ECOMMERCE SERVICES
How ONDC aims to take e-commerce beyond the ‘elitist’ circle of buyers and sellers
The Open Network for Digital Commerce (ONDC) envisions creating a level playing field for all players in the e-commerce sector, including small businesses and startups, and transforming the system into an open marketplace.
Investors flock to new-age food brands; ecommerce sales report
Happy Wednesday! Investors are showing a strong appetite for new-age food brands, with notable investments and expansions taking place. This and more in today’s ETtech Morning Dispatch.
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
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.
Former SoftBank managing partner Lydia Jett joins Flipkart board
Lydia Jett previously joined Flipkart’s board as a representative of SoftBank in 2017. She had exited Flipkart’s board after stepping down as SoftBank's managing partner in February this year. Meanwhile, Flipkart has been aiming for profitability amid changes in senior management and layoffs prompted by cost-cutting earlier this year.
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
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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.
Ecommerce firm Shopee to adjust services in Indonesia after antitrust violation
Stefanno Sulaiman's report emphasizes Shopee's compliance and market leadership in Indonesia's e-commerce sector. Edited by John Mair and Lincoln Feast, the focus remains on regulatory adherence and user satisfaction, amidst ongoing KPPU investigations into industry players.
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
Ecommerce sellers count on cash-flow gains from GST cut
Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.
DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports
India's e-commerce exports are set to receive a boost with the establishment of designated e-commerce hubs by DGFT and the Department of Revenue to streamline the export process.
Amazon announces expansion of its grocery service unit to over 130 cities
Amazon India announced on Tuesday that it is expanding Amazon Fresh, its comprehensive grocery service. This service includes both wet and dry groceries such as fruits, vegetables, chilled products, and a range of personal care items.
Buy FSN E-Commerce Ventures, target price Rs 230: JM Financial
FSN E-Commerce Ventures Ltd., incorporated in the year 2012, is a Small Cap company (having a market cap of Rs 48854.49 Crore) operating in Services sector.
Flipkart's path to profitability will decide IPO timing, says Walmart CFO
Walmart sees financial services as a growth opportunity, with PhonePe and Flipkart driving monetisation prospects. A report by Bernstein Research suggests India's ecommerce market could double by 2025.
IFSCA to unveil norms for direct listing at GIFT City by early July
IFSCA to finalize direct listing norms at GIFT City by early July under the leadership of K Rajaraman.
Domestic market access for SEZs, SOP for trade pacts likely in 100-day plan
The commerce department is developing a 100-day action plan focusing on various key areas. This includes allowing Special Economic Zones (SEZs) to sell in the domestic market, setting up a comprehensive trade information platform, standard operating procedures for negotiating free trade agreements (FTAs), and establishing ecommerce export zones. The plan also includes the launch of a Trade Connect e-Platform to assist new exporters, the development of ecommerce export hubs, and efforts to boost goods and services exports to $2 trillion by 2030.
How brands should inspire politicians to move away from 'divide' and 'drown’ to ‘unify' and 'thrive’
Political parties should be emulating those marketers who have already cracked New India. To narrow-cast our population as a fundamental oneness, courtesy technology and aspiration. Then to engage experientially, with customer-centric regional empathy.
Temu will have to comply with tougher EU online content rules, EU says
Temu, a fast-fashion e-commerce retailer under the PDD Group, is required to comply with strict EU online content rules as a very large online platform (VLOP) under the Digital Services Act (DSA), facing penalties of up to 6% of their global annual turnover for violations.
Extreme summer heat & loss of productivity lead to an all-time high demand for delivery personnel
Extreme summer heat, rising absenteeism, and productivity loss have led to a high demand for last-mile delivery and warehouse personnel in India. About 2,000 delivery personnel are dropping off daily in quick commerce and 5,000 in food delivery, with an estimated 2.1-2.2 lakh people needed for replacement hiring daily. The monthly attrition of riders, warehouse staff, pickers, packers, and loaders is at a high of 30-40%.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Maldives to launch India's RuPay service amid bilateral tensions
Despite recent turbulence in bilateral relations, the Maldives is set to launch India's RuPay service, a move expected to strengthen the Maldivian Rufiyaa. Minister of Economic Development and Trade Mohamed Saeed highlighted the significance of the upcoming launch, emphasizing the administration's priority to address currency issues and reinforce the MVR. While no specific date has been announced for the launch, discussions are underway with India to facilitate payments in rupees within the Maldivian territory.
As mercury rises, so does the demand for home delivery
Ecommerce platforms are experiencing a surge in demand for essentials like groceries, leading to a spike in deliveries. This surge is also increasing the demand for manpower at dark stores and distribution centers. Orders in the National Capital Region have seen a sharp increase, with consumers also ordering ice-creams and beverages online.
Easy Trip Planners signs letter of intent to join ONDC
Easy Trip Planners Ltd signed a letter of intent at 'ONDC Startup Mahotsav' to join ONDC, in support of India's digital commerce transformation. The collaboration aligns with the company's vision of being nation-first and contributing to India's digital economy growth, led by EaseMyTrip Co-Founder Rikant Pittie.
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.
Walmart profits rise on strong sales from wealthier shoppers
Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier shoppers and improving e-commerce sales. The improved sales to wealthier shoppers reflect a focus on affordable pricing and convenience, as well as a greater attention to products such as fresh food, company executives said on a conference call.
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.
India's coal import rises 8% to 268 MT in FY24
India's coal import surged by 7.7% to 268.24 MT in FY24, driven by lower seaborne prices and anticipated rise in power demand during summer. March FY24 saw an increase to 23.96 MT. Non-coking coal import was 15.33 MT, while coking coal import stood at 5.34 MT. Domestic coal production in FY24 grew by 11.65% to 997.25 MT.
Paytm app launches auto-rickshaw booking feature via ONDC
Paytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
Shiprocket expands services to boost revenue beyond shipping
Shiprocket, an ecommerce logistics startup, expands revenue streams beyond shipping to include marketing, sourcing, payments, and lending services. Praful Poddar, the chief product officer, outlines the company's revenue sources and growth strategies in detail.
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