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

6Sep By Gauri SinghNo Comments

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 Launches Hindi Version of its App and Website

4Sep By Gauri SinghNo Comments

Tech

Amazon Launches Hindi Version of its App and Website

The leading e-commerce platform Amazon has announced the launch of its first Hindi version of the Android app and website. This move has been primarily taken to make deeper footprints into India’s fast-growing e-commerce market, boosting up its battle with Walmart’s Flipkart. This move clearly signifies the importance of the Indian market in the e-commerce sector. With the addition of Hindi language support, Amazon looks to capture a wider audience in the country. Also, a notable thing is that the app does not need to be updated to make use of this new feature. “What we believe is, Amazon.in in Hindi is a critical step to actually address the next 100 million customers,” Manish Tiwary, vice president (category management) at Amazon India stated. The language button now has the option ...

Poco F1 All Set to Launch Today, Things You Need to Know Before Purchase

29Aug By Gauri SinghNo Comments

Tech

Poco F1 All Set to Launch Today, Things You Need to Know Before Purchase

Xiaomi with its mid-range smartphones has created a great impact on the Indian smartphone market for a few years, and now, the company has taken a step forward and forayed into the premium smartphone market with its new sub-brand called Poco. And thus, ‘Poco By Xiaomi’ today is launching its first ever smartphone in India known as the Poco F1. The smartphone will be available exclusively on Flipkart and mi.com and the sale will start at 12 pm today. CASHBACKS AND OFFERS: - Following the launch of the Poco F1, both Mi.com and Flipkart, customers who own HDFC Bank Credit and/or Debit cards will receive a Rs 1,000 cashback with the purchase the Poco F1. The cashback will also be available for those who choose No Cost EMI options with this phone. - Along w...

Flipkart Acquires AI-led Speech Recognition Startup Liv.ai

22Aug By Gauri SinghNo Comments

ACQUISITION

Flipkart Acquires AI-led Speech Recognition Startup Liv.ai

India's most popular e-commerce platform Flipkart has announced that it has acquired an AI-led speech recognition startup Liv.ai. The primary purpose of this acquisition is to boost up an end-to-end conversational shopping experience for its customers. Along with this, voice integration could be available in some parts of the Flipkart platform as soon as 6-8 months. Liv.ai was started in 2015 by Subodh Kumar, Kishore Mundra and Sanjeev Kumar. The company had developed a speech to text platform supporting 10 Indian languages the constitute Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil, Telugu and Malayalam. “We work on speech recognition and surrounding technologies and these will be extremely valuable to any company that wants to target the Indian customer base of 100-200 ...

Nokia to Launch Flipkart-Exclusive Smartphone on August 21

20Aug By Gauri SinghNo Comments

Tech

Nokia to Launch Flipkart-Exclusive Smartphone on August 21

Nokia is coming up with an all-new device expected to be the Nokia 6.1 Plus which is to be launched in India on August 21. It is being said that the smartphone is expected to be exclusively available on Flipkart. The e-commerce major has also released a video teaser for the launch event featuring musicians Shankar, Ehsaan, and Loy. However, it is still not clear through the video that which smartphone is going to be launched, but it does confirm that a Nokia device is incoming on August 21. The teaser released on Flipkart shows its partnership with HMD Global to launch the Nokia 6.1 Plus variant in India. It also confirms that the smartphone will be Flipkart exclusive, and more details on pricing and timing of availability will be known on the launch day. Talking about the phone, ...

Finally Walmart Completed $16 Billion Flipkart Deal

19Aug By AnkitaNo Comments

News

Finally Walmart Completed $16 Billion Flipkart Deal

US-based retail giant Walmart has now completed the deal with Flipkart to hold its 77 percent stake. After the closure, Flipkart's future financial activities will be reported by Walmart International Business. Besides the acquisition part, Walmart also infused USD 2 billion of equity funding in Flipkart business. In the press release company said, "With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp,". It added that Flipkart's existing management team will continue to lead the business. "Our investment will benefit India by providing quality, affordable goods for customers, while creating new...

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

7Aug By PriyankaNo Comments

BUSINESS

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

Masayoshi Son led Japanese leading tech company SoftBank net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to Flipkart acquisition and coworking space Wework growth in India. Last year in the same quarter, SoftBank's profits slumped to 5.5 billion yen due to its investment in Chinese e-commerce company Alibaba. Sales in the April-June quarter edged up 4 percent to 2.3 trillion yen. The value of the fund's stake in Flipkart increased 164.3 billion yen after Walmart agreed in May to buy it. Sales were flat at SoftBank's U.S. mobile provider Sprint, dropping 0.4 percent to USD 8.1 billion. The Tokyo-based company realized a one-time gain of 161.3 billion yen from the sale of a large share in the Chinese o...

