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New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

Nationwide lockdown to impact housing sales, say realtors

New Delhi, May 18 () Co-working major WeWork India, owned by realty firm Embassy Group, will lay off around 20 per cent of its total 500 employees with effect from June to cut its operational costs after its business hit by the coronavirus outbreak, sources said. Karan Virwani, the CEO of WeWork India, informed this decision through internal communication to company employees. Around 100 workers would be affected by the decision, sources said. According to sources, WeWork India will honour the notice period and also offer severance packages to its employees. The company will continue medical insurance until the end of this year and also offer its coworking centres free of cost. "We have optimised and planned our team strength based on the core business, as we continue to execute our long term business strategy in India and aim to be profitable by early 2021. We have realigned certain functions and teams to reflect our business priorities and a member-centric approach. "While decisions that impact our people are some of the hardest to make, we believe that this step is required to build an effective and sustainable structure that supports the company and our members in the long term," Virwani said in a statement. WeWork India has over 57,000 desks in 34 locations across NCR, Mumbai, Bengaluru, Pune and Hyderabad. The seats are available in the range of Rs 5,000-40,000 per desk per month. Bengaluru-based Embassy Group, a major player in Indian commercial real estate that launched India's first REIT, had partnered US-based WeWork in 2016 to enter into co-working business. The coworking segment, which grew at a rapid pace in India in the last few years, has been badly impacted because of lockdown to control coronavirus disease. Coworking players take office space on lease from real estate developers and other landlords and then subleases that to corporates, freelancers and startups. MJH MRMR

Lockdown impact: WeWork India to lay off around 100 employees

<ul><li>Young adults, less than 30 years old, showed significant changes in their behaviour after Covid, a study says.</li><li>“They have become moodier and more prone to <keyword id="23666" type="General" weightage="20" keywordseo="stress" source="Orion">stress</keyword>, less cooperative, and trusting, and less restrained and responsible,” a study said.</li><li>According to a <keyword id="481941" type="General" weightage="20" keywordseo="who-report" source="Orion">WHO report</keyword>, there was at least 25% rise in depression and anxiety cases within young people.</li></ul>26-year-old Ishaan Bilala, who works as a senior consultant at EY, has noticed that he has become irritable and his tolerance level has severely gone down during the pandemic. Bilala was a regular young professional enjoying the perks of a corporate life at Gurgaon with his colleagues, before Covid and the lockdowns struck. Forced to work remotely, he felt that his social growth was severely impacted. “If you don’t expose yourself to people, you will become unsociable,” Bilala told Business Insider India. However, these changes have gotten better as offices have opened up, he added. We have known that Covid-19 has had a deep impact on physical and mental well-being of people. Now, evidence is emerging that it may have affected our personalities as well, especially in Gen Zs and millennials. <cmsannotation type="cmsannotation" annotationid="Younger adults turned moodier, says study" comment="subhead" text="Younger adults turned moodier, says study">Younger adults turned moodier, says study</cmsannotation> According to a study published in <a href="https://timesofindia.indiatimes.com/life-style/health-fitness/health-news/coronavirus-study-links-personality-changes-in-young-adults-to-covid-19/photostory/94615467.cms?picid=94615490">PLOS One Journal</a>, more young people have seen several changes in their personalities since the Covid pandemic. “Younger adults became moodier and more prone to stress, less cooperative, and trusting, and less restrained and responsible,” the study said. This study included more than 7,000 participants from the US, aged between 18 and 100, who were assessed before the pandemic (from 2014 onwards), early in the pandemic in 2020, and then later in the pandemic in 2021 or 2022. The researchers found significant declines in extroversion, openness, agreeableness and conscientiousness in 2021 and 2022 compared before the pandemic. Doctors too say that they have seen a significant rise in the number of people who don't want to be as social as they used to be before the pandemic. “We have seen people – who were earlier pushing themselves to meet and engage with other people – now believing in keeping only meaningful relationships as Covid-19 broke the cycle of going out and being socially active,” Dr Kamna Chhibber, a clinical psychologist and head-mental health and behavioural sciences at Fortis Healthcare, said. <cmsannotation type="cmsannotation" annotationid="Mood swings, loneliness and frustration" comment="subhead" text="Mood swings, loneliness and frustration">Mood swings, loneliness and frustration</cmsannotation> According to Dr Vachna K, consultant psychiatrist at Apollo Clinic, Bengaluru, a lot of mood swings, loneliness, frustration and poor tolerance were also observed in people during Covid. Aman Khandelwal, a 23-year-old pursuing his CA finals, said that he had started having a lot of mood swings lately. He had also noticed his concentration level had gone down significantly, affecting his preparations for his exams in November. “Before Covid, my concentration level was much higher than what it is now. And this is making me more irritated and frustrated all the time. I’ve become so moody lately and this is hampering my studies a lot,” Khandelwal said. According to a WHO report, there was at least 25% rise in depression and anxiety cases within young people in 2020, as compared to 2019. However, doctors say this is not limited to teenagers and young adults alone. “Middle-aged adults between 30-64 years also showed changes while the oldest group of adults showed no statistically significant changes in their behaviour. These changes, whether they are temporary or permanent, are not known yet,” Dr Vachna told Business Insider India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms">Telecom sector to ring in stability in Q2 – Jio and Airtel expected to grow stronger, Vi weaker</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/dengue-cases-in-bengal-shot-up-by-20000-in-a-month/articleshow/94741179.cms">Dengue cases in Bengal shot up by 20,000 in a month</a>

