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Shopclues Expecting 20,000 Cr Sales in This Financial Year

24Jun By AdityaNo Comments

News

Shopclues Expecting 20,000 Cr Sales in This Financial Year

E-commerce company Shopclues expects to register more than two fold jump in Gross Merchandise Volume (GMV) from its platform at USD 3 billion (about Rs 20,000 crore) by the end of current financial year. "We are planning to close financial year 2016-17 at annualised GMV rate of USD 3 billion," Shopclues Chief Business Officer Radhika Ghai Aggarwal said. The company has registered GMV sales of USD 1.2 billion in 2015-16, she said. Shopclues expects that additional push to its business will come from fashion category which it has recently started. "The company has already added 60,000 new sellers on its platform under fashion category and will take this number to 1,50,000 by the end of the year. In GMV and orders terms, we expect 100 per cent growth in fashion category by end of ongoing ...

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

20Jun By NitishNo Comments

News

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

The Proverb of Old is Gold seems true in the case of India's largest e-commerce company Flipkart. Under new CEO Binny Bansal, Flipkart re-appointed Mr. Kalyan Krishnamurthy as head of categories. Before explaining anything about Flipkart re-joining strategy kindly read our previous report to get more clarification. Kalyan Krishnamurthy an executive at Flipkart’s largest investor Tiger Global Management was first appointed as a interim chief financial officer (CFO) & Category Head of Flipkart in February 2014. He left the company and joined Tiger Global again in November 2014. In 2015, Flipkart replaced its entire senior management and hired professionals from Google, Amazon etc. In 2016, due to shortage of funding and poor performance Flipkart's three senior executives lost...

8Jun By PriyankaNo Comments

News

Amazon Will Invest $5 Billion in India

Amazon will invest an additional USD 3 billion in its India operations to take its investment in the country to over USD 5 billion, the American e-commerce giants founder and CEO Jeff Bezos said today. Bezos said this at an event here attended by Prime Minister Narendra Modi. "Amazon will invest USD 3 billion more in India. This is in addition to the USD 2 billion announced in 2014," Bezos said at the annual gala of US India Business Council (USIBC). "We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said. "Our Amazon.in team is surpassing even our most ambitious planned milestones...," Bezos said after receiving USIBCs Global Leadership Awards. Star India, a subsidiary of 21st Century Fox, also said it will in...

31May By NitishNo Comments

FUNDING

India’s Only Profitable Ecommerce Platform Invested 45 Crores in CCAvenue

India's first profitable e-commerce portal Infibeam said that it's investing Rs 45 crore in one of India's largest payment gateway CCAvenue and is currently "in further discussion for signing of definitive agreement". CCAvenue's payment solutions will be deeply integrated to Infibeam e-commerce marketplace and BuildaBazaar merchant store. Infibeam operates via its subsidiary NSI Infinium Global that holds e-commerce marketplace Infibeam.com and the do-it-yourself e-commerce platform BuildaBazaar. It's already has a joint venture with Avenues India called Avenues Infinite that operates the e-commerce marketplace Dhamaal.com. Infibeam owns 49.9% stake in the venture while the remaining 50.01% is owned by Avenues India. Infibeam likely to compete with other e-commerce platform in paym...

TataCLiQ.com – First of its Kind Phygital E-commerce Platform in India

28May By NitishNo Comments

Story

TataCLiQ.com – First of its Kind Phygital E-commerce Platform in India

The Tata group today announced the opening of its E-commerce portal, TataCLiQ.com for customers. TataCLiQ.com, the first-of-its-kind multi-brand Phygital E-commerce marketplace will seamlessly blend online and in-store shopping experience for discerning customers. TataCLiQ.com is the first E-commerce marketplace to offer customers the choice of making purchases not only from their website (http://www.tatacliq.com) but through the mobile apps (iOS and Android platforms) on Day one. At the launch, customers will be able to access a wide and well-curated range of top brands across the apparel, electronics and footwear categories, including many brands that are exclusive to TataCLiQ.com. There are a host of international fashion and luxury labels, offering products that are...

Chinas Tiens Group to Enter Indian E-commerce Market

22May By Press Trust of IndiaNo Comments

News

Chinas Tiens Group to Enter Indian E-commerce Market

China Tiens Group plans to foray into the fast growing Indian e-commerce market to take on the likes of Flipkart and Amazon as the firm plans to set up its marketplace by the second half of the year. The group also plans to expand direct selling business in the country and expand user base to one crore over the next five years. "We plan to sell 3,000 products from the online shopping platform, which would be ready in the second half of the year. Indian customers will be able to buy products from different countries on the platform," Tiens South Asia Region President Kevin Hou told PTI. The Indian e-commerce market is estimated to touch USD 119 billion (Rs 8 lakh crore) by 2020. In March, the government allowed 100 per cent foreign direct investment (FDI) in online retail of goods an...

