Ecommerce

E-commerce major Flipkart is reportedly planning to reduce its workforce by 5-7 per cent in early 2024 that may affect nearly 1,500 employees. The Walmart-owned company currently has around 22,000 employees.According to sources, Flipkart has initiated the exercise via performance reviews and the job cuts are likely to be implemented by March-April.The Economic Times was first to report about the upcoming move by Flipkart.

Softbank-backed Meesho on Friday said it became the first e-commerce unicorn to post consolidated profit after tax in the second quarter ended September 2023. The company did not disclose the amount of profit it earned in the July-September period. During the first-half period of the current financial year, the company reported narrowing of losses to Rs 141 crore and an increase in revenue by 37 per cent on a year-over-year basis to Rs 3,521 crore.

The Indian e-commerce market has experienced remarkable growth in recent years, driven by factors such as increased internet penetration, smartphone ...

FSN E-commerce ventures, the operates beauty retailer Nykaa, on Monday reported a 44% sequential growth in its second quarter net profit to ₹7.8 crore from ₹5.4 crore in Q1. Its revenue from operations grew 6% sequentially to ₹1,507 crore from ₹1,421 crore in the quarter that ended in June. Its revenues grew 22% year on year in spite of a delayed festival season in Q2, the company said. Its net profit grew 50% YoY. Its earnings before interest tax depreciation and amortization (EBITDA) grew 32% YoY to ₹80.6 crore in Q2 FY24.

It’s weeks before Dussehra and Diwali, but Indians are not holding their horses when it comes to shopping online. The first four days of the ecommerce sales season clocked in sales to the tune of ₹29,000 crore, says Redseer. ​​This is around 16% higher than the gross merchandise value (GMV) in the same period last year. The report adds that the fear-of-missing-out or FOMO mood has set into Indian shoppers who have hurried to book products even before the sales season started.

With opportunity comes responsibility, Winston Churchill had once famously said and India’s online sellers are getting ready with a similar mindset at the onset of the festive season. Sales have been muted so far in 2023 but in a bid to do better than the previous year and pick up their stagnant fortunes, the small online retailers are opening up their wallets to spend on marketing.

In the world of business, there are stories that inspire, stories that reflect the essence of entrepreneurship, and stories that remind us of the limitless possibilities that lie ahead. With the 10th edition of Flipkart’s flagship event - The Big Billion Days just around the corner, it is the perfect time to shine a spotlight on one such business that has thrived through their association with the homegrown e-commerce platform.

In the financial year 2022, i.e. the period between April 01, 2021, to March 31, 2022, there was a significant surge in demand for frontline workers as the economy reopened. However, the growth momentum slowed down in the financial year gone by (FY2023) due to macroeconomic challenges. According to the Frontline Index Report by BetterPlace, the total demand for frontline jobs decreased by 17.5%. In FY 2023, India saw the creation of 6.6 million frontline jobs, down from the 8 million jobs created in fiscal before that.

Banking issues like reluctance to process forex received through alternate channels and high processing fees are hindering the growth of e-commerce exports from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said.

Indian e-tailing or e-retailing has a lot to celebrate this season — if Redseer Strategy Consultants are to be believed, 2023’s festive season sales will rake in approximately ₹90,000 crore in gross merchandise value (GMV). That’s 18-20% more than what was sold last year. India’s festive season kicks off next with Vinayaka Chaturthi celebrations that last nine days, followed by Navratris and extends all the way to November with Diwali.

​​Quick commerce player Zepto on Monday announced the elevation of Ankit Agarwal as the company’s Chief Product Officer. Zepto’s new CPO has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand.

India has cemented its position as a pioneer in developing and integrating digital infrastructure. Stats show that 1.3 billion individuals have enrolled in Aadhaar, which stands as the world's largest and most expansive unique digital identity program in the world. According to a research report by TransUnion CIBIL there is more. In 2022, there were a record-breaking 74 billion UPI transactions, the highest in digital payment volumes in the world.

ONDC and world’s largest venture capital platform Antler are working on a plan that will spawn scores of new startups that are designed to democratise online commerce after digital payments. Nitin Sharma, Partner & Co-founder at Antler India, says that only 5-6% of the 90-100 mn MSMEs in India are participating in digital commerce. Only 15-20% are discoverable through online websites, social media like Instagram, Pinterest and Facebook.

The Indian e-commerce market is ruled by large-scale and mature enterprises in spite of a large number of MSMEs (Micro, Small and Medium Enterprises) in the system. As per Redseer, there are as many as 1.5-2 million MSMEs who are manufacturers, wholesalers, retailers and distributors on e-commerce platforms. However, their share in gross merchandise value (GMV) pales in comparison to that of large brands.

Flipkart, an e-commerce giant, and an Indian household name, is an embodiment of true patriotism. The iconic Indian brand not only champions the "Make in India" philosophy but is also serving as a catalyst for numerous aspiring entrepreneurs to help bring about a change. From the lush valleys of Himalayas to the vibrant streets of Mumbai, entrepreneurs from every corner of India are leveraging Flipkart’s platform to scale their businesses.

Meesho, a horizontal ecommerce player that caters to unorganised sellers, has its task cut out before its public listing 12-18 months down the line. In conversation with Business Insider, Meesho’s chief financial officer Dhiresh Bansal said they have reflected on the experiences of investors who participated in IPOs in 2021 and 2022. The key takeaway is that valuations were high because there was a lot of free money floating around.

The India government has chosen Tata Consultancy Services (TCS) as a strategic collaborator to modernise the Government e-Marketplace (GeM) into an advanced public procurement platform. This initiative aims to make the platform more efficient, inclusive and transparent.The GeM platform offers a comprehensive online marketplace that caters to the procurement needs of central and state government entities, along with public sector undertakings. It facilitates the transparent and efficient acquisition of common use goods and services.

When it comes to online shopping, GenX, GenZ, and millennials differ. For the uninitiated, GenX are people born between the boomer generation and the millennials, who are also known as GenY and are born between 1980–1994. Breaking down the cohort by demographics, a report by strategy consulting firm Redseer has found that approximately 75% of the mass consumers are millennials and GenZ consumers.

Softbank-backed SaaS platform Unicommerce has registered a 50% growth in revenue driven by onboarding of new clients and international expansion, a senior company official said. Unicommerce CEO Kapil Makhija told PTI that the company has achieved an annual run rate of processing over 600 million transactions amounting to over $7 billion in annual gross merchandise value.

New Delhi, E-commerce fashion brand Styched has acquired D2C casual sneaker startup Flatheads in an all-equity transaction, ...

India's e-tailing or electronic retailing, grew 22% in FY23 to $60 billion in gross merchandise value (GMV). The growth rate is a tad slower compared to the pandemic years — which saw growth of 36% each in FY22 and FY21, says a report by Redseer Strategy Consultants. This robust growth is driven by highly relevant and affordable supply on e-tailing platforms and standardised experience.

Homegrown quick-grocery delivery provider Dunzo has laid off at least 30 per cent of its workforce, nearly 300 employees, after it raised $75 million in a fresh funding round.