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Election fervour hits e-commerce platforms: Parties’ merchandise sizzles online

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The NaMo merchandise website, for instance, boasts an extensive range of products including T-shirts, mugs, notebooks, badges, wristbands, keychains, stickers, magnets, caps, and pens adorned with slogans such as ‘Modi ka parivar,’ ‘Phir ek baar, Modi sarkar,’ ‘Modi ki guarantee’, and ‘Modi hai toh mumkin hai’.

Political fervour has permeated even the realm of e-commerce in India, with merchandise related to various political parties becoming hot commodities.

From BJP’s lotus on dream catchers to AAP’s logo on vintage maritime clocks and Congress’ signature dupattas, these online platforms offer a plethora of election-themed products.

Simply enter the name of the desired political party into the search bar of an e-commerce website, and a diverse array of merchandise ranging from flags to pendants to pens will populate the page.

This trend initially emerged during the 2019 polls when e-commerce platforms became go-to destinations for campaign merchandise and accessories, a representative from an e-commerce platform said.

“When everything is sold online, why not this and it is the sellers who put it on our platforms and the e-commerce websites have to just check it follows the protocol,” she said.

Notably, some political parties themselves have actively participated in selling such merchandise on their respective websites.

The NaMo merchandise website, for instance, boasts an extensive range of products including T-shirts, mugs, notebooks, badges, wristbands, keychains, stickers, magnets, caps, and pens adorned with slogans such as ‘Modi ka parivar,’ ‘Phir ek baar, Modi sarkar,’ ‘Modi ki guarantee‘, and ‘Modi hai toh mumkin hai‘.

Despite PTI’s attempts to seek a response from Amazon India and Flipkart on this trend, responses from both platforms were not received.

However, one of the suppliers of these merchandise to e-commerce platforms revealed that Lok Sabha elections witnessed a surge in online sales of such items.

“Previously, our supplies were directed to physical shops, but with the shift towards online retail, it only made sense to adapt,” the supplier commented.

Furthermore, the supplier noted that merchandise associated with the BJP and Congress remains among the highest-selling items, although the full impact of election fervour is yet to be realised, as this reflects only the preliminary trend.

Another supplier highlighted a new trend emerging this time around: a heightened demand for merchandise representing regional and state parties.

These e-commerce platforms offer a diverse range of items catering to various political affiliations, including key chains featuring the Samajwadi Party’s logo, TMC AC Adapter Night Lamps, and CPI (M) bonnet flags.

Sadar Market, renowned as the largest wholesale market for household items in Delhi, is home to over 8 to 10 shops specialising in poll-related materials.

According to Shamshad Ali, a shopkeeper at Sadar Bazaar, there has been a notable shift in the sale of these products over the past decade.

“A considerable portion of campaigning has transitioned online, and our products primarily cater to rallies or are distributed among party members,” Ali remarked.

To stay competitive, many sellers are now focusing on product innovation. Examples include a clock featuring the Samajwadi Party’s logo, a wind catcher adorned with the BJP’s lotus emblem, and dupattas featuring the Congress logo.

The Lok Sabha polls are scheduled to be held in seven phases, commencing on April 19, with vote counting slated for June 4. This marks the world’s largest democratic exercise, wherein Prime Minister Narendra Modi will seek a third consecutive term.

The subsequent phases will take place on April 26, May 7, May 13, May 20, May 25, and June 1.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
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Legal Digest | Why is capital gains tax exempted on agriculture even without farming

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tax exemption on farm houses built on agriculture land for commercial purposes is a clear case of abuse of the provision designed to facilitate real agricultural operations in rural areas, points out Chartered Accountant S Murlidharan.  

Case 1 : Capital gains tax exemption on agriculture allowed even without farming    

In a recent case — Ashok Chaganlal Thakkar VS National Faceless Assessment Centre —, the Bombay High Court rejected the contention of the department that the assessee had neither carried out any agricultural activity nor had any intention to do so as evident from the sale of small parcels of land from time to time. The High Court rejected this contention and held that the requirement was that the land should be agricultural and not necessarily the one where farming went on.  

