Tuesday, May 28

Tag: e-commerce

How Reliance will beat Amazon and Flipkart in E-commerce race
Story

How Reliance will beat Amazon and Flipkart in E-commerce race

Reliance Retail upcoming entry into the Indian online space is the biggest challenge for already established e-commerce companies like Amazon and Walmart owned Flipkart. As per the latest report, Mukesh Ambani-led Reliance Retail is set to create massive disruption in the market. About Reliance Retail Reliance Retail, which operates massive 10,415 stores in more than 6,600 Indian cities having an annual footfall of 500 million. Reliance Retail (which have a store like Reliance Trend) had $81 billion in revenue and $9.4 billion in profit during 2019. Reliance Retail is the largest retailer in India, with $18.7 billion in revenue during the financial year 2019, and it grew at a CAGR of 55 percent in the last five years. Reliance Retail also has a portfolio of over ...
Droom Set to Hire 500 Employees in 2019
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Droom Set to Hire 500 Employees in 2019

India's online car&bike selling company Droom is looking to hire as many as 500 employees in 2019. One of the leading car&bike selling platforms in India, Droom has registered strong growth numbers while aggressively marketing its brand to users across the country. Now, the company hopes to take next stride with its latest hiring announcement. It aims for expansion and diversification journey, evolving newer and more evolved products as well as services. The hiring will be done from senior to middle level positions and across multiple domains such as AI, Product, ECO and Droom Credit. It is looking to hire its owned and operated fleet of ECO Technicians named ECO Ninjas. They will provide vehicle inspection services at door step. Droom aims to reach 1000+ inspections per da...
Amazon and Flipkart pull down 400k products after a new Indian Law
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Amazon and Flipkart pull down 400k products after a new Indian Law

After a new e-commerce regulation implemented by the Indian government to protect its domestic retail stores, the US-based leading e-commerce companies Amazon and Flipkart pull down an estimated 400,000 products in India. The new regulation for e-commerce businesses which was first announced at the end of 2018 imposes a ban on exclusive sales, prevents retailers from selling products on platforms they count as investors and applies restrictions on discounts and cashback promotions. Flipkart, owned by Walmart following a $16 billion investment pull as many as one-quarter of its products in order to comply with the rule.  Amazon estimated to have pulled as many as 400,000 products from sale in India. Initially, Flipkart and Amazon have applied for three-month relaxation to the n...
Amazon Launches Social Commerce Platform Spark in India
INDIA

Amazon Launches Social Commerce Platform Spark in India

Thee-commerce major Amazon has reportedly launched its socialcommerce platform Spark in India after about a month of betatesting.  Spark is part of the Amazon.in site and is a place to discover things from people who share yourinterests. In Spark, you will first be prompted to select a few interests.  This development comes at a time when Facebook and Instagram also plan to get a pie of the growing e-commerce market in India. Under this, Amazon will create a feed of personalised content from other Amazon customers with similar interests. And if you like a product in, say, a photo that you see, you can tap on the product link to buy it. You can even interact with people by commenting on their posts. This will enable the users to shop and also makes it...
Flipkart on a Hiring Spree, Looking for CTO & CPO
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Flipkart on a Hiring Spree, Looking for CTO & CPO

Soon after co-founder Binny Bansal’s exit, the e-commerce giant Flipkart is on a hiring spree. The management is said to be in discussions with top headhunting firms to fill senior positions that have been vacant for a while, and thus, the company is looking for a new chief technology officer (CTO) and chief product officer (CPO). Flipkart’s CPO, Punit Soni left the company in 2016. In November last year, the e-commerce major had moved its chief of tech, Ravi Garikipati, to what it called the fin-tech department. Since then the tech team has been reporting to Krishnamurthy. Over the next two weeks, some expect Krishnamurthy to meet with some of the leading head hunters. Also, it was reported that the company had hired an HR head - Smriti Singh. The post was lying vacant for 18 months...
Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day
BUSINESS

Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day

China’s largest e-commerce platform Alibaba Group has reportedly settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday. The amount is up by 21% from last year's early haul of 57 billion yuan. This has by far been the largest-ever Singles’ Day to date. Alibaba Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. This is expected to be the company's final November sale event. The company stated that the current chief executive Daniel Zhang will take over as chairman next year. However, while sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United S...
Jason Kothari Quits Infibeam Within Five Months of Appointment
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Jason Kothari Quits Infibeam Within Five Months of Appointment

