2018 by Ankita Riva and Ujjawal Asthana, Zymrat boasts an annual recurring revenue (ARR) of $1 million.
Following the acquisition, Zymrat will concentrate on broadening its product range and reaching a broader audience through price point reductions.
According to a statement, even as Zymrat comes under the operational and managerial purview of Styched, Zymrat’s employees will remain actively engaged, contributing to the expansion of the Styched Collective, encompassing Styched, Styched Plus, Flatheads, and Zymrat.
The current shareholders of Zymrat, which include founders Riva and Asthana, as well as Anicut Capital, LetsVenture, Dominor Investment, and others, will remain actively involved in shaping the brand’s future endeavors.
Established in 2019 by Soumajit Bhowmik, Styched asserts its operation on a model characterized by zero wastage, zero inventory, and zero warehouse.
Styched is committed to creating a domestic counterpart to international giants such as Lululemon and Under Armour. The direct-to-consumer (D2C) brand is preparing for the launch of Zymrat in the UAE and the reintroduction of the acquired sneaker brand, Flatheads, in India next month.
Commenting on the acquisition, Zymrat cofounder Asthana said, “We eagerly anticipate working closely together to take Zymrat to a global audience and continue towards our larger vision, which is to redefine athletic wear for athletes around the world.”
Analytical insights reveal that the Indian fashion industry was valued at $20 billion in 2022 and is projected to surge to $112 billion by 2030, achieving a remarkable 24% Compound Annual Growth Rate (CAGR).
Consequently, there is a surge in the introduction of new fashion brands. Just last month, Flipkart unveiled an in-app fashion vertical called SPOYL, with a focus on catering to Gen Z customers.
Meanwhile, there have been reports indicating that Mukesh Bansal, a serial entrepreneur renowned for founding the e-commerce giant Myntra, is in talks to raise $50 million for his latest venture in the premium fashion industry.
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