BoB inks pacts with ten companies

BoB inks pacts with ten companies
Bank of Baroda signed agreements with 10 companies promote micro and small business entrepreneurs. These companies are from e-commerce, logistics, service providers and traditional small business which contribute 31% to GDP and 45% of exports and employ over 100 million. These MoUs with will help enhance the bank’s footprint in the MSME eco-system.

Online shoppers to surpass 120mn: ASSOCHAM

ASSOCHAM – Resurgent joint study said that online shopping is expected to grow by 115% in 2018 from 108mn. This is aided by fast-increasing data consumption and improvement in logistics, along with a number of offers presented by e-commerce platforms. The frequency of purchase was higher for categories like apparels & accessories (54%), beauty and personal care (43%) and electronics (33%).

Most trusted Internet brand in India

According to the TRA Brand Trust Report 2018, With 1.2 trillion searches per year Google is the most trusted Internet brand in India, followed by Facebook.E-commerce major Amazon, which had been ranking second since 2015, slipped to third position while e-Bay ranked fourth. The biggest falls in trust were seen by Snapdeal, who fell by 142 ranks over last year, Hike and Myntra.

National E-comm policy conference

24 : Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, will chair the first meeting of the think tank on the Framework for National Policy on E-commerce to be held on April 24th, 2018.The think tank has been established by the Department of Commerce. Issues related to the e-commerce sector such as regulatory regime, taxation policy, data flows, FDI etc will be discussed.

Paytm’s CEO is the youngest billionaire

Paytm founder Vijay Shekhar Sharma (39) is the youngest Indian billionaire. Mr Sharma founded fast-rising mobile wallet Paytm in 2011. He has also created Paytm Mall, an e-commerce business and Paytm Payments Bank. Mr Sharma ranked 1,394th on the list with a fortune of $1.7 billion, is the only Indian billionaire in the under-40 league.

e-com portal, mobile app for fishermen

CMFRI has come up with a solution to help fishermen fetch better price for their catch without depending on middlemen. The institute has developed a multi-vendor e-commerce website & mobile app to help fish farmers & fishermen sell their catch directly to customers online. The website, www.marinefishsales.com, and mobile app, marinefishsales, were developed under NICRA project of the CMFRI.

Amazon buys video doorbell startup Ring

E-commerce giant Amazon has agreed to buy US-based video doorbell startup Ring, the companies confirmed.According to reports, the deal could be worth more than $1 billion, making it one of the most expensive acquisitions in Amazon’s history. Founded in 2012, the startup makes video doorbells and security cameras that connect to users’ phones or computers.

Amazon enters food retail venture

Amazon has rolled out its own food retailing business in India called Amazon Retail with a pilot in Pune.With this Amazon becomes the 1st foreign e-commerce firm to stock & sell food items directly to consumers. Amazon had last year secured govt’s permission to invest $500mn in a wholly-owned venture to retail locally produced & packaged food products through offline & online channels.

HomeShop18, Shop CJ Network merge businesses

E-commerce company Homeshop18 and home shopping network Shop CJ Network have combined their businesses.This combination makes HomeShop18 the largest TV home-shopping network in India. The resultant benefits of scale shall better the growth prospects for the combined entity, allowing it to improve its standing in the TV home-shopping landscape.

Amazon invests funds into its Indian arm

E-commerce major Amazon has invested about ?1,950 crore into its Indian subsidiary Amazon Seller Services, according to filings.The investment comes two months after the Indian unit received over ?2,900 crore, its single largest infusion into the country’s operations till date. Amazon Seller Services also nearly doubled its authorised share capital to ?31,000 crore, as per filings.

Vodafone, Flipkart Tie Up

Vodafone India has partnered with e-commerce marketplace Flipkart to provide a range of entry-level smartphones at an effective price of Rs999.Vodafone has rolled out cash-back offers on select range of entry-level 4G smartphone models available under Flipkart’s #MyFirst4GSmartphone campaign. For the offer, customers have to a recharge least Rs150 per month for 36 months.

