SOCIAL COMMERCE
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.
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.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
F&B, quick commerce log 40-50% sales jump on T20 final night
India’s nail-biting final match with South Africa on June 29 and the eventual historic victory drove up sales and revenues of food and beverage (F&B) companies as well as quick commerce firms. Merchant checkout network Simpl said it saw a nearly 40% increase in consumer spending on its platform during the match.
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.
Mumbai customer orders Sparx slipper 6 years ago, Flipkart tells customer it's 'arriving today', conversation goes viral
Ahsan Kharbai's six-year wait for his Flipkart order of Sparx slippers became a social media sensation after he received an unexpected call from the platform's customer support. Despite the order showing perpetual delays, Kharbai's humorous recounting of the incident online sparked discussions about e-commerce logistics and customer service challenges.
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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.
Dead mouse found in Ahmedabad eatery's sambar sparks outrage: Health officials respond
A customer found a dead mouse in sambar at an Ahmedabad eatery, sparking outrage on social media. This incident follows recent food safety concerns, including a human finger in ice cream and a dead mouse in Hershey’s syrup. The Ahmedabad Municipal Corporation (AMC) issued a notice to the restaurant, highlighting severe health violations. Food safety officer Bhavin Joshi urged local businesses to maintain strict hygiene to prevent such incidents.
Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
Deep tech policy before cabinet soon to unlock long-term funds
The government plans to introduce a deep tech startup policy with a fund of funds for companies in the sector. An umbrella framework will guide state governments and startups. The policy will focus on research, development, innovation, intellectual property, and funding access for deep tech startups. Comments have been sought from 18 different ministries and government departments so far.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
India-Pak T20 Clash: Pubs, quick commerce startups win the game
Makers of snacks, munchies and soft drinks said they saw a 25-30% surge in sales of such impulse categories on Sunday compared to regular weekends, especially of bigger, sharing packs, on e-commerce platforms. "Sales orders of large packs started to pick up around 12 noon onwards, as people began to stock up for the evening to watch the match indoors with friends and family," said a sales executive at a cola company.
InsuranceDekho in talks to acquire credit marketplace BankSathi: sources
Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.
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.
Why Mukesh Ambani can't ignore a new consumer habit
Reliance Industries (RIL) chairman Mukesh Ambani is expanding the company's retail empire to include quick commerce services through JioMart. This move aims to compete with players like Blinkit and BigBasket, leveraging Reliance's extensive reach and resources. The shift towards quick commerce reflects changing consumer habits, favoring convenience and instant deliveries.
Post-pandemic, Indians shopped...till they dropped (in FY24)
Pent-up demand post-Covid led to booming sales in athleisure wear and lifestyle products. Kumar Rajagopalan notes the unsustainable high growth post-pandemic and the impact on consumer spending.
Conversational commerce powered by Gen AI to spur next wave of growth for businesses: Bain & Company - Meta Report
Sandhya Devanathan, Head and VP, Meta in India, said the company sees business messaging as a key growth driver of its business in India. “We see it in terms of consumer behavior on our platforms, in terms of people using messaging to communicate with businesses, and we see that given the size of the WhatsApp platform and what users are asking for. 60% of the users of WhatsApp in India message a business every week,” she said.
Zepto customer receives nearly-expired 10kg flour pack, company says 'eat it in 7-days.' What happened next?
Delhi resident Gajender Yadav received a 10 kg packet of wheat flour from Zepto with an expiration date just eight days away. Frustrated, he took to social media to share his experience, humorously inviting Zepto to help him finish the flour. The post went viral, prompting a response from Zepto, but further escalation occurred when customer care advised him to consume the flour within seven days. Yadav's witty updates and criticisms of Zepto's handling of near-expiry products gained widespread attention.
Out of school, into startups: Young founders are on the rise, ready to even pause studies to chase their entrepreneurial dreams
In 2023, Ayush Pathak and Aryan Sharma founded Induced, assisting businesses in automating workflows with AI. Apoorv Singh launched Connect AI with Asta. Himanshu Rajpurohit's startup, Strangify, provides corporate mental health solutions. Dyumna Madan's ProjectClay helps students find career paths.
Share of quick commerce in online FMCG sales rockets to 35% in FY24
Quick commerce drove overall ecommerce for these companies as well as the broader fast moving consumer goods (FMCG) industry, company executives said.
Elon Musk's diplomacy: Woo right-wing world leaders. Then benefit
Elon Musk strategically leverages his Twitter ownership to support right-wing heads of state like Javier Milei, Jair Bolsonaro, and Narendra Modi. His endorsements lead to corporate benefits for Tesla and SpaceX in Argentina, Brazil, and India.
Social commerce set to scale, but concern of authenticity looms large: Industry
The coming together of e-commerce and social media to create a new business channel, social commerce is increasingly gaining traction in the retail space. Consumers discover and purchase goods and services directly through social media platforms like Facebook, Instagram, and YouTube among others.
Social commerce set to scale, but concern of authenticity looms large: Industry
Social commerce's rapid growth by 2030 combines e-commerce and social media, focusing on affordable products. Trust and authenticity are vital as social commerce gains popularity, especially post-COVID-19, impacting consumer behavior and brand reputation.
Is ONDC’s gamble paying off?
The ambitious project has gained visible traction through the past year. But what are the challenges that must be addressed before it truly democratises web commerce?
Empowering women in entrepreneurship: A journey of resilience and overcoming obstacles
"Together, we can break down barriers and shatter stereotypes," says Neha Suyal.
TikTok violates Indonesian in-app transactions ban, says minister
Following the implementation of Indonesian regulations in October 2023 aimed at safeguarding local businesses and user data, TikTok was compelled to discontinue its fledgling ecommerce venture, TikTok Shop, within the country's social media landscape. The ban specifically targeted online shopping functionalities within social media platforms.
Consumer awareness, social media put healthy snack brands on growth path
However, scaling these businesses beyond the niche markets while staying profitable presents a major hurdle. While their operating revenue might be booming, these brands, which sell products such as chocolate and protein bars, millets and dry fruits-based snacks, granola bars, oats, and breakfast cereal, also widened their losses during the year.
For MSMEs, social commerce is the new star in e-commerce
The personalised and interactive nature of social commerce is fast reshaping consumer behaviour, and helping small businesses to grow fast.
Ram Mandir: Ayodhya puts spiritual apps on a growth curve
Ahead of the Ram Mandir consecration in Ayodhya, religious and spiritual apps such as Vama, DevDham, UtsavApp, SriMandir are witnessing a major uptick in organic searches and a growth in demand for their products and services.
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