Flipkart, an e-commerce firm, on Thursday, said it has signed a memorandum of understanding (MoU) with Tamil Nadu Micro, Small Medium Enterprises Trade and Investment Promotion Bureau to serve local artisans, weavers, craftsmen.
"Flipkart Plus, which is a very uniquely local loyalty programme, is one very big priority. Second, grocery as a category is something where we want to strengthen our value proposition, especially partnering with the roughly million kirana partners we already have in our ecosystem," Flipkart Group CEO Kalyan Krishnamurthy said during a Walmart post-earnings briefing.
CAIT Secretary General Praveen Khandelwal said that Rule 10 of Legal Metrology (Packaged Commodities) Rules, 2011, provides that e-commerce entities have to display details of the manufacturer, 'country of origin' and common/generic name of the product, MRP, and dimensions of the commodity, among others.
Traders' body CAIT on Thursday urged the government to impose a ban on Amazon's e-commerce portal and its operations in India, accusing the global e-tailing giant of indulging in predatory pricing, deep discounting and inventory control.
"The regulator is of the view that merchants storing credit card data would cause cyber security risks to the consumer and they do not have any locus standi as these norms pertain to payment aggregators and gateways," said an official in the know.
In an ex-parte order on 10th February, the court has asked the marketplace operators to take steps to delist the alleged counterfeit Boya-branded microphones for smartphones, DSLR cameras and recorders among others products.
In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Som Parkash said the government has also received representations from the Confederation of All India Traders (CAIT) against e-commerce companies. He said those representations were forwarded to the Enforcement Directorate, which has taken up the matter for investigation.
In October to December 2020 period, PCB&W and FMCG & Healthcare (F&H) categories' volumes grew by 95 per cent and 46 per cent year-on-year (YOY) respectively, said the Q4- 2020 -E-commerce Trends Report', released by Unicommerce and Kearney.
Krishnamurthy said while challenges brought in by the COVID-19 pandemic impacted businesses, many new avenues also opened up.
E-grocery has surged over 100% in the past year as India went into lockdown, which kept consumers away from super markets and modern trade outlets.
In the third quarter ended December, the Bengaluru-based retailer registered 106% sequential growth driven by festivals, winter sales and online shopping. “Our ecommerce business recorded 230% growth over last year and now contributes to 20% of our business,” Chaturvedi said.
"I think Make in India is going to go global at massive scale, you're going to have Indian brands become global brands and all of this is going to create a digitally robust business ecosystem across the country that is going to power millions of livelihoods," he said.
“Each of Walmart’s 28 Best Price cash and carry stores will be converted into both wholesale and warehousing centres, clearly indicating its online focus at the same time and fading relevance of the brick-and-mortar business in India,” said a person aware of the matter.
Flipkart is setting up a third-tier of sellers—codenamed gamma—on its platform to reduce the dominance of alpha and beta sellers, which account for a substantial chunk of its e-commerce sales.
“Flipkart said all Walmart's vice presidents will be made directors, and all employees have been told that the role redesignation letter will come by December 3 and people have the option of accepting the offer within five days or take three months’ severance pay to quit,” one of them said.
Flipkart Wholesale has seen huge success with 90 per cent month-on-month growth in transactions on its platform since its launch, reflecting kiranas' trust in the Flipkart group
"During the financial year ended on 31st March 2020, the net total income of company was Rs 34,610.1 crore as against the net total income of Rs 30,934.9 crore in the previous financial year, witnessing an increase of 11.88 per cent in the net total income," documents sourced by business intelligence platform, Tofler said.
Walmart-owned Flipkart has announced the launch of the Nokia PureBook X14 laptop, marking the brand's entry into the laptop segment in India that is dominated by giants like HP, Dell, Lenovo, Acer and Asus.
Republic Day sales: Big discounts to be back for electronics & grocery in both online and offline stores
Even on a year-on-year basis, Republic Day average discounting will be 2-5% percentage points more this year as compared to last, leading brands and retailers said.
As a start, the grocery category will be available to retailers in Gurugram who can order products from the Flipkart Wholesale app
Amid pressure to catch up with Myntra & Flipkart, Saurabh Srivastava takes over as new head of Amazon Fashion
“We confirm that Arun Sirdeshmukh, business head - Amazon Fashion India has decided to move on from Amazon India. We thank him for playing a pivotal role in making Amazon.in the single largest fashion destination in the country,” an Amazon spokesperson said.
Under the partnership, Amazon India has deployed close to hundred Mahindra Treo Zor EVs in seven major cities, the companies said in a joint statement. The cities where the electric three-wheeler, Mahindra Treo Zor have been deployed so far include Bengaluru, New Delhi, Hyderabad, Ahmedabad, Bhopal, Indore and Lucknow.
