Indias largest watchmaker Titan planning to break into e-commerce giant Amazons global selling program to begin shipping its products to customers in the US, even as it reinvents its product range locally to enhance falling sales figures.
Following the paths of huge Indian brands as Amul, Fabindia, and Manyavar, which rode on the back of Amazon to sell their product in faraway markets, Titan plans to follow the footsteps. Amazon claims to have more than 23,000 Indian brands to have listed over 63 million products to sell on its global selling platform.
S Ravikant, chief executive officer, watches and accessories, Titan, quotes, E-commerce is the fastest growing channel for us and the US already has a mature e-commerce market.
The watchmaking company plans to kick off its business in the US by presenting 500 models under the Titan and FastTrack brand names. The company would price its products between $30 and $300 and will establish itself before holiday sales season.
Ravikant mentioned that Titan would consider selling leather accessories, eyewear and bags from its multiple brands in the US in the near future, but currently, the company was only targeting the watch market worth $12-billion in the country.
The US will be the first foreign market where the company will begin selling online before offline.
Gopal Pillai, director of seller services at Amazon India, said, We have 65 million products listed by Indian sellers on Amazons global marketplace. Brands like Amul are doing very well and some of these sellers are seeing over 100 per cent year-on-year growth in sales on Amazon.com.
Titan will use Amazons own fulfillment services to make the sale. The e-commerce firm will stock products at its warehouses near the customers, to be able to ship out Titan products to customers within two days and offer one-day delivery in metros. Titan sells its watches in more than 30 countries; only 10 per cent of its annual sales are outside India. The company hopes sales in the US will help in driving exports.