At a time when there is a demand for taxing agricultural income exempt from income tax under section 10(1) of the Income tax Act, 1961, such escape route available to pretenders needs to be plugged. Indeed, the phenomenon of farm houses itself is a huge sham enacted with full official acquiescence.  Ali Bagh on the outskirts of Mumbai and Mehrauli on the outskirts of Delhi for example are inhabited by the who is who of the rich and famous who have nothing to do with farming but whose only purpose is to enjoy luxurious living away from the dust and din of the urban centres.  The definition of such conveniently located farms is tailor-made to enactment of the sham — located beyond 8 km from the local limited of notified municipalities.  

Income from one self-occupied residential house is deemed to be nil whereas the income from more than one self-occupied residential house is deemed to be the market rent.  However, farm houses are exempt in any case. This is a clear case of abuse of the provision designed to facilitate real agricultural operations in rural areas.  

Successive governments have fought shy of ending this farce except Yashwant Sinha the then Finance Minister in Vajpayee government who brought to tax rent earned from marriages conducted on farm houses. He said enough was enough — wedding is by no means farming!

Case 2: Dying declaration must be trustworthy as to render corroboration unnecessary 

In an appeal matter (Naeem VS State of UP), the Supreme Court recently shed considerable light on dying declaration as irrefutable evidence.  Contrary to the popular notion that a dying declaration was sacrosanct under the sentimental notion that a dying person will not lie as he would like to meet his maker with a clear conscience, the Apex Court held that corroborative evidence can be dispensed with only when the court after careful scrutiny is satisfied it is trustworthy.

The dying declaration must be true and free from any effort to induce the deceased to make a false statement. In the present case the Apex Court was satisfied that the dying declaration wasn’t vitiated by any bias or inducement.  The medical officer’s declaration that she made such declaration in a clear state of mind made the dying declaration genuine and credible. 

Case 3: E-commerce platforms should not aid impostors 

The Delhi High Court has recently in Abhi Traders VS Fashnear Technologies Pvt Ltd & others case,  reminded e-commerce platforms of their obligations under the Consumer Protection (E- Commerce) Rules, 2020, notified on  July 23, 2020, to give full disclosure of the seller — name, address, email address, customer care number etc. 

Under the market place model, the e-commerce platform is used both by buyers and sellers who are able to sell their wares thanks to the selling, billing and cash collection infrastructure put in place by the e-commerce portal.  Abhi traders was selling garments on Meesho.com and found to its dismay that eight imitators were using its product images and photos to sell their own wares from the same platform.

Justice Narula restrained the 8 known defendants, “along with any other sellers” who were showcasing their products on the Meesho.com platform, from reproducing, copying, publishing, or imitating any designs of the plaintiff’s clothing.

It is significant that the court let off e-commerce firm Meesho only with a stern direction to make these impostors details available. Indeed, e-commerce platforms taking advantage of the marketplace model shrug off their own liability on the ground that they do not have control over the thousands of sellers onboarding their platforms.  The jury is still out on if e-commerce platforms should be handled with such velvet gloves.

 

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Flipkart launches UPI handle in partnership with Axis Bank — Here’s how to use it online and offline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Flipkart UPI: Users can set up their UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace. It is initially be available for Android users.

E-commerce marketplace Flipkart on March 3 launched its own unified payments interface (UPI) handle to enhance its digital payment offerings for all customers.

In the first phase, Flipkart UPI will be powered by Axis Bank. It will initially be available for Android users. Customers can register for UPI with the @fkaxis handle and can do fund transfers and checkout payments using the Flipkart app, the firm said.

Users can now set up their UPI handle for online and offline merchant transactions within and outside of the Flipkart marketplace.

“With UPI emerging as the preferred payment option, the launch of Flipkart UPI will provide unparalleled convenience and zero-cost solutions, democratising access to seamless payment options. The UPI offering will enable smooth onboarding and allow users to conveniently avail of the feature for online and offline merchant transactions within and outside of the Flipkart marketplace,” the company said.

Also Read: Walmart-backed Flipkart in talks to acquire Dunzo: TechCrunch reports

The rival to Paytm and Amazon Pay, Flipkart UPI will also allow users to do mobile recharges and bill payments in one click.

