Page 3 - E Commerce Firm

Magicpin records 15-times order growth on ONDC network in 15 months

Hyperlocal e-commerce firm magicpin on Tuesday said it has crossed the 1.5 lakh-mark for daily order of food and logistics services on the government-backed ONDC platform, registering a 15-times growth over 15 months. magicpin joined the Open Network for Digital Commerce (ONDC) network in March last year with 22,000 restaurant partners, which the company has scaled to 70,000, the company said in a statement. The company saw 100 daily orders in early May 2023, which increased to 10,000 in four weeks, the company said. "In about 1.5 years, we have double-digit market share in major cities, with more than 10 per cent market share in key markets like Delhi or Bengaluru in terms of overall food delivery. We are thrilled with magicpin's success on ONDC, where we have reached 1.5 lakh daily orders for food delivery and logistics on the network," magicpin CEO and Co-Founder Anshoo Sharma said. He said 90 per cent of food orders from prominent buyer apps such as Paytm, Tata Neu, and Ola are

Meesho records 40% increase in total orders during annual festival sales

SoftBank-backed e-commerce firm Meesho on Monday said that it has recorded a 40 per cent growth year-on-year in total orders during the latest annual festival sales. The e-commerce firm claims to have recorded 145 crore customer visits during the 10 days long 'Meesho Mega Blockbuster Sale 2024'. "During our Mega Blockbuster Sale this year, we achieved over 40 per cent growth in orders, surpassing industry expectations. With around 3 crore app downloads and a 45 per cent increase in new-to-e-commerce users, we are reinforcing our commitment to making e-commerce accessible and affordable for millions across the country," Milan Partani, General Manager, User Growth at Meesho said. Meesho's flagship sale held from September 27 to October 6, 2024. "The company witnessed an impressive increase in demand this year, with total orders rising over 40 per cent compared to last year," the statement said. The company said that it observed around 45 per cent of the total customer visits from ti

App-first Gen Z scripting big shifts in consumption trends: Bernstein

The digitally-native, app-first Gen Z cohort is assuming the centre stage in India's consumer markets by scripting "big shifts" in consumption trends, including the rise of quick commerce delivery and direct-to-consumer brands, according to a report by Bernstein. Brands are seeking a deeper connection with this digitally-native, app-first generation that 'swipes up' for practically everything from social media to ride-hailing and food delivery. Indian Gen Zs' are the world's largest, the report said about the cohort born into a digital age, that shops, works and eats online. Gen Z is the generation born between 1996 and 2010. Indian Gen Zs make up 20 per cent of the world and about 27 per cent of India's population, it noted. Gen Zs have become the "Swipe Up" generation considering the amount of time they spend on social media. They swipe up for practically everything - social media, ride-hailing, and food delivery, according to Bernstein's report on 'India Internet'. Gen Zs are .

US safety commissioners call for investigation into Shein and Temu

Shein and PDD Group's Temu, which both ship cheap merchandise into the U.S. from China, are raising "specific concerns" for the Commission for their use of de minimis

E-commerce major Meesho appoints Mohit Rajani as chief product officer

Meesho has distinguished itself from its peers by becoming a prominent choice among the younger generation, with one in every three users under the age of 25.

Out for delivery: E-commerce policy should aim to enhance competition

It must provide a level playing field and not differentiate between platforms based on ownership and investment. A neutral policy will help boost investment, create jobs, and increase consumer welfare

E-vendors created 15.8 mn jobs in India including 3.5 mn for women: Report

Online vendors have generated 15.8 million jobs in India, including 3.5 million for women, with about 1.76 million retail enterprises participating in e-commerce activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on Employment and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. "Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women," the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors. The report noted that two of the most widely-recognised contributions of e-commerce penetration in the retail sector are --growth in employment and improvements

Zomato zooms past Swiggy in terms of growth in July, captures more market

Zomato and Swiggy are both leading industry players in the online food delivery market and quick commerce segment

Quick commerce platforms hit record sales during Rakshabandhan celebrations

Quick commerce platforms had a field day on the occasion of Rakshabandhan as the nation ditched exhaustive post-office shopping for quick hassle-free deliveries. Blinkit, which holds about 40 per cent share of the quick commerce market, sold about 700 rakhis every minute. "We'll cross all-time high orders in a day on blinkit in a couple of minutes. We also hit highest ever OPM (orders per minute), GMV, chocolate sales and most other metrics today! And at its peak - we hit 693 RPM (Rakhis per minute)," Blinkit CEO and co-founder Albinder Dhindsa wrote on X. Zomato-owned Blinkit on Saturday announced it will take international orders on Blinkit till August 19. "Folks living abroad can now place orders on Blinkit to send Rakhis and gifts to their siblings in India and we'll deliver in 10 minutes! Countries from where you can order -- USA, Canada, Netherlands, Germany, France and Japan," Dhindsa announced. Zepto, which raised USD 665 million (about Rs 5,560 crore) in its latest fundin

