Indian retailers can't keep up with online shops
Mumbai
THE head of Future Group, one of India's largest and most established retailers, admits that he cannot keep up with websites such as Snapdeal and Flipkart when it comes to spending money to entice shoppers to buy online.
Private investors have poured US$2.3 billion into India's e-commerce companies so far this year, according to consulting firm Technopak, giving them financial firepower to overwhelm shoppers with bargains and deals that brick-and-mortar retailers such as Future Group, which runs a host of chains including Future Retail Ltd and Future Lifestyle Fashions, cannot match.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
WSJ moves Asia headquarters from Hong Kong to Singapore
South Korea to slap fines on food suppliers for ‘shrinkflation’
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue