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Aksshat Seth (08) Amit Kumar (10) Ankush Redhu (16) Devanshu (36) Dion D’sa (37) Harish V. (46) Haritha G. (47)
Table of Contents Executive Summary Introduction to the topic Traditional Scenario In India Indian Retail Is Moving Into Second Gear Failure Analysis Recent Trends Foreign Direct Investment’s Role Challenges Facing The Indian Organized Retail Sector Our Suggestions & Other Research Findings 3 4 4 5 8 9 11 13 16 Conclusion 18 2| .
Intrinsic complexity of retailing – rapid price changes. which favors small retail businesses.EXECUTIVE SUMMARY CHALLENGES: To become a truly flourishing industry. Taxation.. OPPORTUNITIES & OBSERVATIONS: A large young working population with median age of 24 years. and cumbersome local laws. Future of Indian retail is bright provided certain measures are taken well in time. Modern retail in India could be worth US$ 175-200 billion by 2016. Lack of trained work force. Presently. constant threat of product obsolescence and low margins. which in turn will help the India Retail Industry to grow faster. Along with increasing working women population and Emerging opportunities in the services sector The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry. Nuclear families in urban areas.7 billion business. The Food Retail Industry in India dominates the shopping basket. The Mobile phone Retail Industry in India is already a US$ 16. In India the vast middle class and its almost untapped retail industry Global retail giants wanting to enter into newer markets. Low skill level for retailing management. Indian retail is expected to grow 25 per cent annually. Indian retail is aiming at meeting customer expectations. The future is in better backend management phase and then consolidation phase. The government policies becoming more favorable and the emerging technologies facilitating operations. Regulations restricting real estate purchases. retailing needs to cross the following hurdles: Automatic approval is not allowed for foreign investment in retail. growing at over 20 per cent per year. 3| .
and increase in economies of scale. especially post-liberalization. increase in product variety. The retail sales are at the highest point in history and new technologies are improving retail productivity. TRADITIONAL RETAIL SCENE IN INDIA India is the country having the most unorganized retail market. One such skill development initiative has been taken by TKWs Group. Indian retailing today is at an interesting crossroads.Ft of area. Traditionally the retail business is run by Mom & Pop having Shop in the front & house at the back. the country is developing a support infrastructure in form of specialized retail schools. Its TKWs Retail School has already training over a thousand students and retail professionals for different retail skills. While the retailing industry itself has been present since ages in our country.INTRODUCTION Retailing is the most active and attractive sector of last decade. More than 99% retailers function in less than 500Sq. retailers are facing numerous challenges. All the merchandise was purchased as per the test & vim and fancies of the proprietor also 4| . The emergence of retailing in India has more to do with the increased purchasing power of buyers. though there are many opportunities to start a new retail business. it is only the recent past that it has witnessed so much dynamism. To overcome some of the challenges faced by modern retail. with the aid of modern supply and distributions solution.
INDIAN RETAIL IS MOVING INTO SECOND GEAR 1) FIRST GEAR: (Create awareness) * New retailers driving awareness * High degree of fragmentation * Real estate groups starting retail chains * Consumer expecting 'value for money' as core value 2) SECOND GEAR: (Meet customer expectations) * Consumer-driven * Emergence of pure retailers * Retailers getting multi-locational and multi-format * Global retailers evincing interest in India 3) THIRD GEAR: (Back end management) * Category management * Vendor partnership * Stock turns * Channel synchronization * Consumer acquisition 5| . Thus profits were vanished without their knowledge. Hence market was controlled by handful of distributors &/or Wholesalers. Selling prices were largely not controlled by Manufacturers. Branding was not an issue for majority of customers. The Manufactures were to distribute goods through C & F agents to Distributors & Wholesalers. The merchandise price used to get inflated to a great extent till it reaches from Manufacturer to End-user.the pricing was done on ad hock basis or by seeing at the face of customer. Bargaining was the unwritten law of market. Retailers happen to source the merchandise from Wholesalers & reach to end-users. Generally the accounts of trading & home are not maintained separately. Profits were accumulated in slow moving & non-moving stocks which were to become redundant or consumed in-house. Educational qualification level of these retailers was always low.