Selected personnel will be offered customised induction, sensitisation programmes and curated learning programmes to enable a seamless transition and help them learn the nuances of the various corporate job roles, it added. Flipkart's hiring of ex-servicemen will help provide opportunities to new career paths and offer more options post serving in the armed forces, it said.
Shopify has been quietly and assiduously chipping away as an alternative to Amazon and Flipkart by getting small businesses to use its platform.
Walmart’s India businesses of Flipkart and PhonePe performed exceptionally well last year, despite challenges posed by the pandemic, Walmart International President Judith McKenna says during an investor presentation.
The Reuters story was based on internal Amazon documents dated between 2012 and 2019. It provided an inside look at the cat-and-mouse game Amazon has played with India's government, adjusting its corporate structures each time the government imposed new restrictions aimed at protecting small traders.
Flipkart has partnered with leading EV manufacturers Hero Electric, Mahindra Electric and Piaggio to bring two and three-wheeler electric vehicles to the roads
Earlier in October, ABFRL and Flipkart had announced that they had entered into an agreement for the stake sale on a fully-diluted basis by way of subscription to equity shares, valued at Rs 1,500 crore.
One industry source said estimated losses for Reliance from its state-wide shutdowns run into millions of dollars. Two other sources said Walmart's estimated revenue loss from its store, one of 29 such outlets nationwide, has crossed $8 million.
Flipkart Wholesale customers will have access to an easy credit facility to manage cash flow, a range of Flipkart assured quality products, simple and convenient order returns and speedy product delivery directly to their shops with an easy order tracking facility.
In July, Flipkart announced the acquisition of Walmart India for an undisclosed amount, and launch of 'Flipkart Wholesale' to tap into the USD 650 billion B2B retail market in India.
Flipkart, an e-commerce firm, on Thursday, said it has signed a memorandum of understanding (MoU) with Tamil Nadu Micro, Small Medium Enterprises Trade and Investment Promotion Bureau to serve local artisans, weavers, craftsmen.
to move from the company due to personal reasons,” Kabir Lumba, chairman of the board of directors of Lifestyle, said in an email to the company’s staff.
USPL's flagship brand, Wrogn is a men's casual wear brands that have been among the leading brands on Myntra (Flipkart group company) over the last few years, the statement said.
In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach USD 1.3 trillion by 2025.
Many consumers had complained of initial hiccups in the services of some top brands that launched their webstores this year. Companies also agree that they have significant room to improve services.
“Brands have also started investing in customer acquisitions,” said Nitin Chhabra, chief executive of omni-channel enabler Ace Turtle that manages the webstores of Fossil, Lifestyle, Michael Kors, Skechers and DKNY among other labels.
Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout for each day of hospitalisation, a joint statement said on Wednesday.
In a statement, Walmart said its 'international' segment's net sales were at USD 29.6 billion, an increase of 1.3 per cent, and that changes in currency rates had negatively affected net sales by approximately USD 1.1 billion.
A lot of women ET spoke to say they have turned to online stores like Nykaa to order beauty products instead of visiting parlours.
The partnership under the Flipkart Samarth programme will enable Maharashtra's local artisans, weavers, craftsmen and smaller industries to showcase their hallmark products on Flipkart.com.
2GUD Local will enable local stores (single brand or multi-brand stores and other shopping destinations) and retailers to expand their digital footprint to connect more effectively with their consumers, it added. 2GUD Local has started with KLM Fashion Mall in Bengaluru. Launched in 2017, KLM Fashion Mall has expanded its reach through 17 showrooms in the last three years.
As the festive season in India approaches, e-commerce websites have decided to up the ante by offering attractive discounts and a variety of products. Amazon’s Great Indian Festival 2020 sale will begin at midnight of October 16 for Prime users and from October 17 for everyone else. While Flipkart Big Billion Days 2020 sale will start at noon October 15. Here are four products that you can opt for and make your shopping worthwhile.
"Over the last year, Flipkart Samarth saw a 12x growth in the number of partners who joined the programme. These artisans, who became part of Flipkart's annual festive season sale this year, saw a 2.5x increase in comparison to their usual non-festive sale days," a statement said.
Last month, the consumer affairs ministry had issued notices to e-commerce majors Flipkart and Amazon for not displaying such information.
Flipkart has partnered with Max Fashion, the largest clothing retailer in India, to expand its fashion portfolio ahead of festive season sale.
India has 100-plus cities for fashion business unlike other Asian countries: Shailesh Chaturvedi, MD, Arvind Fashions
“We want to penetrate small cities and Tier 3 and 4 towns as we noted growth in our business in these markets over last year. Covid-19 has not hit these markets,” Shailesh Chaturvedi told ET.
