Page 2 - E Commerce

Evaluation of infra needs for $1 tn exports by Aug-Sep: Official

A study to assess required infrastructure and identify main industry clusters for achieving the USD 1 trillion merchandise exports target by 2030 may be submitted by August-September to the commerce ministry, an official said. The official said that the Asian Development Bank (ADB) is doing that study for the ministry. In 2023-24, India's merchandise exports dipped by over 3 per cent to USD 437 billion. Imports during the last fiscal dipped by 5.7 per cent to USD 675.4 billion. By 2030, the ministry is aiming to more than double the country's outbound shipments of goods. Explaining the rationale behind the exercise, the official said that to take the exports to USD 1 trillion, there will be an import of about USD 1.5 trillion, so to handle USD 2.5 trillion worth of trade "we need" additional infrastructure and logistics capacity at roads, ports, airports and railways. "If exports will increase, imports will also increase. There is a correlation between higher exports and imports.

Emerging from seclusion, Jack Ma voices support for overhaul at Alibaba

Ma, who's still revered by many of the company's 200,000-plus employees, struck a markedly more upbeat tone than just four months ago

Amazon's 'just walk out' checkout tech was powered by 1,000 Indian workers

As many as 1,000 workers in India were required to review what the customers picked up, and ultimately walked out with from Amazon's Just Walk Out-enabled stores

Meesho initiates largest ESOP buyback programme totalling Rs 200 cr

Eligible current and ex-employees across the spectrum, from junior-level executives to senior leadership can voluntarily participate in this program, the company said in a statement

Meesho reduces logistics cost by 5% through software infra platform Valmo

E-commerce firm Meesho on Wednesday said it has reduced its logistics cost by 5 per cent by using its software logistics infrastructure platform Valmo. Valmo currently handles 20-22 per cent of orders of Meesho, which it plans to double in the next 12-18 months. The homegrown company announced that it has created a technology-enabled SaaS (Software as a service) platform Valmo to get micro-entrepreneurs in the logistics segment onboard to create a larger ecosystem and supply chain. The platform will incorporate local logistics suppliers to provide shipment services to the company, making the logistics seamless, and helping sellers on Meesho to save on operating costs. "Valmo aims to create a national logistics solution by eliminating entry barriers for local players and helping them grow their businesses," Meesho said in a statement. Meesho CXO, Fulfilment & Experience, Sourabh Pandey said the company has been able to reduce overhead costs by 5 per cent by incorporating Valmo for

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

Nearly 75,000 sellers on Meesho record double digit growth in sales

Around 75,000 sellers achieved double-digit growth while over 20,000 sellers witnessed a 10-times jump in their business on Softbank-backed e-commerce firm Meesho, the company said on Sunday. Meesho is the first unicorn e-commerce firm to have reported profit this year and it claims to have maintained the profitability since it first reported the performance in July. The company claimed that nearly 10,000 Meesho sellers crossed the Rs 1 crore sales mark and 130,000 registered sales of over Rs 1 lakh during 2023. Around "60 per cent of these sellers come from small towns like Avinashi, Bharuch, Fiazabad and Silchar", Meesho said. Meesho said that it added around 7 lakh new sellers this year taking the total number to 15 lakh this year. The company recorded transactions for 14 crore customers and claimed that nearly 80 per cent of the orders came from tier 2 and smaller markets. Meesho said that it recorded a unique pattern of customers placing maximum orders on Sunday. "Indian sho

RBI directs Bajaj Finance to stop lending under eCOM, Insta EMI Card

The Reserve Bank on Wednesday directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products eCOM and Insta EMI Card, with immediate effect. "This action is necessitated due to non-adherence of the company to the extant provisions of Digital lending guidelines of the Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending products and the deficiencies in the Key Fact Statements issued in respect of other digital loans sanctioned by the company," the central bank said in a statement. These supervisory restrictions will be reviewed after the rectification of the said deficiencies to the satisfaction of the RBI, it added.

MSMEs not integrated with e-commerce platforms face survival threat: ICRIER

In contrast, units that have integrated with the e-commerce platforms have witnessed significant gains in the form of increased sales, profitability and investments

Flipkart to create more than one lakh seasonal jobs in festive season

Flipkart will create over 1 lakh seasonal jobs ahead of the festive times, which will be available in different supply chains, such as fulfilment centres, delivery hubs, and sortation centres

Amazon India enabled nearly $8 bn in exports, created 1.3 mn jobs

Amazon had pledged to digitise 10 mn MSMEs, enable $20 bn in cumulative e-commerce exports and create 2 mn jobs in India by 2025. Amazon said it was well on track to fulfil these pledges

Dukaan lays off 90% staff for AI bot: It's absolutely necessary, says CEO

E-commerce startup Dukaan has replaced 90 per cent of its customer support team with an artificial intelligence (AI) chatbot, founder and CEO Suumit Shah informed on Tuesday. Attributing the decision to prioritising profitability, he said customer support costs reduced by 85 per cent while resolution time went down from over two hours to three minutes. "We had to lay off 90 per cent of our support team because of this AI chatbot. Tough? Yes. Necessary? Absolutely," Shah tweeted. Several Twitter users criticised the tweet, deeming it insensitive. "Given the state of economy, startups are prioritising "profitability" over striving to become "unicorns", and so are we," Shah added. He explained in detail about Lina, the AI assistant which he claimed, replaces generic and delayed responses, as well as limited availability of resources and poor communication. After 12 tweets, Shah said that the company is hiring for multiple roles. When asked by a Twitter user about the assistance prov

PhonePe's ONDC app Pincode goes live in 10 cities, to expand services

The company says it will expand category offerings and expand nationwide

DealShare to invest Rs 1,000 cr in SMEs in 5 yrs, assist its private labels

Social commerce firm said it will help brands find wider appeal, ensure manufacturing quality

Amazon Fresh enters over 60 Indian cities with expanded list of groceries

The e-commerce firm would offer free shipping, or free delivery on all orders above Rs 249

Moratorium on customs duties on e-com trade, agri issues may come up at WTO

Issues such as ending moratorium on customs duties on e-commerce trade and matters pertaining to the agriculture sector are likely to come up in the forthcoming mini-ministerial meet of the WTO in Paris on June 7, an official said. Trade ministers of certain countries, including India, Australia, and the US, may participate in the meet, which would be held on the sidelines of the Organisation for Economic Cooperation and development (OECD) meeting. This ministerial meet will happen in the run up to the 13th ministerial conference (MC) of the WTO, which is scheduled in February next year in the UAE. MC is the highest decision making body of the Geneva-based WTO. "Issues like agriculture, moratorium on e-commerce trade, patent waiver for Covid related therapeutics and other equipment may come up in the meeting," the official said. In the 12th MC at Geneva in June last year, WTO members secured a 'Geneva Package' which included agreements on curbing harmful fishing subsidies and ...

Meesho lays off 251 employees, CEO admits 'judgement errors in over-hiring'

SoftBank-backed e-commerce firing 15% of workforce, cites 'harsh circumstances'

Jerseys, sippers, coffee mugs: Fans bat for IPL-themed merchandise

RCB, CSK, MI merchandise in top demand, selling at higher rates

Walmarts to Flipkarts, all have role in making ONDC a success: Piyush Goyal

According to the minister, small artisans and workers can offer better quality products through ONDC and also earn better, without having to pay commission

Nykaa appoints new CFO, CTO and other new leaders to drive growth

Online beauty company strengthens team after five high-profile employee exits in March