169 Food Bazaar stores. in over 70 cities across the country. This entity has been created keeping in mind the growth and the current size of the company‟s value retail business. a chain of fashion outlets. futurebazaar. led by its format divisions. The company‟s leading formats include Pantaloons. Big Bazaar and Food Bazaar. is India‟s leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. touch and feel of Indian bazaars with aspects of modern retail like choice. 6| .* Customer relation's management 4) FOURTH GEAR: (Consolidation) * Aggressive rollout * Organized retail acquitting significant share * Beginning of cross-border movement * Mergers and acquisitions The third and fourth gear provides us with a potential vision to work for. This is the future. has over 1000 stores across 73 cities in India and employs over 30. As a focussed entity driving the growth of the group's value retail business. Some of its other formats include Brand Factory. Top 10 and Star and Sitara. Pantaloon Retail (India) Limited. a supermarket chain. aLL. blends the look. Headquartered in Mumbai (Bombay). covering an operational retail space of over 6 million square feet. Future Value Retail Limited is a wholly owned subsidiary of Pantaloon Retail (India) Limited.com. Food Bazaar. the company operates over 16 million square feet of retail space. The company operates 148 Big Bazaar stores. among other formats. Big Bazaar. a chain of seamless destination malls. supply partners. convenience and quality and Central. Blue Sky. Future Value Retail Limited will continue to deliver more value to its customers. The company also operates an online portal. stakeholders and communities across the country and shape the growth of modern retail in India. We would now study the current scenario and past trends with the help of studying some of the India‟s retail giants.000 people. a uniquely Indian hypermarket chain.
Future Group Future Group. as espoused in the group‟s core value of „Indianness. Big Bazaar is a hypermarket format that combines the look. brand development. leisure and entertainment. is one of India‟s leading business houses with multiple businesses spanning across the consumption space. Mr. It also operates popular shopping portal . The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. group subsidiaries are present in consumer finance. led by its founder and Group CEO.futurebazaar. touch and feel of Indian bazaars with the choice and convenience of modern retail. capital.’ Logistics and supply chain management: Logistics forms a critical business activity across Future Group‟s businesses. among others. insurance. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas. 7| . a specialized subsidiary. Kishore Biyani. its marquee brand.eZone. Future Supply Chain Solutions Limited (FSCS). the group operates Pantaloons.Planet Sports. Retain values.com. home improvement chain -Home Town and rural retail chain Aadhaar. a chain of seamless malls. electronics retailer . In the lifestyle segment. focused and consolidated approach to meet the group‟s large supply chain requirements as well as those of select supply and business partners.Food Bazaar. a business group catering to the entire Indian consumption space.’ The group‟s corporate credo is. The group‟s specialty retail formats include supermarket chain . retail real estate development.www. sportswear retailer . a fashion retail chain and Central.Pantaloon Retail is the flagship company of Future Group. In the value segment. ‘Rewrite rules. While retail forms the core business activity of Future Group. retail media and logistics. offers strategic.
contracted from established regional and national transport carriers. Currently. Agre Developers Limited is a Future Group company that will provide a comprehensive mall/property management and services in India including positioning. Ahmadabad City Centre in Ahmadabad and Cosmos Mall in Siliguri. Mall management broadly includes mall positioning. the Indian retail market lacks designated mall management firms. promotions/marketing and facility/finance management. Cosmos and Lido Malls in Bangalore. In addition it provides integrated end-to-end SCM. most of which are now equipped with GPS sets. Mall management: Mall management has been identified as a critical factor for the success of shopping malls/centre and the retail industry across the world. Agre Developers currently operates six shopping malls: Orchid City Centre and Milan Mall in Mumbai.50 million square feet. multi-modal transportation and container freight station. finance management and mall advisory services. tenant mix. The total consolidated warehouse space that the company intends to have operational by 2010-11 is nearly 7.The Future Supply Chain Solutions team currently oversees the operations of an existing fleet of over 600 dedicated trucks. FUTURE BAZAAR’ ONLINE PRESENCE: 8| . warehousing and distribution. zoning.