This World Mental Health Day, let's unlock the behavioural effects of lockdown

<ul><li>India’s car makers as well as two wheeler companies, from Hero Moto to GM, are in a fix as local lockdowns are forcing plant shutdowns.</li><li>The surge in COVID-19 cases has also dented consumer demand. People are even cancelling earlier orders.</li><li>A survey of dealers, including the ones of Maruti Suzuki, shows that sales in April may be down anywhere between 30% to 70% across major states. </li><li>This also poses yet another threat to millions of people employed in the sector and the slump could cascade into consumer products as well.</li></ul>Prime Minister Narendra Modi has asked state governments in India to implement full lockdown only as a last resort. So far, in the face of the second wave of COVID-19 infections, complete statewide or national lockdowns have not been announced but the <keyword id="20077" type="ORGANIZATION" weightage="20" keywordseo="automobile-industry">automobile industry</keyword> in India ⁠— the fourth largest in the world⁠— has a story of its own. A drastic, and sustained, rise in COVID-19 cases across the country have caused localised lockdowns, forcing auto makers and dealers to temporarily shut down their facilities. Not only have new orders fallen, people are even cancelling the bookings made earlier. In states like Uttar Pradesh and Madhya Pradesh, dealers are reporting 40% to 60% fall in sales compared to the pre-COVID data i.e. year ending March 2019, according to Motilal Oswal which surveyed dealers across major states. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Estimated fall in April 2021 sales (vs FY19) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uttar Pradesh and Madhya Pradesh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% to 60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maharashtra and Chhattisgarh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rajasthan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% to 50% </td></tr></tbody></table>Source: Motilal Oswal report dated April 17, 2021. And, so production also has come to standstill... Hero MotoCorp, one of the leading two-wheeler manufacturers, has <a href="https://auto.economictimes.indiatimes.com/news/two-wheelers/motorcycles/covid-19-fear-hero-motocorp-halts-production-plants-worldwide-till-31st-march/74754257">announced</a> a nationwide shutdown of its plants for four days between April 22 and May 1. The maker of the popular Splendor bike said that despite its 4-day shutdown and production halt, it will not have an impact on its ability to meet demand, according to the company’s exchange filing. General Motors, the US-based car maker, fired all its 1,419 employees in its Talegaon plant in Pune. The company’s director of communications, George Svigos, told <a href="https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/gm-india-to-lay-off-1419-workmen-at-talegaon-plant-invokes-sec-25-of-the-industrial-dispute-act/82107319">Economic Times</a> that no vehicles were manufactured in the last four months. If this seems like déjà vu of the story that unfolded in the first half of 2020 during the first wave of the COVID-19 pandemic. From <a href="https://www.carandbike.com/topic/maruti-suzuki" data-type="tilCustomLink">Maruti Suzuki</a> to <a href="https://www.carandbike.com/topic/hero" data-type="tilCustomLink">Hero MotoCorp</a>, Indian companies are already facing the heat. All the top ten automobile companies in India have seen a decline in their share prices in April, with some of them registering a double-digit decline. All automobile makers are facing the heat <div type="image" title="Auto stocks performance in April 2021" msid="82195352" hostid="261" caption="&amp;lt;p&amp;gt;Share price of the top 10 automobile companies in India.&amp;lt;/p&amp;gt;"></div> The negative consumer sentiment and the possibility of another lockdown has had an impact on auto ancillary makers as well. However, some of them have managed to weather the storm for now. <div type="image" title="Ancillary auto stocks performance in April 2021" msid="82195370" hostid="261" caption="&amp;lt;p&amp;gt;Ancillary auto companies share price.&amp;lt;/p&amp;gt;"></div> This will have collateral damage too “If the markets are shut, then demand will fall. Any prolonged shutdown will mean demand will go down. Production cannot continue if sales stop. You can’t run factories if dealerships are shut. It doesn’t make sense,” RC Bhargava, Chairman, Maruti Suzuki (India’s largest car maker) told <a href="https://timesofindia.indiatimes.com/business/india-business/lockdowns-not-a-solution-will-hit-economy-force-workers-to-leave-maruti/articleshow/82172302.cms">TOI</a>. The impact of lockdowns and curfews will have a spillover effect on auto dealers as well. John K Paul, managing director of Popular Vehicles, one of Kerala’s largest Maruti Suzuki dealers, told <a href="https://auto.economictimes.indiatimes.com/news/passenger-vehicle/cars/lockdown-in-6-states-to-impact-31-of-indias-car-market/82154934">ET Auto</a> that he expects retail sales for the last year to be down 45%-50%. The slump in auto sales last year led to large scale layoffs in the auto sector and the same threat looms large again. The future’s looking bleak One could take heart from the swift recovery in car sales after last year’s lockdown but that miracle may not repeat itself this time. Optimism is scarce and people have lesser savings than they did last year. So, the pent-up demand may be missing this time around, according to analysts. Making matters worse, both two wheeler makers and car makers have had to increase prices due to the shift to BS-6 models (with less emissions) as well as a rise in raw material prices. The rise in price may be a deterrent for those on the fence about buying a new vehicle. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Models </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BS6 models Price hike (compared to April 2020) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.carandbike.com/tvs-bikes/apache-rtr-160" data-type="tilCustomLink">TVS Apache RTR 160 Rear Drum</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+14.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero Moto: Deluxe SS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+8.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.carandbike.com/bajaj-bikes/pulsar-150" data-type="tilCustomLink">Bajaj Pulsar 150 ABS</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Royal Enfield Classic 350 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honda Activa 5G DLX </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6.4% </td></tr></tbody></table>Source: Motilal Oswal The big companies may even recover later. Another slump in the sector may be fatal for many small businesses that depend on the big industry for their survival. Millions of people who work in the sector, directly or indirectly, are likely to save more expecting hard times ahead. That is if they still manage to keep their jobs. The reduced consumption is likely to take a further toll on the economy. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/elon-musk-tesla-is-reportedly-looking-for-a-showroom-space-in-india-picks-an-exec-to-lobby-for-them/articleshow/81969189.cms">Elon Musk's Tesla reportedly shortlists New Delhi, Mumbai and Bengaluru to open its first showrooms in India</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a> <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan India to increase prices of all models for Nissan and Datsun from April 1</a>

