Ankita Rai , Business Standard New Delhi , September 30, 2013 In the cancellations and returns section on its website, e-commerce poster boy Flipkart says, "We want you to have an absolutely headache-free shopping experience…In case there is an issue with the product you have received, our Free & Easy Returns promise has got you covered." On its part, lifestyle products portal Jabong.com touts a "30-day no questions asked return policy." The concerned section on the website says, "Though we strive to give you a great customer experience each time you shop with us, if at all you are not…
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Sagar Malviya, The Economic Times Mumbai, September 27, 2013 The world's most popular coffee brand Starbucks sold coffee, snacks and merchandise worth Rs 14.6 crore in the first financial year of its operations in India ending March, averaging almost Rs 1.5 crore per outlet from its 11 doors in just five months since opening its first outlet in Mumbai last October. The homegrown Cafe Coffee Day, with around 1,200 stores (at the end of FY13) makes Rs 38-40 lakh from each of its outlets yearly, according to a person who has studied the model of the company. Costa Coffee does…
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Nupur Acharya, The Wall Street Journal Mumbai, September 27, 2013 On the back of a surprise increase in a key interest rate last week, India’s central bank dealt another blow to banks this week by asking them to stop encouraging credit-card use with misleading “zero interest” payment plans. While credit card issuers have been working with retailers to offer special no interest offers for years, the Reserve Bank of India said the plans were misleading as they often have hidden costs. The banning of this standard promotion could prove to be a dampener for banks and consumer product manufacturers ahead…
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Raghavendra Kamath, Business Standard Mumbai, September 26, 2013 Aditya Birla Retail Ltd (ABRL), retail arm of the Aditya Birla Group, had been eyeing break-even in 2012-13, the sixth year of its operations. But that milestone remains elusive, with the retailer, which runs hypermarkets and supermarkets under the More brand, posting losses of Rs 510 crore last financial year, according to disclosures made with the registrar of companies. Though losses fell marginally from Rs 535 crore in 2011-12 and net sales rose eight per cent to Rs 1,037 crore against Rs 962 crore in 2011-12, analysts say More’s focus on supermarkets…
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Salil Panchal, AFP Mumbai,September 11, 2013 A year since India reduced foreign investment barriers to its retail sector to spur flagging economic growth, confusing rules and political uncertainty are keeping overseas supermarket giants away, analysts say. In September 2012, the government allowed foreign stores to set up 51-percent-owned joint ventures in India which they had eyed for years as a potentially lucrative market. So far, there has been no rush to open outlets, despite further easing of entry barriers in August. "There's no comprehensive consolidated government paper on Foreign Direct Investment (FDI) -- just updates and statements. It's not a…
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