Reflecting on the partnership with Flipkart, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said, “Our partnership with Flipkart has come a long way from launching one of India’s most successful co-branded credit cards to now launching the Flipkart UPI service. Customers can now register for UPI with the @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers.”

How to make payments on Flipkart UPI

-Download and install the latest version of the Flipkart app from the Play Store or Apple App Store

-Open the app, look for the ‘Flipkart UPI’ banner and tap on it

-Tap on ‘Add bank account’

-Select the bank that you want to link with Flipkart UPI

-Complete the verification process

Once the verification process is completed, users can make payments using Flipkart UPI just like any other UPI service — by scanning or by selecting UPI at the time of making a digital payment.

Also Read: Flipkart co-founder Binny Bansal exits board marking the end of an era

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Thrasio’s bankruptcy and Indian e-commerce roll-ups: The stress is real

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

According to a document filed with the New Jersey bankruptcy court, Thrasio listed assets between $1 billion and $10 billion, and liabilities between $500 million and $1 billion. According to reports, the company clocked over $500 million in revenues and a profit of $100 million in 2020.

Top Amazon aggregator Thrasio has filed for bankruptcy in the US to reduce its losses from a massive debt load. The company filed for protection under Chapter 11 of the US Bankruptcy Code and had agreed with lenders to shave about $495 million off its debt load.

“We are taking steps to build on this progress by strengthening our financial position and working with our lenders to support our future success,” Greg Greeley, Chief Executive Officer of Thrasio, said in a statement.

Thrasio, which raised billions of dollars and popularised the concept of e-commerce aggregation, has also received commitments from certain unnamed investors for up to $90 million in new financing. If the capital comes through, it will go toward ongoing operations and will enable the firm to keep running brands in its portfolio.

“In particular, the financing will enable the continued operation of Thrasio’s brands, support ongoing business operations and provide the company with access to new capital upon emergence from Chapter 11 to support go-forward business operations,” Greeley further added.

Thrasio has raised $3.4 billion to date and was even eying going public through SPAC, but the plans were shelved due to a complicated auditing process, CNBC had previously reported.

In 2022, the company also laid off about 20% of its employees and even saw several executives depart, including co-founder Josh Silberstein. That year it named Greeley, a 19-year veteran of Amazon who oversaw the development of its Prime loyalty programme, as its CEO, succeeding co-founder Carlos Cashman, who remains a member of Thrasio’s board.

During the pandemic, investors pumped billions of dollars — mostly in debt — into startups rolling up popular brands sold on Amazon, betting on the online sales boom. But as people returned to their old consumption patterns, Amazon sales slowed.

As per a report by a Seattle-based company GeekWire, Amazon’s online store sales represented less than 40% of its overall net sales in its second-quarter results of 2023.

According to a document filed with the New Jersey bankruptcy court, Thrasio listed assets between $1 billion and $10 billion, and liabilities between $500 million and $1 billion. According to reports, the company clocked over $500 million in revenues and a profit of $100 million in 2020.

Now this ripple effect can also be seen in India. As per data from market research firm Datum Intelligence, the e-commerce sector grew less than 20% for the first time in 2023 (calendar year) or about $60 billion (4.8 lakh crore) against an average growth of 25-30% in the last few years.

The thrasio-style roll-up marketplace model grew popular in India during 2021 and the space attracted nearly $800 million in equity and debt funding, according to reports. However, due to the slowdown in e-commerce sales, funding has mostly dried up for these aggregators, there’s been a slowdown in acquisitions and there have been clear signs of distress.

Big players in the space like SoftBank-backed GlobalBees losses spiked two-fold to 6 crore in FY23. Meanwhile, its competitor Mensa Brands’ losses also widened during the fiscal and went up from 88 crore in FY22 to Rs 214 crore in FY23.

Another player UpScalio became the first Indian e-commerce roll-up firm to lay off 40% of its employees.

