Page 4 - E-commerce Industry

Average salary hike in India likely to be 8-11% this year: Randstad India

The junior professionals are likely to outshine senior professionals in terms of salary hike percentage

Alibaba approves additional $25 bn share buyback as revenue disappoints

Chinese e-commerce firm Alibaba Group Holding on Wednesday approved an additional USD 25 billion authorisation to its share buyback programme, after reporting lower-than-expected sales revenue for the last quarter of 2023. The company's Hong Kong-traded shares plunged 6.8 per cent on Thursday. Alibaba's New York-listed stock price sank 5.9 per cent on Wednesday and has fallen nearly 26 per cent over the past year. Alibaba posted a 5 per cent increase in sales to 260.3 billion yuan (USD 36.67 billion) in the quarter that ended in December, slightly missing analysts' estimates. Net income sank to 14.4 billion yuan (USD 2 billion), down 77 per cent compared to a year earlier. The Hangzhou, China-based firm attributed the drastic decrease to declining values of its equity investments and falling revenues. Alibaba has struggled to sustain its growth and faces increasing competition in the e-commerce sector from rivals such as Pinduoduo and ByteDance, which operates TikTok and Douyin. On

R-Day sale 2024: Smartphones, PCs, and electronics fly off e-com shelves

Beginning January 13, e-commerce majors Amazon and Flipkart rolled out their Republic Day sale events in India, with various bank offers and discounts on gadgets and electronic items

Quick commerce app Zepto elevates Nikhil Mittal to chief technology officer

In his new role, Mittal will be handling all verticals of engineering - customer facing, platforms and supply chain - at the company

Temple fever grips Indians, lifts travel demand and hotel bookings

Spiritual merchandise sales on e-commerce platforms surge ahead of Ram Mandir inauguration

Meesho posts 1st profitable quarter in FY24; loss dips to Rs 141 cr in H1

Softbank-backed Meesho on Friday said it became the first e-commerce unicorn to post consolidated profit after tax in the second quarter ended September 2023. The company did not disclose the amount of profit it earned in the July-September period. During the first-half period of the current financial year, the company reported narrowing of losses to Rs 141 crore and an increase in revenue by 37 per cent on a year-over-year basis to Rs 3,521 crore. "Meesho recorded its first-ever full quarter profitability in the second quarter of financial year 2024 and continues to remain so. The positive momentum in the business continued post this period's end and into the festive season as well where we witnessed continued growth across categories. This is an impressive feat as Meesho became the first horizontal e-commerce company to turn profitable in India," a Meesho spokesperson said. The company said it had posted its first-ever profit in July. "Consolidated revenue from operations were Rs

Govt to extend RoDTEP benefits to e-commerce exports: Piyush Goyal

The RoDTEP scheme, which came into effect three years ago, refunds the embedded non-creditable central, state, and local levies paid on inputs to exporters

Online platforms may need to delete data of users inactive for 3yrs

New Digital Personal Data Protection Rules proposed by the government may require online platforms, including e-commerce, gaming, and social media, to permanently delete data of inactive users

Over 80% Indian retailers do not see e-commerce as threat: Report

A majority of Indian retailers surveyed do not feel e-commerce is threatening their operations, with only 18 per cent saying that their sales have been impacted by online selling platforms, claims a study. The top industries witnessing the highest contribution from offline sales are FMCG & Retail (97 per cent), Food & Beverage (95 per cent), and Consumer Durable & Electronics (93 per cent). MSME-focused digital lender in India NowGrowth surveyed around 3,000 Indian retailers and shoppers across more than 25 top cities in India, wherein it was found that at-home delivery remains a top priority for shoppers, with 60 per cent of offline retailers receiving customer requests to start home delivery services. Physical stores remain the most popular mode of shopping for Indians despite the proliferation of online marketplaces. The ability to touch and feel the product is the top reason for the popularity of in-store shopping. Around 54 per cent prefer offline shopping due to the .

