Five categories, what is known, what is forecast and what we think. Every claim is labelled, so you can tell research from opinion.
Every claim carries a label. Filter by type to see only what you want.
Showing every item
Four findings that matter whatever you sell.
Loyalty membership has a small effect.
A peer-reviewed study of Dutch supermarkets found that membership had a small effect on how much customers spend, about seven times smaller than a simple member versus non-member comparison suggests.
Source: Leenheer and others, 2007Netherlands, card based, before smartphones.
WhatsApp messages are billed by type.
Meta bills per delivered message template since July 2025. Promotional templates are charged, while some account-related messages sent while a customer conversation is open can be free. Cost depends on the message category.
Source: Meta, Oct 2026Global. Rupee rates not quoted.
Indian data protection rules expect clear consent.
The Digital Personal Data Protection Rules were notified in November 2025. Consent has to be clear and can be withdrawn, and the rules are phased in over about 18 months. Take legal advice on what applies to you.
Source: PIB, Nov 2025India. Summary only.
Occasion messages beat bulk messages, in old data.
In an Experian study from around 2010, birthday and anniversary emails earned more revenue per email than bulk emails, while offers with minimum spends did worse. It is very old and about email, so treat it as a hint.
Source: Experian, about 2010United States, email.
Jump to your category. Each section covers how it works, the evidence, customer behaviour, loyalty challenges, opportunities and the next five years.
Customers buy gold jewellery rarely, for weddings, festivals, gifts and savings. The price follows the gold rate plus making charges, so one purchase can be large. Purity, fair exchange terms and a long family relationship with a trusted jeweller matter.
Organised chains are gaining share, but independent jewellers still sell a large part of the market.
Gold prices rose 14% in FY2024 and 33% in FY2025.
Bars and coins were 31% of India's gold consumption in FY2025, so part of gold demand does not go through jewellers at all.
Source: ICRA, May 2025India. Rating agency estimate.
Rural India is about 60% of domestic gold jewellery demand.
Demand is spread widely, which favours local jewellers who know their customers.
Source: ICRA, Nov 2024India. Rating agency estimate.
Margins are thin on plain gold.
Gross margins were estimated at about 10 to 14% on plain gold jewellery and about 30 to 35% on diamond-studded pieces. That is why broad discounts are hard to afford.
Source: Minerva Capital Research, Apr 2025India. Broker estimate.
Value is expected to grow even as volume falls.
ICRA expected domestic gold jewellery value to grow 12 to 14% in FY2026 while volume fell by about 10%, because higher gold prices lift value.
Source: ICRA, May 2025Forecast for FY2026.
The organised share is expected to rise.
BOBCAPS projects organised chains to reach 44 to 49% of jewellery retail by FY29. It estimates the market at about ₹8.3 trillion in FY25.
Source: BOBCAPS Research, Sep 2025Broker forecast.
The first impression and the purchase matter most.
In a KPMG India study of fine jewellery, 47% said the pre-purchase stage matters most to their experience, 45% the purchase stage and 8% the stage after purchase. Loyalty schemes were described as a basic expectation, not a differentiator.
Source: KPMG in India, Mar 2025India. Sample size not stated.
Between purchases, a jeweller is mostly invisible.
Occasions such as birthdays, anniversaries and festivals give natural, welcome reasons to be in touch.
Source: Fydo analysis
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Domestic gold jewellery value is estimated to grow 12 to 14% in FY2026, with volume down about 10%.
As chains grow, independent jewellers compete for the same families. Being remembered on an occasion should matter more, not less.
With high gold prices each purchase is larger, so each lost customer costs more. Capped, targeted rewards should matter more than broad discounts.
The organised share of jewellery retail is projected to reach 44 to 49%.
We expect more jewellers to keep digital customer records and use WhatsApp for occasion and festival messages. This is an expectation, not a measured trend.
Households buy groceries every week, often several times, in small baskets. The kirana relationship is built on proximity, trust and sometimes credit. Quick commerce apps compete on speed and convenience, mostly in big cities, while most grocery spending still happens outside e-grocery.
Nearly half of quick commerce users spend less at kirana shops.
In a 2024 survey, 46% of respondents reported reduced spending at kirana shops, and 82% had moved at least a quarter of their regular kirana shopping to quick commerce.
