Sunday, November 24

Tag: ecommerce

How Internet Saved Chinese People from food Shortages amid virus fears
CHINA

How Internet Saved Chinese People from food Shortages amid virus fears

Wang Feng, house-bound by China's virus outbreak, counts on the parka-clad delivery drivers of e-commerce giant JD.com to keep her kitchen stocked. Demand for online food vendors has surged since China's government told the public to stay home as part of the most sweeping anti-disease controls ever imposed. On Tuesday, Wang's phone buzzed with a text message that a delivery had arrived. The retiree bundled up against the winter cold, put on a face mask and emerged from her apartment complex to collect walnut milk and other goods from shelves on the sidewalk an anti-virus measure to limit contact with drivers who normally go door to door. They work really hard, and it's dangerous, said Wang. Without their services, we would not be able to survive at all." JD.com Inc. and rivals inc...
US Online Sales Set to Hit New Record on ‘Cyber Monday’
USA

US Online Sales Set to Hit New Record on ‘Cyber Monday’

US online sales are set to hit a new record on this week's 'Cyber Monday', Adobe Analytics said, as e-commerce outlets gear up to lure shoppers in the opening days of the holiday season. Internet purchases are expected to reach USD 9.4 billion, a jump of nearly 19 percent over last year's record-setting USD 7.9 billion take, according to a Sunday estimate from the company, which measures transactions from 80 of the 100 largest US online retailers. US merchants have long viewed the days after the Thursday Thanksgiving holiday as a prime time to part shoppers from their money, particularly during the 'Black Friday' sales following the holiday. This year's expected record-setting shopping comes as Price Waterhouse Cooper found for the first time that a majority of people surveyed sai...
Alibaba Single Day sales hit $10 billion in Less than 30 minutes
CHINA

Alibaba Single Day sales hit $10 billion in Less than 30 minutes

E-commerce giant Alibaba's Singles' Day sales hit USD 10 billion in less than 30 minutes of the event going live. The Alibaba Group's various shopping platforms' total gross merchandise value (GMV) exceeded USD 10 billion in only 29 minutes and 45 seconds, while it took just 1 minute and 8 seconds to achieve a total GMV of USD 1 billion, after the Chinese e-commerce behemoth kicked off it's 11.11 Global Shopping Festival. Within the first two hours, the total GMV exceeded 120.7 billion renminbi (USD 17.24 billion), surpassing the total GMV of 2016 11.11. Some of the top countries selling to China by GMV included Japan, United States, South Korea, Australia, Germany, United Kingdom and France. According to Alibaba, the number of orders created at the peak of the 2019 11.11 Globa...
Singapore Qoo10 acquires Indian eCommerce Platform Shopclues
ACQUISITION

Singapore Qoo10 acquires Indian eCommerce Platform Shopclues

Indian e-commerce firm ShopClues has inked an all stock-deal with Qoo10 to merge operations with the Singapore-based firm. The collaboration presents "new strategic opportunities for both companies as it opens up cross border opportunities for consumers and sellers across Asia", ShopClues said in a statement. While the terms of the deal were not disclosed, the development would come as a breather for the Indian e-commerce platform that has been struggling to control costs in the hyper-competitive online shopping segment in India. Qoo10 is an e-commerce platform in South East Asia that serves small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, and Hong Kong. Qoo10 also has plans to expand into other Asian countries,...
Flipkart Registered $540 Million Loss in 2018-19
BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pre...
Amazon Ordered 100,000 fully-electric delivery vehicles
News

Amazon Ordered 100,000 fully-electric delivery vehicles

Online eCommerce company Amazon ordered 100,000 Electric delivery Vans from US based startup Rivian. Amazon, which currently delivers 5 billion products per year is committed to meet the Paris Agreement 10 Years early through this deal. The move is a major boost to Rivian, a Tesla like automaker that will launch its first production vehicle next year. Based at Michigan, Rivian is custom designing the vans including exterior, interior, suspension, and software for Amazon. Amazon will deploy the vans globally. Rivian aims to deliver the first Amazon vans by 2021, and to deliver 10,000 by late 2022. In a press release, Amazon said it expects to have the full fleet on the road by 2030. The automaker will also service the vans (though electric vehicles require less maintenanc...
Reliance acquires Fynd Stake For $42.33 million
ACQUISITION

