IFJAS’ first online trade show generates business worth Rs 153 crore
Jun 9, 2020
The first-ever online Fashion Jewellery and Accessories Show has generated business valued at Rs 153 crore ($20.71 million) which, although less than previous editions, was better than expected.
The annual trade show usually generates business opportunities worth between Rs 300 crore to Rs 350 crore and its first online edition, brought about due to the ongoing pan-India lockdown, generated around half of that, the Financial Express reported.
Although business opportunities were reduced this edition, sellers paid Rs 10,000 for their digital stall for the duration of the event, as opposed to the usual fee of Rs 1.5 lakh to Rs 2 lakh.
The lower participation fees allowed small businesses, many of which have been financially affected by lockdown, to take part and generate business opportunities, the Export Promotion Council for Handicrafts’ director general Rakesh Kumar told the Financial Express. This did, however, decrease the EPCH’s revenue, Kumar said, and the EPCH was pleased with how it went.
Around 200 Indian fashion jewellery and accessory export business showcased their products at the online trade show. Buyers included importers from countries including Europe and the U.S. The event’s organiser, the EPCH, used its database of overseas buyers and domestic manufacturers and sellers to create the online trade show.
The digital trade show was extended an extra day until June 5 due to high demand, the EPCH announced on its Facebook page. As well as networking and showcasing opportunities for sellers and buyers, the event featured online seminars relating to the industry.
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