Source: Datum Intelligence, Nov 2024Urban India, 3,000 adults in 10 cities.
A later survey found less substitution.
Among more than 1,000 digital users, kirana substitution by quick commerce fell to 19% from 38%.
Source: BofA survey, Nov 2025India. Digital users only.
Quick commerce is large, but e-grocery is still small overall.
Quick commerce reached about USD 10 to 11 billion in gross merchandise value. E-grocery is about 1.5% of the overall grocery market, and 6 to 7% in metros.
Source: Bain and Flipkart, Apr 2026India. Reported second hand.
Quick commerce is mostly household essentials.
Household essentials are 85 to 90% of quick commerce value, and orders are smaller "top-up" baskets. The report cautions that adoption beyond metro and Tier 1 cities is not yet proven.
Source: Bain and Flipkart, Apr 2026India.
Forecasts for 2030 differ widely.
Datum projected about USD 40 billion by 2030, from USD 6.1 billion in 2024. Bain and Flipkart projected USD 65 to 70 billion. The gap shows how uncertain the path is.
Source: Datum Intelligence, Nov 2024, Bain and Flipkart, Apr 2026Forecasts.
Most households shift part of their spend, not all of it.
In the Datum survey, 46% had reduced spending at kirana shops, but only 5% had stopped visiting them altogether.
Source: Datum Intelligence, Nov 2024Urban India, 3,000 adults.
Convenience wins the top-up basket, relationship wins the rest.
Credit, trust and proximity are what a local shop offers that an app does not. Because households split their spend, one can go quiet without anyone noticing, which is where a win-back message helps.
Source: Fydo analysis
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Quick commerce is a USD 10 to 11 billion segment, and e-grocery is about 1.5% of overall grocery.
We expect households to keep splitting baskets between apps and the local shop. A shop that notices when a household goes quiet can respond.
If quick commerce spreads beyond the metros, as the forecasts assume, smaller towns will feel the same pressure. Bain notes this is not yet proven.
Quick commerce is projected at USD 65 to 70 billion by 2030 (Bain and Flipkart).
An earlier projection (Datum, 2024) was about USD 40 billion by 2030.
Shoppers buy clothes occasionally, around seasons, festivals and weddings. Choice is wide and switching is easy, from local boutiques to value chains and online stores. Organised retail is growing faster than the market, and chains are moving into smaller cities.
Apparel retail was about ₹9.3 lakh crore in FY25.
It has grown about 7% a year since FY18, and about 41% of it is organised retail.
Source: CareEdge Ratings, 2026India. Rating agency estimate.
Online is a fifth of organised apparel.
E-commerce is about 22% of organised apparel retail. Value fashion chains are expanding quickly into Tier-2 and Tier-3 cities.
Source: CareEdge Ratings, 2026India.
The market is projected to grow strongly to FY30.
CareEdge projects about ₹16 lakh crore by FY30, with organised retail growing 10 to 13% a year and online rising to about 25% of organised sales.
Source: CareEdge Ratings, 2026Forecast.
The second purchase is the battleground.
Switching costs are low, so a first purchase can stay the only purchase. A reason to come back, and being remembered, matter more than range.
Source: Fydo analysis
Loyalty membership has a small effect on spend.
A peer-reviewed study found a small effect on share of wallet, so rewards should aim at repeat visits, not at transforming customers.
Source: Leenheer and others, 2007Netherlands, supermarkets.
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Apparel retail is about ₹9.3 lakh crore, about 41% of it organised.
Value chains in Tier-2 and Tier-3 cities will bring many first-time organised retail customers. Shops that take a phone number at billing will know who comes back.
As online share rises, local stores will compete on being known and on festivals and occasions, not on range.
Apparel retail is projected at about ₹16 lakh crore, organised growing 10 to 13% a year and online about 25% of organised sales.
Guests dine out weekly or more, spending small amounts each time. The experience decides loyalty: food quality, service and waiting time come first. Organised chains are growing, delivery is a larger share of orders, and independent restaurants and cafés compete on consistency and recognition.
Food services were ₹5.69 lakh crore in FY24.
About 43.8% was organised, and the industry employed about 85.5 lakh people.
Source: NRAI, Jul 2024India. Industry body.
NRAI expects steady growth to FY28.