WS Retail Terminates Selling on Flipkart’s Platform

4Aug By Gauri SinghNo Comments

News

WS Retail Terminates Selling on Flipkart’s Platform

WS Retail which is Flipkart’s ex-in-house vendor and one of the biggest sellers in the Indian e-commerce sector has announced that it has stopped the sale of its products on the platform of Flipkart. The revenues of WS Retail declined 67% from Rs 13,900 crore in fiscal 2016 to Rs 4,600 crore in fiscal 2017. The company reported a net loss of Rs 24 crore for the financial year 2017, however, in the previous year, it made a profit of around Rs 5 crore. “As Flipkart reduced its dependency on WS Retail and shifted a large chunk of its sales to other vendors, the company may have found it difficult to sustain operations,” said a source. Founded by Flipkart founders Sachin Bansal and Binny Bansal, who later sold it to investors, WS Retail used to generate a bulk of the e-tailer’s revenu...

eBay.in Plans to Acquire ShopClues For India Relaunch

28Jul By AnkitaNo Comments

ACQUISITION

eBay.in Plans to Acquire ShopClues For India Relaunch

US-based online retailer eBay is reportedly in talks with ShopClues to acquire the Gurugram-based e-commerce company After announcing its plan to relaunch its India business. Last year, eBay sold its India operations to Flipkart for $200 million, who recently said it will stop using the eBay.in platform. Meanwhile, eBay and ShopClues have both declined to comment on the acquisition reports. ShopClues is an online marketplace owned by Clues Network Pvt. Ltd. It was established in July 2011 in Silicon Valley by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. Based in Gurgaon, India, the company claims to have over 6 lakh merchants and 2.8 crore products on its platform, serving over 32,000 pin codes across the country. ShopClues has recently raised $10 million from existing invest...

RBI Says Cash-On-Delivery Deals Not Allowed

25Jul By AnkitaNo Comments

News

RBI Says Cash-On-Delivery Deals Not Allowed

The most convenient payment option Cash-on-delivery (Cod) provided by several online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India's (RBI's) response to a Right to Information (RTI) query. The RBI has said that e-commerce platforms are "not authorised" to collect money from customers on behalf of third-party vendors in cash-on-delivery (CoD) deals. RBI made the statement in a reply to an RTI query. “Aggregators/payment intermediaries like Amazon and Flipkart are not authorised under Section 8 of the PSS (Payments and Settlements Systems) Act, 2007,” mentioned the apex bank in response to the report. The statement by the RBI could be a critical blow to the e-commerce industry in the country. According to the reports over half of th...

Flipkart Terminates Operations Of eBay India

24Jul By AnkitaNo Comments

News

Flipkart Terminates Operations Of eBay India

Flipkart plans to shut down eBay.in, which it had been operating for the last one year. However, eBay is anticipated to relaunch in India very soon as the strategic relationship between the two companies has ended. Flipkart Pvt Ltd. is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal in 2007, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products. Chief Executive Officer Kalyan Krishnamurthy informed the employees, “Flipkart is planning to launch a new platform in order to sell refurbished goods. Based on our learnings at eBay.in, we have built a brand new value platform launching with refurbished goods — a large market w...

Flipkart’s PhonePe Acquires Leading Hyper Local POS Platform

17Jul By Gauri SinghNo Comments

ACQUISITION

Flipkart’s PhonePe Acquires Leading Hyper Local POS Platform

One of the leading digital payment platforms PhonePe that is owned by Flipkart has announced that the company has reportedly acquired Zopper Retail which is a hyper-local POS (point of sales) marketplace. However, the amount of the deal has not been disclosed. Neeraj Jain who is the founder and CEO of Zopper, will be joining the PhonePe team as head of product in offline merchant solutions. Sameer Nigam, CEO of PhonePe said, “We welcome the Zopper Retail team to PhonePe and are excited leveraging their domain expertise to rapidly expand our offline merchant network across India. Zopper has a very strong technology and innovation DNA, and Neeraj and team are also a great culture fit for PhonePe. Zopper Retail is specifically designed to meet the needs of millions of small retailers in I...