There is a virtual lockdown in the world’s fourth largest automobile market

New Delhi, May 25 () Bengaluru-based Livspace, which is into home design and renovation, has laid off 450 employees -- 15 per cent of its total workforce -- due to an adverse impact of the coronavirus-induced lockdown. The decision to lay off was taken last week. Earlier this month, leading co-working operator WeWork India also announced laying off nearly 100 employees. Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a three-sided marketplace and a design automation platform that connects homeowners, certified designers and vendors. Livspace uses data science-enabled algorithms to match homeowners with designers (based on style preferences, budget, scope of work and timelines). "Due to the COVID-19 pandemic, like every business in the discretionary purchase sector, Livspace also has experienced a sudden and unpredictable impact on business," the company said in a statement. Earlier in April, its founders gave up their annual salary, the leadership team relinquished their annual bonuses and the company introduced success-based variable pay across the board, it said. "But, we are definitely seeing a more unpredictable recovery path with the conditions still being very unstable, and, in response, we are steering the company in a more focused and leaner direction," Livspace said. The company decided to downsize its employees strength. "About 15 per cent of the organisation or 450 people have been impacted due to this decision, which, honestly, was the last resort for us," Livspace said, adding that it was an extremely difficult decision. Livspace said the company will provide health cover to these 450 employees and their families for the next three months. "Every confirmed employee who has spent more than 3 months at Livspace will receive extra pay proportional to the duration of their service. As a result, people will be receiving anywhere between one to four weeks worth of extra pay," the statement said. This monetary package has been created above and beyond any contractual obligations, it added. In line with contractual requirements, and in addition to the assistance package, employees will receive one month's pay for serving the notice period or in lieu thereof. Anuj Srivastava, co-founder and CEO at Livspace, said, "Letting go of our employees who have helped all of us build this company into the dominant player in our industry is one of the most difficult decisions that we had to take." MJH MKJ

Startup Livspace lays off 450 employees on adverse business impact from COVID-19

(Eds: dropping word from header) New Delhi, Apr 27 () Around 90 per cent of prospective homebuyers expect prices to fall due to adverse impact of COVID-19 outbreak, according to a survey by real estate classified platform 99acres.com.According to the survey, 40 per cent of the total prospective homebuyers, who were searching flats for purchase before lockdown, have postponed their plan while 60 cent are still keen to buy within the next 12 months.Major reasons for delaying their plan to buy were uncertainty in the market (56%) and financial factors (30%), the realty portal said in a statement. The survey has been conducted with a sample size of around 1,761 prospective homebuyers from major cities including Delhi (NCR), Mumbai, Kolkata, Hyderabad, Bengaluru, Pune, Chennai, Chandigarh, Ahmedabad, and Lucknow. The study covered four key parameters in the real-estate industry such as buyer's demand, investment perception, pricing expectations, and new consumer trends."60% of the Indian homebuyers who were in-market looking to buy a house before the pandemic are still planning to buy their homes within a year," the company said."Post the pandemic, a very significant share (90 per cent) of real-estate buyers expect a price correction," it added. In the survey, 31 per cent respondents felt that real estate is still the best option to invest followed by fixed deposit (24%), gold (24%), and stock market (21%).The prospective homebuyers showed preference towards ready-to-move-in properties with 85 per cent of buyers saying completed units are safer than an under-construction property."What's interesting to forecast with our rich consumer knowledge and data analytics is the big shifts in the next six months or so. Faster rate of adoption of digital avenues for home search, and more use of virtual tours of properties will likely emerge as big trends in the home buying industry," 99acres.com Chief Business Officer Maneesh Upadhyaya said. MJH RUJ

