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10 Influential People Changing the Game in their Respective Fields in 2024

10 Influential People Changing the Game in their Respective Fields in 2024
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retail sales: December 2023 retail sales in India grow by 4%, marking a slow quarter despite festive season

India s retail sales in December 2023 grew by a modest 4% compared to the same period in 2022, with October and November showing 7% growth, resulting in a sluggish quarter for retailers. The Retailers Association of India (RAI) highlighted muted growth for many despite mid-month discounts and the wedding season.

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Retailers saw muted growth in December post festival season : RAI

Retailers saw muted growth in December post festival season : RAI
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demand slump: Retailers forced to write-off inventory due to obsolescence, cut sourcing periods

Apparel retailers are facing challenges with unsold inventory, resulting in write-offs and impacting margins. They are reducing sourcing periods to mitigate the risk of obsolescence and adjusting their ordering strategies. The industry was unprepared for the sudden demand slump after the festive season in 2022, leading to stockpile. Retailers are now planning for shorter periods and buying closer to the season. Despite extended discounting, retail sales growth has been negative for like-for-like stores due to a shift in consumer spending towards travel and experiences.

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Temple frenzy gives 100 per cent lift to spiritual merchandise sales, ET Retail

Executives at ecommerce companies and general trade said sales of spiritual merchandise have increased two to three times compared with normal days, even as sellers such as Prabhu Bhakti, Ayodhyapati and HindK stores have flooded online platforms. Ecommerce platform Flipkart has listed T-shirts and flags for cars, bikes, cycles and windows printed with the words Jai Shree Ram, and images of the temple and Hanuman as "hot deals". Rival Amazon shows Ram T-shirts as "trending".

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