02 August 2023, Mumbai

Ready-made garment retailers in the state and neighboring regions have reason to rejoice as the South India Garment Association (SIGA) prepares to host an exciting three-day garment fair. Featuring over 150 stalls, the event will exhibit the latest wedding, festival, and winter season garments.

Labour Minister inaugurates

Set to take place at Princess Shrine, Bangalore Palace Ground, the national-level fair will be inaugurated by Labour Minister Santosh Lad, with Sandalwood actress Sharanya Shetty as the guest of honor.

The fair has received an overwhelming response from manufacturers, with all 150 stalls booked well in advance. Garment manufacturers from various cities will be participating, targeting both B2B and retail customers.

To promote the trade

SIGA's continuous efforts have also led to creating awareness about garment industry laws and taxes, benefitting manufacturers.

The association aspires to foster further growth by advocating for more apparel parks in the state, potentially generating increased employment opportunities.

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14 July  2023, Mumbai

The Indian GST Council has announced a significant reduction in GST rates for imitation zari thread, a key component in handicrafts and traditional Indian garments.

To benefit artisans

At the 50th GST Council meeting held in New Delhi, the council proposed a reduction from the existing 18% to just 5% for this vital textile intermediate product.

Rationalisation

Finance and corporate affairs minister Nirmala Sitharaman presided over the meeting, which also saw recommendations for simplifying GST compliances.

Streamline compliance

Alongside the tax rate reduction, the council proposed regularizing past GST payments related to this matter.

Furthermore, it clarified that the supply of raw cotton by agriculturists to cooperatives, including kala cotton, falls under the taxable category through the reverse charge mechanism, with retroactive regularizations.

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08 July 2023, Mumbai

According to Amazon, cumulative overseas sales by Indian exporters participating in the Amazon Global Selling program are on track to exceed $8 billion this year. In its Exports Digest 2023, Amazon revealed that exports from India through the program reached $5 billion last year.

Steady growth in overseas sales

The report also highlighted the program's expansion since its launch in 2015, with 125,000 exporters now on board. Notably, 1,200 Indian exporters achieved sales exceeding Rs 1 crore in 2022. The report further outlined popular export categories, including toys, home and kitchen products, and beauty items.

Outlining emerging categories

Additionally, emerging product categories such as apparel, groceries, and health and sports equipment showcased promising export potential. Delhi led the way in exports, followed by Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, and Madhya Pradesh, as per the report.

Bullish outlook

Amazon India's management is quite optimistic about the future, citing the inclusion of a dedicated chapter on e-commerce exports in the FTP'23, aiming to enable $20 billion in cumulative e-commerce exports from India by 2025.

The report also disclosed that more than 266 million 'Made in India' products have been exported to customers in the US, the UK, the UAE, Canada, Spain, France, and Italy through the program.

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10 August 2023, Mumbai

Bluesign, a leading provider of sustainable textile solutions, has launched its IMPACT services in India. The new services offer brands affordable impact reporting to help them reduce their environmental impact.

The IMPACT services are based on the bluesign® SYSTEM, which is a set of standards that eliminates harmful substances from the textile supply chain. The services also provide brands with guidance on how to improve their environmental performance.

Bluesign is confident that the IMPACT services will help Indian brands become more sustainable. The company already has a strong presence in India, with over 800 system partners.

The launch of the IMPACT services is a major step forward for Bluesign and for the Indian textile industry. The services will help Indian brands meet the growing demand for sustainable textiles and make a positive impact on the environment.

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05 July  2023, Mumbai

Wunderman Thompson Commerce & Technology has launched the 7th edition of its Future Shopper report, offering valuable insights into the online shopping habits of 31,000 consumers across 18 international markets, including India.

Shaping the future of Indian retail

The report highlights the growing significance of digital channels in shaping the future of retail, with 64% of shoppers expecting nearly two-thirds of their purchases to be made online in the next decade.

Datapoints

Online spending through direct-to-consumer (D2C) channels has doubled from 7% to 14% in 2023, narrowing the gap with marketplaces. To capitalize on this trend, brands are advised to review their online sales models, as 58% of global shoppers prefer buying from branded marketplaces.