90% of prospective homebuyers see correction in property prices post lockdown: Survey

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today's interview, <keyword id="8869254" type="PERSON" weightage="20" keywordseo="arpan-biswas">Arpan Biswas</keyword>, VP – Marketing, <keyword id="6439410" type="UNKNOWN" weightage="20" keywordseo="housejoy">Housejoy</keyword> tells us how the startup adapted to this new way of functioning and all that it has been doing to keep all its stakeholders safe and connected with the brand.</li></ul> Since the government decided to impose a <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> on the country to curb the spread of Covid-19, businesses and organizations across the country, and the world, have been impacted. During this time, its organizations that have managed to stay agile and open to evolving how they function have been the ones that have been less impacted. Over the past few weeks we have read of a lot of organizations and brands that have diversified their businesses, in an attempt to stay relevant to the dynamic times. Among many other examples, we saw Housejoy, a tech-driven construction, renovation, interiors, and <keyword id="9385246" type="UNKNOWN" weightage="20" keywordseo="home-maintenance-company">home maintenance company</keyword>, launching a service for the delivery of essentials. The startup was able to pull this off right at the start of the lockdown, when people were stuck at home and were struggling to get essentials delivered as supply chain had been impacted too. This was a good example of how the startup (whose core offering in the construction and maintenance space came to a complete halt) innovated quickly to make itself relevant to the consumer’s evolving needs by expanding its offerings. We caught up with Arpan Biswas, VP – Marketing, Housejoy recently, to understand how challenging diversification under the lockdown was, and what kind of reception they have seen in the past few weeks. We also ask him what his learnings as a marketer from this whole experience has been and how Housejoy, as an organization, is gearing up to function efficiently in the post-Covid world. Excerpts: Q) How has the last 2 months been for Housejoy as an organization? Were you prepared as an organization to make the transition to WFH? Just like most other startups, the pandemic did have an impact on Housejoy and our operations given that our construction and maintenance services came to a complete halt. Now, we are back on track and all our businesses across all cities have resumed, except in containment zones. Our teams are back in office and our construction services have resumed. Though we were not completely ready for WFH initially, our tech and HR teams facilitated the transition and top management ensured the teams are well engaged with regular virtual catchups. Q) Your core offering is in the sphere of construction, renovation, interiors, and home maintenance. However, the lockdown has forced most work in the sphere to come to a complete standstill. How do you anticipate the next few months will pan out for you as an organization? Yes, construction and home maintenance do not fall under essentials. Hence, our businesses came to a standstill. During lockdown, we encouraged our construction and interiors customers to get their house designs finalized. We have also been working on building confidence among our existing customers and keeping them updated about our activities. As WFH will become a norm in the future, we foresee demand for home offices and an overhaul of how new spaces will be constructed. We anticipate a high demand for home maintenance, fumigation, and beauty services post the lockdown. Post easing of the stringent lockdowns, demand has picked up and our B2C business is getting more orders vis-a-vis pre-Covid period, partially due to the pent-up demand. We are also seeing considerable traction from construction and renovation. When our core businesses were halted, we took several initiatives like <keyword id="9385245" type="COMPANY" weightage="20" keywordseo="housejoy-mart">Housejoy mart</keyword> to ensure customers get super-fast grocery delivery and our idle service providers get a mode to earn. Additionally, we also collaborated with the Karnataka state government in their effort to combat the pandemic by offering free fumigation in public places. We recently joined hands with leading healthcare brands like Portea Medical, SRL Diagnostics, Biognosys and BAF to set up mobile COVID-19 testing camps across Bengaluru to arrest the spread of the virus. Q) How have you been communicating with your consumers during this time? As a marketer, what has your priority been, in terms of the marketing communications going out? Our external communication is focused on the essentials and customer’s needs like fumigation, grocery delivery, etc. We have stopped all spends on traditional mediums and primarily focusing on digital as a medium to generate demand and educate customers of our offerings. Within digital, the focus is on intent-based searches and quirky content to engage with our consumers. Additionally, we have reached out to all our existing construction customers on the delays and provided them assurance on their investments. A large chunk of our content is dedicated towards informing our customers about the measures our service providers have taken to keep themselves and our customer’s safe. Internally, we are trying to keep the team’s morale high by sharing all the media buzz we have received, the deals we have cracked. These are testing times for all employees and it’s important to assure them about the financial health of their organization. Q) What was your media mix pre-COVID and how did that change during the lockdown? Do you think you will tweak your media mix even after the lockdown is called off? Has digital seen most of your marketing investments? Prior to the COVID pandemic, it was a mix of traditional and digital. However, during the lockdown, digital marketing and PR have been our go-to medium. We are implementing and leaning toward strengthening our digital marketing strategies. Our strategy has been to engage customers with quirky and interesting themes and messaging, and we will continue to do this going forward. Q) Did content marketing play a big role for you during the lockdown? Content marketing is one of our focus areas and our single-minded objective on digital is to improve the shareability of our content. We wish to keep our construction and interiors customers updated with newest technologies, trendy designs, and latest ways to upgrade their lifestyles. For our on-demand customers, the focus is to educate them of the WHO-suggested safety measures we have implemented and keep them aligned to our new offerings like car sanitization and labor on hire. Q) You recently entered the grocery-delivery space. Was it a natural extension for the brand? What kind of uptake has this service seen during the lockdown? How have you been marketing this offering? Expansion to grocery-delivery was a natural extension as we have the necessary tech and supply for the same. Our primary focus through this initiative has been to ensure work continuity for our teams and helping our customers in this hour of crisis. We partnered with various Kirana stores and helped them in expanding their business. This is a very new field for us, and we are evaluating the business model currently. Once that is set, we plan to invest in marketing. Q) What have your key learnings from the COVID-19 experience been, both as a marketer and as an organization? As an organization, we have learnt that flexibility is one of the biggest virtues and we have exhibited the same. We entered two new categories – healthcare and delivery services – keeping in mind the growing demand. We have also realized that great companies are built when people stick together in such times of crisis. Our employees have exhibited immense character, took complete ownership and executed some tough projects. As marketers, we have learnt that marketing is not about big budgets. Focus should be on improving quality of content and adding value to our customer’s lives. The distribution is taken care of by customers. Q) While the lockdown might be lifted soon, things might still take a few more months to settle down. How are you going to cope with the post-COVID world? How are you preparing as an organization? Though the lockdown will be lifted, the fear of transmission will still loom large. There will be some permanent changes in customer’s behavior and way of consumption. We are trying to keep our eyes and ears open to understand and validate the changes and work on ways to connect with them better. There is no denying the fact that we must adapt to this new normal and we are doing everything possible to ensure things run smoothly.