RECENT TRENDS Indian retail market is estimated to be at ~$350 billion and organized retail accounts for 6% of the total market.categories include . Brands include. 2. Prestige. Home Linen . Toys and Games.Cello and Aza.Samsung . With such a huge opportunity why would anybody not enter the retail market? Both domestic and foreign retail players are interested in investing in Indian retail story. Ambani‟s and the Birla‟s are sharing the 6% pie so far. Even the category can be chosen i.Bags & Luggage .Dreamline. home appliances. That means that they also provide the choice of selecting the range or budget that the consumer is willing to pay. Frank.e. So all the Biyani‟s. This exemplifies the breadth and depth of the growth of retailing in India. Nirali.Home Utilities. 1. Kitchen appliances.Kitchenware . Mattel. Sensei. Future Bazaar is just an example.Play station CD.) Electronic deals: . Onida. Not so good news 9| .Hitachi. Koryo . More Home Deals . All the above mentioned points reveal the robust growth and diversification of retail in India. Laptops. The results have been mixed so far but there are trends if looked more closely.Auto Accessories. Shopping has been made microscopic to ease out purchase. Wild Republic Funskool . gaming accessories. Foreign Direct Investment is permitted only in cash-and-carry business of the retail space. These are some of the main brands offered by Future Bazaar.LG. 51% investment is allowed in single brand retail stores. Sony . Philips . No foreign investment is allowed in multi-brand retail stores.On visiting Future Bazaar website one can see the different verticals it is dealing with under one roof.) Home Deals:. Microsoft . TV‟s. the online presence is becoming common phenomenon of retailing nowadays in India. Milestone. International Multi-brand retailers are allowed but only via the franchise route where the face should be of an Indian business house. Moreover. The following are the details about it.
which is a rip-off of Saravana Stores in Chennai. is something worth paying attention to. 4. is battling for survival.Subhiksha. Its Reliance Fresh is not doing that well. I would go to a small store who delivers to my home. Bharti has collaborated with Wal-Mart for a cash and carry business and has named its stores as BestPrice Modern Wholesale. lack of positioning and loyalty have proved as obstacles in their growth path. I don‟t have to worry about parking and carrying the bags back to the car India‟s retail sector has for quite a few years been one of the sunshine sectors of our industry. Good news Future Group‟s Big Bazaar has bucked the trend though it is resorting to new ways to boost sales. If you have such a big store and I am fighting for the parking space I would rather not come to your store and will find an alternative. Since organized retail is pretty new in India. Parking space or the lack of it. Small stores like the Subiksha format or the Reliance Fresh format did not work. 2. 10 | . It is trying to rent expensive clothes for special occasions. that guy makes an eye contact and asks what I want. Same is the case with Spencers and Aditya Birla group‟s More. But there are few trends if we look closely. But problems ranging from poor supply chain. I am not saying that the supermarkets should do to all the customers that walk their stores. The profitability is not there for that small a space. Good customer care. Which means their store format. If asked a good customer care is always a good way to increase reputation. which runs the retail stores across India. nobody knows what really works. Reliance Retail has pulled out of cash and carry business because of the bleak outlook and they don‟t want to burn any more cash. Big Bazaar is a hit. When I walk into a kirana store across the street. Mahindra and Mahindra group unlike their Xylo launch has quietly entered the retail space with Mom & Me store. 3. It is also in talks with Carrefour for a cash-andcarry set-up. high infrastructure costs. It has negotiated its rentals in many cities but now it is planning to close more than half of its stores. 1. UK retailer Argos is pulling out of India. That makes me feel good.
g. Shoppers Stop is planning to open over 12 stores in smaller cities by the year end at an investment of about 120 crore Future Group is planning to enter 10 – 12 towns every year Metro Cash and Carry and Easy Day are looking to expand their cash and curry business first to smaller towns Wills Lifestyle and Spice Hotspot are targeting these smaller cities and towns as a very important part of their strategy Wondering how come this change? I analyzed a number of factors / reasons responsible for this.Increasing disposable incomes. CEO. Future Group’s words – “Sales per sq ft may be lower than the cities. One of the most important factors is the changing demographic dividend .Now. In Rakesh Biyani. but then the costs are lower too” 11 | . This has also helped the rural populace to better realize their agricultural produce and get the right price for it. many of them are turning their glances to the rural areas for expansions. Increasing customization and decreasing the stock of luxury products is the strategy which retailers are using for rural areas.: Reliance Fresh is sourcing the vegetables directly from the farmers for its stores thereby removing the need of middlemen. E. better standards of living and reduction of gender and race divides is proving to be increasingly beneficial. Low land availability and rising prices has also made many retailers look to smaller towns for their operations. Retail.