India to Host Meeting of WTO Members

India will host a meeting of WTO member countries in February 2018 to muster support for food security and other issues.The announcement was made by Commerce & Industry Minister Suresh Prabhu. The meeting would be in the backdrop of developed nations forming groupings to prepare the ground for pushing investment facilitation, preparing rules for e-commerce, promoting gender equality.

Suresh Prabhu to attend WTO meeting

Commerce & Industry Minister Suresh Prabhu will attend the 11th Ministerial conference of WTO in Buenos Aires, Argentina.He will not only have to safeguard the interests of Indian farmers, but will have to put his foot down on blocking introduction of new issues such as e-commerce.The basic purpose of trade remains development & hence Doha Development Agenda will be very much on the table.

India opposes e-commerce talks at WTO

India has for the first time submitted a formal document opposing any negotiations on e-commerce at the World Trade Organisation (WTO).The country has said that it would “continue the work under the Work Programme on electronic commerce, based on the existing mandate and guidelines”, referring to the programme on e-commerce adopted by the WTO countries in 1998.

SBI launches YONO

24 : SBI has launched a unified integrated app called YONO (You Need Only One) that would offer all kinds of financial and lifestyle products. YONO will also allow customers to meet their lifestyle needs across 14 categories including booking and renting cabs, etc. To provide the customised offers and discounts, SBI has partnered with e-commerce players including Amazon, Uber etc

Myntra ties up with Textile Ministry

E-commerce major Myntra launched its CSR initiative in association with the Union Textile Ministry, to work directly with weavers It is an initiative to transform and revive demand for arts and handloom products in India and to bring artisans and their products online, providing them access to new customers and opportunities. These products will retail on Myntra via a dedicated online store.

Rukaiya appointed as head of MobiKwik

MobiKwik has announced the appointment of Rukaiya Rangwala as the Business Head of ‘MobiKwik Payment Gateway’ to drive the growth of the entity. Rukaiya has 15 years of experience in the technology and e-commerce industry. The company had recently relaunched its Payment Gateway and aims to have over $5 billion worth of transactions processed on the platform by the end of 2017-18.

Flipkart launches private label brand

Flipkart has launched ‘MarQ’, a new private label brand for its key large appliances category. This has been done in a move expands Flipkart’s self-branded offerings on its marketplace. Flipkart’s told that the prices of the big appliances under its private label would be 15-20% lower than the other leading brands on the e-commerce website such as Samsung, Whirlpool, Panasonic and LG.

Flipkart acquires F1 Info Solutions

E-commerce major Flipkart has acquired mobiles and IT products repair services company, F1 Info Solutions for an undisclosed amount. F1 is a service partner of brands like Apple, Samsung, HP, Lenovo, Sony and Asus among others. The company will be a part of Jeeves, a Flipkart firm that provides third party service for large and small home appliances and furniture.

Dabur India joins hand with Amazon

Dabur India has tied up with e-commerce major Amazon for an online ayurveda marketplace which will house all ayurvedic brands and products of the country. The exclusive ayurveda e-marketplace has been hosted by Amazon India and the content is developed by Dabur India. Products of other ayurvedic manufacturing companies like Patanjali and Himalaya would also feature on the marketplace.

Birla Group to wind up e-com venture

22 : Aditya Birla Group will shut down its online shopping portal Abof.com by the end of this year, failing to sustain intense competition from the sector giants. Launched in 2015, Abof.com has portfolio across clothing, footwear besides a collection of group’s own brands like Allen Solly and Peter England, among others. The process of winding up would take about 4-5 months.

ICICI plans payday-type loans

ICICI Bank will partner with e-commerce firms to provide automated payday loan-type credit to customers at the bottom of the digital pyramid. The digital credit planned by the bank will be available to non-customers and new-to-credit borrowers. The ‘pay later’ facility will be available to even those who have not availed of any loan in the past and for small amounts of up to Rs. 20,000.