Marketing in the times of Covid-19: Housejoy

New Delhi, May 12 () Online commerce platforms are estimated to have regained about 30 per cent of the pre-lockdown order volume in the last one week after relaxations were eased in the third phase of lockdown, a report by Unicommerce eSolutions said on Tuesday. Unicommerce is an e-commerce focused supply chain solutions provider, and claims to process over 20 per cent of the country's e-commerce volume. Its clients include Myntra, Bulbul TV, Urbanclap, Forever New, House of Anita Dongre, Jack &amp; Jones, Vero Moda and others. The company said it processes 4 lakh order items a day, amounting to over USD 2 billion (about Rs 15,000 crore) in gross merchandise value. "The overall e-commerce sector showed a good sign of recovery in the first week of lockdown 3.0 and made up for the steep decline of 40 days due to lockdown. The overall industry has reached 30 per cent of pre-lockdown order volumes which is a good sign for the industry," the report said. However, business will continue to take a major hit as over 40 per cent of the e-tailers are based in metropolitan cities which are currently in the red zone, it added. E-commerce companies have been permitted to sell all items in orange and green zones starting from May 4, 40 days after the nationwide lockdown was imposed on March 25. In the first two phases of the lockdown, e-commerce companies like Flipkart, Amazon and Snapdeal were allowed to sell only essential items like grocery, medicines and healthcare products. In the red zones, that include top e-commerce hubs like Delhi, Mumbai, Bengaluru, Pune and Hyderabad, e-commerce companies can still ship only essential items. "The online fashion sector is one of the major contributors to overall India's e-commerce volume and growth. It includes apparel, footwear, bags, and accessories and has suffered the maximum impact due to the coronavirus pandemic. "During the first seven days of lockdwon 3.0, the sector has recovered 30 per cent of its pre-lockdown order volumes," the report said. It added that the segment is expected to see further growth in the current week, as it took a couple of days for retailers to get back into the business. The fashion sector is expected to see the next big jump once e-commerce operations begin in metro cities, considering all metro cities are presently under the red zone, the report said. Order volume for electronic appliances increased significantly, with recovery rate of 35 per cent in the first week of the third phase of lockdown. It added that there has been a 5-7 per cent rise in the average order size compared to the week before the lockdown was announced in March. Given that eyewear was placed under the essential category, online eyewear players continued to operate during the lockdown as well. "During the lockdown, the number of orders for eyewear decreased by over 60 per cent despite multiple promotions by leading online eyewear players. However, the order volume has increased by 70-75 per cent as compared to a week before lockdown 3.0," it said, adding that consumers were probably not aware that eyewear products operate under the essentials category. For the cosmetics category, some products were available under the essentials category "However, the order volume declined by almost 90 per cent during the time period. In the first week of lockdown 3.0, the cosmetics sector has not shown any significant signs of recovery, as the sector has only been able to regain 15-20 per cent of its order volumes. "Having said that, the sector is expected to recover but will take a slightly longer time than usual," the report said. E-pharma and online grocery sector witnessed a massive spike of 100 per cent spike during the first two stages of lockdown, with the average order size increasing by 20 per cent, it added. "However, there has been a negligible change in the number of orders in the last one week, beyond a spike of 7-8 per cent in the overall order size as people may have already stocked up medicines and grocery items. The lockdown is expected to result in a major boost for the sector in the current financial year," it said. Unicommerce CEO Kapil Makhija said the last 40 days have had a major impact and changed people's mindset about online shopping. "Even though the government has permitted certain activities, consumers are still wary of leaving the house and have adopted social distancing as a way of life. The essentials category has witnessed a major surge during the 40-day lockdown and will continue to see an increase in the overall demand," he said. With certain relaxations in the non-essential sales in green and orange zones, a similar growth is being seen in other sectors, he said, adding that e-commerce industry is expected to see a steep increase in orders in the long run as consumers would adjust to the new norms post-lockdown. SR RVK

