Page 5 - E-commerce Market

Indian e-commerce exports should touch $200 billion in next 6-7 years: DGFT

The Director General also mentioned that the DGFT, along with other regulatory agencies, has undertaken numerous steps and initiatives to facilitate e-commerce exports

Public procurement of services from GeM portal may touch Rs 1.5 trn in FY23

Procurement of services from government portal GeM is expected to touch Rs 1.5 lakh crore this fiscal on account of an increase in buying activities by different ministries and departments, a senior official said on Wednesday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. "Services procurement was just Rs 3,069 crore in 2019-20. It reached Rs 65,957 crore in 2022-23. This fiscal it is expected to reach Rs 1.50 lakh crore," GeM CEO P K Singh told reporters here. He said that the top buyers of services included Central Public Sector Enterprises (CPSEs) like Coal India, NTPC Ltd and ONGC, and states and central ministries such as coal, power, defence and finance. GeM has over 63,000 government buyer organisations and over 62 lakh sellers and service providers offering a wide range of products and services. Currently, government departments, ministries, public se

India pitches for clear definition of e-commerce trade in goods in WTO

India has asked the WTO members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said. At present, there is a difference of understanding about the subject between developed and developing member countries of the World Trade Organization (WTO). The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week. "India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services. The Western world wants no customs duties, and on the other hand, developing countries want that policy space to impose the duties," the official said. Customs duties help protect domestic industries and provide a policy space to support the growth of MSMEs. Though certain WTO members have been discussing the e-commerce issue since 1998, there is

Amazon discloses 181 mn users in EU in first store transparency report

In August, the Digital Services Act (DSA) imposed new rules on content moderation, user privacy and transparency for platforms and search engines labelled as very large online platforms

E-commerce firm Flipkart loss widens 45% to Rs 4,891 crore in FY23

The company's total expenses for the fiscal were reported as Rs 60,858 crore, an increase of 11.5 per cent from Rs 54,580 crore in the last fiscal

Domestic D2C market likely to reach GMV of $35 billion by 2027: Redseer

The report said that third-party logistics (3PL) would ride on the back of the Indian D2C market growth

Trade pacts with G20 member countries can help India boost exports: CII

Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory

E-commerce, FMCG demand for electric vehicles doubles in FY24

Companies are also increasing their focus on electric commercial vehicles to save fixed operating costs and reduce logistics costs

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

Amazon most popular e-com site with highest orders from Bengaluru: Survey

Products reviews by influencers play a large role in driving online retail among gen z and millennials

E-Commerce: Are open digital markets the next big thing in India?

Unbundling e-commerce in India could upend billions of dollars of investment

E-commerce platforms growing slower than expected as sale drops: Report

According to several industry insiders, the pandemic-related tailwinds that drove significant growth in online shopping are now waning

Zepto will stick to brand promise of 10-minute deliveries: CEO Palicha

Quick commerce fastest-growing consumer technology industry in India, he says

Bureau of Indian Standards to engage e-commerce players for self-regulation

India's e-commerce market is estimated at $50 billion in 2022, and is expected to grow to more than 25 per cent per annum to reach $150-170 billion by 2027

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

Also calls for greater cooperation among enforcement agencies of member countries

Nykaa records 12 times jump in revenue on Day 1 of Pink Friday sale

Beauty and fashion e-commerce firm Nykaa has recorded a 75 per cent growth in gross merchandise value and a 12-fold jump in revenue on Day 1 of its Pink Friday sale, the company said on Friday. The company said that it recorded over 400 orders per minute on the first day of the sale which started on November 21. "Nykaa Pink Friday Sale has delivered a 75 per cent growth in GMV compared to the previous year. With over 400 orders recorded every minute on Day 1 this year, the total order volume reached 8 lakhs," Nykaa spokesperson said. The sale will be live until November 28 on its website, app and Nykaa stores. The number of visitors on Day 1 of Pink Friday grew by 37 per cent to 10 million, the company claimed. "A slew of unmissable brand offers led to Nykaa clocking a growth of 34 per cent in unique visitors from 4.3 million on last year's Day 1 to 5.8 million this year. Among categories that did well compared to regular days, purchases of make-up, skincare and haircare rose ...

Best of BS Opinion: Meritocracy & reservations, trading on growth, and more

Here is the best of Business Standard's opinion pieces for today:

Review needed

Govt should address consumer complaints, not monitor product reviews

E-commerce fake reviews: Centre to issue standard guidelines next week

According to sources, the e-commerce companies will also be asked to remove unverified buyers and reviewers, and on failing to do so, action will be taken against them

2022 e-commerce festival sales almost 2x of 2019: Redseer report

This is about 25 per cent year-over-year growth as compared to festive sale month of CY2021