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

22May By AnkitaNo Comments

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 4...

Eureka Forbes & Others Take Steps to Halt Deep Discounting Online

23Nov By Gauri SinghNo Comments

News

Eureka Forbes & Others Take Steps to Halt Deep Discounting Online

Various companies are taking steps to halt the sale of their products at predatory prices in an effort to curb dilution of their brand equity, prevent cannibalisation of offline sales and thwart efforts to push fake products. With this, some are entering into or strengthening direct selling arrangements with online marketplaces. Companies like Sony, Apple, LG and Eureka Forbes are intensifying these measures after Flipkart and Amazon offered heavy discounts and cashback deals during their festive sales. It has been stated that such measures by companies return after two years. Eureka Forbes has taken legal action against 200 vendors for selling its products at deep discounts on e-commerce websites, warning them against making such unauthorised offers because the company has designate...

Flipkart Rolls Out Cardless Credit for Customers Amid Festive Season

19Sep By Gauri SinghNo Comments

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...

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...

Chinese E-commerce Players Eyeing to Target Indian and Middle East Market

8Jul By AnkitaNo Comments

CHINA

Chinese E-commerce Players Eyeing to Target Indian and Middle East Market

Chinese e-commerce players are now targeting India and middle east countries markets due to high potential for economic growth as per the report in Chinese media today. According to a report from app data provider App Annie, five of the top 10 best performing cross-border e-commerce Chinese apps in the first five months such as Club Factory, SHEIN, ROMWE and JollyChic focussed on the Middle East and India markets. According to the report in Xinhua news, the Indian market enjoys a huge population and high potential for economic growth, thus attracting many e-commerce players to expand their presence. Smartphones are popular in Arab countries and local consumers have strong purchasing power. But the oil-rich countries lack textiles and other light sectors, offering cross-border e-co...

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

26Jun By NitishNo Comments

News

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

India’s largest digital wallet company Paytm will now start offering life insurance cover of up to Rs 5 lakh to its offline partners and their staffs. One97 Communications, the parent company of Paytm, said that this effort will help in giving a push towards realizing India’s vision of the digital economy. Paytm will offer life insurance cover through its newly formed entity Paytm Life Insurance Corporation Ltd, which was established in February this year. This newly formed entity will offer life insurance cover in partnership with the existing life insurance player. The name of this life insurance player has not been disclosed by Paytm. IRDA, the insurance regulatory body had granted Paytm the corporate license to sell insurance products in 2017. The license is reportedly valid only...

Online Shopping to become costlier post Maharashtra Plastic Ban

20Jun By Lavina TolaniNo Comments

INDIA

Online Shopping to become costlier post Maharashtra Plastic Ban

Regular online shoppers might feel a little disappointed as Maharashtra government has banned the use of plastic which might result in a costlier online shopping in coming months. Post the plastic ban, e-commerce industry has come to alert adopting use of corrugated box particles and paper softeners to package products shipped outside as well as inside Maharashtra, which will result into a rise in packaging price thereby elevating the delivery cost. Additionally, some e-sellers have also increased the thickness of cardboard boxes that are more expensive than plastic packing. This is the reason e-commerce companies are planning to charge the extra cost from buyers. Notably, Paper packing costs higher than plastic and thermacoal packing by as much as 50 to 70 per cent. In such a sce...

Snapdeal CEO Jason Kothari Quits, Joins Infibeam as President

17Jun By NitishNo Comments

News

Snapdeal CEO Jason Kothari Quits, Joins Infibeam as President

Jason Kothari the former chief executive of Snapdeal is joining Ahmedabad-based online e-commerce platform Infibeam as President. In the sudden move, Kothari will now hold company's lead strategy, corporate development, international operations, and investor relations process. According to the press release, the company said, Kothari will help drive infibeam next phase of growth with the leadership team, it added. Jason Kothari said, "I'm very excited and happy to work with Mehta and the team at Infibeam to help accelerate the company's expansion. Earlier, Kothari served as the Chief Strategy and Investment Officer at Snapdeal. Now Snapdeal CFO Vikas Bhasin has taken over the responsibilities of Snapdeal. "Jason joins us with a history of high-impact business and strategic lead...

Nandan Nilekani Invests 12.99 Crore in E-commerce Platform

17Apr By NitishNo Comments

FUNDING

Nandan Nilekani Invests 12.99 Crore in E-commerce Platform

SHOPX, India’s fastest growing digital offline platform, fueling retailers in India, has received ₹12.99 Cr of fresh capital from existing investor, Nandan Mohan Nilekani. ShopX has so far raised a total of ₹122 Crore of which Mr Nilekani's contribution has been almost all of it. The former UDAI Chairman and Infosys co-founder, Nandan Nilekani has been a strategic investor in ShopX. His first investment of ₹3 Cr in ShopX was as early as April 2015. He has been since then backing the startup with a steady infusion of funds every now and then. Founded by Amit Sharma and Apoorva Jois, ShopX claims to enable retailers to earn 30 to 40 percent more than the traditional retail model. Bangalore-based SHOPX is India’s fastest growing digital offline platform, which provides significant...

Myntra Acquires Bengaluru Based Smart Wearables Startup

16Apr By AnkitaNo Comments

ACQUISITION

Myntra Acquires Bengaluru Based Smart Wearables Startup

India's leading online fashion platform Myntra has acquired Bengaluru based Witworks. Witworks is a technology startup making smart wearable devices and their underlying software. Witworks team will join Mytnra R&D department after the acquisition to further strengthening the company's robust technology team and augment its product development capabilities. The acquisition will help Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future. Jeyandran Venugopal, Chief Technology Officer, Myntra, said, "Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60 percent to the total business. This acquisition will help us to solidi...

Flipkart Setup New 8.3 Lakh Sq ft Campus Ahead of Acquisition

8Apr By AnkitaNo Comments

News

Flipkart Setup New 8.3 Lakh Sq ft Campus Ahead of Acquisition

Indian e-commerce Flipkart set up a new 8.3 lakh sq ft campus in Embassy Tech Village in Bengaluru as part of its Better together theme. The new campus has a seating capacity of over 7,300 people. Flipkart has around 7,600 employees, including warehouse, logistics team. About 6,800 employees would operate out of the new campus in Bengaluru. "We had taken this decision to consolidate our many offices across Bengaluru to one location. This was largely aimed at improving operational efficiency and to also benefit from the resulting synergy between various teams and functions," Flipkart Head of Marketplace Anil Goteti told Pixr8 News. He added that the teams have already moved to the new location and started operating out of the campus. Goteti, however, declined to comment on t...

ShopClues Revenues Grow 60%, Losses Down to 40%

26Mar By NitishNo Comments

ANALYSIS

ShopClues Revenues Grow 60%, Losses Down to 40%

India based online e-commerce platform ShopClues revenues grow 60 percent this fiscal, while losses have been trimmed by almost 40 percent compared to the previous year as per the press release published by the company. The Gurgaon-based company focusses on categories like fashion and strengthening position in tier III cities and beyond to push the growth. Shopclues will see the competition in this segment from the leading players like Flipkart and Amazon. Both leading online e-commerce players are also confident of hitting profits in the next 12-18 months. The CEO of Shopclues Sanjay Sethi said, "2017 was spent ensuring that the company has the right revenue margins" without any discounting or heavy spending on warehousing adding to its costs. 2018 will be about continuing the growth....