This is because of the following reasons: Availability of cheap labor. 12 | . Due to economies of operation. Less production cost compared with other developed countries. organized retail stores. FDI was concerned only with highly industrialized countries.) Long term cash liquidity: FDI will provide necessary capital for setting up organized retail chain stores. Slovak Republic. Some benefits: 1. Greece. Opening the retail industry to FDI will bring forth benefits in terms of advance employment. The benefit of FDI in retail industry superimposes its cost factors. Liberalizations in FDI have caused a massive restructuring in retail industry. Now. production facilities will be available at a cheaper rate thereby resulting in availability of variety products to the ultimate consumers at a reasonable and lesser price. France.) Cheaper production facilities: FDI will ensure better operations in production cycle and distribution.) Availability of new technology: FDI enables transfer of skills and technology from overseas and develops the infrastructure of the domestic country. during the course of time. 2. Uninterrupted availability of raw material. It is a long term investment because unlike equity capital. FDI has become a vital part in every country more particularly with the developing countries. availability of quality products at a better and cheaper price. Switzerland and Turkey also have a positive record in FDI investments. 3. US was the world‟s largest recipient of FDI during 2006 with an investment of 184 million from OECD (Organization for Economic Co-operation and Development) countries. FDI in the Retail sector: Retailing is one of the world‟s largest private industry. Greater managerial talent inflow from other countries is made possible. Iceland.FOREIGN DIRECT INVESTMENT’S ROLE In the past decades. Domestic consumers will benefit getting great variety and quality products at all price points. Poland. the physical capital invested in the domestic company is not easily liquidated. It enables a country‟s product or service to enter into the global market. Quick and easy market penetration.
There would be an increase in the market growth and expansion. This had started in the 1980s due to Japanese firms and as a result. leads them towards acquiring the market entry through franchises. New products are used by the multinational corporations and then demonstrated in the Indian market. Retail giants who are at their wings.) Manufacturing Employment: 13 | . Human capital.4. countries which offer promising market potentialities for retail growth offers substantial growth in the franchising sector as well. 7. seeking entry into foreign market look for other available alternatives. Indian firms started inculcating the practices of QC. 6. India can look forward to more professional and sophisticated number of workers and employees at every level. Thus. in terms of quantity was never a big problem in India. JIT. Higher wages will be paid by the international companies. thanks to its huge population and quality and efficiency in work has been ushered in by the MNCs. A capital intensive set up is indeed an expensive proposition but with the existing as well as potential labor intensive industries.) Improved human capital: Indian industries are predominantly labor based but there is also a significant number of capital based companies. 8. and QA. which would ultimately ensure better and lower prices thus benefiting people in all sections of the society.) Competition Effect: The benefits of larger FDIs will include the launching and marketing of new products and brands in the Indian market. Urban consumers will be exposed to international lifestyles.) FDI opens new doors for Franchising: Restrictions on FDI are considered as trade barriers as they deny direct market access to foreign firms. It will ensure better managerial techniques and success.) Lead driver for the country’s economic growth: FDI would create a competition among the global investors. 5. These restrictions on the global retailers regarding the inflow of Foreign Direct Investment. The processes followed by MNCs in India serve to have a demonstration effect on Indian companies which in turn improves market competition and the standard of products. It will increase retail employment and suppress untrained manpower and lack of experience.
