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ICICI Securities Report
Influencing buying behavior of end customer via an expert and to prescribe usage of a particular product is relatively common in white goods and durables. As consumers buy these products after a long time interval, they need support of influencers to understand latest trends, technology and to select right product for their needs.
Polycab India Ltd. and other wires and cable companies also market their products through their network of electricians and retailers present pan-India. It rewards the electricians via direct credit to their bank accounts subject to certain targets.
It spends up to 2% of net sales as discounts to dealers, retailers and influencers (0.9% in FY21, 2.0% in FY20).
We believe large organised players will eventually gain market share as they offer better schemes and efficient transfer of funds, which is relatively difficult for small/ regional players.
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