Mobiles to drive India's 70% fashion accessory purchases by 2022: Report
New Delhi, July 31 : By 2022, seven in ten fashion accessory purchases in India will be influenced by mobile phones, predicts a new Facebook-KPMG report said on Tuesday.
Nearly half of those mobile-influenced purchases will be driven by Facebook, amounting to a $110 billion sales opportunity, said the latest "Zero Friction Future" report.
Additionally, mobile will influence two in three apparel purchases, amounting to $66 billion opportunity for brands, half of which will be driven by Facebook, the findings showed.
Friction occurs when consumers dropout during purchase due to unnecessary additional effort, incremental step or inconvenience.
According to the findings of the report, friction accounts for 19 per cent of consumer dropouts, in apparel category, and in accessories category, friction accounts for 22 per cent of consumer dropouts.
"Fashion spectrum in India has evolved so considerably, that the apparel and accessory market is projected to reach $102 billion and $155 billion individually, by the year 2022," said Pulkit Trivedi, Director, Facebook India.
"Today, mobile has become central to the way brands market and sell their products and engage with customers end-to-end. With our Zero Friction Future report, we aim to help fashion brands adopt relevant marketing strategies and reduce friction in consumer journeys across multiple touch-points, leading to improved conversion rates and increased revenue opportunity," Trivedi added.
According to the research, top friction areas for different demographic cohorts vary and hence marketers need to customise their marketing strategy accordingly.
For example, men and women display different drivers for entering the purchase funnel, the report said.
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K'taka govt, Taiwan's Allegiance Group sign MoU to establish industrial technology innovation park
Bengaluru (PTI): Karnataka government on Friday signed an MoU with Allegiance International Co Ltd of Taiwan to establish an Indo-Taiwan Industrial Technology Innovation Park (ITIP) in the state, with a proposed investment of around Rs 1,000 crore.
The MoU was signed by Rahul Sharanappa Sankanur, Director, Department of Electronics, IT, BT and Lawrence Chen, VP, Allegiance Group in the presence of Chief Minister Siddaramaiah, Minister for Electronics, IT & BT Priyank Kharge, and senior officials.
The project will be undertaken by the Allegiance Group with a proposed investment of around Rs 1,000 crore, leading to the creation of about 800 direct jobs via the companies setting up operations in ITIP over a period of 5 years, the IT&BT Minister's office said in a statement.
The ITIP will serve as a dedicated hub for Taiwanese companies in electronics and semiconductors, fostering advanced manufacturing, R&D, and innovation. This collaboration aims to strengthen Karnataka's position as India's leading destination for Electronics System Design and Manufacturing (ESDM) and accelerate the growth of the semiconductor ecosystem in the state.
Key highlights of the MoU include establishment of a world-class industrial park to house Taiwanese firms in electronics and semiconductor sectors; development of a robust supply chain ecosystem for components, PCBs, and chip design; creation of high-value jobs and skill development programmes in collaboration with academic institutions; and promotion of technology transfer and global best practices to enhance India's competitiveness in electronics manufacturing.
CM Siddaramaiah said this partnership marks a significant step towards realising Karnataka's vision of becoming a global hub for electronics and semiconductor innovation.
"The ITIP will attract cutting-edge technology and investments, creating opportunities for our youth and strengthening India's position in the global value chain," he said.
Minister Priyank Kharge said Karnataka has led India's technology revolution and continues to dominate in innovation, deep-tech talent, and semiconductor design.
"This partnership will accelerate our efforts to build a robust electronics and semiconductor ecosystem. We are committed to creating a level playing field and ensuring that Karnataka remains the preferred destination for global investors in advanced technologies," he said.
Lawrence Chen said, "We are excited to collaborate with Karnataka, a state known for its technology leadership. The ITIP will be a catalyst for Taiwanese companies to expand in India and contribute to the growth of the semiconductor and electronics ecosystem."
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