With consumers now investing more in creating their own comfortable space at home, there is a notable increase in the demand for ergonomic furniture across furniture segments, said a Flipkart official.
Walmart’s said on Thursday that its export commitment is expected to boost micro, small- and medium-sized enterprises (MSMEs) in India and the US giant plans to source from hundreds of suppliers in food, pharmaceuticals, consumables, health & wellness, general merchandise, apparel, homeware among other key export categories.
These e-commerce portals were selling products like Khadi masks, herbals soaps, shampoos, cosmetics, herbal mehandi, jackets, kurta and many such products through different sellers using this brand name.
Udaan has raised $280 million in a follow-on funding round from a clutch of new and existing investors at an estimated valuation of $3.1 billion.
Amazon has often faced regulatory challenges in India. Last year, the government enforced strict rules for foreign investment in e-commerce which forced the U.S. retail giant to rework its business structures and strained ties between New Delhi and Washington.
Users will be able to make use of reward points earned on Flipkart to make full or part-payments in more than 5,000 retail stores across India.
The Flipkart management is said to be of the view that it will be difficult to drive traffic to, or exploit synergies with, its flagship e-commerce marketplace.
The pandemic is fundamentally changing how India shops—accelerating the shift to online retail and altering buying patterns, Flipkart CEO Kalyan Krishnamurthy says.
The Rs 1,500 crore Flipkart-ABFRL deal gives Aditya Birla Fashion Retail a significant leg-up amid the Covid-19 pandemic, while expanding the offline presence of the Walmart-owned etailer.
Senior advocate Anand Grover and advocate Samyak Gangwal, appearing for Sethi, told the court that the effect of the impugned rule was that every business enterprise which is not a company is excluded from the e-commerce space or they will have to sell through platforms like Amazon or Flipkart.
E-commerce sites including Amazon, Flipkart and 1mg had suspended the COD option for some months from April as part of efforts to create contactless shopping in a bid to curb the spread of Covid-19. However, the sheer popularity of COD prompted them to restore the payment method recently.
Confederation of All India Traders (CAIT) has alleged that Flipkart and Amazon are in violation of FEMA rules and FDI policy by adopting illegal structuring/investments and practices.
The partnership will provide Max Fashion with wider market access as its products across categories, including apparel and accessories, footwear, will be available in newer geographies and pin codes.
CAIT wrote to Commerce Minister Piyush Goyal in this regard urging him to prohibit Aditya Birla Fashion and Retail Ltd from directly or indirectly selling its inventory on the marketplace platforms owned/controlled by the Flipkart Group.
Digital mandis, Support for MSME sellers on Flipkart: Businesses share how they coped during the pandemic
It’s been a tough year for MSMEs and small businesses as the lockdown forced people indoors.
The sale will feature products in fashion categories across more than 50 brands, more than 100 sellers and one lakh members, the newly-launched B2B marketplace said in a statement.
Fan merchandise retailer The Souled Store earns licensing rights to sell Liverpool Football Club products
“This launch will help us cater to today’s millennials. Indian Liverpool fans will get authentic merchandise without having to wait weeks for the products to be delivered,” said Vedang Patel, co-founder of The Souled Store.
Both companies expect their sales to outpace existing fulfilment centres and are looking for incremental storage areas for the next few months, until they develop their own facilities.
The BIS, which lays down norms with regards to quality and safety of goods sold in the country, has been in discussion with various stakeholders to lay out standards for several issues ranging from standardisation of invoices and websites.
At Flipkart Leap, the eight selected startups will undergo a sixteen-week mentorship programme and receive an equity-free grant of $25,000.
As the pandemic has forced Indians to stay indoors for months, making them consume more videos on their phones than ever, e-commerce companies of Myntra, Flipkart's 2Gud and Paytm Mall are intensifying their customer engagement programmes and making their sites even more interactive with digital content and videos.
The company is using on-campus placements, case-study competitions, and post-internship offers to hire campus talent.
Bijoya Roy, who has led Flipkart’s legal operations since January 2019 will transition to the role of vice president and will report to Senior Vice President Saroj Panigrahi.
CPCB said the show cause notice under Section 5 of the Environment (Protection) Act, 1986, has been issued to these units on October 8, for closure of their operation and environment compensation for non-compliance of provisions of Plastic Waste Management (Amendment) Rules 2018.
Flipkart said its hyperlocal service, dubbed Flipkart Quick, will also sell mobile phones and stationery items, taking it a step further than existing quick-delivery services which mainly offer just groceries. Flipkart Quick will debut in select locations in Bengaluru, the company said, without specifying a launch date.
The I-T Department is conducting a survey at Flipkart Group company Instakart and Swiggy in connection with an alleged bogus input tax credit taken by an external vendor.