Content-to-commerce conglomerate, The Good Glamm Group is prioritising profitability in the run-up to an IPO in two years, Priyanka Gill, Group Co-founder, had said earlier, adding that the is tapping new revenue streams and optimising costs as it rides on omni-channel strategy and digital velocity to maintain strong growth rates.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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An expert and industry disruptor’s insights into the world of Indian commerce

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

An insightful peak into the challenges and opportunities that the e-commerce market holds for the nation.

In an enriching conversation with CNBC-TV18, Chirag Taneja, Co-founder, and CEO of GoKwik, discusses the company’s approach to building full-stack solutions for e-commerce brands. GoKwik is India’s leading e-commerce enablement company. Delshad Irani, the host, delves into modern-day relevant topics such as technology, innovation, market dynamics, strategic partnerships, the impact of innovations and customer stories. They also touch upon the company’s digital success stories and what the company envisions for its future.

Taneja begins by emphasising on the young India, and the nation’s exciting market for e-commerce. With its vastly young population and a significant proportion of internet users, the country is in the midst of a digital revolution. India will stay a young country till 2075, and Taneja expressed how he is excited to see Gen-Zs take over this space. He reflects on the transformation of e-commerce in India from its early days, primarily purchasing books online, to the present, where consumers are increasingly exploring options beyond major marketplaces like Amazon and Flipkart.

He also expressed how the world is moving towards an experiential interface for shopping and GoKwik is keen on being a part of it. GoKwik has a vision of enabling merchants to achieve greater Gross Merchandise Value (GMV) and are focused on creating seamless, secure, and performance-driven solutions for e-commerce brands. He briefly touches upon the company’s journey and its innovative approach to solving the challenge of cash on delivery through risk scoring.

As the interview progresses, Taneja shares insights into Gokwik’s full-stack solutions. He emphasises on the importance of scalability and performance in the e-commerce world. He mentions the deployment of AI, including ChatGPT and other language models, to enhance customer experience and automate processes.

GoKwik’s partnerships with e-commerce brands are approached with a collaborative lens. In today’s market, one can’t ignore being agile and remaining relevant. And hence, GoKwik believes in treating their vendors as partners and just solution providers.

The average consumer of e-commerce in India is also evolving. Consumers are now more adept to the changing technology & respond well to automated mandatory processes. The young population of India has the potential to bring in a transformation and various growth opportunities in many product categories.

The interview concludes with a focus on the rising trend of conversational commerce, particularly on platforms like WhatsApp. Taneja sees chat commerce as the next phase of e-commerce evolution, where intuitive and conversational interactions will drive customer engagement and satisfaction.

For the upcoming Forbes India presents GoKwik Future of Commerce Conclave, Taneja added that he is looking forward to a comprehensive exploration of the e-commerce landscape. He is keen on deciphering new trends, and shedding light on the opportunities and challenges. Both Delshad and Taneja agreed that the anticipation is high for such insightful conversations at the event, which will provide a thorough understanding of the shifts and innovations shaping the future of commerce.

In summary, this dialogue provided valuable insights into GoKwik’s mission for the coming years, and the evolving nature of the Indian e-commerce market.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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What people bought online in 2023-Here’s what Shiprocket survey data shows

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

According to Shiprockert’s survey, consumers in Delhi spent significantly more on books, while those in Mumbai spent the most on jewellery. On the other hand, consumers in other places, including Haryana, Gujarat, and Goa, spent the most on mobile accessories.

Personal care has been the highest-selling category in 2023, with apparel, footwear, and accessories closely following in, according to a survey by Shiprocket—an eCommerce enablement platform. Collectively, these categories accounted for a substantial 63% of sales, the survey added.

Among cities, Tier 2 witnessed a surge from 113% in 2022 to 179% in 2023, while Tier 3 markets also grew from 128% to 138%. Delhi topped the charts in Tier 1 cities in terms of sales volume, followed by Bangalore, while Thane surpassed Mumbai to take the third spot. Mysuru, Udaipur, and Tiruppur were the leading cities in Tier 2 markets.

According to Shiprockert’s survey, consumers in Delhi spent significantly more on books, while those in Mumbai spent the most on jewellery. On the other hand, consumers in other places, including Haryana, Gujarat, and Goa, spent the most on mobile accessories. The AOV (average order value) across states averaged stood at ₹1,700 approx. for the year 2023.

