ECOMM FIRMS
Ecomm, gaming, financial services comprise 80% of online transactions in H2 2023: report
Worldline's report showcased Ecommerce, gaming, utilities, government, and financial services as online transaction leaders. In-store, grocery stores, restaurants, pharmacies dominated. UPI transactions surged as PoS terminals increased, highlighting the importance of mobile payments.
Wide stakeholder consultations needed to frame national e-comm policy: Govt to Parl
Minister of state for commerce and industry Som Parkash said in a written reply to the Lok Sabha that a draft e-commerce policy was placed in public domain on February 23, 2019 for public consultations.
Alibaba set to lose no. 1 ecomm player spot to PDD
The once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector. It also signals the rise of a generation of upstarts from PDD to ByteDance, which are disrupting the traditional arenas of social media and e-commerce.
Ecomm festive sales off to a bright start on deep discounts
The first week of flagship sales in India's ecommerce sector has seen a strong start, with brands and ecommerce platforms reporting better-than-expected sales. Despite concerns over the impact of the 'Shradh' period, which is traditionally a time when Hindus refrain from making purchases, the industry has seen a more than 30% growth in order volume terms between October 7 and 13. Ecommerce platforms have seen gross sales of over $4 billion between October 7 and 14, an increase of 18% from last year. Brands have also experienced significant growth compared to the same period last year.
India's e-commerce exports have a lot to complain about banking issues
A report by the Global Trade Research Initiative (GTRI) highlights the banking issues are hindering the growth of e-commerce exports from India. These issues include reluctance to process forex through alternate channels, high processing fees, incorrect purpose code allocation, and limitations in the RBI's Export Data Processing and Monitoring System. The report suggests that a mindset change is needed to unlock the sector's potential and calls for actions such as standardizing bank charges.
Piyush Goyal to meet ecommerce players; Binny Bansal cashes out of Flipkart
Executives from different ecommerce companies are likely to meet commerce and industry minister Piyush Goyal to deliberate upon the national ecommerce policy. This comes as the government is trying to understand the business models of online groceries and quick commerce platforms. This and more in today’s ETtech Morning Dispatch.
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Agrtitech startup Animpet Ecomm launches ecommerce platform for animal products
The company said it aims to represent an estimated Rs 32 lakh crore economy revolving around the animal wealth in the country.
India should target USD 350 bn exports through e-comm by 2030; needs separate policy: GTRI
With Global business-to-consumer (B2C) e-commerce exports estimated to grow from USD 800 billion to USD 8 trillion by 2030, India's strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend.
Startups laid off 18,000 employees in 2022; Udaan, Ola, Oyo saw the most senior-level exits
This time last year, India’s startup ecosystem was counting unicorns. Now, it’s tallying layoffs. According to data compiled for us by Longhouse Consulting, 52 of India’s new-age companies fired almost 18,000 employees between them in 2022. Shockingly, almost half of these took place at just 15 edtech companies as Covid’s retreat battered the sector.
Ecomm order volumes up 37% in 2022: report; IT firms expect operating margins boost
Unicommerce’s data is based on analysis of more than 500 million transactions. It does not include the data related to sales of mobile phones and smartphones.
Swiss investment firm to buy majority stake in Sunsure Energy for $400 million
The investment in Sunsure Energy, which has historically built solar plants for commercial and industrial users, is to help transform the company into an independent power producer which will have 3 gigawatt of operational capacity and sell power directly to commercial and industrial customers.
Amazon to deliver third-party ecomm orders; ETSA winners to receive awards on Nov 19
This will make the US ecommerce major a direct rival to new-age logistics firm Delhivery, Xpressbees, Ecom Express and Flipkart's Ekart, which recently started onboarding external merchants to ship non-Flipkart orders.
Ecomm sales have picked up since August: Flipkart group CEO Kalyan Krishnamurthy
The Big Billion Days sale, a property it launched in 2014, and Amazon’s Great Indian Festival Sale both begin on the same day, a tradition which has been followed by the two ecommerce majors over the past several years. The month-long sale has sparked many battles between the two companies as they fight to lure Indian consumers to buy online.