Pantaloons.) Retail Space: With real estate prices escalating due to increase in demand from the Indian organized retail sector. and Metro AG are entering the organized retail sector in India indirectly through franchisee agreement and cash and carry wholesale trading. 2. This has happened for the Indian consumer is earning more now. and get entertained under the same roof. 1.) Trained manpower shortage: is a challenge facing the organized retail sector in India.) FDI: The Indian government has allowed 51% foreign direct investment (FDI) in the India retail sector to one brand shops only. This again brings down the Indian retailers profit levels. western influences. and Bharti Telecoms. Merchandising consists of activities involved in acquiring particular goods and services and making them available at a place. 14 | . 4. With Indian retailers having to shell out more for retail space it is affecting their overall profitability in retail. But they are facing stiff competition from these global retail giants. 3. shop. This not only includes the quality human resource but also provides for quick and efficient work and effective outcomes. As a result discounting is becoming an accepted practice. All these have lead the Indian organized retail sector to give more in order to satisfy the Indian customer. Many Indian companies are also entering the Indian organized retail sector like Reliance Industries Limited. The behavior patterns of the Indian consumer have undergone a major change. Wal-Mart. He now wants to eat. CHALLENGES FACING THE INDIAN ORGANIZED RETAIL SECTOR The challenges facing the Indian organized retail sector are various and these are stopping the Indian retail industry from reaching its full potential. This too brings down the profit of the Indian retailers. it is posing a challenge to its growth. This has made the entry of global retail giants to organized retail sector in India difficult.) Merchandise: The primary goal of the most retailers is to sell the right kind of merchandise and nothing is more central to the strategic thrust of the retailing firm. time and quantity that enable the retailer to reach its goals. The Indian retailers have difficulty in finding trained person and also have to pay more in order to retain them. women working force is increasing.Larger FDIs definitely generate more and more employment opportunities. The opportunities are highly experienced in the manufacturing area. desire for luxury items and better quality. But the global retail giants like Tesco. This is a challenge being faced by the Indian organized retail sector.
The US needs to invest more in various sectors of the Indian economy. leather. gems. Thanks to the economic boom India is experiencing. some Indian companies are doing better than even the multinational corporations. In 2006. India still requires an FDI component equal to 4% of the GDP. there will be more competition in the market at large and the rural sector of the country will be in the process of reformation. and the financial sector. WHAT ARE THE BENEFITS OF LARGER FDI TO THE RETAIL INDUSTRY The benefits of larger FDI can be tangibly felt in the domains pertaining to technological advancements. very few in number but as India capitalizes on the above mentioned benefits. generation of export. 15 | . there is a need for larger FDIs. Capital inflow into India has increased and so have the exports from the country. It is one of the challenges that the Indian retailers are facing. jewellery. FIRST PRIORITY: NEED FOR LARGER FDI The need for larger FDI is because India is at a stage where it needs US investments. thus bringing about a socio-economic stability. automobiles. There is a potential to attract more FDIs in areas like infrastructure. The importance of pricing decisions is growing because today's customers are looking for good value when they buy merchandise and services. textiles. out of which only $5 billion was from the US. Foreign Direct Investment (FDI) in India amounted to US$37 billion. technology. India is rated as the 2nd best economy to invest in.5) Pricing: Pricing is a crucial strategic variable due to its direct relationship with a firm's goal and its interaction with other retailing elements. Therefore. As such. The challenges facing the Indian organized retail sector are there but it will have to be dealt with and only then this sector can prosper. IT hardware. however. and hastening of manufacturing employment. which are carried out in the business. and management policies to sustain and enhance its economic growth. The cost of business operations is very high in India. The benefits of larger FDI are. This was not a very encouraging figure in view of the goal of increasing the GDP by 3436%. Foreign companies need to persuade the parliament for increasing Foreign Direct Investment capital. Price is the easiest and quickest variable to change. production improvements. after China. 6) Scale of operations: Scale of operations includes all the supply chain activities.