Reliance acquires Fynd Stake For $42.33 million

India's leading telecom and oil company Reliance Industries Ltd proposes 87.6% stake buyout in Shopsense Retail Technologies, also known as Fynd, for $42.33 million. Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, has entered into an agreement for the acquisition of shares of Shopsense Retail, Reliance Industries Ltd (RIL) said in a regulatory filing. Reliance also mentioned in filling that it has an option to further invest up to 1 billion rupees by December 2021 in Fynd, a software technology company formed in September 2012. Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce. Recently, eCommerce company Amazon is in talks with Reliance's retail unit to buy a stake in its re...
Indiamart posts profit of $4.5 million in Q1, FY’20
Market

Indiamart posts profit of $4.5 million in Q1, FY’20

India based B2B eCommerce platform Indiamart Intermesh posted a consolidated profit of $4.5 million for the quarter ended on June 30, 2019. The company had recorded a loss of $8 million in the same period a year ago. "Our growth is a result of the focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry," Indiamart Intermesh, Managing Director, Dinesh Agarwal said. The total consolidated income of Indiamart increased by 37.5 percent to $23 million during the reported quarter from $16.7 million in the corresponding period of 2018-19. "Consolidated revenue from operations grew by 30 percent on YoY basis ...
Flipkart Launched offline Furniture Store in Bengaluru
News

Flipkart Launched offline Furniture Store in Bengaluru

Flipkart announced its foray into the offline space with its decision to set up first Furniture Experience Centre in Bengaluru. Spread across nearly 1,800 square feet, Flipkart would offer a touch and feel experience to customers in the fast-evolving online furniture market, the e-commerce major said in a statement. According to the company, this is a step towards helping customers understand the vast selection of furniture offered by Flipkart and increase awareness around the seamless buying and installation experience it offers. Flipkart Vice-President (Furniture, Electronics and Private Label) Adarsh Menon said, "As a customer-focused organisation, we understand the requirements of customers and hence 'FurniSure'. The idea behind the FurniSure Experience Zone is to allow custom...
eBay draws new Logistics plan to fight against Amazon
News

eBay draws new Logistics plan to fight against Amazon

SAN FRANCISCO: Online retail giant eBay plans its own managed delivery for sellers through its platform to compete with Amazon prime service and boost its brand recognition. The new service will result in "hundreds of millions of eBay-branded boxes and packages being placed on front porches across the United States within the next few years," the company statement said. The move by eBay comes with Amazon growing its base of third-party sellers for its Prime subscription service that offers same day delivery. "These branded packages will not only deliver a better shopping experience for customers, but materially enhance eBay's brand identity as a popular consumer shopping destination." The new service will allow sellers to store inventory closer to buyers in warehouses across t...
Snapdeal delivers ‘fake’ products; company founders booked
News

Snapdeal delivers ‘fake’ products; company founders booked

The police here have registered a case against Snapdeal founders Kunal Bahl and Rohit Bansal after a local Congress leader alleged that the online shopping site sent him fake products. They were booked for cheating under section 420 of the Indian Penal Code after businessman Indermohan Singh Honey complained that instead of a Woodland belt and a wallet, he was delivered fakes. Singh had acted as a spokesperson of the party during the recent Lok Sabha election campaign. He placed the order on July 17, paying online for it, police said. In a complaint lodged at the city's Gumanpura police station, the businessman said he suspected the genuineness of the products delivered at his home, and took them to a Woodland showroom. The staff there examined the products and said they wer...
Alibaba lets US small, medium businesses to sell on Platform
CHINA, USA

Alibaba lets US small, medium businesses to sell on Platform

Chinese eCommerce platform Alibaba will allow small and medium sized US businesses to sell on Alibaba.com. Until Tuesday, US business was only able to buy merchandise on the platform. Alibaba has 10 million active business buyers in more than 190 countries and looking to up its growth in the USA, which has been held in check by Amazon and threatened by trade tensions between the US and China. Alibaba said its one-third of the order volume is coming from US businesses. Sellers will have to pay an annual registration fee of about USD 2,000, but it won't charge a commission for each sale, unlike Amazon. In March, Alibaba.com and Office Depot announced a co-branded online store to expand the reach of both companies with small and medium sized businesses. It said at the time it ...