CoD has traditionally constituted as much as 70% of all e-commerce transactions. During the early days of the pandemic, CoD transactions fell sharply, as most leading online marketplaces discouraged physical contact on home delivery, although it has picked up since.
The Women Entrepreneurship Platform (WEP) is a unified access portal which brings together women from different parts of India to realise their entrepreneurial aspirations.
Last Sunday, the SIAC passing an interim award in favour of Amazon had asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
A one-man arbitration panel heard the plea of Amazon and Future Group last week and a verdict is expected in a few days, according to sources.
"Flipkart's team initiated contactless onboarding of kiranas through online application. This enabled seamless onboarding without them having to step out during COVID-19 times," a company statement said.
On October 26, the Supreme Court had asked the Karnataka HC to decide on the CCI plea within six weeks.
The Flipkart board reshuffle comes soon after Walmart spun off PhonePe and amid plans for an overseas listing.
Airtel, which already runs a payments bank and hopes to become a small finance bank in future, expects the transaction to buy stake in Ferbine to be completed on or before March 5, 2021.
According to two senior government officials, the idea is to make sure that artisans can directly sell their products to consumers, eradicating middlemen.
Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) after an indebted Kishore Biyani group firm signed a pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance in August this year.
India's biggest shopping season is at the time of the festivals of Durga Puja and Diwali, which fall 20 days apart in October-November each year. Traditionally, this is a time when houses are re-decorated, big-ticket items purchased, feasts held and gifts exchanged.
With farm sector seen as a key support to growth against the mayhem triggered by the pandemic, these companies sense an opportunity to increase sales betting on rural and small town India.
Reliance Digital, India's biggest retail chain by revenues, said it has grown business by 30-40% in August and September compared to a year ago, indicating the continuing demand revival in smartphones, televisions and refrigerators on a month-on-month basis.
Several models of LG, Samsung, Lenovo, Bosch, Siemens, TCL, Kodak and Thomson are no longer available. Online-focused brands such as Vu have just half of last year's stock while BPL hasn’t featured at all on the marketplaces this festive season, four industry executives said
Goteti started his career in 2012 as a director of the books and eBooks segment. He currently leads customer growth and monetization as senior vice president.
Prior to joining Simplilearn, Singh was associated with companies like Tesco, Flipkart, Sapient, Dell, Ariba and Yum Brands in key finance leadership roles.
Till last year, the total bank discount used to be uniform in the total sale period and used to range up to Rs 2,000. Instant bank discounts lures consumers to shop more to avail bigger benefits and ensures returns or last minute cancellations are at a minimum.
Bengaluru-based Flipkart also said that there has been a perceptible shift towards consumers adopting digital payment instruments, with prepaid transactions recording a 75% increase. “One out of every 5 purchases in high-ticket segments like mobiles, furniture, large appliances & electronics were driven through an EMI construct,” Flipkart said in a statement.
Last week, Flipkart announced the launch of its hyperlocal services called ‘Flipkart Quick’ in various parts of Bengaluru, where consumers can book a two-hour delivery of about 2,000 products like grocery, fresh items and smartphones, among other electronic items.
The top 50% students bagged an average annual package of Rs 28.9 lakh in the virtual placement drive, up 8.1% from last year.
Kontoor Brands, that recently decided to shift its businesses of Lee and Wrangler from its fully-owned subsidiary in India into a licencing model by signing a deal with Bengaluru-based omni-channel enabler Ace Turtle.
A bench comprising Justices A M Khanwikar, Dinesh Maheswari and Sanjiv Khanna asked the Competition Commission of India (CCI) to approach the High Court for relief.
Amazon’s two-day sale will be its first large promotional event since the easing of the lockdown. Flipkart’s four-day event will focus on electronics, appliances and fashion.
The Bengaluru-based company said while direct job opportunities will be created across Flipkart's supply chain, including roles like delivery executives, pickers, packers and sorters, there will also be additional indirect jobs created at Flipkart's seller partner locations and kiranas.
Walmart-owned Flipkart had introduced Hindi interface for customers last year, and added Tamil, Telugu and Kannada in July this year. Smaller rival Snapdeal on Monday announced that its app is now available in eight languages, including Hindi, Tamil, Kannada, Telugu, Malayalam, Gujarati, Punjabi and Marathi, in addition to English.
Five executives aware of the business projections said the two companies expect consumers will increasingly do their festive-season shopping online due to the pandemic, a trend evident in the success of recently concluded promotions earlier in the month.
Flipkart held an 'Independence Day Sale' from August 6-10, where sellers on the platform witnessed significant business growth. About 8,000 newly onboarded sellers participated in their first sale event and over 450 of them became 'lakhpatis' over these five days, Flipkart said in a statement.