The role of supply chain in Indian organized retail has expanded over the years with the boom in this industry. and air links are not sufficient. or the quickness in responding to ever changing tastes of the customer. The infrastructure in India in terms of road. There is also need for the supply chain to be more cost efficient and collaborative to win the immense competition in this sector. This is so for the nature of supply chain is very fragmented. In the organized retail market in India the role of supply chain is very important for the Indian customer demands at affordable prices a variety of product mix. It should become all the more responsive and adaptive to customers demand. The Indian Supply Chain Council have been formed to explore the challenges that a retailer faces and to find possible solutions for India. THIRD PRIORITY: THE REAL ESTATE SUPPORT Provide cheaper space for the retail Provide tax holidays for rural retail business. In the organized retail sector in India the presence of fresh produce (vegetables and fruits) is very small. rail. The role of supply chain in the organized retail sector in India should be a shelf. This will also give rise to top and bottom line growth. It is the supply chain that ensures to the customer in all the various offerings that a company decides for its customers. This shows the important role of supply chain in the organized retail sector in India. service. THE FOURTH PRIORITY The range / varieties of formats for the retail sector by providing tax benefits.centric partnership between the retailer and the manufacture for this will create supply chains that are loss free. the Indian retailer is trying to reduce transportation costs and is investing in logistics through partnership or directly.SECOND PRIORITY: SUPPLY CHAIN MANAGEMENT IN THE INDIAN RETAIL INDUSTRY The role of supply chain in Indian organized retail is very significant for on it depends the growth of this sector. The growth of the Indian retail industry to a large extent depends on supply chain. And so warehousing plays a major role as an aspect of supply chain operations. To overcome these problems. The Indian organized retail sector is growing so the role of supply chain becomes all the more important. 16 | . be it cost. so efforts must be made by the Indian retailers to maintain it properly.
We believe that this process becomes very cumbersome due to red tapism. pay octroi tax and other such taxes. This has increased competition among the retailers as the retailer who fails to provide these frills is either forced to do so or has to leave the industry. unlike the west where organized retail comprises of 85% of the whole retail sector. The government of India should take concrete steps in this regard and reduce this factor of possible discouragement for the new entrant retailers. supply chain costs and profit margin. The challenge is that which kind of business model will work. An efficient supply chain can be a good solution. He also needs to think as to how different his business model is in comparison to his competitors keeping the diversity of the tastes and preferences of his customers. The retail sector of India is so huge and is growing at such a fast pace that Retail sector of 17 | . Licensing: At present the Indian retailers have to take innumerable licenses before starting their business. the retailer faces a huge challenge before entering the industry.OUR SUGGESTIONS & OTHER RESEARCH FINDINGS The recent growth of credit cards and other credit facilities available for the retail customers has changed the pace and ease with which they now consumer goods and services. In such a situation. Indian retail is characterized by both. paperwork and corruption.organized and unorganized players. Now even EMI schemes are available to the customers who can purchase goods of their choice at will and pay with ease. But thinking a few years ahead of time. Presently the retailers. when Goods and Services Tax will be implemented it will be very beneficial for the retailers and it will also have a direct bearing on the prices of goods and services. It might even eat into the retailer‟s profits. Only big players can afford to take risks and experiment. Indian society and as a result the retail sector is very diverse in nature.
Germany's Metro AG and many others are entering the retail markets. It is high time!! Political Risks: This is also another issue that affects the retail sector very much. This would open the floodgates of development and funds that were denied to it for the past so many years. Global retail giants such as Wal-Mart. There should be a regulatory body which would be responsible for setting up guidelines. There are a few challenges that the industry faces which need to be dealt with in order to realize the complete scope of growth in Indian market. rules and regulations for the retail sector. The sector is set for a revolution. The rising demand of branded products and increase in purchasing power has lured these companies to enter the market.India deserves to be given the industry status. In the recent times we have seen how state governments have been responsible for the decline and doom of some retail giants. India is a very politically sensitive country and emotions run high where the development of the “Aam Admi” is concerned. This can only happen after the retail sector is given an industry status. Tesco. 18 | . CONCLUSION Retail is clearly the sector that is poised to show the highest growth in the next five years. as both the present players and new entrants are gearing up to explore the market. A company that plans to enter Indian market at this time can definitely look forward to great business if it analyzes and puts efforts on all parameters. Despite many challenge international brands are thriving in the Indian market by finding solutions around these challenges.
It is also the second largest industry in US in terms of numbers of employees and establishments. The India Retail Industry is gradually inching its way towards becoming the next boom industry. 19 | .The retail sector has played a phenomenal role throughout the world in increasing productivity of consumer goods and services. accounting for over 10 per cent of the country‟s GDP and around 8 per cent of the employment. But all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The India Retail Industry is the largest among all the industries. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. There is no denying the fact that most of the developed economies are very much relying on their retail sector as a locomotive of growth.
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