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Accenture Survey Says Shopping on Social Media Platforms Expected to Reach $1.2 Trillion Globally by 2025

4Jan By PriyankaNo Comments

ANALYSIS

Accenture Survey Says Shopping on Social Media Platforms Expected to Reach $1.2 Trillion Globally by 2025

NEW YORK, January 04, 2022-- A new study by Accenture (NYSE:ACN) found that the $492 billion global social commerce industry is expected to grow three times as fast as traditional ecommerce to $1.2 trillion by 2025. Growth is predicted to be driven primarily by Gen Z and Millennial social media users, accounting for 62% of global social commerce spend by 2025. According to Accenture’s report, “Why Shopping’s Set for a Social Revolution,” social commerce means a person’s entire shopping experience from product discovery to the check-out process takes place on a social media platform. Just under two thirds (64%) of social media users surveyed said they made a social commerce purchase in the last year, which Accenture estimates to reflect nearly 2 billion social buyers globally. “The p...

Bolt acquires Oneclick Payment Platform Tipser

29Nov By AdityaNo Comments

ACQUISITION

Bolt acquires Oneclick Payment Platform Tipser

SAN FRANCISCO, Nov. 29, 2021-- Bolt, a leading checkout and shopper network company has acquired Tipser, the Swedish-based tech company enabling commerce on any digital surface, to realize their shared vision of enabling shoppers to check out immediately at the point of discovery. 84% of shoppers look for insights on at least one social media platform before purchasing, according to Pew Research Center, and 52% of socially-engaged shoppers have initiated a purchase through a social platform, according to Inmar Intelligence. Meanwhile, the creator economy is a booming $104B market, according to CB Insights, and demands better monetization tools to further accelerate growth. While social commerce is still nascent in the history of eCommerce, its adoption has ramped up over the past y...

Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion

16Feb By reutersNo Comments

ACQUISITION

Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion

Mumbai, Feb 16th, 2021: India's Tata Group will buy a 68% stake in online grocery startup BigBasket for $1.3 billion (about Rs 9,500 cr), television channel ET Now said on Tuesday, citing sources. The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India's booming e-commerce market. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata's stake will translate into an enterprise value of 135 billion rupees for BigBasket, which is backed by Alibaba, ET Now said. BigBasket top manageme...

South Korea eCommerce platform Coupang revenue surge ahead of IPO

15Feb By reutersNo Comments

Market

South Korea eCommerce platform Coupang revenue surge ahead of IPO

South Korean e-commerce giant Coupang Inc revealed rapid revenue growth and narrowing losses in its filing for a US stock market debut, as the SoftBank Group Corp-backed company looks to cash in on strong demand for high-growth tech stocks. Founded in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its 'Rocket Delivery' service that promised delivery within 24 hours, in a sharp blow to the country's family-owned retail conglomerates such as Shinsegae and Lotte. Coupang on Friday disclosed total revenue jumped 91% to $11.97 billion in 2020 from a year earlier, while net loss narrowed to $474.9 million from $698.8 million. The company, viewed as a local rival to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 bil...

Jeff Bezos will step down as CEO of Amazon

3Feb By AnkitaNo Comments

News

Jeff Bezos will step down as CEO of Amazon

New York, Feb 3, 2021: World's leading eCommerce platform Amazon.com Founder & CEO Jeff Bezos will step down later this year as CEO to become executive chairman. Acted as a CEO for 30 years Bezos will be replaced by Andy Jassy, who runs Amazon's cloud-computing business. Under the leadership of Andy Jassy Amaozn cloud-computing business powers video-streaming site Netflix and many other companies, and it has become Amazon's most profitable business. In a blog post to employees, 57-year-old Bezos said, he planned to focus on side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, which he owns. “Jeff is really not going anywhere," Amazon's Chief Financial Officer Brian Olsavsky said in a call wit...

Walmart Launch Fintech Startup in partnership with Ribbit Capital

18Jan By AnkitaNo Comments

News

Walmart Launch Fintech Startup in partnership with Ribbit Capital

BENTONVILLE, Ark., 18th Jan 2021-- Walmart announced the creation of a new fintech startup in a strategic partnership with leading fintech investment firm Ribbit Capital. The venture will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates. “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs. And they’ve made it clear they want more from us in the financial services arena,” said John Furner, President and CEO, Walmart US. “We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and ass...