The increasing role of AI

The report identifies India as the leading market for consumers interested in posthumous purchasing, enabled by AI and cloud-based avatars. Additionally, India ranks highest for digital item purchases due to affordable mobile internet data and high mobile phone penetration across all demographics.

Customer purchase journey

The concept of "compressed commerce," where customers seek fast purchasing experiences, is gaining traction. Indian B2B buyers display the strongest preference for this approach, while Japanese B2B buyers are least interested. Brands emphasizing purpose and ethics appeal to an increasingly conscious consumer base.

Competitive landscape

Thailand and India rank highest in terms of changing shopping habits due to environmental concerns. Voice commerce adoption remains moderate, but China leads with 72% of shoppers owning voice-enabled devices, followed closely by India.

Omnification

Omni-channel strategies are crucial for brand success, with 77% of Indian shoppers preferring brands with both physical and online stores. Indian consumers have high expectations, demanding engaging experiences, quick deliveries, and minimal returns.

They also exhibit trust in marketplaces beyond shopping, with openness to marketplace dating services and utility purchases.

Observation

Hugh Fletcher, Global Head of Consultancy and Innovation at Wunderman Thompson Commerce and Technology, emphasizes the importance of providing a seamless shopping experience across all channels and devices to meet evolving consumer demands and retain customers. Are businesses prepared for the consumer of the future?

The Future Shopper report urges organizations to invest wisely and leverage data to deliver the experiences consumers will come to expect.

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The much-anticipated e-commerce policy is set to be released by the Union Commerce and Industry Ministry within the next two weeks or after the current parliament session.

Policy to promote ONDC

This policy is expected to incorporate provisions for the Open Network for Digital Commerce (ONDC), a government-supported initiative aimed at democratizing e-commerce in India.

One of the primary objectives of the policy is to strengthen the grievance redressal system for consumers who face issues with e-commerce companies.

This move aligns with the government's recent efforts to crack down on unfair trade practices prevalent in the e-commerce sector.

Decoding

Furthermore, the policy is designed to distinguish between the inventory-led and marketplace models of e-commerce, providing consumers with clear information about the different types of e-commerce platforms, enabling them to make well-informed choices.

This policy marks a significant advancement for the Indian e-commerce sector as it seeks to create a more level playing field for all market players and safeguards consumers against unfair trade practices.

Strengthen ‘Grievance Redressal Mechanism’

In addition to the above details, the policy will be in line with the Amendment to Consumer Protection (Ecommerce) Rules, 2020, which aims to address complaints related to "unfair trade" practices. Furthermore, the policy will prioritize inclusive growth by encouraging Small and Medium Enterprises (SMEs) to adopt digital technology and enhance exports through e-commerce.

Opposition

The Confederation of All India Traders (CAIT), a trade body representing small retailers, has urged the government to ensure that the policy treats all stakeholders fairly and avoids favoritism towards large e-commerce companies.

Moreover, the policy is expected to include guidelines regarding fallback liability for e-commerce companies, offering greater clarity on grievance redressals.

30 June  2023, Mumbai

Commerce and Industry Minister, Piyush Goyal, emphasized the importance of increased and affordable credit for Micro, Small, and Medium Enterprises (MSMEs) engaged in exports.
Urges Banks to Provide Affordable Credit Boost
The objective is to bolster the country's outbound shipments and achieve the ambitious target of $1 trillion in merchandise exports. In a recent meeting attended by officials from 21 banks, including the State Bank of India, Bank of Baroda, and Punjab National Bank, Goyal discussed ways to enhance the availability of export credit to MSME exporters.
Stresses the need for enhanced credit to MSME
The Export Credit Guarantee Corporation Limited (ECGC) proposed modifications to provide adequate and affordable credit to a wider section of MSME exporters.
A nudge to ECGC
Goyal suggested extending the scheme to all banks to maximize the uptake of export credit. Bankers recommended adopting a claim processing method similar to the Credit Guarantee Fund Trust for Micro and Small Enterprises. Goyal advised ECGC to follow a similar pattern to compensate for any losses incurred by exporters.

CREDITS: economictimes

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