Priyal Singh, Mumbai Uncensored:

IREDA, India’s premier renewable energy financier, is spearheading innovation in financing solutions to expedite the adoption of new and emerging renewable energy technologies. Through initiatives such as green bonds and risk-sharing mechanisms, IREDA seeks to unlock the full potential of renewable energy sources and propel India’s clean energy transition forward. This proactive approach highlights IREDA’s dedication to driving sustainable development and combating climate change.

Renewable energy technologies, such as solar, wind, hydro, and biomass, play a pivotal role in addressing climate change and reducing dependence on fossil fuels. However, the upfront costs associated with implementing these technologies can be a significant barrier to adoption for many businesses and individuals. As a result, innovative financing mechanisms are essential to making renewable energy more accessible and affordable.

IREDA’s focus on green bonds provides an alternative source of funding for renewable energy projects, allowing investors to support sustainable initiatives while generating financial returns. Green bonds are specifically earmarked for environmentally friendly projects and are increasingly popular among institutional investors and environmentally conscious individuals.

Additionally, IREDA is exploring risk-sharing mechanisms to mitigate the financial risks associated with investing in renewable energy projects. By partnering with other financial institutions, government agencies, and private investors, IREDA can share the financial burden of renewable energy investments and create a more conducive environment for project financing.

Furthermore, IREDA’s efforts to promote innovative financing solutions align with India’s ambitious renewable energy targets and commitments under the Paris Agreement. With a target of achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030, India requires substantial investments in renewable energy infrastructure and technology.

IREDA’s role as a catalyst for renewable energy financing is crucial in driving the transition towards a sustainable and low-carbon energy future. By providing innovative financial products and services, IREDA empowers stakeholders across the renewable energy value chain, including developers, investors, and end-users, to participate in India’s clean energy revolution.

In conclusion, IREDA’s focus on innovation in renewable energy financing reflects its commitment to accelerating India’s clean energy transition and achieving its renewable energy targets. By leveraging green bonds, risk-sharing mechanisms, and other innovative financing tools, IREDA can unlock new opportunities for renewable energy investment and pave the way for a greener and more sustainable future.

National Flipkart has unveiled its FlipTrends 2023 Report, sharing insights into the evolving landscape of online shopping in the country. The report is derived from the behaviours and preferences of over 500 million registered users.

The report unveils that the saree has claimed the spotlight as the most-shopped clothing item on Flipkart in 2023.

Most shopped items
Sarees overtook oversized and unisex fashion wear to be crowned as the most shopped clothing item. Women’s clothing across ethnic, contemporary and western wear remained at the top of shopping lists.

Cities like Trivandrum, Patna, Lucknow, Ludhiana, Varanasi, Ernakulam, Guwahati, Cuttack, Medinipur and Bankura emerged as top-tier shopping destinations.

Flipkart witnessed a significant boom in baby care and infant formula products, with a 100 per cent growth in infant formula and a 50 per cent increase in premium skincare baby products in 2023. The purchase of gift cards soared, with a 40 per cent growth in third-party brand gift cards, particularly in categories like gold and diamond jewellery and gaming.

In a recent report by Flipkart, Swift Money’s founder, Saksham Bhagat, highlighted the significant role that Cash On Delivery (COD) plays in fostering customer trust. Speaking at the Internet Commerce Summit, Bhagat emphasized that the online shopping giant, Flipkart, has played a crucial role in customer acquisitions and enhancing customer experience by offering the Cash On Delivery option.

He explained that the Cash On Delivery option has not only attracted customers to Flipkart but has also proven to be instrumental in customer retention and increasing repeat customers. The flexibility provided by the COD option has significantly contributed to Flipkart’s success in retaining and expanding its customer base.

Grooming and self-care took centre stage, with premium styling products experiencing a 3X growth over 2022. Face care products, especially those with glycolic acid and salicylic acid, emerged as the most sought-after items, followed by hair care and body care products.

Flipkart also witnessed a surge in demand for premium laptops, with a 3.2X growth, and a 100 per cent increase in tablet demand in 2023. Action and adventure cameras experienced a 4X growth, possibly fuelled by the growing interest in outdoor activities and the expanding universe of content creation and social media opportunities.

Shoppers spent an average of 7 hours on the platform and over 41 million new customers joined Flipkart’s user base until November 2023.

Bangalore, 16th December, 2023:

Lenskart, a powerhouse in the eyewear industry, has found itself at the forefront of an unexpected revolution in the realm of omni-channel retail. What started as a digital journey has transformed into a pioneering success story, rewriting the rules of engagement in the eyewear retail landscape.

The revelation unfolded during an engaging conversation between Ramneek Khurana, Co-founder of Lenskart, and Ashish Dhir, Executive VP at 1Lattice, at the Internet Commerce Summit 2023 in Bengaluru on December 12.

The turning point came when Lenskart, known primarily as an online platform, was identified as an omni-channel player by investors around 2015-’16. This unexpected characterization marked the beginning of Lenskart’s unplanned but groundbreaking foray into omni-channel retail.

“Our omni-channel journey was very simple. We started Lenskart as an online platform because that is the easiest and most cost-effective way to figure out our journey,” explained Khurana.

The shift to omni-channel was prompted by Lenskart’s responsiveness to fundamental consumer concerns. As an online platform, the brand faced challenges such as customers hesitating to make purchases due to uncertainties about frame fitting, appearance, and prescription issues. In a swift response, Lenskart initiated an unconventional omni-channel strategy, starting with the establishment of a few physical stores.

“We stumbled upon it, but were prompt in addressing the consumer problems,” Khurana added.

Lenskart’s transition from online to offline was marked by inventive solutions. The brand introduced features such as infinite trials and omni-channel returns, directly addressing specific pain points that hindered the online shopping experience. Unlike traditional retail approaches, Lenskart’s journey involved a shift from online to offline, bringing attention to products not physically present in stores.

Khurana shed light on Lenskart’s evolving omni-channel strategy, emphasizing the pivotal role of Artificial Intelligence (AI) and Machine Learning (ML). The brand leverages these technologies to tap into regular CCTV footage across stores, obtaining valuable insights into customer behavior and decision-making processes.

Discussing the ongoing evolution of their strategy, Khurana highlighted the use of AI and ML to study the online conversion funnel. This includes understanding demographics, time spent on product selection, and various other factors aimed at making the customer journey frictionless.

The brand aspires to bridge the gap between online and offline experiences, bringing online features into the offline shopping journey and vice versa. By deploying AI and ML, Lenskart aims to provide personalized assistance based on anonymized data from millions of purchases.

Khurana concluded by acknowledging Lenskart’s commitment to unlocking new data use cases, making the brand adept at collecting and utilizing data to enhance customer experiences. This accidental revolution from digital ignorance to omni-channel mastery positions Lenskart as a formidable player in the eyewear retail landscape, rewriting the rules of engagement in the industry.