Jason Kothari, who was appointed as the president of listed e-commerce company Infibeam Avenues approximately five months back, has reportedly resigned from his position due to personal reasons. The company stated that Kothari was responsible for heading its strategy, corporate development, international operations, and investor relations functions. He is stepping down as he was “required to spend more time abroad due to personal reasons.” Along with this, Infibeam also mentioned that Kothari would continue to be associated as a senior advisor. Prior to joining Infibeam, Kothari used to hold the position of chief investment and strategy officer at online marketplace Snapdeal. He played an integral role in not only turning around the troubled venture. Even before that, Kothari was ...
Do You Know India’s First Profitable E-commerce Company Lost its 71% Value in One Day
Market

Do You Know India’s First Profitable E-commerce Company Lost its 71% Value in One Day

Indian internet and e-commerce conglomerate Infibeam which is one of the most important companies in the country has lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised issues about the e-commerce company’s accounting practices. The stock of the company collapsed as much as 73 percent before closing 71 percent lower at 58.45 rupees on Friday. The WhatsApp message was sent a few months ago by an Equirus analyst to some clients. This was told by people familiar with the matter asking not to be revealed as they aren’t authorized to speak on the matter. The fall in the valuation induced the company to make a voluntary clarification or explanation to the exchanges stating that there was no pending information or announcement tha...
Google to Launch its Online Storefront by November in India
BUSINESS

Google to Launch its Online Storefront by November in India

The festive season in India is arriving and all the companies are gearing up for it. The technology giant Google is also looking to capture the e-commerce market in the country. Google is planning to launch an online storefront for all its branded hardware products in November. This store will have the electronic devices including its flagship smartphone Pixel, Chromecast, Google Home smart speakers, and virtual reality headset, Daydream. The storefront will be a website where Google will merely display its branded and licensed hardware products, however, it will be able to gain access to customer data and have a stronger influence over the buying experience. “We are looking to launch a Google-branded online store for all hardware launched in India, with an authorized partner who wi...
Flipkart Rolls Out Cardless Credit for Customers Amid Festive Season
BUSINESS

Flipkart Rolls Out Cardless Credit for Customers Amid Festive Season

With the upcoming festive season, the e-commerce platforms are gearing up for various mediums to attract customers through methods like festive season sale and offers. With this, the e-commerce player Flipkart has come up with a fresh feature that is a credit line for customers to complete their shopping on the platform. This credit line is known as ‘Cardless Credit’ which will allow the customers to get an instant credit line of up to Rs 60,000 based on the user’s creditworthiness. The customers who do not have a formal credit access, through this feature, can purchase products and in turn trigger a growth in the gross merchandise value for the e-commerce major Flipkart. “Close to 45 million customers on our platform do not have formal access to credit and a good portion of this is em...
China’s Fashion Retailer Shein to Expand to Smaller Regions in India
BUSINESS

China’s Fashion Retailer Shein to Expand to Smaller Regions in India

China’s fashion e-commerce player Shein has become quite popular in India just within one year of its presence. For the company, India has emerged as an important market with its mobile app crossing 5 million downloads. The fashion retailer at present delivers to over 15,000 pin codes in tier-I and II cities in India and is now further planning to focus on smaller towns by expanding its services beyond western fashion. “India is a very important market for us and we think there is a huge opportunity in the tier-III and IV towns,” said Malcolm Yam, general manager at Shein India. “This is why we have started partnering with local designers to create fusion and Indo-western outfits for the Indian audience.” Shein has been successful in more than tripling its business revenue in India fo...
Amazon Rebrands Offline Initiative in India
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Amazon Rebrands Offline Initiative in India

The popular e-commerce player Amazon India has announced that it will be promoting all its 14,000 assisted online shopping points in 21 States across the country. And, this will be done under Amazon Easy brand, starting with 200 such facilities in Andhra Pradesh and Telangana. All the points will be branded Amazon Easy by mid 2019 as stated by Kishore Thota, director-customer experience and marketing, Amazon India. This will be done majorly for stores dealing in a host of items from groceries, medicines and mobiles besides some exclusive outlets. With Amazon Easy, the staff of offline stores in tier II and tier III markets are instructed to assit customers shop on Amazon.in and this in turn also helps them to earn commission. Thota stated that in the two States, where there are 1,...