New Delhi, October 26 (IANS). Due to the rapidly growing influence of e-commerce and quick-commerce platforms, India is becoming a major growth market for global consumer goods companies.
The country’s digital retail ecosystem is enabling global consumer goods companies to achieve rapid market penetration and boost online sales, making India one of the best performing countries for big international brands.
Global consumer goods companies such as Unilever and L’Oréal reported strong growth in online sales during the September quarter, driven by rapid expansion of quick-commerce and digital retail channels.
Nicolas Hieronymus, CEO of French beauty brand giant L’Oreal, said India has become a “game changer” for the company due to the rise of quick-commerce and traditional e-commerce platforms.
“Ten days ago, I was in India, where it’s obviously a big change for us. Quick Commerce and traditional platforms are now helping us reach consumers across the country in a way we couldn’t do before,” Hieronymus said during the company’s earnings call.
British consumer goods company Unilever also highlighted India’s strong contribution to its digital development.
CEO Fernando Fernandez said digital commerce now accounts for 17 percent of Unilever’s total revenue.
“We are growing by 15 percent on Amazon, 25 percent on Walmart.com, 30 percent on Flipkart in India and 70 percent on TikTok globally,” he said.
Unilever, which operates in India through its subsidiary Hindustan Unilever Ltd (HUL), said its product portfolio is now better positioned for growth following strategic moves such as selling low-value brands and acquiring premium brands.
The company said its digital first brands are achieving great success, especially in markets like India and China.
Fernandez further said that Unilever’s quick-commerce business in India has more than doubled this year.
-IANS
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