Majority of Indians check sellers' rating online before ordering: Report

A majority of adults check for a seller's rating online and assess a company's social media presence for authenticity before making a purchase, according to a study conducted just before the festivals. The Norton Cyber Safety Insights report, which was released on Thursday, surveyed 1,000 adults during August and September. According to the survey, about 96 per cent of the consumers geared up for pent-up purchases online during the festive season. As many as 88 per cent of adults check for a seller's rating online, while 82 per cent assess a company's social media presence for authenticity, the survey noted. The survey further revealed that the average amount lost to holiday shopping scams is over Rs 20,000. To curb this, 73 per cent of those surveyed said they preferred to make payments through third-party providers like PayPal. "With most consumers planning to shop online, it's imperative that we stay vigilant and prioritise security. The digital landscape offers fantastic deal

SHGs products to be made available on e-commerce platforms: Anurag Thakur

Union Information and Broadcasting Minister Anurag Thakur on Friday said the Centre has decided to sell products made by women-associated self-help groups through e-commerce to double their income. He addressed around 200 such self-help groups from different areas of Una district during an 'Atmanirbhar Narishakti se Samvad' (interaction with self-reliant women) programme. Thakur said that under the National Rural Livelihood Mission, about Rs 9,000 crore has been spent by the central government to make women living in rural areas self-reliant. He called upon the delf-help groups to take special care of the quality and packaging of the finished products so that these can compete with brands available in the market. In the future, products prepared by self-help groups will be made available on the e-commerce platforms to increase their sale, the Union minister added. Speaking to reporters after the event, Thakur accused the Congress governments in Rajasthan and Chhattisgarh of looting

Record 1.4 bn visits during 'The Big Billion Days' festive sales: Flipkart

Choices in smartphones, laptops, tablets and home appliances indicate a strong premiumisation trend across India this year, said Flipkart

E-commerce aggregator ETrade aims to triple revenue to $ 750 mn by 2025

E-commerce aggregator firm eTrade aims to triple its revenue to USD 750 million by the fiscal year 2025 on account of a multi-faceted strategy, including the launch of their own white labels, the company said on Wednesday. eTrade claims to have an annual revenue of USD 250 million at present. "We are proud to have established ourselves as a leading e-commerce aggregator partner in India. We are fully committed to continuing our growth trajectory and reaching the USD 750 million goal by 2025, solidifying our position as a trusted partner in the e-commerce ecosystem," eTrade Founder, Anuj Bhatia said. The company provides technology, logistics, inventory management and other tools to enable companies to sell their product online. eTrade claims to have over 100 new clients and registered a growth of 60 per cent over the last year. The company said that it recently introduced over 50,000 new products specially curated for the festival season launched by some of its partner brands like

'No proposition for independent regulator in proposed e-commerce policy'

In that meeting, a broad level of consensus emerged among the concerned stakeholders on the proposed policy

Pepperfry elevates Ashish Shah as CEO after demise of Ambareesh Murty

The company has also secured $23 million to strengthen its ability to cater to the evolving needs of its over 10 million and increasing customer base

Centre asks e-commerce platforms to stick to their business model

Draft e-commerce policy to be out in few weeks; stakeholder consultation process-led by Goyal held

India's 'mass' consumers to lead $300 bn e-com opportunity by 2030: Redseer

Redseer's report added that approximately 70% of mass consumers have increased their shopping frequency on e-commerce platforms in the last one year

Temu files lawsuit in US against rival Shein, alleges antitrust violations

Chinese e-commerce retailer Temu has filed a lawsuit in Massachusetts accusing its rival Shein of violating US antitrust law by preventing garment makers from working with it. Temu, which is owned by popular Chinese e-commerce site Pinduoduo Inc., is alleging that Shein has compelled clothing manufacturers to submit to unfair supply chain arrangements preventing them from working with Temu after it entered the US market in 2022. Shein (SHE-in) and Temu (TEE-mu) are fast-rising online shopping platforms. Shein has grabbed the largest share of the fast fashion market in the US, at over 50 per cent, according to Temu's complaint. Temu is the most downloaded app in the US, according to the website data.ai, formerly App Annie, which tracks app rankings. It offers everything from apparel to household goods at similarly competitive prices. Shein has engaged in a campaign of threats, intimidation, false assertions of infringement, and attempts to impose baseless punitive fines and has forc

Exempt small suppliers on e-commerce platforms from GST registration: GTRI

Think tank Global Trade Research Initiative (GTRI) said small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration if their turnover does not exceed the threshold. The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will kick in from October 1. Ahead of the 50th GST Council meeting on Tuesday, GTRI has recommended that similar registration rules should be applicable for inter-state supplies done by micro and small businesses through e-commerce platforms. Giving example, GTRI Co-Founder Ajay Srivastava said that a small village artisan with less than Rs 10,000 annual turnover selling metal-ware craft through her website must enrol for GST pay tax and file regular returns despite low turnover. However, if the artisan restricts business within a ...

E-commerce firm Shopsy delivers to 16 mn transacting customers in Q1 2023

The platform has witnessed an uptick of 3X growth in units, customers, and sellers in the last year, with over 175 million app downloads, said the company in a statement