Globally, jewellery, beauty and grooming, clothing and accessories, and books were the top sellers in 2023. The United States, the United Kingdom, Germany, Australia, and Canada were the key international markets for Indian merchants in 2023.

The AOV varied across these international markets, with the United States recording the highest AOV at ₹3,493 and Canada the lowest at ₹1,404.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Wide stakeholder consultations required to frame national e-commerce policy: Govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha that a draft e-commerce policy was placed in public domain on February 23, 2019 for public consultations.

E-commerce is an emerging and dynamic sector and wide stakeholder consultations are required for formulation of a national policy on the sector, Parliament was informed on Wednesday.

Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha that a draft e-commerce policy was placed in public domain on February 23, 2019 for public consultations.

“Suggestions have been received from various stakeholders. Since e-commerce is an emerging and dynamic sector, wide stakeholder consultations are required for formulation of National e-Commerce Policy,” he said.

The minister added that the government has implemented several legislative and policy measures for streamlining and regulating e-commerce industry in the country.

Some of these measures are FDI policy; Foreign Exchange Management Act, 1999; Consumer Protection Act, 2019; Competition Act, 2002; and Payment and Settlement Systems Act, 2007.

“Provisions of the Competition Act are applicable in respect of e- commerce platforms as provided in Section 3 (Anti-competitive Agreements), Section 4 (Abuse of dominant position) and Section 5 and Section 6 (Mergers and Acquisitions),” Parkash added.

Replying to another question, he said ONDC is operational in more than 500 cities and towns across India.

Open Network for Digital Commerce (ONDC) is an initiative of Department for Promotion of Industry and Internal Trade (DPIIT) aiming at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks.

“ONDC strives to expand to all corners of the country by giving special attention and providing handholding to undigitised sellers,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Indian e-commerce exports likely to touch $200 billion in next 6-7 years: DG, DGFT

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Santosh Kumar Sarangi, DG, DGFT, mentioned that the growth will be supported by significant product diversity, product innovation, and the ability of Indian entrepreneurs to understand the requirements of specific markets and offer customised products.

Putting the spotlight on the immense potential in the Indian e-commerce exports sector, DG DGFT today stated that Indian e-commerce exports are likely to reach 200 billion US dollars in the next 6-7 years. Santosh Kumar Sarangi, DG, DGFT, mentioned that the growth will be supported by significant product diversity, product innovation, and the ability of Indian entrepreneurs to understand the requirements of specific markets and offer customised products.

Speaking at the FICCI E-commerce Exports conference, Santosh Kumar Sarangi said, “This is what gives us the confidence that in the next 6-7 years, we should be able to achieve around $200 billion of e-commerce exports. We need to bring about a lot of changes in the way logistics is handled in India, the way policy-making happens, and the way RBI looks at e-commerce exports; in all of these, we have to make a lot of changes.”

DG, DGFT also emphasised that consistency and transparency are crucial for achieving growth in the sector. He expects the fintech sector of India to play a key role in providing innovative and, more importantly, cost-effective payment solutions.

He further stated that, in order to create mass awareness among exporters, there is a need to establish a pool of mentors who will act as a fulcrum in handholding and guiding potential exporters in India.

The Indian e-commerce export ecosystem will evolve in a much more rapid manner and will play a major role in realising the target of achieving $2 trillion of exports of goods and services in the days to come, he asserted.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Festive delight for e-tailers: Sales soaring with or without discounts, notes Kotak’s Nilesh Shah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Nilesh Shah’s positive outlook aligns with Amazon’s recent announcement. On Tuesday, November 7, the e-commerce behemoth reported that its 2023 festive sale was the most successful in its 13-year history in India

There are early indications of a shift in the Indian e-commerce market this festive season. Nilesh Shah, Managing Director at Kotak Mahindra AMC said early signs point towards reduced discounts and a potential increase in full-priced sales, suggesting an inclusive boost in consumer activity.

