Tata Steel launches its steel retail store in new avatar
This outlet will provide a ‘one stop destination’ for consumers intending to go ‘steel shopping’
Tata Steel expects its Services & Solutions (S&S) business to contribute nearly 20% of its revenues going forward. The company's focus on S&S business is a strategic move to insulate its fortunes from the cyclicity of the steel business.
In step with this effort, Tata Steel launched its steel retail store ‘steeljunction’ in a new avatar. This outlet will provide a ‘one stop destination’ for consumers intending to go ‘steel shopping’.
The store, which was inaugurated by Tata Steel CEO TV Narendran, will showcase steel products catering to four consumer segments: home décor & gifting, home building, home making and tools & implements. “steeljunction is integral to our strategic focus on the retail segment. It is aimed at providing a differentiated steel purchase experience to discerning customers," said Narendran.
steeljunction will feature premium branded products of Tata Steel including Tata Tiscon, Tata Pravesh, Tata Wiron, Tata Colour, Tata Agrico and DurDurashine. Customers can also book these products online through the company’s e-selling platform Aashiyana, that clocked a business of over Rs 100 crore within one year of its launch.
"With Tata Steel’s foray into digital via www.aashiyana.tatasteel.com steeljunction offers a physical store support in deliveries and order management”, Peeyush Gupta, VP, steel (marketing & sales), Tata Steel said.
The steel industry is cyclical in nature. In order to insulate itself from this cyclicality, the company is focusing on strengthening the branded consumer business and downstream product portfolio," Tata Steel said in a statement.
Tata Steel has embarked on Services & Solutions (‘S&S’) business to reduce the impact of steel cyclicality. Pravesh and Nest In are examples of our offering in S&S, the statement added.
Tata Steel's branded products, retails and solutions business grew by 30% year-on-year during the last fiscal. The company achieved 3.9 million tonne(mt) in annual sales of branded products; brands like Tata Tiscon and Tata Astrum achieved higher sales of 1.43 mt and 1.52 mt, respectively.
Since inception, one lakh units of Tata Pravesh have been installed and over 10,000 consumers have been served. Last fiscal, the turnover from Tata Pravesh Doors and Windows have increased by ~80% as compared to previous year. Another premium Services & Solutions brand - ‘Nest-In’ doubled its business during financial year 2018-19 compared to previous year.