OFFLINE PUSH
Airtel, Jio, Vodafone Idea push long-term plans at old rates to retain users
After announcing telecom pack price hikes of up to 25% effective July 3-4, telcos are urging subscribers to recharge long-term plans at old prices to reduce customer attrition. Bharti Airtel, Reliance Jio, and Vodafone Idea (Vi) are promoting 365-day plans priced between Rs 2,545 and Rs 3,099 through in-app promotions.
Online phone sales pick up in April, may hot up in summer
Online smartphone sales surged in April after a dip in Q1 2024, driven by Chinese brands shifting focus to online channels, as reported by Counterpoint Research.
Ethnic fashion brand Libas raises Rs 150 crore from ICICI Venture
Libas started going offline about 18 months ago and operates 15 store across the country. It plans to open 200 stores by 2026. “The organised Indian apparel sector is expected to grow significantly in coming years and this investment will fuel expansion across categories, and geographies with a strong focus on omnichannel experience,” said Sidhant Keshwani, founder and CEO of Libas.
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
Online eats into offline; Agnikul defers rocket launch
The rapid adoption of quick commerce and food delivery apps is eating into the sales of retail, and quick service restaurants. This and more in today’s ETtech Top 5.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
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Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Chinese smartphone companies looking to expand their footprint face a loud adversary—Indian retailers
Chinese smartphone brands face retailer backlash in India over low margins, delayed payments, and stock issues. Retailers demand higher margins and timely settlements, impacting brands' offline expansion plans in a shifting smartphone market.
Why touchy-feely consumerism is here to stay and also thrive
The surge in e-commerce once signaled the demise of brick-and-mortar stores, but a notable shift is occurring as D2C companies expand offline. The trend extends beyond smartphones to FMCG and banking, with consumers favoring physical stores for premium items. Retailers are adapting by enhancing store sizes to provide immersive shopping experiences.
D2C brands step up hiring to drive offline push
D2C (direct-to-consumer) companies in Bengaluru are increasing their offline presence and hiring talent to support their brick-and-mortar expansion. Licious, Noise, and Wakefit.co are among those seeking individuals with hyperlocal understanding, online and offline expertise, and experience in digital, ecommerce, and supply chain. Wakefit.co is employing a 'train and hire' approach, training freshers before they start in stores.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
Cred launches offline QR code-based ‘scan and pay’ payments
Peak XV-backed startup Cred has been pushing its UPI payments feature aggressively. The fintech wants its customers to use the app to scan QR codes at premium retail outlets.
Fintechs push for cross-border payments; Chiratae’s $70 million portfolio sale
Happy Wednesday! Razorpay, Cashfree, PayGlocal and other fintech startups are seeking a licence for facilitating cross-border payments from the RBI. This and more in today’s ETtech Morning Dispatch.
Physics Wallah shrugs off profit drop, plans more offline centres
Chief executive Alakh Pandey told ET that the offline business at Physics Wallah now contributes 40% of total revenue although it accounts for only 5% of its student base and the company is aiming to take the revenue share to about 45%.
Status quo for Indian apps in Google row; D2C brands push offline
Google is providing an extended timeline to ten companies to pay the service fee applicable for in-app purchases made by users. According to sources, the timeline will be stretched till the time there is a concrete verdict from the Supreme Court.
Pure-play online D2C brands step up offline presence to push growth
Mamaearth, one of India's prominent D2C brands, is expanding its reach with over 1.7 lakh retail touchpoints, marking a shift towards physical retail. Other brands like Licious and Minimalist are also adopting an omnichannel approach. However, entering offline retail comes with challenges, including adapting product assortments and building trust with trade participants. Despite the challenges, brands like Slurrp Farm, Just Herbs, and Nykaa are rapidly expanding their offline presence, recognizing the value of physical touchpoints in customer engagement and sales.
Zomato’s ecommerce push; Byju’s failure to recover vendor dues
The Deepinder Goyal-led company is looking to augment the front-end offerings of Blinkit by having an in-house back-end supply chain where it would source, manage the inventory and enable distribution of brands, multiple people aware of the company’s plans told ET.
E-rupee push: RBI looks to tokenise government securities, customer deposits
Investors would be able to purchase government securities and other bonds using digital currency in their wallets. This would have the twin benefit of widening digital currency usage beyond the simple merchant payments at present and also help boost retail participation in the government bond market.
Xiaomi lists premiumisation, AIoT, omnichannel push as India priorities
In 2024, India smartphone market will grow in single-digit percentage, largely driven by 5G, says Xiaomi India chief Muralikrishnan.
Rural market rebounds, govt’s capex push to pay dividends: Hero MotoCorp CEO
Investors have given a thumbs up to the company’s performance, with its share price on a steady northward movement. Hero MotoCorp CEO Niranjan Gupta deep dives into the strategies the company is undertaking to reinvent itself in a free-wheeling conversation with Sharmistha Mukherjee.
Mojocare’s plan for its remaining capital; Mamaearth's fresh global push
The board of troubled health and wellness products startup Mojocare has taken a call to return the remaining capital to investors. Details of this and more in today’s ETtech Morning Dispatch.
Personal care brand Mamaearth gets set for renewed overseas push
The company is already present in some overseas markets such as the UAE, Singapore, Nepal, Malaysia, Maldives and Mauritius, where it operates either through modern trade and ecommerce marketplaces, and even its own dedicated brand website in some cases.
Consumer lobby group Finance Watch seeks more privacy in digital euro use
The European Central Bank is due this month to say if it will push ahead with a digital euro, one of many central banks across the world, including the Federal Reserve and Bank of England, seeking to keep ahead of technological advances in payments.
Boult bets on offline expansion in push to double revenue in FY24
Indian wearables brand Boult is expanding its presence in offline retail stores, aiming to double its revenue in FY24. The company, which has primarily focused on online sales since its inception in 2017, plans to tap into a network of over 2,500 retail stores across 13 states. Boult has also started selling its audio products and smartwatches in the UK and is eyeing entry into the US and other regions through Amazon.
Government asks banks to issue mobility-enabled cards
A senior official confirmed the development and said lenders are expected to have all their cards equipped with NCMC features, including an offline wallet. "It was observed that most lenders, including both private and public sector banks, are not issuing NCMC cards with NFC functions," he said, explaining the motive behind the recent directive.
Paytm’s merchant payment push continues as June numbers show
The fintech major is deploying more terminals every month. In June, it deployed around 4 lakh new PoS machines, taking the overall GMV for the quarter north of Rs 4 lakh crore.
Reliance expands 'Independence' FMCG brand to North India in push for larger market share
Reliance, led by Mukesh Ambani, has expanded its made-for-India consumer packaged goods brand 'Independence' to North India in an effort to increase its reach in the FMCG market. The subsidiary of Reliance Retail Ventures' expansion will cover densely-populated regions such as Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar.
Offline retailers accuse OnePlus of price disparity with online
OnePlus has been accused of prioritising its exclusive stores, large format retail outlets and online channels which has created supply shortages in regular retail stores, according to India's All India Mobile Retailers Association. It accused the Chinese firm of sabotage with "eyewash supplies" and said the moves deprive customers who want to buy its products in their preferred shops. OnePlus was asked to make availability across all channels the same, mirroring the same pricing structure elsewhere. Representatives from the brand have not yet commented on the complaint.
Smartphone shipments 2022: in a first, web retailers Flipkart, Amazon pip offline stores
Shipments from manufacturers’ factories to online channels were at a record high share of 53% in the last calendar year even as in absolute terms they declined 6% year on year due to a fall in demand, data from IDC India showed.
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