E COMMERCE BUSINESSES
Budget 2024: ONDC and more on e-commerce's cart for Nirmala Sitharaman
Budget 2024: Finance Minister Nirmala Sitharaman will present Budget 2024 on July 23, outlining Modi's third term roadmap. The e-commerce sector, including Vijay Shekhar Sharma and MSMEs, seeks ONDC support. TEAM scheme, Rs 277 crore, aids MSMEs' digitalization. Shireesh Joshi targets 10 million ONDC transactions. Parliament session: July 22-August 12. Interim budget was presented in February; Lok Sabha polls held April-June.
Viacom18 bolsters its tech leadership team with three key hires
Viacom18 has appointed three key figures to its technology leadership team in an effort to enhance its OTT platform, JioCinema. This significant move includes naming Bharath Ram as Chief Product Officer and Ad Tech Platform Lead. Bharath Ram will be reporting to Kiran Mani, CEO, Digital, Viacom18.
Adani Wilmar reports 13 pc volume growth in June quarter
Edible oil major Adani Wilmar announced on Friday that it reported a 13 percent volume growth in the June quarter. This double-digit growth was driven by market-specific strategies aimed at increasing market share, particularly in under-indexed markets. In a business update, the company stated, "In the first quarter of the current fiscal, the company achieved robust volume growth of 13 percent YoY."
Afghanistan has been through everything. Now it wants to dust off its postal service and modernise
Afghanistan's postal service is undergoing a modernization plan, aiming to introduce mailboxes on every street and expand services like online shopping access. Challenges include higher fees for a population heavily reliant on humanitarian aid, as well as cultural and security considerations. The Afghan Post is working towards a more efficient and accessible service for all.
Amazon to wind down its Astro for Business security robot
Amazon discontinues Astro for Business, offers $300 credit for replacements. Customers refunded for pre-paid fees as robot stops on Sept. 25. Reported by Harshita Mary Varghese and Juby Babu in Mexico City.
Top brands bank on 'imported' sales events to boost demand
Back to school sales in India have seen rapid growth over the last five to six years, with the event generating over a fourth of retail laptop sales. This trend is second only to the Diwali festive season's contribution of 30-35%, according to industry estimates. Other 'imported' sales events include small business days, Black Friday, Cyber Monday, Mother's Day, Father's Day, and Valentine's Day.
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CCI to shortly come out with changes to competition rules
The Competition Commission of India (CCI) is set to announce changes to competition rules, including those related to green channel approvals for mergers and acquisitions. The regulator is focusing on advocacy efforts and capacity building. The changes will also address dark patterns in e-commerce and algorithmic collusion, which could have competition implications.
Green jobs in textile can become the largest job opportunity in India: Aditya Birla Fashion’s Naresh Tyagi
As the world of textile rapidly moves towards becoming sustainable, it also seeks skills for the same. India, which is one of the largest textile manufacturers, can create a big pool of green talent.
Scheme unveiled to help 500k MSMEs join ONDC
Ministry's initiatives focus on empowering MSMEs, especially micro-enterprises, through various schemes, including Khadi brand rejuvenation and interest subventions. Rajneesh, the development commissioner, highlights the importance of these initiatives for the growth and development of small businesses.
Tata Sons hits pause on fresh funds till e-commerce, electronics businesses shape up
"There is a strategic reason for not making any equity infusion even as organisational changes are being made," said one of the persons. "However, new fund infusion will commence after the strategy and organisational changes for better operational efficiencies are in place." Registrar of Companies (RoC) filings obtained through business intelligence platform Tofler show group holding company Tata Sons didn't invest in Tata Digital in FY24.
Shopify expands access to its AI-powered features to attract more businesses
Customers can now use its editing tool on their smartphones to enhance images used in promotional materials, including emails, the Canada-based firm said at its biannual products event. The feature was previously restricted to only editing product images online.
Food contamination cases: E-tailers turn more watchful, prepare to delist errant manufacturers
A human finger found in an order of ice cream recently brought food etailing into sharp focus. Following this weird episode, etailers are beginning to cast a keen eye on their suppliers, and bringing new policies with provisions to penalise errant partners.
Not e-comm alone, one has to be in modern trade, in kirana stores also to build scale: Sunil D'Souza, Tata Consumer
Sunil D'Souza of Tata Consumer says today's consumer who is coming of age is the consumer who is born in a liberalised India. They have seen an India which is confident, growing with an accelerating GDP. So, these consumers are very confident of going out and spending. It is not only premiumisation, the consumer will move to value also.
Trade marketing scheme soon to assist small companies board ONDC
The government's Trade Enablement & Marketing (TEAM) scheme will support micro and small enterprises (MSE) in leveraging the Open Network for Digital Commerce (ONDC) for e-commerce growth, with benefits like reduced commissions and inclusive protocols.
