Page 6 - Ecommerce

Broad level of consensus among stakeholders on proposed ecommerce policy

A broad level of consensus has emerged among the concerned stakeholders on the proposed national e-commerce policy, which is under formulation, a senior government official said on Thursday. The commerce and industry ministry on August 2 held a detailed discussion with representatives of e-commerce firms and domestic traders body CAIT on issues related to the sector including the policy for the segment. "There is a broad level of consensus. We will tell you more, may be in a couple of weeks. Policy is in final stages. There is a level of consensus across all stakeholders," the official said. Both the policy and the rules will be aligned to each other, the official added. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal, who attended the meeting, has said it was indicated that the national e-commerce policy would be released by the government in the coming months. "A unanimity was arrived at between all stakeholders about basic pillars of e-commerce po

Walmart buys Tiger Global's stake in e-com giant Flipkart for $1.4 billion

Separately, venture capital firm Accel also sold its 1 per cent stake in Flipkart to Walmart, the Economic Times reported

Magicpin starts selling tomatoes for Rs 70 per kg through ONDC partners

Hyperlocal e-commerce startup magicpin in a pact with NCCF has started selling tomatoes for Rs 70 per kilogram through select online platforms registered on the government-backed ONDC, the company said on Friday. Consumers can order tomatoes through magicpin app, Paytm, PhonePe's Pincode, Mystore in Delhi-NCR and select few cities under the arrangement, it said in a statement. "We have witnessed an overwhelming response, delivering 1,000 orders across over 90 pincodes in Delhi-NCR in just 2 days. NCCF and ONDC's initiative aims to stand with the consumers during challenging times," magicpin CEO and Co-Founder Anshoo Sharma said. To cater to the needs of a larger consumer base, magicpin is offering a maximum purchase limit of 2 kilogram of tomatoes at Rs 140 per user per week and those will be delivered to the doorstep of consumers. "On behalf of the central government, cooperatives NCCF and NAFED are already selling tomatoes at Rs 70 per kg to retail consumers through mobile vans i

Indians most impatient online shoppers, expect deliveries in 2 hrs: Report

The report by Wunderman Thompson suggested that Indian consumers expect their deliveries to arrive in less than two hours

GST Council to clarify on TCS liability of e-commerce suppliers on ONDC

The GST Council on July 11 is expected to clarify on the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce in cases where multiple operators are involved in a transaction. ONDC or Open Network for Digital Commerce is a new initiative of the department for promotion of industry and internal trade (DPIIT). So far, there is no clarity on who should be liable for TCS compliance under GST laws. Under the Goods and Services Tax (GST) law, every e-commerce operator is required to collect TCS at the rate of 1 per cent of the taxable value of goods/services sold through its platform. Sources said the Law Committee, comprising Centre and state tax officers, has recommended to the Council that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through ECO platform, the TCS compliances is to be done by the supplier-side, who finally releases the payment to the supplier. ONDC's open network operates in two

E-com firms' demand for gig workers up as shopping festivals near: Study

'Numerous opportunities' for individuals in flexible and on-demand work arrangements, it says

Meesho, IISc to conduct joint research in generative AI to drive ecommerce

Meesho is collaborating with Vision & AI Lab of IISc for joint research in the area of generative AI with a focus on driving technological advancements in the e-commerce industry

Professional services industry hired maximum people between January and May

It was followed by BFSI and e-commerce industries with 16% rise in their headcounts

Colgate-Palmolive focusing on premiumisation as part of growth strategy

Colgate-Palmolive (India) Ltd is looking at opportunities to drive premiumisation in the health, therapeutic toothpaste and oral beauty segments for metro and urban cities, as per the latest annual report of the company. Colgate-Palmolive (India) Ltd (CPIL) also sees a "significant room" to deepen the penetration of oral care adjuncts like floss and mouthwash. "Outside of oral care, the company sees opportunity in skin care, hair care, bath & shower products that have the largest market size within the beauty & personal care segment," it said. Rising incomes, rising aspiration and the democratisation of availability through e-commerce have led to rapid growth in these categories, CPIL added. "There is also an opportunity for premium and innovative products in metros and urban cities in the space of family health, therapeutic toothpaste and oral beauty," it said. Besides, CPIL is committed to building a strong personal care portfolio leveraging the high recall of the brand ...