“The early signs of the sellings by e-commerce companies are giving hope that this time hopefully, the bottom of the pyramid will also participate in the festival season as much as the top of the pyramid,” Shah said.

Shah’s positive outlook aligns with Amazon’s recent announcement. On Tuesday, November 7, the e-commerce behemoth reported that its 2023 festive sale was the most successful in its 13-year history in India.

E-tailer sales during the first four days of this festive season jumped 16% year-on-year, reaching a GMV of ₹29,000 crore, per a Business Standard report.

In September, Redseer predicted the festive season sales of 2023 across e-commerce platforms to reach a gross merchandise value of around ₹90,000 crore, an 18-20% growth over last year’s festive month sales. Last year, between September 22 and October 23, the total gross merchandise value (GMV) or total value of merchandise sold across e-commerce platforms stood at nearly ₹76,000 crore.

Read Here | E-commerce sites clock ₹47,000 crore GMV in first week of festive sales, Flipkart Group leads: Report

Shah also noted that as elections approach, governments often take measures to boost consumer sentiment. This can include initiatives that put more money into the hands of the public, stimulating spending and economic activity.

“Normally we have seen ahead of elections government puts money in the pockets of consumers, and there is a higher velocity of money due to spending. Now that should generally go to the bottom of the pyramid and they should be looking to spend money rather than save, unlike the top of the pyramid.”

As of March 31, the asset under management of Kotak AMC is more than 2.86 lakh crore.

Also Read  | 2023 Festive Season | E-commerce sales soar to ₹29,000 crore in first 4 days, up 16%: Redseer

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India urges WTO for clear definition of e-commerce trade in goods and services

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

India intends to oppose the continuation of the moratorium on customs duties on e-commerce trade at the upcoming 13th ministerial conference of the WTO.

India has asked the World Trade Organisation (WTO) members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said.

At present, there is a difference of understanding about the subject between developed and developing member countries of the WTO. The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week.

“India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services. The Western world wants no customs duties, and on the other hand, developing countries want that policy space to impose the duties,” the official said.

Customs duties help protect domestic industries and provide a policy space to support the growth of MSMEs. Though certain WTO members have been discussing the e-commerce issue since 1998, there is no clear-cut definition of the subject. A group of 80 countries are discussing an agreement on the subject, but India is not part of that. The US has also recently opted out of those talks to frame global rules on e-commerce at the WTO.

“Now, goods and services are embedded, then there is a definitional problem. For example, Netflix is showing a film in India. So, the film is a product, but the membership that Netflix is taking to show the film is a service. So, it is very difficult to make that distinction between goods and services,” the official, who did not wish to be named, said.

The WTO members have agreed not to impose customs duties on electronic transmissions since 1998, and the moratorium has been periodically extended at successive ministerial conferences (MC), the highest decision-making body of the 164-member body.

“There is no clarity on e-commerce trade in services. So, because of the lack of clarity, there is an apprehension…To provide a level playing field, you need to impose customs duties,” the official said, adding that India will again oppose the continuation of the moratorium on customs duties on e-commerce trade at the 13th ministerial conference of the WTO in Abu Dhabi in February next year.

Allowing the moratorium to lapse is important for developing nations to preserve policy space for their digital advancement to regulate imports and generate revenue through customs duties. Think tank Global Trade Research Initiative (GTRI) said the rapid rise of cryptocurrencies challenges the existing WTO e-commerce framework, necessitating urgent discussions on their classification as electronic transmissions.

“Members must prioritise discussions on cryptocurrency and its possible linkages with ongoing e-commerce negotiations before members start taking liberties with interpretation leading to disputes,” GTRI cofounder Ajay Srivastava said.

Currently, WTO members discuss e-commerce under a joint initiative on e-commerce and a moratorium on countries from applying customs duties on electronic transmissions.

Both these negotiations need to factor in cryptocurrencies as the exchange of these currencies involves digital transmission, which qualifies it as an e-commerce transaction, he said, adding that WTO members must take a view as worldwide adoption of crypto is increasing.

The WTO defines e-commerce as the electronic production, distribution, sale, or delivery of goods and services. This includes products like books, music, and videos transmitted digitally.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?