E-commerce regains 30 pc of pre-lockdown order volume, says Unicommerce

(Eds: Combining related stories) New Delhi, May 1 () India will now be under lockdown till May 17 with a complete ban on air travel, trains and inter-state road transport for the general public while educational institutions, theatres, malls, hotels and bars will also remain shut, the government announced on Friday but gave some relaxations for various business activities and people's movement within areas with limited or no COVID-19 cases. The decision to extend the lockdown by two more weeks after May 3, when the second phase of these restrictions was scheduled to end, came amid a continuous rise in the number of people testing positive for the deadly virus infection across various states, including in major metropolitans, with the nationwide tally crossing 35,000. The death toll has crossed 1,100. Prime Minister Narendra Modi had first announced a 21-day nationwide lockdown from May 25, which was later extended by two more weeks to contain the virus spread. However, several experts have cautioned that the lockdown is severely impacting economy and many rating agencies and industry bodies have forecast a sharp dip in the country's economic growth rate for the current fiscal with a few even estimating an overall GDP decline. All major urban centres including Delhi and Mumbai have been identified as 'red zones' or areas with large numbers of cases and therefore not much relaxations would be applicable to them beyond already permitted ones for those involved in essential services. Special trains also began operating during the day, which also happened to be the Labour Day, to help lakhs of migrant workers stranded for over a month at various urban centres due to the lockdown with many of them having rendered jobless and homeless, reach their native places, including in different states. Separately, Chief of Defence Staff General Bipin Rawat announced at a special press brieing, along with the three service chiefs, that the armed forces will express their gratitude to all "corona warriors" on Sunday by conducting fly-pasts, showering petals on hospitals treating COVID-19 patients and illuminating naval vessels. Besides, the Army will conduct mountain band displays along some COVID-19 hospitals in almost every district. Rawat also said it is not proper to conclude that the novel coronavirus outbreak is a result of biological warfare. US President Donald Trump had earlier said that the deadly virus originated from a virology lab in China's Wuhan city before it spread across the world and claimed over 233,000 lives and shattered global economies. But Trump's comments undercut a rare public statement from his own intelligence community, which stated no such assessment has been made by them whether the COVID-19 outbreak began through contact with infected animals or if it was the result of an accident at a laboratory in Wuhan. While several countries including Italy, Switzerland, New Zealand, Austria and various states of the US have begun easing their respective lockdowns, India has decided to implement the third phase of its own lockdown, while providing specific relaxations to less affected and 'virus-free' areas by classifying districts and cities into red, orange and green zones. But, some activities will remain prohibited throughout the country, irrespective of the zone, and these include air travel, rail, metro and inter-state movement by road, running of schools, colleges, and other educational and training hospitality services, cinema halls, malls, gymnasiums, sports complexes, as per an order issued by the Union Home Ministry. All social, political, cultural and other kinds of gatherings and religious places or places of worship for public will also remain shut, the order said. Outside the containment zone falling within red zones, certain more activities are prohibited in addition to those banned throughout the country and these include plying of cycle rickshaws and auto-rickshaws, running of taxis and cab aggregators, intra-district and inter-district plying of buses, as also barber shops, spas and saloons. Activities allowed in red zones with restrictions would include movement of individuals and vehicles for permitted activities, with a maximum of two persons (besides the driver) in four-wheelers and with no pillion rider in two-wheelers. Industrial establishments in urban areas including Special Economic Zones (SEZs), Export Oriented Units (EOUs), industrial estates and industrial townships with access control have been permitted. Construction activities in urban areas will be limited to in-situ construction (where workers are available on site and no workers are required to be brought in from outside) and construction of renewable energy projects. Shops in urban areas, for non-essential goods, are not allowed in malls, markets and market complexes. However, all standalone shops, neighbourhood shops and shops in residential complexes are permitted to remain open in urban areas, without any distinction of essential and non-essential. E-Commerce activities in red zones are permitted only for essential goods. Private offices can operate with up to 33 per cent strength as per requirement, with the remaining persons working from home. All government offices can function with senior officers of the level of Deputy Secretary and above at full strength, and up to one-third of remaining staff. Commercial and private establishments allowed in red zones include print and electronic media, IT and IT enabled services, data and call centres, cold storage and warehousing services, private security and facility management services, and services provided by self-employed persons, except for barbers. In orange zones, taxis and cab aggregators will also be permitted with one driver and one passenger only, while inter-district movement of individuals and vehicles will be allowed for permitted activities only. Four-wheeler vehicles will have maximum two passengers besides the driver and pillion riding will be allowed on two-wheelers. In green zones, all activities are permitted except those prohibited throughout the country irrespective of the zone. However buses and bus depots can operate with maximum 50 per cent capacity. Earlier in the day, the Union Health Ministry listed 130 districts in the country in red zone, 284 in orange zone and 319 in green zone. This classification of districts is to be followed by states and UTs till May 10 and the will be revised on a weekly basis or earlier if required, Major cities like Mumbai, Delhi, Kolkata, Hyderabad, Pune, Bengaluru and Ahmedabad have been designated as red zones in the new classification. A district will be considered under green zone if there has been no confirmed cases of COVID-19 so far or there is no reported case since last 21 days in the district. Red zone districts are those considered to be infection 'hotspots', decided on the basis of number of active cases, doubling rate of confirmed cases and extent of testing and surveillance feedback. Districts which are neither defined as a red or green zone, would be considered as an orange zone. The Health Ministry also said India has ramped up production of COVID-19 protective gears and medical equipment to reduce its dependence on foreign countries for these items which are in high demand globally due to the pandemic. In its evening update, the Ministry said the total number of confirmed COVID-19 cases in India has risen to 35,365 with 1,152 deaths, while 9,065 people have so far recovered. ACB SKL MPB ASK PLB BJBJ

