Page 3 - Ecommerce Firms

Consumers disapprovingly pay convenience fees on online platforms: Survey

Around 83 per cent of consumers disapprovingly pay convenience fees online platforms for booking tickets or any other service, online survey firm LocalCircles said on Tuesday. According to the survey, 84 per cent of respondents want the government and its public sector units (PSUs) like IRCTC to stop charging convenience fees or service charges and promote Digital India. LocalCircles claims to have received over 32,000 responses from consumers in 319 districts of India in response to the survey conducted between June 16 and October 19, while the number of feedback to each question varied. "On an aggregate basis, 79 per cent of consumers surveyed claim they are being charged convenience fees for services they have booked online," the survey said. According to the report on convenience fees, when services like tickets are procured digitally, the supplier or seller is able to lower the cost of manpower and facilities and instead spend more on the deployment of user interfaces and back

DMart Q2FY24 results: PAT declines 9% despite 18.7% increase in revenue

Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, on Saturday reported a 9.09 per cent fall in consolidated net profit at Rs 623.35 crore for the second quarter ended September 30, as gross margins were impacted due to lesser contribution from general merchandise and apparel business. The company had posted a net profit of Rs 685.71 crore in the July-September quarter a year ago, said Avenue Supermarts in a regulatory filing. However, its revenue from operations was up 18.66 per cent to Rs 12,624.37 crore during the quarter under review, as against Rs 10,638.33 crore in the corresponding quarter last fiscal. Avenue Supermarts' total expenses in Q2/FY24 were at Rs 11,809.35 crore, up 18.97 per cent. The total income of Avenue Supermarts in the September quarter was at Rs 12,661.29 crore, up 18.61 per cent. For the first half of this fiscal, Avenue Supermarts' revenue from operations was at Rs 24,489.81 crore and its net profit was at Rs 1,282.06 crore. "PAT m

Meesho Mall gears up for the festive season, features an array of brands

Since its launch last year, Bansal said Meesho Mall has been growing by about 30 per cent month-on-month, processing an impressive over one crore orders in the past six months

Myntra to introduce changes to its return policy, lower convenience fee

Myntra said that flat charge of Rs 199 to Rs 299 per order may impact user behaviour that is adverse to Myntra's business and is likely to affect not just high-return users but also their wider circle

US Polo Assn. anticipates 10-15% growth, on track to become Rs 2k cr brand

The store will not only have apparel but also footwear as well as it looks to provide an entire experience to customers

Walmart buys out $1.4 billion hedge fund Tiger Global's stake in Flipkart

Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years

Udaan forms strategy to strengthen its staples business across Bharat

Following high growth, B2B e-commerce platform plans to double miller count in the next 12-15 months

India to see avg salary hikes of 10.2% in 2023, biggest in e-commerce: EY

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

Nykaa extends fall post Dec quarter results; stock down 8% in two days

The company said gross margin declined due to change in BPC category mix, higher brand funded discount during festive season, consumer downgrades.

Amazon begins new round of job cuts, lays off over 18,000 people: Report

Amazon has started notifying its employees affected by its new round of layoffs, as a part of its plan to reduce its headcount by around 18,000 people, the media reported

On Udaan network, local mobile accessory brands take wings in 'Bharat'

Udaan said its in-house expert team works closely with small manufacturers and trains them to run an e-commerce business

Fashion & beauty platform Nykaa announces CFO Arvind Agarwal's resignation

The FSN E-Commerce Ventures, that runs the fashion and beauty platform Nykaa, announced the resignation of its chief financial officer (CFO) Arvind Agarwal today on November 22

Data Bill may not lead to India joining e-commerce deal at WTO

India has so far stayed out of a group of 87 countries, including the US, European Union, China, and Japan that are negotiating trade-related aspects on e-commerce since December 2017

Layoffs are part of annual operating planning review process: Amazon

Sources say attempts being made to absorb staff in other units

Amazon becomes world's first listed firm to lose $1 trillion in market cap

Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak

E-commerce firm not liable to pay GST on cab service by third parties: AAR

Experts say Karnataka authority's ruling would not apply to Uber, Ola and other cab aggregators

350 employees in Udaan to get pink slip in pursuit of profitability

India's largest business-to-business e-commerce firm sacked 180 employees in June

Festival season propels demand for third-party logistics players

Further penetration into smaller cities will only add to this dependence on third-party delivery partners

Tiger Global-backed Wow! Momo elevates CMO Muralikrishnan to co-founder

He officially joined the founders in 2018 and began by leading the store-level growth hacking to brand development and was later named the group's CMO

Flipkart's net loss widens 51% on account of rising transportation costs

Flipkart's operating loss or EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss stood at Rs 3,925 crore, which was up from Rs 2,267 crore in the previous fiscal