Page 9 - Ecommerce

Top headlines: I-T dept goes after tax arrears of over Rs 7.7 trn, PMAY-G

Business Standard brings you the top headlines at this hour

CAIT, other organisations pitch for immediate rollout of e-commerce policy

Traders' body CAIT and other organisations released a five-point "Delhi Declaration" charter on Wednesday, reiterating its demands for the immediate rollout of a robust e-commerce policy and the formation of an empowered regulatory body. Claiming that the e-commerce spectrum of the country has been vitiated, CAIT Secretary General Praveen Khandelwal told PTI: "We have demanded from the government that the e-commerce policy should be rolled out immediately. Likewise, a national policy for retail trade should also be declared as soon as possible and a Regulatory Authority should be constituted". We have also demanded that e-commerce rules under the Consumer Protection Act should be implemented, which is pending since three years. There has to be a holistic approach not only for e-commerce but retail trade as well so that there is no overlap, Khandelwal added. At the Indian Trade conclave organised by the Confederation of All India Traders (CAIT) and associations related to traders, ..

Bigbasket may launch IPO by 2025 after $200 million funding: CFO Parekh

Controlling about a third of India's online grocery market, Bigbasket was acquired by Tata last year

Mumbai to Mirzapur: Meesho witnesses a record 910 million orders in 2022

At about 140 million, Meesho said its annual transacting users exceed the combined population of the top three nations in FIFA World Cup 2022: France, Argentina and Croatia

One day in office, remote work for rest of the week for Meesho employees

E-commerce firm's Flexi-Office model offers employees financial support for relocating

Consumer interest watchdog's notices to Flipkart, Meesho for acid sale

Several states/UTs have already issued guidelines to regulate the sale of acids

CCPA issues notices to Flipkart, Meesho for sale of acid on their platforms

The Central Consumer Protection Authority (CCPA) has sent notices to e-commerce players Flipkart and meesho.com for gross violations of norms relating to sale of acid on their platforms. The notices follow reports that in recent acid attack on a girl in Dwarka, Delhi, the accused had bought acid from Flipkart. On Thursday, the Delhi Commission for Women issued notices to two e-commerce firms for allegedly allowing sale of acid on their platforms. The Delhi Police had also issued a notice to Flipkart after it found that the acid was procured from the e-commerce firm. "CCPA has sent notices to two e-commerce entities, namely Flipkart Internet Pvt Ltd and Fashnear Technologies Pvt Ltd (meesho.com) for gross violations relating to sale of acid reported on their platforms. It has directed these entities to furnish detailed responses within 7 days," Ministry of Consumer Affairs said in a statement. Any non-compliance by these e-commerce entities with the directions of CCPA's notices will

WTO: India seeks views on consumer protection in e-commerce sector

Also calls for greater cooperation among enforcement agencies of member countries

Flipkart, Walmart ink MoU with NSIC to speed up capacity creation for MSMEs

The three plan to support MSMEs in their quest to integrate with local and global retail supply chains

E-commerce platform Carousell lays off 110 employees to reduce costs

Consumer-to-consumer (C2C) e-commerce platform Carousell has laid off about 110 employees, or 10 per cent of its total workforce, in an effort to reduce costs.

Flipkart, Polygon partner to speed up Web3 & Metaverse e-commerce use-cases

To set up Blockchain-e-commerce Centre of Excellence towards this end

Amazon to shut down its edtech platform in India, refund customers

Edtech offering was launched last year to cater to students preparing for engineering colleges' JEE

11 e-commerce firms on board govt campaign to fight fake reviews

Firms to develop filtering & control tools and algorithms, verification and control processes

Data Bill may not lead to India joining e-commerce deal at WTO

India has so far stayed out of a group of 87 countries, including the US, European Union, China, and Japan that are negotiating trade-related aspects on e-commerce since December 2017

Tata Cliq Luxury plans large-scale Black Friday sale starting Nov 23

The sale will have offers on global and Indian luxury and premium brands

Govt announces new norms to curb fake online reviews of products, services

E-commerce players like Amazon and Flipkart will have to voluntarily disclose all paid consumer reviews of products and services offered on their platforms, with the government bringing in new norms to curb fake reviews and help buyers make informed decisions. However, the government has barred publication of reviews that "have been purchased and/or written by individuals employed for that purpose by the supplier or third party concerned". The BIS standards, prepared after extensive stakeholder consultations and to be effective from November 25, will be voluntary but the government will consider making them mandatory in case the menace of fake reviews continue on the online platforms. Consumer Affairs Secretary Rohit Kumar Singh on Monday said the Bureau of Indian Standards (BIS) has formulated a new standard 'IS 19000:2022' for Online Consumer Reviews -- Principles and Requirement for their Collection, Moderation and Publication'. The standards will be applicable to any organisati

Private equity player TPG Growth sells Nykaa shares worth Rs 1,000 crore

Private equity player TPG Growth on Friday sold shares of e-commerce beauty company Nykaa for more than Rs 1,000 crore. As many as 5.42 crore shares of FSN E-Commerce Ventures, which runs Nykaa, were offloaded at a price of Rs 184.55 apiece through a block deal, as per data from the National Stock Exchange (NSE). The total value of the transaction is a little over Rs 1,000 crore, the data showed. These shares were acquired by various entities, including Societe Generale, HSBC Indian Equity Mother Fund and Goldman Sachs (Singapore) Pte, among others. The stock of Nykaa, which got listed last November, is in focus as the mandatory lock-in period for pre-offer investors came to an end on November 10. Shares of the company rose more than 3 per cent to close at Rs 192 apiece on the NSE on Friday.

ONDC a 'game-changer' in democratising e-commerce business: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday exuded confidence that the Open Network for Digital Commerce (ONDC), a Unified Payments Interface-type protocol, would democratise the e-commerce businesses by onboarding six crore small retailers. Addressing reporters here, Goyal said, The ONDC has that ability to transform the e-commerce sector not only in India, but also in the whole world because, like UPI, it will democratise or make e-commerce available to the common man and connect the 60 million or six crore small retailers all over the country." The ONDC was launched in five cities in April. The ONDC will offer small retailers an opportunity to provide their services, goods, products to the buyers across the country through an e-commerce system, where buyers will be able to purchase the products, which are sold on any platform, Goyal explained. He added that the sellers on any one platform will have the ability to sell to buyers coming on to any platform. So ...

Layoffs are part of annual operating planning review process: Amazon

Sources say attempts being made to absorb staff in other units

Investor Lighthouse India Fund sold Nykaa shares worth Rs 525 cr: Report

30 million shares of FSN e-commerce Ventures, the parent company of the beauty products retailer Nykaa, were sold by the investor on November 10 as the lock-in period ended