Maintaining social distancing during the COVID-19 outbreak is a new norm popularized by the Government and governance of other countries like wise. One of the largest companies of India by market capitalisaion, Reliance Ltd. has switched its business model to E-commerce market by marketing and selling products through video calls over Zoom and MS Teams, broadcasting the latest trends over WhatsApp and delivering a more consumer friendly interface through its websites and application.
As demand for high-end goods gradually returns with unlocking of the economy, Reliance Brands Limited that operates super premium labels, such as Diesel, Superdry, Brooks Brothers, Burberry, Coach, Gas, Giorgio Armani, Hamleys, Jimmy Choo, Kate Spade New York, Steve Madden, among others, in the country have switched to a digital platform for displaying its premium products.
The retailer has reached out to 1,50,000 shoppers in the 38 cities, selling over 11,750 units between 1 May and 15 June. Its executives made over 700 calls via Zoom and MS Teams, with over 3,350 customers billed, said Manu Sharma, group vice president business at Reliance Brands.
“There is lot of saving happening because you are not spending on a lavish restaurant booking or going out. So you are now moving back to the safest way of celebrating, that is probably getting something cooked at home and getting a couple of nice gifts to make the family member happy,” Sharma said.
“Luxury will bounce back sooner rather than later. The core of luxury is to make one feel good and belong to a specific strata of society. These basic facts of human psyche will never change. Luxury will keep fuelling these aspirations and will remain buoyant,” said Abhay Gupta, founder & CEO Luxury Connect & Luxury Connect Business School.
The positive outlook towards e-shopping will further strengthen the digital market and maintain a steady cash flow for the companies. The distributors and the retailers should also maintain a stringent policy to not indulge in advertising unethical products or send manufacture defect products.
Recently the total value (Market Cap) of Reliance Industries just hit the 11 Lakh Crore mark. It's the first time any listed company has ever achieved this feat in India. So how does Reliance make its money?
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