RattanIndia Enterprises Q1 results: Net profit up three-fold at Rs 851 cr

RattanIndia Enterprises on Tuesday reported over three-fold year-on-year jump in its net profit to Rs 851 crore in three months to June 2024. The company had posted a profit after tax of Rs 178 crore in the first quarter of FY24, RattanIndia Enterprises said in a statement. Its revenue from operations grew 70 per cent to Rs 2,494 crore from Rs 1,472 crore a year ago, it added. The company said it is driving the e-commerce business as one of the largest sellers on Amazon India through its wholly-owned subsidiary Cocoblu Retail Ltd. The revenue of Cocoblu Retail Ltd for Q1 FY25 stood at Rs 1,444 crore, up 19 per cent year-on-year from Rs 1,212 crore in the same quarter of the year earlier, it stated. The business served approximately 2.8 crore orders during the quarter, averaging about 3.6 orders per second, it added. Cocoblu Retail has cumulatively served more than 21 crore orders to date across six product categories, RattanIndia Enterprises said. RattanIndia has a presence in v

Amazon partners with govt emporiums, NGOs, trade bodies to empower artisans

Customers can shop for over 1.5 lakh products featured from 25 states depicting regional various crafts of India

Customs, banking rules level with China, help boost e-com exports: GTRI

Reforms in certain customs and banking rules, access to credit, and incentives at par with China will be key for India to boost its exports through e-commerce medium to USD 350 billion by 2030, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) report also suggested creation of separate regulations and ecosystems to support two different types of e-commerce exports - direct export and overseas warehouse models; supporting firm to open warehouses in key foreign cities; export incentives at par with physical shipments; marketing support; and creation of regional hubs for MSMEs. "Over 60 per cent of Chinese e-commerce exports (USD 330 billion in 2023) use foreign warehouses for faster delivery. They have special rules and support systems that help their e-commerce sector grow. If we do not adopt similar measures, our e-commerce exports might only reach USD 25 billion by 2030, despite having the potential to reach USD 350 billion," GTRI Founder Ajay Srivastava ..

Flipkart Pay merges all payments, fintech offerings into unified interface

The e-commerce firm aims to provide customers a seamless payment experience as it gears up for the festive season

KingsCraft eyes Rs 50 cr revenue from new e-commerce platform in FY25

Online fashion retail brand KingsCraft Online Brands on Friday said it is eyeing Rs 50 crore revenue from its newly launched e-commerce platform Underrated Club in this fiscal. The Pune-based company, which started operations this year, also said it is looking to venture into offline segments as well with plans to set up 50 fashion retail stores across Tier-I cities under the new platform by March next year. Bootstrapped with an investment of Rs 8 crore, the company has strategically positioned Underrated Club as a key player in the affordable luxury streetwear segment, it said. "At URC (Underrated Club), we are redefining streetwear by combining innovation and sustainability," Abhishek Teri, Co-founder of Underrated Club, said. Underrated Club is set to expand its reach through a robust online presence and partnerships with plans to tie up with leading e-commerce platforms and establish a physical presence through retail partnerships, pop-up stores, and flagship stores in key ...

EY-Assocham report advocates raising e-commerce export ceiling to $50,000

The report said to enhance global competitiveness of exporters and offset the cost disabilities, govt should introduce a special credit package with fiscal incentives for the e-commerce export sector

Only 21% Amazon workers in India say work environment is safe: Report

Ecommerce firm denies UNI Global Union's survey that claimed company sets difficult targets for warehouse workers and drivers

Amazon India announces annual Prime Day sales event on July 20-21

New products by more than 450 brands will be launched, says e-commerce company

Quick commerce expands to electronics: Smartphones to be delivered in mins

Swiggy Instamart, Zomato's Blinkit, BigBasket's BBNow, and Zepto may begin delivering smartphones and kitchen appliances by November this year

100-day plan: Govt e-platform to spur exports, connect with stakeholders

Since India has been on a free trade agreement (FTA) signing spree, the platform will offer easy access to benefits under these agreements

'Unhygienic, dusty' Blinkit warehouse in Hyderabad under FSSAI scanner

Zomato-owned Blinkit's one of the warehouse premises located Hyderabad were found in violation of multiple norms during a raid on June 5, the Commissioner of Food Safety, Telangana said