WCO to unveil norms for e-commerce trade

The World Customs Organization (WCO) will soon bring out guidelines on ‘cross-border e-commerce’. Guidelines, which will focus on preventing illegal trade as well as addressing the challenges stemming from the ‘digital divide’, according to the WCO Secretary General Kunio Mikuriya. The WCO will address issues related to digital divide by looking into what is blocking e-commerce trade.

First cyber court in e-commerce hub

China has launched its 1st cyber court specialising in handling Internet-related cases in e-commerce hub of Hangzhou, amid a spike in no. of online disputes. The Hangzhou Internet Court will handle cases such as online trade disputes & copyright lawsuits. Cases handled by the court will be tried online, plaintiffs & defendants can have their disputes handled while at home & at much lower cost.

ICICI Bank launches instant credit cards

ICICI Bank has launched instant credit cards enabling its savings account customers to get a credit card instantly, in a completely digital & paperless manner. Bank has opened up card with a credit limit of up to Rs. 4 lakh based on pre-checked bureau scores. It will empower customers to instantly get the credit card online in a few steps & immediately start transacting on e-commerce sites.

Arvind Panagariya resigns

Arvind Panagariya has resigned as the vice-chairman of NITI Aayog. He will return to academia in US & August 31 will be his last day in office. He was 1st vice-chairman of NITI Aayog. He has been chief economist of Asian Development Bank & professor of economics & co-director, Center for International Economics, University of Maryland.

Snapdeal terminates talks for merger

Snapdeal has terminated talks for merger with Flipkart and said that it will pursue an independent path. Decision to end discussions with Flipkart marks a big win for Snapdeal founders Kunal and Rohit Bansal, both of whom were against the sale to Flipkart. The deal with Flipkart for $900-950 million, if it goes through, would mark the largest acquisition in the Indian e-commerce landscape.

MRP, expiry dates now must on products

Ministry of Consumer Affairs has amended the Legal Metrology (Packaged Commodities) Rules, 2011 to bring e-commerce companies and online marketplaces under its purview. Under these rules, e-commerce companies will have to display online the expiry dates and MRP of packaged consumer products. The companies will also have to display the country of origin on their online product pages.

Govt defers TDS,TCS provisions under GST

Govt has deferred implementation of TDS and TCS provisions under GST to ensure its smooth rollout. Based on the feedback received from trade and industry, the govt has decided to postpone provision relating to TDS and TCS. Businesses with turnover of less than ` 20 lakh, will also not be required to register themselves under GST for selling goods or services through e-commerce portal.

Delhi Metro introduces smart watches

DMRC has introduced a smart watch which will act as a smart card and can be used as entry and exit pass. The commuter will simply have to touch the watch to the screens of the AFC gates at the metro stations to get access. DMRC has partnered with LAKS GmbH which will manufacture the watch. These watches will be called Watch2Pay, are available through an online e-commerce site.

Flipkart’s Chief Operating Officer quits

Flipkart’s Chief Operating Officer Nitin Seth has quit the e-commerce startup citing personal reasons. He joined Flipkart last year and was in charge of Flipkart’s logistics unit Ekart, He was former managing director and country head of investment firm Fidelity International in India. He had joined Flipkart as chief people officer by replacing Mekin Maheshwari.

Goldman Sachs for Flipkart merger talks

Bengaluru-based ecommerce marketplace Flipkart has appointed Goldman Sachs as an advisor for the “proposed acquisition” of rival Snapdeal. Last week, Flipkart had announced its acquisition of eBay.in as part of a $1.4 billion fundraising round. Snapdeal has raised about $1.65 billion from about two dozen investors, including SoftBank and SoftBank-backed Chinese e-commerce company Alibaba.

E-commerce definition too wide in GST

ASSOCHAM has said that the government must clearly outline the scope of ‘e-commerce’ under the goods and services tax (GST). The current definition can include even commodity derivatives exchanges where there is no actual delivery of goods. The chamber has sought clarity from government to remove uncertainty among businesses as the law is set for a rollout either in July or September.

