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Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

10Feb By AnkitaNo Comments

News

Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

Online retailers Flipkart, Snapdeal and Amazon came together to raise concerns about the tax collection at source (TCS) clause under draft model GST law, saying it could result in a capital lock-down for sellers and discourage them from selling online. This is the first time that the three companies locked in intense competition for leadership of the booming Indian e-commerce market -- have come together to voice their concerns on an industry issue. In the past, they have even taken potshots at one another through social media platforms like Twitter and also offline. Stressing that GST is one of the most forward-looking tax initiatives, the players exuded confidence that it will have a transformative impact on the sector. However, the TCS clause would lead to a capital lock-down o...

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

8Feb By NitishNo Comments

INDIA, News

Indian Government Receives Over 1,300 Complaints Against E-commerce Company

Government has received over 1,300 complaints against direct selling and e-commerce companies till December 2016, Parliament was informed today. It also made clear that there is no proposal to bring in a separate law to regulate e-commerce platforms. Placing the details of complaints received by its National Consumer Helpline against direct selling and e-commerce companies in the Lok Sabha, Minister of State for Consumer Affairs C R Chaudhary said, "The received complaints were dealt with as per consumer grievance redressal procedure." A consumer can file a complaint relating to e-commerce transactions in the appropriate consumer forum established under the provisions of the Consumer Protection Act, he said in his written reply to the Lower House. As per the data, 1,386 complaints...

Indian E-commerce Company Snapdeal Suspends its Affiliate Programme Amid Cash Crunch

5Feb By NitishNo Comments

News

Indian E-commerce Company Snapdeal Suspends its Affiliate Programme Amid Cash Crunch

India's one of the leading e-commerce company, Snapdeal suspended its affiliate programme for customers amid cash crunch. The steps taken by the company seems a major setback to its operation and also the concern over cash crunch. The company finds it very hard to secure next round of funding. However, the company is in still talk with one of its biggest investor softbank. The company informed its affiliate partners early Friday that it will not be able to pay for orders and additional installations of its mobile application routed through them, effective immediately. Snapdeal's affiliate network comprises coupons, deal and cashback channels as well as blogs that bring in potential customers to website and mobile app. It pays commissions to affiliates based on the number of people...

4Feb By AnkitaNo Comments

News

India Continues to Be a Rather Large Investment For Us: Amazon

E-commerce giant Amazon remains bullish on India, introducing new features for customers and sellers, even as the region continues to weigh heavy on the US-based company's finance. For the December quarter, Amazon's International business posted an operating loss of USD 487 million, up significantly from USD 108 million in the year-ago period. Its North America business had an operating income of USD 816 million (up 28.3 per cent year-on-year), while that from AWS was higher by 59.6 per cent to USD 926 million during the said quarter. Overall, net sales was up 22 per cent to USD 43.7 billion, while net income grew 55.3 per cent to USD 749 million in the fourth quarter. "I'd point out India which continues to be a rather large investment for us... So, it's still very early. We cont...

Fidelity Marked Down Value of Investment in Flipkart

27Jan By NitishNo Comments

BUSINESS

Fidelity Marked Down Value of Investment in Flipkart

US-based mutual fund Fidelity Rutland Square Trust II has marked down the value of its shareholding in e-commerce firm Flipkart by almost half over a period of one year. In a regulatory filing on January 24, Fidelity reported value of its 52,096 shares in Flipkart at USD 2.7 million (USD 2,715,764), or USD 52.12 per share, as on November 30, 2016. Fidelity, which holds less than a percent in Flipkart, in its earlier filing had reported value of its holding at USD 5,416,421, or USD 103.96 per share, as on November 30, 2015. Flipkart did not comment on the development. At the same time, Fidelity has reported around 13 percent increase in its investment made in online retail major Amazon. Fidelity reported value of its 281,493 shares in Amazon.com at USD 211,280,201 implying value of...

Anand Chandrasekaran Invested in Fashion E-commerce Portal Fynd

5Jan By NitishNo Comments

FUNDING

Anand Chandrasekaran Invested in Fashion E-commerce Portal Fynd

Fashion e-commerce portal Fynd has raised an undisclosed amount of funding from Facebook executive Anand Chandrasekaran. Arvind Sports Lifestyle CEO Rajiv Mehta and Livspace co-founder Ramakant Sharm also participated in this round. Fynd optimises delivery time for online shoppers by sourcing products from the outlets nearest to the customer. It sells fashion apparel, bags and accessories on its platform. "Our major purpose of raising the round wasn't to gain more capital but to partner with stakeholders who can actually help us with their experiences and expertise.” Last year, Fynd completed preliminary testing of its business model and was scaling up business from Mumbai to nationwide, said Fynd’s, co-founder Harsh Shah. "Around the same time, Anand, Ramakant, and Rajiv amongst...

