Page 11 - Ecommerce

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

47% Indians to spend over Rs 10,000 in upcoming festive season: Report

Customer sentiment is significantly higher than last year when 19% of Indians said they would spend over Rs 10,000

Great Indian Festival sale to be bigger than last year: Amazon VP

Amazon, on Friday, also launched its 'Amazon Xperience Arena' event in Delhi NCR. The subsequent editions of the event will be held in Pune, Hyderabad, Chennai, and Kolkata

Meesho Festive Season Sale starting today, offering up to 80 per cent off

Meesho begins its Mega Blockbuster sale today, October 6, 2023, and offers 80 per cent off on different products. The sale will conclude on October 13

Mensa Brands raises $40 million in growth capital from EvolutionX

Mensa Brands will use the money to continue investing in brand-building

Credit card spending among Indians rises 2.67% to Rs 1.48 trn in August

The transactions at PoS increased by nearly 6.7 per cent to Rs 52,961 crore whereas e-commerce payments jumped to Rs 95,641 crore

LIVE: Logical to prepare for more China presence in Indian Ocean, says EAM

Catch all the latest live updates from around the world here

Amazon sued by FTC, 17 states over allegations it inflates online prices

US regulators and 17 states are suing Amazon over allegations the e-commerce behemoth abuses its position in the marketplace to inflate prices on and off its platform, overcharge sellers and stifle competition. The lawsuit, filed Tuesday in federal court in Amazon's home state of Washington, is the result of a years-long investigation into the company's businesses and one of the most significant legal challenges brought against it in its nearly 30-year history. The Federal Trade Commission and states that joined the lawsuit allege Amazon is violating federal and state antitrust laws. They are asking the court to issue a permanent injunction that they say would prohibit Amazon from engaging in its unlawful conduct and loosen its monopolistic control to restore competition. The complaint accuses the company of engaging in anti-competitive practices through measures that deter sellers from offering lower prices for products on non-Amazon sites, an argument mirroring allegations made in

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

HSBC India launches 'ONDC in a Box' to expand corporate offerings

HSBC India on Thursday announced the launch of 'ONDC in a Box', a one-stop-shop proposition for corporates towards seamless enablement on ONDC. With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled proposition, the lender said in a statement. The Open Network for Digital Commerce (ONDC) is an initiative by Department for Promotion of Industry and Internal Trade, and Ministry of Commerce and Industry to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform. ONDC aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum. "The 'ONDC in a Box' proposition by HSBC India is presented along with its ecosystem partners - Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya). As part of this proposition, banking services are offered by HSBC India and the ONDC Modules are offered by Protean a

Need to broaden participation to expand digital commerce in India: ONDC

The country needs wider participation of buyers and sellers to expand digital commerce in the next few years, Open Network for Digital Commerce (ONDC) CEO T Koshy said on Tuesday. "If you look at today's digital commerce in the country, it is limited to 10 per cent and just 2-3 per cent on the buyer side, so we need to broaden and expand the participation so that the current levels can go up to 25-30 per cent in the next few years. "We are working in each of the segments to understand the challenges and building mechanisms to address them and to enable broad-based participation," Koshy said while speaking at the 3-day 'Global Fintech Fest 2023' that began on Tuesday. Digital commerce is just starting in the country. There are huge challenges ahead, and soon, there will be domains that will enable international transactions for people to buy from the India network, he added. "The key thing is while we are doing all this technology enabling, we have to understand that there is a need

Japan's Mercari opens centre of excellence in Bengaluru, its first in India

E-commerce firm aims to double its workforce in India to more than 80 employees

Uniqlo India sees 15% of its sales come from online channels: CEO

Expands to West India after opening 10 stores in North

Several Dunzo dark stores go offline in Bengaluru amid worker salary delays

Dunzo's salary deferrals come even as the firm raised $75 million in funding through convertible notes in April this year, indicating its high cash burn rate

Broad level of consensus among stakeholders on proposed ecommerce policy

A broad level of consensus has emerged among the concerned stakeholders on the proposed national e-commerce policy, which is under formulation, a senior government official said on Thursday. The commerce and industry ministry on August 2 held a detailed discussion with representatives of e-commerce firms and domestic traders body CAIT on issues related to the sector including the policy for the segment. "There is a broad level of consensus. We will tell you more, may be in a couple of weeks. Policy is in final stages. There is a level of consensus across all stakeholders," the official said. Both the policy and the rules will be aligned to each other, the official added. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal, who attended the meeting, has said it was indicated that the national e-commerce policy would be released by the government in the coming months. "A unanimity was arrived at between all stakeholders about basic pillars of e-commerce po

Walmart buys Tiger Global's stake in e-com giant Flipkart for $1.4 billion

Separately, venture capital firm Accel also sold its 1 per cent stake in Flipkart to Walmart, the Economic Times reported

Magicpin starts selling tomatoes for Rs 70 per kg through ONDC partners

Hyperlocal e-commerce startup magicpin in a pact with NCCF has started selling tomatoes for Rs 70 per kilogram through select online platforms registered on the government-backed ONDC, the company said on Friday. Consumers can order tomatoes through magicpin app, Paytm, PhonePe's Pincode, Mystore in Delhi-NCR and select few cities under the arrangement, it said in a statement. "We have witnessed an overwhelming response, delivering 1,000 orders across over 90 pincodes in Delhi-NCR in just 2 days. NCCF and ONDC's initiative aims to stand with the consumers during challenging times," magicpin CEO and Co-Founder Anshoo Sharma said. To cater to the needs of a larger consumer base, magicpin is offering a maximum purchase limit of 2 kilogram of tomatoes at Rs 140 per user per week and those will be delivered to the doorstep of consumers. "On behalf of the central government, cooperatives NCCF and NAFED are already selling tomatoes at Rs 70 per kg to retail consumers through mobile vans i

Indians most impatient online shoppers, expect deliveries in 2 hrs: Report

The report by Wunderman Thompson suggested that Indian consumers expect their deliveries to arrive in less than two hours

GST Council to clarify on TCS liability of e-commerce suppliers on ONDC

The GST Council on July 11 is expected to clarify on the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce in cases where multiple operators are involved in a transaction. ONDC or Open Network for Digital Commerce is a new initiative of the department for promotion of industry and internal trade (DPIIT). So far, there is no clarity on who should be liable for TCS compliance under GST laws. Under the Goods and Services Tax (GST) law, every e-commerce operator is required to collect TCS at the rate of 1 per cent of the taxable value of goods/services sold through its platform. Sources said the Law Committee, comprising Centre and state tax officers, has recommended to the Council that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through ECO platform, the TCS compliances is to be done by the supplier-side, who finally releases the payment to the supplier. ONDC's open network operates in two