COVID-19: Lockdown extended for two more weeks; 'Considerable relaxations' for safer zones

<ul><li>In our latest series, we talk to brands about how they have been marketing during these adverse times, the things they have learnt and how they are preparing for the somewhat uncertain future.</li><li>Mathew Chandy, Managing Director, Duroflex and Sleep Evangelist tells us what inspired the brand to launch a new store amid a nationwide lockdown and its intention to expand its retail footprint further in the country. </li><li>He walked us through the brand’s overall marketing strategy starting from the tone it decided to use in its communication to how it’s gaining consumer trust through social media to why influencer marketing turned out to be its favourite tool amid lockdown. </li></ul>Come what may, your sleep should never be compromised. A proper sleep routine makes it easier to cope up with stress, handle anxiety, concentrate and stay optimistic. This is exactly what Duroflex reminded its consumers when they were overwhelmed with fear of the virus and uncertainty looming around. It offered emotional solace by empowering its consumers with the right information they needed to maintain a good sleep hygiene via its digital platforms. It recognised the consumer sentiment in the market and opted for an optimistic tone in its messaging. To further help them keep anxiety at bay, Duroflex organised <keyword id="1830520" type="COMPANY" weightage="20" keywordseo="sleep-therapy">Sleep Therapy</keyword> sessions and launched a campaign called ‘Better Tomorrow.’ E-Commerce, digital and social became a key part of its marketing and communication strategy. However, while the whole brandverse was shifting its marketing monnies from traditional to digital mediums and shut the shutter of their stores, Duroflex managed to pull off a store launch in Bangalore. This decision came after the brand saw its website visits quadruple during the lockdown. Now, it is looking at further expanding its presence in metro cities. Mathew Chandy, Managing Director, Duroflex and Sleep Evangelist further shared with us which part of the country will they expand their retail footprint in, how well-received was the new store launch, its strategy to attract new consumers to enter its store, and how the lockdown forced the brand to shift its focus from profitability to liquidity. Excerpts: Q. Tell us how Duroflex decided to expand its retail presence at a time when other retail trends are backtracking and consumers are wary of even stepping out? What kind of response did you get from consumers? The launch of our second <keyword id="9539018" type="UNKNOWN" weightage="20" keywordseo="duroflex-experience-centre">Duroflex Experience Centre</keyword> in Bengaluru is a testament to our commitment to always put our consumer well-being first and help India sleep better, even at a time when retail trends are backtracking. As people adapt to the ‘new normal’, they are looking for essential products that will help them live and stay healthy. With consumers spending more time at home and doing numerous activities on their beds, a high-quality mattress from a trusted brand that gives them a healthy sleep experience has become an essential need now more than ever. We also witnessed an increase in the number of visits to our brand website during the lockdown which showed a demand for our mattresses and trust in our expertise. We understood this consumer need and launched our second experiential store in Bengaluru at Whitefield while also taking all safety measures to provide a safe and hygienic shopping environment. The Duroflex Experience Centre, designed keeping shopper needs in mind, offers a unique and first-of-its-kind mattress shopping experience. As a leading sleep solutions company, we understand that mattresses are a vital health need and therefore it is important for consumers to experience the product and make an informed selection. Consumers can experience a wide range of innovative and premium mattresses from Duroflex including our brand’s signature range Duropedic which is India’s only certified orthopaedic mattress range. The store also features three other ranges of our mattresses - Energise, Natural Living, and Essential. Consumers can also shop from a wide array of sleep accessories like 100% memory foam pillows with neck support, cool-gel pillows, antimicrobial mattress protectors, and much more. Q. How did you create buzz around this store launch? Will we see you expanding in any other city anytime soon? We have an existing launch offer of up to 25% off on any mattress purchase from our new experience center. We are also giving away assured gifts with every purchase. We are doing promotions through social media and print ads to the people of Whitefield to invite them to our stores. Yes, we intend to continue to put consumer needs first and expand our retail footprint in other parts of the country. Cities in the southern and western states of India are on our radar at the moment. Our Experience Centers will be largely metro focused. Q. How did you communicate and connect with consumers during the lockdown? Since the onset of social distancing, we at Duroflex stayed connected with our consumers in a unique and compassionate way. We did not force-fit our brand but rather empathized with them and supported them through various positive and thoughtful messages and activities in all phases of the lockdown. We offered emotional solace and support, the right information, and self-help through our social and digital platforms. In the initial stages of the lockdown when fear and anxiety of the virus were gripping people’s consciousness, we sprang into action with valuable health advice on ‘Sleeping for Immunity’. We channeled our communication around the relevance of sleeping 7- 8 hours a day to strengthen immunity with messages by reputed health influencers. When rational conversations gave way to emotional reassurance, we stepped in with our