Amazon’s Flying Warehouse to Launch Drones For Fast Delivery

31Dec By reutersNo Comments

USA

Amazon’s Flying Warehouse to Launch Drones For Fast Delivery

American e-commerce giant Amazon will fly a warehouse at an altitude of around 45,000 feet that would act as a launchpad for drones, with an aim to deliver consignments in a jiffy, media reports said today. Amazon, after winning a patent for flying the warehouse in the US, announced plans for an "airborne fulfillment center" (AFC) such as an airship, CNBC reported. The airship will be stocked with lots of products and would float at an altitude of around 45,000 feet, it said. When a customer places an order, a drone or unmanned aerial vehicles (UAV) will fly down and deliver the parcels. Amazon said the process would require little power as the drone would be gliding down rather than having to take off and land. "When the UAV departs the AFC, it may descend from the high altitude ...

30Dec By PriyankaNo Comments

News

Jabong Targets 5 million Shoppers, 5x Sales Growth in Myntra’s “End of Reason Sale” to Mark The New Year

All the shopaholics, get set to welcome the new year with style and aplomb. Jabong, India’s leading online fashion retailer, has announced its participation in Myntra’s sale event, the “End of Reason Sale”, which will start from the midnight of 3rd January and continue till 5th January 2017 midnight. More than 300,000 styles from a wide collection of more than 2,500 national and international brands will be available at up to 80% discount during this sale. Jabong is targeting a 5x growth in its sale during this period. Speaking about the End of Reason Sale, Mr. Rahul Taneja, Chief Business Officer, Jabong says “Jabong is excited and geared up to be a part of Myntra’s iconic End of Reason Sale (EORS). EORS has now become an annual high point for online fashion shoppers, and this is ...

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

26Dec By AnkitaNo Comments

News

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

E-commerce major Flipkart today said it saw the highest number of shoppers on its platform coming from the national capital region this year. "The National Capital has again raced ahead of all with most number of shoppers taking to e-commerce, closely followed by Bengaluru. Mumbai, Chennai and Hyderabad are the other metro cities that made the cut," Flipkart, in its #FlipTrends2016 report, said. Vellore, Tirupati, Bellari, Jorhat and Kottayam were the top five cities among tier III towns of the country for Flipkart, it added. Interestingly, men accounted for a larger chunk (60 per cent) of online shoppers in 2016, shopping more of electronics, personal audio, footwear and lifestyle product. The most selling categories in 2016 were electronic accessories, mobiles, women clothing, m...

24Dec By reutersNo Comments

News

Amazon Starts Flexing Muscle in New Space: Air Cargo

A cargo plane emblazoned with "Prime Air" descended from an empty sky at Lehigh Valley International Airport on Tuesday, ninety minutes from the bustle of New York City, loaded with crates of goods during the peak holiday shopping season. It's one of 40 jets leased by Amazon.com for a new cargo service to meet delivery demand from the retail giant's customers. Exclusive payload data reviewed by Reuters and interviews with airport officials around the country show that Prime Air planes are flying nearly full, but with lightweight loads, taking away valued business from FedEx and United Parcel Service. Expanding into transportation, from trucks to planes, is one of Amazon's most important endeavors as it strives to lure new customers with fast shipping while keeping costs under...

Snapdeal Started Delivery of Hard Cash at Home

22Dec By PriyankaNo Comments

News

Snapdeal Started Delivery of Hard Cash at Home

During this demonetisation period, India based e-commerce portal Snapdeal rolled out a new service called Cash@Home – which will allow customers to order cash and get it delivered at their doorstep. The company will be using the cash that it receives through Cash on Delivery (CoD) to operate this facility. It will charge a convenience of Re 1, which can be either paid through FreeCharge or through a debit card at the time of booking the order. A user can request for Rs 2000 per booking and any bank’s ATM card can be used to pay for the cash. The customers are not obligated to order anything else from Snapdeal to access the ‘Cash@Home’ facility. The service is already live in Gurgaon and Bangalore and will be extended to other major cities in the coming days. Snapdeal’s co-founder Roh...

Amazon Invests 2010 Crore into Amazon India, Total Investment 7000 Crore in Past 12 Months

20Dec By AnkitaNo Comments

FUNDING

Amazon Invests 2010 Crore into Amazon India, Total Investment 7000 Crore in Past 12 Months

It seems Jeff Bezos led American e-tailer Amazon launched full fledged e-commerce war against India's leading e-commerce firm Flipkart. According to latest information Amaon has invested Rs 2,010 crore into Amazon.in. The total investments in Amazon Seller Services to Rs 7,000 crore in the past 12 months, according to regulatory filings. The latest investment strategy from Amazon, making the points raised by Flipkart Founder Sachin Bansal and cab aggregator Ola Founder Bhavish Aggarwal, seeking government intervention and asking the country to protect Indian-origin startups to counter capital dumping by foreign rivals. Last week, Amazon rolled out Prime Video and prime service for which it is in discussions with content players and offers its users a host of features like quicker del...