PhonePe to launch ecomm app on ONDC; Web3 draws early-stage investors
It made attempts previously with offerings such as Switch, loosely based on the ‘super app’ concept, and Stores, which was aimed at facilitating hyper-local discovery of merchants.
Ecommerce customs duty key to end big tech’s monopoly, rent-seeking behaviour: India
New Delhi also sought a review and relook at the moratorium on e-commerce transmissions that has continued for 24 years as developed countries have blocked proposals by India, South and other poor nations to impose the customs duties on e-transmissions.
Ecomm giants queue up for ONDC; ecomm enablers bag big bucks
India’s Open Network for Digital Commerce aims to counter the market power of large ecommerce companies such as Amazon, Flipkart and Reliance Retail by connecting buyers and sellers through open protocols, irrespective of which platform(s) they may be listed on. Why, then, are these very ecommerce giants lining up to join it?
Tussle continues between logistics cos & aggregators; ecomm grows even as offline stores reopen
The aggregators are now passing on the increased costs to customers.
Tata Digital snags top ecomm execs, eyes online travel, home service businesses
Scripbox founder and CBO, senior execs from Flipkart, Udaan, Blinkit, joining salt-to-software conglomerate
New tax regime for VDAs comes into force; Ecomm orders may cost more
According to industry estimates, the top 5-6 Indian crypto platforms clocked about $70-100 billion in trading volumes for the calendar year 2021 with WazirX alone racking about $43 billion. However, such growth is likely to taper off this fiscal if tax provisions are not altered, industry executives said.
Economic Survey unpacked; budget wish lists for EV, edtech, ecomm
The survey also showed that Delhi has replaced Bengaluru as the startup capital of India in recent years. Over 5,000 recognised startups were added in Delhi while 4,514 startups were added in Bengaluru.
Ecomm majors in search of large warehouses to expand operations
Global and domestic organisations like Amazon, Flipkart and JioMart by Reliance are actively scouting for warehousing spaces to expand their operations across top cities.
Ecomm sales boom in festive season; PharmEasy raises $350 million
From refrigerators to clothes, ecommerce firms accounted for a higher share of total sales than they did this time last year. Read on to find out why.
Ministries clash on ecomm rules; Dream11 turns a profit
The consumer affairs ministry’s proposed changes to India’s ecommerce rules have met with criticism from companies since they were announced in June.
Shiprocket looks to land $200m; ecomm firms begin festive season hiring
Shiprocket, a company that collects goods from online businesses and sends them to delivery companies, is finalising a new round of funding led by Temasek.
Ecomm firms raise concerns with govt
In today’s ETtech Morning Dispatch: Etailers raise concerns on India e-commerce rules, Banks seek clarity from RBI, Sebi on Zomato IPO, and The ingredients of PlaySimple’s success.
Ecommerce rules: Fight between Amazon, Flipkart vs Reliance, Tata to intensify
Foreign brokerage, Jefferies said in a note, "The proposed rules now target indirect ownership in vendors, own label, flash sales. Fight between foreign cos (Amazon, Flipkart) & Indian cos (Reliance, Tata Grp) is set to intensify".
Draft consumer protection e-comm rules will leave no scope for firms to play with norms: CAIT
The rules, when implemented, will certainly purify the highly "vitiated" e-commerce business of India due to "unethical and illogical" business practices of foreign funded e-commerce companies, the Confederation of All India Traders (CAIT) said.
UK's CDC eyes more direct investments in India
The impact investor has already picked up direct stakes in e-grocer BigBasket and logistics player Ecomm Express.
Electronics, retail MNCs keen to shift production base to India, early to gauge Covid-19 impact on e-comm: Piyush Goyal
In a written reply to the Rajya Sabha, commerce and industry minister Piyush Goyal said that due to sensitivity of information maintained by the companies, the reasons for relocation of operations are not explicitly spelt out.
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