DealShare to invest Rs 1,000 cr in 5 yrs to help MSME partners scale biz

B2B e-commerce firm DealShare plans to invest Rs 1,000 crore over the next five years to help its MSME partners scale up their businesses, a senior company official said on Tuesday. The company plans to make investments mainly in six states -- Uttar Pradesh, Rajasthan, Haryana, Himachal Pradesh, Gujarat and Maharashtra. "Not only, we provide MSME partners support in terms of order volume, but also in research and development of their product. We will invest in the inventory that MSME partners will make. This will give them the confidence to increase capacity and invest back. Rs 1,000 crore will be spent within the next five years," Dealshare founder and CO-CEO Sourjyendu Medda said. DealShare's core e-commerce portfolio sources goods and products from more than 500 indigenous brands, accounting for nearly 70 per cent of its product offerings. The company supplies products to grocery stores in small towns and cities. When asked about the impact on a company's business with the mass

Online retail market to grow 2.5x faster than offline till 2030: Deloitte

The overall offline market, however, will continue to be the bigger market, with a total value of $1,605 billion in 2030

Amazon intends to invest $15 billion more in India: CEO Andy Jassy

E-commerce giant Amazon plans to invest USD 15 billion more in India, taking its total investment in the country to USD 26 billion, a top official of the company has said. After meeting Prime Minister Narendra Modi in the US, Amazon CEO Andy Jassy said the company has already invested USD 11 billion in India till date. "I had a very good and productive conversation with Prime Minister Modi. I think we share a number of goals. Amazon is one of the biggest investors in India. We have invested USD 11 billion till date and intend to invest another USD 15 billion, which will bring the total to USD 26 billion. So we are very much looking forward to future of partnering," Jassy said on Friday. The India's External Affairs Ministry in a tweet said the prime minister held a productive meeting with the president and CEO of Amazon. "Discussions focused on the area of e-commerce and the potential of further collaboration with @amazon in the logistics sector in India," it said. Modi welcomed .

SoftBank-backed Unicommerce expands ops in Middle East, Southeast Asia

The e-commerce tech firm has reported a 200 per cent year-over-year revenue growth in its international business during FY 2023

Tricked into buying? Centre to form guidelines for 'dark patterns' soon

The Department of Consumer Affairs will frame the guidelines with the Advertising Standards Council of India, and they will be self-regulatory at first

E-commerce platform Meesho crosses 500 mn downloads on iOS, Android

E-commerce platform Meesho has become the world's "fastest shopping app" to cross 500 million cumulative downloads across Google Play and iOS App Store, mobile data analytics provider has said. The company has achieved the 500 million download milestone in six years, data.ai, formerly known as App Annie, said in a statement. According to data.ai, over half of Meesho app downloads (274 million) came in 2022. "Indian e-commerce platform Meesho has emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years," data.ai said. According to data.ai, with just 13.6 MB size, Meesho's android app is the lightest e-commerce app in India on Play Store, which makes it compatible with low-end smartphones. "We are delighted to partner with them and provide them with the insights they need to continue to grow their business," data.ai, Head of Insights, Lexi Sydow said. Meesho, CXO for use

E-com firm Meesho hints at IPO in 2025; focus shifts to generating profits

The start-up makes around 10 per cent margins on its transactions, whose average ticket size is Rs 350

Nykaa Q4 results: Net profit falls 71%, revenue from operations up 33%

Nykaa's Ebitda rose 84 per cent to Rs 70.6 crore during the quarter

Shadowfax joins ONDC for last-mile delivery services in over 700 cities

Logistics firm Shadowfax has joined government-supported ONDC for e-commerce to provide last-mile delivery service in over 700 Indian cities, the company said on Tuesday. Shadowfax is planning to scale its services to over 1,200 cities. "Shadowfax joins ONDC to offer end-to-end logistics services in over 700 Indian cities," the statement said. ONDC enables players in the e-commerce ecosystem to connect with each other and share their resources for providing services in an open manner. "Providing the best logistics experience to our customers has always been our goal, and joining ONDC is a major step towards achieving it. "This is a significant milestone in the development of technology-enabled logistics services in India, and we believe it is a crucial component of the e-commerce growth journey," Shadowfax, Co-Founder and CBO, Praharsh Chandra said. Shadowfax claims to have a base of over 1.3 lakh monthly transacting delivery partners that deliver over 15 lakh orders daily in mor

Shein is ready to make its second entry into India with Reliance Retail

The Chinese e-commerce company had first entered the Indian market in 2017

Walmart-owned Flipkart sees two top-level exits, both after eight years

Early this year, Flipkart told staff it won't be handing out increments to senior leadership in a 'difficult decision' that was expected to impact 4,500 personnel