The COVID-19 imposed lockdown period led to major shifts in consumer behaviour spurring individuals to upgrade their lifestyles with the new-age products to ease the work from home situation.
With offices opening in hybrid culture, the consumer durables and appliances segment is expected to see a surge in the demand further. Home-grown Usha International is optimistic about the festive season and is bullish to see double-digit in the coming years.
"If we look at the way the economy has fluctuated during this almost two-year period - it's been a double V-shaped recovery. It has fallen, risen, plateaued and then fallen again in the 2nd wave to then see a surge again in the past few months," says Kapil Kohli, President, Retail, Usha International.
"After months of restricted movement, seeing Covid hit them close up, consumer sentiment is now upbeat and positive, and the mood is festive with people wanting a reason to celebrate life and living. This sentiment is translating into sales, and growth is steady and consistent making us optimistic," he added.
This festive season, given the ebb in COVID-19 infections, Usha International is observing a healthy surge in demand and is expecting retail sales to surpass pre-COVID levels.
The rural economy is also doing well, and this has made the growth in the economy more evenly distributed. Kohli says the festive season - which contributes a major chunk to Usha International's yearly sales, offers an opportunity to enhance consumer connect and drive business growth.
"With the market is showing immense potential, Usha's retail business is presently showcasing a double V recovery. While we are experiencing an increasing proclivity towards online platforms by consumers, the opening of markets is also seeing people enjoying visiting stores physically to see, feel, and explore the products," says Kohli.
The company has seen a rise in both e-commerce and offline sales, in modern retail, regional and stand-alone outlets. Adopting an omni-channel strategy with an emphasis on 'PHYGITAL' is the way forward for Usha International.
Kohli explains many consumers are experiencing online shopping for the first time, overcoming mindset barriers of setting up online accounts and making digital or online payments, as they are slowly coming to trust this way of shopping.
Due to this, the company has invested heavily in e-commerce and digital and have actually seen a huge surge in digital sales.
"We expect e-commerce to grow multifold in the post-pandemic world, as people now are more digitally influenced and inclined in terms of their purchase journeys and decisions," he adds.
Keeping the shopping trends and purchase factors in mind, Usha International is focusing on creating a unique retail experience for its consumers by offering services on online platforms like Brand Stores on Amazon, demo videos across product categories, A+ Content, etc., as well as physical stores.
The company has been consistently building its product portfolio on Flipkart, TataCliq, Paytm, and other such platforms, and is targeting a 40% sellout growth in retail business during the ongoing festive season.
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