NRAI projected ₹7.76 lakh crore by FY28, about 8.1% a year, with the organised segment growing 13.2% a year to a 52.9% share. India would become the third largest food services market.
Source: NRAI, Jul 2024Forecast.
A later study looks further.
As reported, NRAI and Redseer project about USD 150 billion by FY31 from about USD 90 billion in FY24, with online delivery rising from about 11% to about 18% of foodservice.
Source: NRAI and Redseer, 2026Forecast. We have not seen the original.
Lapsed regulars point to food, price and service.
In a US survey of 1,500 diners, lapsed regulars cited food quality (31%), price increases (22%) and service (15%). 32% said being recognised matters.
Source: Toast and Resy, Apr 2026United States. Sponsored by software vendors.
Bad experiences stop return visits.
In a US vendor survey, rude service (40%), cold food (35%) and long waits (27%) were reasons that would stop diners returning. This is stated intent, not behaviour.
Source: Lightspeed surveyUnited States.
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Food services are ₹5.69 lakh crore (FY24), with 43.8% organised.
As chains expand into smaller cities, independent restaurants should compete on recognition and consistency rather than scale.
NRAI projects ₹7.76 lakh crore, with the organised share at 52.9%.
Quiet-hour offers and recognition messages should matter more as delivery takes a bigger slice of orders. Loyalty cannot fix food quality or service.
NRAI and Redseer, as reported, project about USD 150 billion, with online delivery near 18%.
Clients return on a cycle of weeks, and the relationship is often with a particular stylist. A price rise, a change of stylist or feeling unheard can send clients elsewhere. Organised chains are expanding into smaller cities, while independent salons rely on their regulars.
Market size estimates vary widely.
Vendor estimates of India's salon market in 2025 range from about USD 7.8 billion to about USD 12.6 billion. The wide range suggests the sector is poorly measured.
Source: Deep Market Insights, 2025, Ken Research, 2025India. Vendor research.
Chains are moving into smaller cities.
Lakmé Salon says it has more than 450 salons in 190 cities. This is a company statement about its own network.
Source: Lakme SalonIndia. Company statement.
Vendors forecast steady growth.
Ken Research forecasts about USD 19.8 billion by 2031 (7.85% a year). Deep Market Insights forecasts about USD 14.2 billion by 2034. Both are vendor forecasts.
Source: Ken Research, 2025, Deep Market Insights, 2025Vendor forecasts.
Not being listened to sends clients away.
Among clients who strayed from a stylist, 41% said the stylist did not listen, 61% regretted it and 57% returned.
Source: Square, Jun 2024US and Canada. Online survey by a payments vendor.
Price rises hurt, and deals help.
In a vendor survey, 64% left a business they liked after a price rise, and deals brought 44% back.
Source: Zenoti, 2025Vendor survey.
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Vendor estimates of India's salon market in 2025 range from about USD 7.8 to 12.6 billion.
Organised salon chains should keep moving into smaller cities. Independent salons will compete on the relationship with the stylist.
Reminders after a gap and slow-day offers should matter more as clients compare more options. Fydo does not offer booking, so appointment tools will sit alongside it.
Ken Research forecasts about USD 19.8 billion by 2031. Deep Market Insights forecasts about USD 14.2 billion by 2034.
Latest full-year results of listed companies, next to how fast each industry is growing. EBITDA is earnings before interest, tax, depreciation and amortisation, shown as a share of revenue.
