Backed by strong e-commerce platforms, Kolkata, India-headquartered ITC Limited, a consumer goods major, grew its online channel rapidly in financial year 2022-23. Data from its recently released annual report shows that ITC’s sales through e-commerce channels surged faster than the market average, and stood at approximately five times of the company’s FY20 levels.
In FY23, over 10 percent of packaged food and personal care sales came from its online channel. During the year, consumers in urban markets continued to move toward modern trade and e-commerce, resulting in higher growth from the two categories. In rural markets, ITC continued to deploy market-specific interventions to enhance direct coverage. ITC’s brands reach over 230 million households in India.
According to the company’s annual reports for FY23, digital technologies including Industry 4.0, advanced analytics, big data and industrial Internet of Things continue to be deployed “toward strengthening [the] company’s real time operations and execution platform, enhancing productivity.”
A thrust on research and development have stood ITC in good stead. During the year, over 90 new products anchored on the vectors of health and nutrition, hygiene, protection and care, convenience and on-the-go, indulgence, among others, were launched across target markets, says the annual report. Currently, ITC’s products reach nearly seven million retail outlets of which more than 33 per cent are serviced directly.
