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Flipkart, India’s favourite homegrown e-commerce marketplace is aiming to expand its ‘Flipkart Pay Later’ credit offering and is expecting a 2x growth piggybacking on this, by the end of this year. This credit offering has already brought a good growth to Flipkart in the past few months and currently, there are 2.8 Million users who have used the Flipkart Pay later offering at the time of checkout.
Using this credit system 42 Million transactions by users have been registered on the platform. The company is targeting to cross the 100 Million transactions mark by the end of this year.
As more and more customers are pivoting towards digital payments and with people seeking convenience, this credit service has been very well-received by Flipkart’s customer base. The service has helped increase Flipkart’s registered customer strength by 50% as compared to last year. According to Flipkart’s assessment, this offering was mainly used for the purchase of beauty, lifestyle products and general merchandise products. In categories like lifestyle, ‘Pay Later’ service outreaches the number of credit card transactions making it a top prepaid instrument used by the customer in this category.
Ranjith Boyanapalli, Head at Fintech and Payments Group at Flipkart happily commented on this growth, “As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings. The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and made us confident of its market-readiness for a much wider adoption -both on and outside the Flipkart Group platforms. By expanding the offering, we want to enable customers across the country to fulfill their shopping needs in a seamless and hassle-free manner.”
Season I of RIVER carries 270 styles across western and ethnic wear with dresses, tunics, sarees, jumpsuits, formal/casual jackets, evening cocktail sarees and athleisure separates for both men and women. The selection presents trend forward themes like Royal sports chic by JJ Valaya, Disco gypsy by Manish Arora, Floral glam by Suneet Verma and Millennial man by Ashish N Soni and incorporates four affordable collections from each of the designers, remaining close to their celebrated signature styles that India loves.
Make it Possible marks the latest milestone in Tommy Hilfiger’s sustainability journey. Key achievements include the launch of Tommy Hilfiger Adaptive, designed to make dressing easier for adults and children with disabilities, and the Tommy Hilfiger Fashion Frontier Challenge, a global program aimed to support start-up and scale-up stage businesses developing solutions that promote inclusivity and sustainability in fashion. More recently Tommy Hilfiger launched People’s Place Program to advance the representation of black, indigenous and people of color (BIPOC) communities within the fashion and creative industries.
When asked about their preference for clothing and home textile products, half of the respondents said they would be more likely to purchase a product described as ‘eco-friendly’ or ‘natural’, whereas over 60 percent of respondents are more likely to purchase products with a ‘recyclable’ or ‘biodegradable’ afterlife. Given the popularity of such terms, there are opportunities for brands to provide more descriptions and greater clarity to the materials, production processes and product afterlife information to their products as consumer education.
In parallel, the TENCEL™ brand is engaging industry partners and raw material suppliers to collaborate and empower brands to take part in the carbon neutral movement. To this end, Lenzing is the first cellulosic fiber producer to commit to the Science Based Targets initiative, as we engage and steer our industry to normalize supply chain transparency, source materials with low carbon footprint and thereby reduce overall carbon emissions.
The novel Coronavirus has dramatically changed things overnight. The pandemic has presented a paradigm shift in consumer behaviour, whether it is with regards to the daily lifestyle or spending on luxurious goods. COVID-19 has slashed revenues to half for most brands, but the luxury industry still remains hopeful that Chinese consumers will return to their previous levels of consumption soon after the outbreak stabilizes. The pandemic may bring a major change in the consumers’ mindset and the value systems that underpin their luxury buying decisions.
Mayank Shivam, Director – Strategic Initiatives, Amazon Fashion India said, “We are very excited to launch Easybuy on Amazon Fashion. Easybuy is India’s leading value fashion retailer that offers fashion choices for the entire family. The ‘super styles’ and ‘super’ prices’ offered by Easybuy, coupled with our capabilities of making fashion more accessible to customers across India, definitely make for a special collaboration. Amazon Fashion is the preferred destination for any brand, especially when they are embarking on a new journey to revolutionize the way customers engage with fashion”.
SHOEXPRESS is known for its fashionable collection of footwear and accessories and is well-recognized by shoppers in the Middle East and North Africa (MENA) region for its on-trend styles and new designs. It caters to men, women and children through its 110 outlets in the region. Founded in 2009, SHOEXPRESS is one of the fastest-growing brands in the Middle East and will for the first time be available in the Indian retail market. The brand belongs to the same parent company of popular retail brands like Lifestyle, Max, Home Centre, EasyBuy and SPAR.
The survey is commissioned by Lenzing in partnership with Wakefield Research, a market research firm, surveyed online a total of 9,000 respondents aged between 18 and 64 from nine countries including China, Japan, Korea, India, Indonesia, Turkey, Germany, U.K. and the U.S. in early 2020.
“While COVID had a significant impact on the financial performance, we have utilised the opportunity provided by this disruption to reshape our business through increased investments in upgrading our digital capabilities along with significant cost optimisation and multiple actions to control gross working capital,”he was quoted by PTI as saying.
“In the midst of such a climate crisis, Lenzing believes that every company must take action against global warming within its sphere of influence. We are extremely excited to embark on this new initiative featuring CarbonNeutral® product offerings under the TENCEL™ brand. This is a new step forward for Lenzing’s overall corporate goal, enabling us to assist supply chain partners and motivate textile brands in reassessing carbon emissions in their production lines. Looking forward, we will continue to diversify our product portfolio following stringent internal guidelines that help to avoid greenwashing and involves consumers in the carbon neutral discussion,” said Florian Heubrandner.
The strategies that may be adopted depend on the country of origin of the brand, the type of brand DNA, and the perception it has in the market. Most of all the brand will only go as far as they know would be acceptable to their target consumer. They may not indulge in exploring several opportunities or new endeavours to excite consumers, and rather, focus on the ‘less is more approach’, as that is what luxury is all about.
Noting that the programme is being organised in the context of Mahatma Gandhi’s 150th birth anniversary celebrations, the prime minister said Gandhi saw a close link between the textile sector and social empowerment and converted the simple ‘charkha’ into a key symbol of India’s independence movement.
Post the pandemic, the luxury consumer experience will be like never before. People will want to get back to the brick and mortar retail after over usage of digital platforms in the luxury buying space. However, the prolonged pandemic / lockdown phase has forced brands to explore and adapt to new technologies. Means such as AI technology, easy chat and online interaction options are being widely considered in the luxury consumer service space. A lot of these trends will continue post the pandemic for a very long term and some of them might end up becoming permanent means to keep the consumer-brand connect alive and relevant.