Published
Nov 21, 2016
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‘Demonetization will boost purchasing through plastic money’

Published
Nov 21, 2016

Reliance Brands is optimistic that the demonetization move of the government will boost purchase of luxury and premium brands through plastic money on its retail outlets, according to a report in the Economic Times.
 

‘Demonetization will boost purchasing through plastic money’


Darshan Mehta, president & CEO Reliance Brands, said the currency demonetisation is a short term adjustment which the retailer and the e-commerce fraternity have to go through.

Mehta further said that depending on the nature of brands that he represents, those fall under bridge to luxury to super premium segment, where the demonetisation has only augmented the habit of purchasing through plastic money.

“My sense is that, we should be bracing ourselves for the next six months. From the perspective of the brands that I represent, after six months new normal will be established. Even things will rebound after six months. These six months, we will keep creating customer delight. We will put more in your baskets may be loyalty points, reward points, discounts etc,” he said.
 
“My brands cater to the salaried people for whom there is a no change in consumption hence we don’t see any change in consumption. The habit of buying through cards is already formed. It’s a just a short term adjustment for retailers,” Mehta added.
 
He said, for other segment of retail, which typically transacts through cash, will see a major shift from cash transaction to digital payments.
 

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