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60% Indian retailers expect 25% festive season sales cut: Survey
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SME Times News Bureau | 23 Sep, 2020
Amid a surge in online shopping due to Covid-19, about 60 per cent
retail organisations in India have seen their forecasts for the festive
season go down 25 per cent or more compared to last year, says a new
survey on Tuesday.
Given that festival season sales account for a
significant portion of sales book each year, a downturn in the festival
season sales would mean a longer road to recovery, said the report by
BluePi Consulting.
While negative festive forecasts are
pronounced in the apparel retail forecasts, 57 per cent of non-apparel
retailers are interestingly optimistic about no or little change in the
festive season sales.
Due to the reduction in the festive season
forecasts, around 71 per cent of the respondents are considering
cancelling or deferring orders, showed the findings, adding that this
reduction in forecast puts back the pressure on the entire supply chain,
including the suppliers, vendors, manufacturers and other ancillaries.
"There
is no shortage of challenges as underlined in the report, and a
collaborative public-private model is the need of the hour," Pronam
Chatterjee, CEO at BluePi, said in a statement.
Nearly 60 per
cent of the retail sector companies are actively looking for capital
infusion, according to the "Retail Thought Leadership Survey Report
2020."
Almost half of the survey respondents indicated a shift of
marketing spend towards consumer loyalty, followed by promotions and
discounts.
Of the organisations surveyed, ones which have less
than 10 per cent business online, an overwhelming majority, 83 per cent
of them are planning to move more business to online channels.
However, the biggest challenge for nearly 40 per cent in going online is technology.
The
survey was conducted online with organisations with over 500 crore
revenue and includes more than 100 Chief Experience Officers and Head
Line of Business.
The primary two segments targeted under retail
were apparel - fast fashion and clothing --, and non apparel -
footwear, home furnishings, fashion accessories, etc.
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