80 Percent of India Preferring to Shop Online Instead of Visiting Stores – Report

20May By AdityaNo Comments

ANALYSIS

80 Percent of India Preferring to Shop Online Instead of Visiting Stores – Report

Online shopping is more popular among consumers with 80 per cent of buyers preferring to shop over the Internet instead of visiting different stores to purchase their favourite products, according to a new survey. The study undertaken jointly by Yahoo and Mindshare analyses the shopping behaviour of customers to reveal that 31 per cent shoppers opt for online shopping in order to save the time and effort that might be spent on physically going to stores to buy the same products. About 28 per cent customers are driven to buy online due to the availability of discounts and promotions while the convenience to shop anywhere, anytime attracts the remaining 21 per cent, it said. The study also highlights how more and more customers are taking to mobile phones to make online purchases as c...

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

16May By Press Trust of IndiaNo Comments

CHINA

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today. Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide. Amazon's global logistic network will deliver goods from China to 185 countries and regions, state-run Xinhua news agency reported. Cross-border sales account for nearly one fourth of total revenue from third party merchants in Amazon's global marketplaces. The number of Chinese traders there doubled in first quarter from a year ago. Zhejiang province is looking to cross-border e-commerce to shore up trade, which shed 0...

Paytm Signed Up More Than 1000 Brands To Open an Online Store

9May By AdityaNo Comments

News

Paytm Signed Up More Than 1000 Brands To Open an Online Store

Vijay Shekhar Sharma led Paytm has signed up more than 1,000 brands like Samsung, Dell, Whirlpool, Woodland, Lakme, Casio and Puma, to open up exclusive online stores on its platform. The announcement comes a week after top ecommerce player Flipkart said it is wooing some of the most-popular electronic and apparel brands including HP, Wildcraft, Peter England, Bosch and @Home with a new offering that allows them to create 'stores' on its digital marketplace. The online brand stores are independent online retail stores wherein brands can control the sellers who are selling in their store, inventory, pricing and promotions. They will also be able to run promotional campaigns and tag their physical stores, enabling them to generate sales for their offline channel through this online sto...

Amazon Bolsters Voice Based-Platform Alexa With Investment in TrackR

3May By AnkitaNo Comments

FUNDING

Amazon Bolsters Voice Based-Platform Alexa With Investment in TrackR

Amazon.com Inc is investing between $250,000 and $500,000 in Bluetooth technology company TrackR to extend the reach of its Alexa virtual assistant, according to a source familiar with the matter Alexa is the cloud-based system that controls the Amazon Echo, a speaker system launched by Amazon in 2014 that has emerged as a surprise hit. "Alexa" is the name the device responds to when users make requests, such as "turn on radio." Amazon and TrackR declined to comment on the size of the investment. Like Apple Inc's Siri and Google's Google Now, Alexa is designed to answer questions or take other actions in response to simple voice queries. Unlike its rivals, Amazon allows non-Amazon devices to integrate Alexa technology. The investment in TrackR came through Amazon's $100 million "...

E-commerce Policy is Unlikely to Change The Discounting Model of Online Retailers- Source

7Apr By Press Trust of IndiaNo Comments

News

E-commerce Policy is Unlikely to Change The Discounting Model of Online Retailers- Source

The recently introduced e-commerce policy is unlikely to change the discounting model of online retailers in the near-term, says India Ratings and Research (Ind-Ra). According to the ratings agency, further clarity is essential for the successful regulation of the sector, implementation of the policy and achieving the desired objective to bring about a level playing field between offline and online retailers. Ind-Ra also said the traditional offline retailers are unlikely to benefit as the policy is directed towards defining and limiting the scope of operations of e-commerce business. The policy aims to define and ring fence the marketplace operation activity of e-commerce players (e-tailers) and to distinguish the scope of marketplace and inventory based model as the Foreign Dire...

6Apr By Press Trust of IndiaNo Comments

INDIA

Now, This Indian State to Impose Tax on E-commerce Shipments

Himachal Pradesh has become the latest state to impose tax on e-commerce shipments with the state Assembly today passing a bill providing for levying tax on all online purchases to check revenue loss caused by online trading. Major states like Gujarat, Madhya Pradesh Rajasthan and Uttar Pradesh have already announced imposing tax on online purchases to protect local traders. The HP Assembly passed the Himachal Pradesh Tax on Entry of Goods (Amendment) Bill 2016, that provides for levying tax on all online purchases to check revenue losses caused by online trading. The bill was passed without any discussion as the BJP members were protesting on some other issue when the bill came up for discussion. As per Excise and Taxation Minister Parkash Chauhdary, the Bill includes provisions to...