| Company | Period | Revenue | Growth | EBITDA margin | Profit and notes |
|---|---|---|---|---|---|
| JewelleryIndustry: domestic gold jewellery value expected to grow 12 to 14% in FY26 while volume falls about 10% (ICRA estimate, May 2025). Organised share projected at 44 to 49% by FY29 (BOBCAPS forecast). | |||||
| Titan CompanyTitan results, 8 May 2026 | FY26 | ₹76,078 cr total income | +33% | Jewellery EBIT margin 10.0% (Q4) | Profit after tax ₹5,073 cr, up 52% |
| Kalyan JewellersCompany results, 8 May 2026 | FY26 | ₹35,743 cr | +43% | 7.2% (Q4) | Profit after tax ₹1,350 cr, up 86% |
| Senco GoldCompany release, 27 May 2026 | FY26 | ₹8,430 cr | +33% | 11.5% | Q4 profit after tax ₹157 cr, up 151% |
| Titan reports EBIT, not EBITDA, so its margin is not directly comparable. Senco says its margin was lifted by gains from rising gold prices, so treat FY26 jewellery margins as flattered. | |||||
| GroceryIndustry: quick commerce is about USD 10 to 11 billion and e-grocery about 1.5% of grocery (Bain and Flipkart, Apr 2026). Projections to 2030 run from about USD 40 billion (Datum) to USD 65 to 70 billion (Bain). | |||||
| Avenue Supermarts (DMart)Company release, 2 May 2026 | FY26 | ₹68,821 cr | +15.9% | 7.5% (7.6% in FY25) | EBITDA ₹5,187 cr |
| Consolidated figures. Standalone EBITDA margin was 7.8%. | |||||
| FashionIndustry: apparel retail has grown about 7% a year since FY18, with organised retail projected to grow 10 to 13% a year to FY30 (CareEdge forecast). | |||||
| Trent (Westside, Zudio)Trent update, 6 Apr 2026; broker result note | FY26 | ₹19,701 cr (standalone) | +18% | About 18.5% | Reported EBITDA up 32%. Net 198 new Zudio stores |
| EBITDA margin is our calculation from a broker note. Trent reports revenue only in its trading update. | |||||
| Restaurants and cafésIndustry: food services projected to grow about 8.1% a year to FY28, with the organised segment growing 13.2% a year (NRAI forecast, 2024). | |||||
| Jubilant FoodWorksCompany results; broker note | FY26 | ₹9,513 cr | +16.8% | About 20% (Ind AS). India pre-Ind AS about 12% | Profit from continuing operations ₹386 cr, up 54% |
| Sapphire FoodsCompany Q4 FY26 summary | FY26 | ₹3,125 cr | +8.4% | 15.4% (Ind AS). 7.6% adjusted, down 9% in value | Board approved a merger with Devyani, subject to approvals |
| Devyani InternationalValue Research, Oct 2026 | Last 12 months | ₹5,835 cr | Not retrieved | Not retrieved | Net loss ₹27 cr over 12 months |
| Ind AS margins include the effect of lease accounting, so pre-Ind AS margins are lower. | |||||
| Salons and beautyIndustry: vendor forecasts of about 7.85% a year to 2031 (Ken Research). Estimates of market size vary widely. | |||||
| We did not find a listed pure-play salon chain in India with comparable results, so there is no company table for this industry. | |||||
Growth is not the same as more visits.
ICRA expected jewellery volume to fall about 10% in FY26 while value rose, and Titan reported 33% revenue growth. Much of the growth is price, so keeping existing customers matters more, not less.
Source: Fydo analysis
Thin margins cap what a reward can cost.
A 2% reward on every bill would use about a quarter of DMart's 7.5% EBITDA margin and about a fifth of Titan's 10% jewellery EBIT margin. This is simple arithmetic on reported margins.
Source: Fydo analysis
Value chains grow by adding stores fast.
Trent added a net 198 Zudio stores in FY26 and grew revenue 18%. Local shops cannot match that, so recognition and relationships are where they can compete.
Source: Fydo analysis
Delivery-led chains rely on repeat orders.
Domino's India reported like-for-like growth of about 6.5% in FY26, while Sapphire's adjusted EBITDA fell 9%. Growth is concentrated in the chains that keep customers ordering.
Source: Fydo analysis
How the five categories compare. This is our own judgement, shown as a Fydo view. Choose a column to highlight it.
| Industry | How often | Typical spend | What brings people back | Loyalty levers that fit |
|---|---|---|---|---|
| Jewellery | Once or twice a year | High, set by the gold rate | Trust, being known, occasions | Occasion messages, capped cashback, service rewards |
| Grocery | Weekly or more | Small baskets | Convenience, trust, small visible rewards | Small cashback, spend goals, win-back |
| Fashion | Every few weeks to months | Medium | New arrivals, festivals, recognition | Welcome offer, spend goals, VIP exclusives |
| Restaurants and cafés | Weekly or more | Low per visit | Consistency, recognition, a small free item | Visit rewards, quiet-hour offers, win-back |
| Salons and beauty | Every few weeks | Low to medium | The stylist, a fair price, small rewards | Visit rewards, slow-day offers, reminder campaigns |