Amazon acquires Souq.com

Amazon has made its entry in UAE by acquiring Souq.com, the Middle East’s largest online retailer. Souq.com, based in Dubai is the largest e-commerce platform in the Arab world offering more than 400,000 products such as consumer electronics, fashion products, and household goods.

Paytm to become member of ASCI

Paytm is set to be member of the Advertising Standards Council of India (ASCI). The move is significant because advertising violations by e-commerce companies, which are big spenders on television, print and digital media, have been on the rise in recent years. ASCI members include key advertisers from various sectors, such as fast-moving consumer goods (FMCG), media, auto and telecom.

Paytm, The first e-commerce company to become ASCI member

The country’s fast-growing e-commerce industry Paytm is all set to become a member of the self-regulatory voluntary organization Advertising Standards Council of India (ASCI) from April, 2017. The move is significant because advertising violations by e-commerce companies, which are big spenders on television, print and digital media, have been on the rise in recent years. The Alibaba-backed Paytm has also set up a new company named Paytm Financial Services, which will sell financial products like insurance and mutual funds to its planned payments bank account holders.

Amazon India brings out ‘A-Z GST Guide’

E-commerce Amazon India has come out with a new programme for sellers to get insights and help related to the GST, which is set to be rolled out from July 1. A-Z GST Guide’, the programme in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get ready for GST. The portal provides resources in the form of tutorials, blogs and free online training sessions.

Satyam Bansal exits Flipkart

Satyam Bansal, Chief of Staff for Executive Chairman & co-founder of Flipkart exits Flipkart after a 3 year stint to join Hotstar. His exit comes in the wake of strong speculation that Flipkart’s investors are actively looking to bring in professional management to run India’s largest e-commerce firm. Satyam joined Flipkart as Associate Director of strategic product partnerships in 2013.

Alibaba Closes in on Record Sales

E-commerce giant Alibaba looks set to smash the sales record for its annual Singles Day event. About 12 hours into the event, sales had reached 82.4bn yuan ($12.1bn). Alibaba reported 85% of purchases had been made on mobile phones during Singles Day. Singles Day is held every year on 11 November. The day is also referred to as Double Eleven because of its date.

Amazon launches dedicated online Telugu book store

E-commerce portal Amazon.in has announced the launch of a dedicated online Telugu book store with a wide-range of over 10,000 Telugu titles. Readers can get Telugu translations of English bestsellers in the store. Currently, Amazon caters to Hindi, Tamil, Kannada, Marathi, Malayalam, Gujarati and Bengali languages.

Federal Bank to use Chillr app

Federal Bank has partnered with Chillr, a mobile banking application that connects directly to a person’s bank account and enables instant money transfers, bill payments, phone recharge and e-commerce payments in a very secure environment. As India’s first and only multi-bank mobile application, Chillr allows users to connect seamlessly with multiple bank accounts and manage all their banking needs on a single platform, making money transfer between bank accounts easier, faster and safer than sending a text message.

Government to set up committee to review e-commerce rules

The government has decided to set up a committee to look into all issues including foreign direct investment norms pertaining to the fast-growing e-commerce industry in the country. The committee will be headed by the NITI Aayog CEO Mr. Amitabh Kant. The other members of the panel include officials from commerce and industry ministry and department of electronics and IT among others. Representatives from four states including Maharashtra and Karnataka are also members of the panel. The committee will look at all the issues including FDI pertaining to the e-commerce sector. The committee would also suggest ways to further promote the growth of the sector.

India Posts’s e-commerce centre set to start operations

To cash in on growing online shopping trend, India Post Delhi circle will start its e-commerce centre from 11th May 2015.
ii. Considering the rapid growth of e-commerce business in the country in the recent past, the Department of Posts, through Delhi Postal Circle has taken up a project to establish the e-commerce centre at Safdarjang, New Delhi. The centre is to be dedicated to the nation by Ravi Shankar Prasad, hon’ble minister of communications and information technology. The centre is capable of handling 30,000 parcels or articles per day and parcels collected from the e-commerce customers, processed and dispatched within 24 hours to respective destination through quickest available flight or train, as the case may be.