Nykaa shares jump 3% as management remains positive on growth. Should you buy, sell or hold?
Shares of FSN E-commerce Ventures, Nykaa's parent company, rose 3% on BSE to Rs 176.60 after an investor meeting where management expressed confidence in business growth. They anticipate healthy GMV growth in BPC, targeting mid-to-high 20s over FY2024-28E. Fashion business is expected to break even by FY2026. GCC expansion may require $3-5 million in capex medium-term.
HUL elevates Arun Neelakantan to the role of exec director, customer development
Hindustan Unilever Limited (HUL) has appointed Arun Neelakantan as the new executive director, customer development, effective July 1st, 2024. Neelakantan, who started his career in 2006 as Key Account Manager in Modern Trade, has a strong track record in customer development and marketing. He has led large teams and changed agendas across various trades and channels.
From phones to fries: Flipkart users may soon be able to order food via ONDC
Flipkart users may soon be able to order from various fast-food outlets and restaurants, such as Dominos and McDonalds, from Flipkart app. This development is noteworthy because the government started ONDC to counter the dominance of Amazon and Flipkart. Recently several top Flipkart executives met ONDC officials for the integration.
Kalyan Jewellers to acquire balance 15% stake in Candere
Kalyan Jewellers India signed a definitive agreement to acquire the remaining 15% stake in Candere from Rupesh Jain, founder of www.candere.com, for Rs. 42 crore. This move will make Candere a wholly owned subsidiary of Kalyan Jewellers, transitioning from e-commerce to omni-channel commerce.
Logistiex raises $250,000 in a bridge round led by PACE family office
According Logistiex the funds will be utilized to further enhance product development and expand the tech team. The company was founded by Sarvartha Kanchan and Vineet Agarwal in 2023.
Improved hiring sentiment, more job postings in 2024: Report
Job postings on apna.co increased by 31% year-on-year in the first four months of 2024, driven mainly by the e-commerce, BFSI, and hospitality sectors. E-commerce saw a 21% increase, BFSI 17%, and hospitality 13%, with a notable demand for professionals in sales, business development, brand marketing, and customer support. Major companies like Bajaj Finserv, Lenskart, HDFC Insurance, and Aditya Birla led this growth.
Adani Group plans ecommerce, payments ventures: FT report
Adani Group is considering applying for a license to operate on India's public digital payments network and planning a co-branded credit card with banks, aiming to enter the booming digital payments market.
Entry into renewables could be a natural extension for RattanIndia: Rajiv Rattan
Rajiv Rattan, Founder & Chairman of RattanIndia, discusses the company's potential expansion into renewables fueled by cash flow from the power business. Addressing past leverage issues, the company shows promise as a turnaround candidate.
GoKwik clocks $20 million in FY24 sales, expects to double in current year
Ecommerce enabler GoKwik has over 4,000 ecommerce brands in its network including Lenskart, Neemans, Man Matters, Purplle and Shoppers Stop, across categories of fashion, beauty, health and nutrition.
Nykaa’s Q4 revenue rises 28% to Rs 1,667 crore
The operating revenue growth was led by a 24% increase in the core business, beauty and personal care (BPC), to Rs 1,388 crore during the quarter. For the full financial year, BPC saw a 20% year-on-year increase to Rs 5,385 crore.
Nykaa Q4 Results: Profit zooms 187% YoY to Rs 6.9 crore; revenue rises 28%
Nykaa Q4 Results: The consolidated net profit stood at Rs 2.4 crore in the last-year period. The company's board has approved an investment of Rs 20 crore in FSN International, a wholly-owned subsidiary, on a rights basis.
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
GST authorities are developing a mechanism to address taxation and registration issues for shared warehouses used by e-commerce companies, where multiple suppliers store goods for last-mile delivery. This issue arises because suppliers have geo-tagged these warehouses as their 'additional place of business' under GST rules, raising concerns of potential fraudulent registrations and the risk of holding warehouses accountable for individual supplier defaults.
Five lakh sellers onboard ONDC so far: DPIIT secy
Asked if big startups would overshadow smaller players, DPIIT secretary Rajesh Kumar Singh said it will increasingly get traction for all types of players that comes to the ecommerce marketplace.
ONDC getting traction; five lakh sellers onboarded so far: DPIIT Secy
The government-backed initiative ONDC in the e-commerce sector onboarded five lakh sellers, primarily small and medium sellers. Secretary Rajesh Kumar Singh from DPIIT mentioned facilitating 7.22 million transactions in April. The initiative aims to address market concentration issues and foster startup collaboration with over 125 ecosystem stakeholders.
Shiprocket to upskill 100,000 Indian MSMEs through e-commerce learning
The Shiprocket Growth Academy aims to foster a thriving community where sellers can connect, share valuable insights and learn collaboratively.
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