Page 2 - Indian E-commerce Industry

IIM Indore student gets Rs 1 cr salary package from e-commerce company

An e-commerce company has offered an annual salary of Rs 1 crore to a student of the Indian Institute of Management (IIM) Indore, an official said Tuesday. This is the highest annual package offered during the final placement round of this session at IIM-I, the official said. "One of our students has bagged the highest salary package of Rs 1 crore during the final placement period of this session. This student has been offered a job in the sales and marketing department by a company in the e-commerce industry. The offer is for domestic placement," the official said. Against the backdrop of "a cooling job market", the season culminated with more than 150 recruiters extending offers to 594 students of the two-year Post Graduate Programme (PGP) and five-year Integrated Programme in Management (IPM), the official said, adding that this reflects the industry's unwavering trust in the institute and its students. The statistics for this year consisted of the average CTC (cost to company)

ONDC merchants expected to multiply in coming year: MD & CEO Koshy

The government-promoted Open Network for Digital Commerce has around 3 lakh merchants and the count is expected to multiply in the coming year, ONDC MD & CEO Thampy Koshy said on Thursday. "We started with 600 merchants on-board in January last year. At present there are around 3 lakh merchants (on-boarded). In the coming year we expect this will be multiplying and build its momentum. At least ten times growth I expect in the coming year," Koshy said on the sidelines of an event here. He further said that ONDC witnessed 67 lakh transactions in January, and he expects a 20-30 per cent growth in monthly transactions going forward. Koshy was speaking after an agreement signing ceremony between QCI and ONDC at the launch of the DigiReady Certification (DRC) portal. For the DRC initiative, QCI in conjunction with ONDC aim to assess and certify digital readiness of MSME entities. With the help of an online self-assessment tool, MSMEs can evaluate their preparedness to seamlessly onboard

Flipkart co-founder Binny Bansal exits board, launches new startup OppDoor

Binny Bansal has officially exited the board the Walmart-owned e-commerce firm, which he founded along with Sachin Bansal 16 years ago

Flipkart leads e-comm mkt with 48% share, Meesho fastest growing platform

Walmart group firm Flipkart continues to dominate the e-commerce segment with 48 per cent market share while Softbank-backed Meesho has emerged as the fastest growing e-commerce platform in terms of user base in India, a latest report by AllianceBernstein said. According to the report, Flipkart's user base grew 21 per cent year-on-year (YoY), Meesho accelerated at 32 per cent while Amazon lagged at 13 per cent user growth primarily due to relative premium offerings as compared to peers. " As of FY23, Flipkart was the market leader, with a 48 per cent share in India eCommerce. Flipkart continues to grow faster than the industry... Mobile and apparel to be the largest categories for Flipkart with around 50 per cent and 30 per cent mix. Flipkart is estimated to hold 48 per cent and 60 per cent market share in online smartphone and online fashion market respectively," the report said. The report attributed growth in Meesho's market share primarily to its strategic focus Tier 2 and small

Over 50% firms committed to achieving net-zero emission target: PwC survey

About 50 per cent of the Indian businesses surveyed expressed their commitment to achieving the net-zero target, reflecting their desire to address climate change issues and transit to a low-carbon economy, said a PwC report on Tuesday. Of these, about 48 per cent committed to achieving net-zero emission target by 2030, said PwC India's Tax transparency in ESG survey conducted between April-July 2023. The report is based on a market survey of nearly 250 tax heads, sustainability/ESG leaders, CFOs and CXOs of Indian businesses, spanning industries such as financial services, technology, media, and telecom (TMT), retail and consumer, engineering and construction, among others. In recent years, the global business landscape has witnessed a significant transformation in sustainable and responsible practices, said a PwC release, adding "as a core pillar of corporate strategy, companies are investing in sustainability and striving to communicate their intentions, commitments and ...

Diwali 2023: Beauty product sales up 52%, phones top-selling electronic items

The beauty products category emerged as the top three favourite among the younger demographic with 47 per cent of sales coming from the 18 to 24 years age group

Final draft of e-commerce policy skips consumer data protection regulations

The earlier draft of the policy which was released in 2019 talked extensively about the ways in which e-commerce companies could collect user data

Amazon senior manager murder in northeast Delhi, two more arrested

Two more persons have been arrested in connection with the killing of an Amazon executive in northeast Delhi's Bhajanpura area, police said on Friday. The accused have been identified as Sohail (23), a resident of Noor-e-Elahi in Bhajanpura and Jubair (23), a resident of Mohanpuri in Bhajanpura, they said. With this, a total of four people have been arrested in the case so far. Around 11:30 pm on Thursday, police received a tip-off about the accused persons and nabbed them near Burari while they were trying to escape to Punjab, Deputy Commissioner of Police (northeast) Joy Tirkey said. Harpreet Gill (36), who worked as a senior manager with e-commerce giant Amazon, and his maternal uncle Govind Singh (32) were shot at and injured late on Tuesday night in northeast Delhi's Subhash Vihar area when the two were travelling on a motorcycle. Gill was later pronounced dead at a hospital. Singh has been discharged from hospital and is recuperating at home. He is cooperating in the ...

Meesho becomes first horizontal e-commerce company to attain profitability

The SoftBank-backed firm saw over 1 billion orders in last 12 months; its order volumes rose by 43% and revenue by 54%

Middle-class Indians earning Rs 2.5-10 lakh to drive e-commerce growth

Middle-class now accounts for 31% of the Indian population and is expected to increase to 38% by 2031 and 60% by 2047

Online smartphone sales likely to remain muted this festival season

Brands increasingly ramping up offline footprint

Transactions on GeM portal cross Rs 50,000 crore in first quarter

Provision of penal interest on delayed payments to start from July

Govt close to finalising e-commerce policy: DPIIT secy Rajesh Kumar Singh

"E-commerce rules and e-commerce policy will be congruent with each other... That exercise is at a fairly advanced stage," Singh told reporters

Tech infra is costly, frugality is a big part of strategy: Flipkart's Datar

Extracting efficiency and managing costs, while passing on the savings to customers, is what e-commerce at scale is about, says Mayur Datar, chief data scientist, Flipkart

BIS norms to curb fake reviews to increase costs for online sellers: Report

According to the guidelines, published on November 23, the companies will have to ensure that the ratings and reviews of their products are genuine

Snapdeal to shelve its $152 million IPO amid tech stock market retreat

Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fund raising by Indian startups

GeM public procurement crosses Rs 1 trillion in just eight months

Cumulatively, GeM has surpassed GMV worth Rs 3 trillion since inception and the number of transactions on GeM exceeded 12 million

Layoffs are part of annual operating planning review process: Amazon

Sources say attempts being made to absorb staff in other units

Udaan, Jiomart led India's B2B e-commerce market to reach $100 bn by 2030

India's B2B e-commerce market, led by players like Udaan and Jiomart, will reach $90-100 billion in gross merchandise value (GMV) by 2030, a report showed

E-commerce solution provider Graas raises $40mn in funding round

Graas, a solution provider the for e-commerce industry, said on Wednesday that it has raised more than $40 million in the first close of a funding round.