Page 5 - Indian Ecommerce

Mobile app launched to promote products made by women in self-help groups

The eSARAS mobile app now enables customers to easily access the handmade products created by SHG members

ONDC has completely automated grievance redressal system: CEO T Koshy

The government-promoted Open Network for Digital Commerce has a completely automated grievance redressal system and an online resolution mechanism is also being enabled, ONDC CEO T Koshy said on Tuesday. ONDC is an initiative of the commerce and industry ministry to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary or software but a set of specifications designed to foster open, unbundled, and interoperable open networks. "Just like ONDC enables searching for a product and buying for a product... it also enables (filing of) complaints. The complaints seamlessly go through from the buying side to the selling side... In addition to the completely automated grievance redressal... we are also enabling an online dispute redressal system," Koshy said here at industry body CII's MSME Growth Summit. Incorporated on December 31, 2021, ONDC is a Section 8 company. He also said that ONDC has made significa

E-comm B2B market likely to reach up to $100 billion by 2030: Report

India's business-to-business ecommerce market (eB2B) market is projected to reach $90-$100 billion by 2030, growing at compound annual growth rate (CAGR) of 40-45 per cent from $5-6 billion in 2022

Meesho aims to achieve profitability in FY24, looks to grow revenue

E-commerce platform Meesho is aiming to achieve profitability in FY24 as it looks to increase revenue and optimise costs, according to a senior company official. Backed by SoftBank, the company also plans to surpass a revenue of Rs 10,000 crore by FY25. While the possibility of an IPO in FY24 is being considered, it will only happen if the company becomes profitable. The comments hold significance after Fidelity Investments, one of Meesho's investors, reduced the company's valuation by 10 per cent to USD 4.4 billion. "Our expectation is to achieve profitability within the current fiscal year, FY24. In FY23, we experienced a 50 per cent increase in revenues and reduced losses by two-thirds through cost optimisation measures. Cash burn has also decreased by 90 per cent," Meesho CFO Dhiresh Bansal said. Bansal mentioned that it is difficult to share specific numbers as the audit for the current fiscal has not yet concluded. However, the revenue run rate for Q4 FY23 was USD 800 million

ONDC to launch new incentive scheme on June 1, caps discounts at Rs 100

New strategy caps maximum discount at Rs 100 per order, compared to the earlier limit of Rs 125

$150 bn e-commerce biz: Retail, telecom, media mix to put Reliance at top

Billionaire Mukesh Ambani's Reliance is the best-positioned player in the USD 150-billion Indian e-commerce market ahead of Amazon and Walmart due to it owning the potent combination of largest retail store network, dominant telecom operations and strong digital media, an analyst said. In a new report, Bernstein Research said India is evolving into a three-player market with Amazon, Walmart and Reliance. The conventional retail business model starts out either offline (Walmart) or online (Amazon). "Given distribution challenges and India's propensity to 'skip a generation' in most technologies, we believe the Indian e-commerce market will be different. An integrated model (offline plus online plus prime), strong distribution capability and superior cost advantage (against online players) are required from the start," it said. Reliance Industries is building the largest digital ecosystem in India. Its telecom arm Jio has 430 million mobile subscribers, its retail arm has 18,300 reta

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Government's e-commerce network ONDC available in 236 cities: CEO

The government has said existing platforms are tightly controlled, keeping out many small players. It expects ONDC to increase competition and foster start-up innovation

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

Best eCommerce PPC Agencies In India This Year - 2023

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India's e-comm mkt to grow from $83 bn in 2022 to $185 bn in 2026: Report

UPI driving consumers away from cash and helping financial inclusion, it says

US Commerce Secretary to lead business delegation to India in March

US Commerce Secretary Gina Raimondo will be leading a big business delegation to India in the second week of March to discuss ways to further boost trade and investment ties between the countries, an official said. Raimondo is scheduled to co-chair the US-India CEO Forum and US-India Commercial Dialogue meetings with her Indian counterpart Commerce and Industry Minister Piyush Goyal here, the official added. "The meetings are expected on March 8," the official said. The US is the top trading partner of India. The bilateral trade between the two nations has increased to USD 65.39 billion during April-January this fiscal against USD 62.27 billion a year ago. Imports too rose to USD 42.9 billion during the ten months of this fiscal as compared to USD 34.34 billion during April-January 2021-22. Trade experts believe that the trend of increasing bilateral trade with the US will continue in the coming years too, as New Delhi and Washington are engaged in further strengthening the econom

Quick commerce firms deliver last-minute Valentine's gifts amid rosy demand

Platforms like Zepto, Dunzo, Blinkit and Instamart have seen huge uptick in demand for Valentine's Day goodies this week

ICC guidance papers throw light on LoCs

Banks should review their forms and practices based on the recommendations in these papers

Digital infrastructure role in e-commerce: India seeks views at WTO

The WTO's 12th ministerial conference in June had decided to reinvigorate the ongoing work programme on e-commerce

IndiaMART and four other Indian markets figure in US Notorious Markets list

IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai have figured in the latest annual edition of the Notorious Markets List of the US. Released by the US Trade Representative (USTR) on Tuesday, the 2022 Notorious Markets List identifies 39 online and 33 physical markets that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy. The Indian markets in the list are IndiaMART, Heera Panna in Mumbai, Kidderpore in Kolkata, Sadar Patrappa Road Market in Bengaluru, and Tank Road in Delhi. "The widespread trade in counterfeit and pirated goods harms the economic security of American workers and undermines our work to craft equitable and inclusive trade policy," USTR Katherine Tai said. "The Notorious Markets List is an important tool that urges the private sector and our trading partners to take action against these harmful practices," she added. According to the

Demand for gig workers increased by 10 times in 2022, says report

Around 49 per cent of gig workers on the company's platform are under the age of 25

Meesho order volume more than doubles to 91 cr, onboards 5 lakh suppliers

Softbank backed e-commerce firm Meesho recorded over 100 per cent jump in order volume to 91 crore in 2022, the company said on Wednesday. The company onboarded around 5 lakh suppliers in 2022 of which 61 per cent were new to e-commerce and selling online for the first time, Meesho said in a statement. As per data shared by Meesho, its sellers were able to save Rs 3,700 crore in commissions in 2022 under the company's zero commission model. "From Mumbai to Mirzapur, a record 91 crore orders were placed this year, up 135 per cent year-over-year, equalling India's registered voter base in the 2019 Lok Sabha polls," the company said. Nearly 130,000 Meesho sellers did sales of over lakh and 6,000 crossed business of over Rs 1 crore in 2022, with Rajasthan and Uttar Pradesh leading the charge. According to market research firm Redseer Strategic Consulting, Meesho pipped Amazon to become the second-largest contributor in order volume during the first week of last festive season sale wh

Consumer interest watchdog's notices to Flipkart, Meesho for acid sale

Several states/UTs have already issued guidelines to regulate the sale of acids

78% of frontline workers in Delhi NCR employed in e-commerce sector: Survey

During pandemic, consumer sentiment improved for SMEs that went online, leading to a spike in frontline jobs, revealed study by BetterPlace, a tech platform for blue-collar workforce management