message ‘Stay In’ urging people to stay home because their bed is the safest and most comforting space. We also hosted live sessions from our social channels with experts like Yasmin Karachiwala, Ayesha Bilimoria, Vandana Gupta to help people stay fit and engaged while staying in. When an extended lockdown was announced and anxiety seeped in, we used our expertise on sleep and introduced ‘Sleep Therapy’ series - inherently calming activities on social media that addressed mental health. We hosted Yoga Nidra, live acoustic Bedtime Concerts, and Sleep Therapy sessions to help people combat stress. As the lockdown began to relax, we released a communication on ‘Better Tomorrow’, made to remind us that while we largely stay home and practice social distancing, our mind is always free to venture out and explore new solutions and possibilities. We hosted fun, engaging skill workshops and asked people to share new skills and hobbies they picked up during the lockdown and the response was overwhelming. We also talked about our innovative product solution such as Duropedic - India’s only certified orthopaedic mattress range to help combat the toll that work from home and the new normal has taken on back and spinal health. In this way, we continue to stay abreast of consumer sentiments and provide the necessary support and solutions. Q. What kind of business impact have you faced as an organization during the lockdown? How are you preparing for the unlock period now? The lockdown has had a major impact on business. No sales and no cash flow for over two months has been a major setback for the entire category. Liquidity is our single biggest focus right now. We have been putting a lot of attention to our restart protocol – in our factories and also in our retail and e-commerce markets. Now that the lockdown has been partially lifted, we have been focusing on getting the supply chain up and running sustainably and safely. We have reopened stores in different parts of the country, excluding the ones in containment zones. We have also opened our second Experiential Centre in Bengaluru at Whitefield to cater to the vital health need for a good quality mattress; an essential requirement for people today since they are spending more time at home especially on their beds. We have also been concerned about our vendors and channel partners and their ability to get back on their feet. We have been engaging with them to understand and assist where possible. The situation is unprecedented but we strongly believe that every crisis is an opportunity. Our financial acumen, people's culture, resilient attitude, and agility is what is going to help us come out of this pandemic stronger than ever before. Q. How have you observed the consumer behavior changing pre and post lockdown? Soon after the lockdown, consumer behavior and consumption changed to focusing on only key essentials. However, during the lockdown, we experienced an increase in visits to the Duroflex website which showed that there was a demand for quality mattresses. Due to the lockdown and social distancing, homes have become the hub for work and family time, beds have become the canvas for many activities - personally, professionally, individually, or as a family. Most people already spend 30% of their time in bed on the mattress. In the lockdown, people are spending even their non-sleeping hours on the mattress since many don’t have the luxury of a separate workplace at home. So there is a demand for mattresses, especially from a trusted brand. The quadruple increase of visits to our website in the lockdown is a testament to that. Also now more than ever, there is an increased awareness about the importance of getting quality sleep to boost immunity and overall health. A well-designed mattress is a key to unlocking great sleep. Q. What was your marketing strategy during the lockdown? Did you modify your media mix, with marketing investments getting shifted from one medium to another? During the lockdown, when staying home and maintaining social distancing was at its peak, consumption of content through the online medium and social media increased multifold. Ecommerce, digital, and social became a critical part of our marketing and communication strategy. Our messages during the lockdown centered on providing support and solace to consumers during a difficult time. This was communicated through digital films that we released on our YouTube and social channels. Influencer marketing also played a vital role in our efforts to stay connected to our consumers during the lockdown. The credibility and social reach of influencers have helped us in creating awareness about the power of sleep, sleeping 7-8 hours to boost immunity, and motivating people to stay in and stay healthy. We collaborated with influencers to keep people motivated while staying at home. Thrice a week we had renowned health and influencers go live from our Instagram handle @<a href="https://www.instagram.com/duroflexworld/">duroflexworld</a> and do sessions on a full-body workout, bed yoga, running drills, etc. Certified doctors and experts addressed mental health issues and suggested tips and solutions keep stress at bay. Q. As we are slowly coming out of the lockdown, what were your learnings as a leader? Below are some of the learnings: · Stay connected with everyone and foster an atmosphere of transparency and collaboration · Use the opportunity to upskill yourself and your team to build them for the future · Fatigue is unavoidable if you are chasing unrealistic targets. Be agile and have the foresight to change your plan and expectation with the current times. Create contingency plans, stay informed, be responsive and never lose sight of the larger end goal · Be innovative, create disruptive models, and don’t be afraid to experiment. Do not look at the pandemic as a limitation but look at it as an opportunity to be unlearned, learn, and grow

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