Logistics Company Ecom Express expands to Bangladesh

15Jan By AnkitaNo Comments

BUSINESS

Logistics Company Ecom Express expands to Bangladesh

Dhaka, 15th Jan 2021: Logistics solutions provider Ecom Express is foraying into the Bangladesh market, marking its maiden venture outside India, a statement said. Ecom Express invested USD 11 million (about Rs 80.6 crore) in Bangladesh's largest third-party e-commerce logistics firm, Paperfly. "With more than 167 million inhabitants and over 90 million internet users, the e-commerce industry in Bangladesh is emerging and has become one of the fastest growing markets in the region. The increasing per-capita disposable income has fueled higher consumption from expanding middle classes," it added. Founded in 2016 by Shahriar Hasan, Md Razibul Islam, Rahath Ahmed and Shamsuddin Ahmed, Paperfly is the first homegrown technology-enabled logistics company in Bangladesh. "The invest...

Pet Care Industry Continues to Grow Amid Pandemic

22Dec By AdityaNo Comments

BUSINESS

Pet Care Industry Continues to Grow Amid Pandemic

For many industries, travel, and hospitality to name a few, the pandemic has been extremely detrimental to sales. The list of businesses that can say the circumstances surrounding COVID-19 have been beneficial is short. While the focus has mostly been on eCommerce and remote tech, which individuals and businesses have relied on as we shift to a digital world, one industry that has been quietly making steady growth is pet care.The demand for pet care, from food to veterinary services, rose over the course of the pandemic. One surprising and heart-warming reason for it is the growth in the number of people adopting and fostering pets. In the US, Wired reports that animal shelters have run out of pets that are available for adoption a remarkable problem to have in a country that’s overrun wi...

FedEx to acquire eCommerce platform ShopRunner

7Dec By AnkitaNo Comments

ACQUISITION

FedEx to acquire eCommerce platform ShopRunner

MEMPHIS, Tenn., 7th December 2020-- Logistics company FedEx acquires ShopRunner, the e-commerce platform that connects online shoppers with their favorite merchants and brands. ShopRunner connects millions of consumers to more than 100 of their favorite brands, offering a seamless shopping experience across merchants, from inspiration through delivery. ShopRunner’s data-driven marketing and omnichannel enablement capabilities also help merchants acquire high-value customers and accelerate their digital innovation by using ShopRunner’s e-commerce platform. “The acquisition, once closed, aligns with our continued efforts to create an open, collaborative e-commerce ecosystem that helps merchants deliver seamless experiences for their customers,” said Raj Subramaniam, president, an...

PhonePe Raises $700 million at $5.5 billion valuation

3Dec By PriyankaNo Comments

FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, w...

Shopify Merchants Cash In Record $5.1+ Billion in Holiday Sales Worldwide

1Dec By AdityaNo Comments

News

Shopify Merchants Cash In Record $5.1+ Billion in Holiday Sales Worldwide

OTTAWA, Ontario, 1st December 2020-- Shopify Merchants cash in $5.1+ billion in global sales of Black Friday through Cyber Monday. The total sales grew by 76% from the $2.9+ billion reported for Black Friday/Cyber Monday weekend in 2019. In this record-setting weekend, shopify retailers daily total sales increasing 19 days before Cyber Monday, nearly two weeks earlier than previous years. In fact, in the week leading up to Cyber Monday, from November 23 through November 30, sales increased by 84% from 2019. “This has been a transformative year for commerce globally,” said Harley Finkelstein, President of Shopify. “The record sales we saw on Shopify over Black Friday/Cyber Monday weekend demonstrate the power of the independent and direct-to-consumer businesses on our platform. With ...

28Nov By AnkitaNo Comments

INDIA

Indian eCommerce platforms reported USD 8.3 bn GMV during festive Sales

New Delhi, 28th Nov 2020: India's e-commerce festive sale season from October 15-November 15 this year delivered USD 8.3 billion (about Rs 58,000 crore) worth of gross sales for brands and sellers, up 65 percent from USD 5 billion (Rs 35,000 crore) last year, research firm RedSeer said on Friday. This was also higher than the pre-festive forecast of USD 7 billion, RedSeer said in its report titled 'The Festival of Firsts'. About USD 3.2 billion (Rs 22,000 crore) worth of gross sales was registered in September this year, which zoomed to USD 8.3 billion in the festive period, the report said. Of the USD 8.3 billion, USD 4.2 billion (Rs 29,000 crore) was logged in the first event, USD 1.2 billion (Rs 8,700 crore) in the second event and USD 1.4 billion (Rs 9,700 crore) and USD 1.5...