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Tag: flipkart

  • Walmart bets on India despite change in FDI norms

    Walmart bets on India despite change in FDI norms

    American retail giant Walmart and its Indian e-tail major Flipkart are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce, the companies said. “Walmart’s and Flipkart’s commitment to India is deep and long term. Despite the recent changes in regulations, we remain optimistic about the country,” the regional Chief Executive Officer of Walmart Asia and Canada Dirk Van den Berghe told IANS in a statement in New Delhi.

    The companies will continue to focus on creating “sustained economic growth and bringing sustainable benefits to India, including employment generation, supporting small businesses and farmers, and growing Indian exports to Walmart’s global markets”, added Berghe, who is also the retail giant’s Executive Vice President.

    Walmart’s assertion on the company’s commitment to India came after American investment bank Morgan Stanley in a report on Monday said the former might exit the country after the new FDI norms in e-commerce came into force on February 1.

    “An exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated,” the New York-based financial services firm said in its report titled “Assessing Flipkart Risk to Walmart EPS (earnings per share)”.

    In May last year, Walmart bought 77 percent equity stake in Flipkart for a whopping US$ 16 billion (Rs 1,16,256 crore).

    The revised FDI norms in e-commerce, however, have tightened the noose around the businesses of the country’s leading e-tailers – Walmart-owned Flipkart and Indian arm of American e-commerce giant Amazon.

    The policy revisions, issued by the Ministry of Commerce and Industry on December 26, 2018, barred e-commerce platforms providing a marketplace from exercising control or ownership over the inventory and forbids any company to sell its products exclusively on an e-commerce platforms alone.

    The e-tail companies are now working towards changing the ownership of their inventory, so as to comply with the norms.

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  • Optimistic about Indian market despite changes in new FDI policy: Walmart

    Optimistic about Indian market despite changes in new FDI policy: Walmart

    US retail major Walmart, which invested $16 billion in Flipkart, Wednesday said it is committed to the Indian market and is optimistic despite recent changes in the FDI policy for e-commerce firms in the country, according to a PTI report. The Bentonville-based retailing major’s statement came after a recent report by global consultancy firm Morgan Stanley, which had hinted that Walmart may quit Flipkart as the new foreign direct investment (FDI) policy came into effect, which would lower its profitability in the long run.

    Morgan Stanley, in a report titled ‘Assessing Flipkart Risk to Walmart EPS’ dated February 4, claimed that “an exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated.”

    “Walmart’s and Flipkart’s commitment to India is deep and long term. Despite the recent changes in regulations, we remain optimistic about the country,” said Dirk Van den Berghe, Executive Vice President and Regional CEO Walmart Asia and Canada.

    He further added, “We will continue to focus on serving customers, creating sustained economic growth and bringing sustainable benefits to the country, including employment generation, supporting small businesses and farmers, and growing Indian exports to Walmart’s global markets.”

    Tightening norms for e-commerce firms having foreign investment, the government, from February 1, barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price.

    The revised policy on FDI in online retail, issued by the commerce and industry ministry, also said that these firms have to offer equal services or facilities to all its vendors without discrimination.

    Last year on August 18, Walmart had completed acquisition of 77 per cent stake in Flipkart for about $16 billion (Rs 1.05 lakh crore), a deal which gave the US retailer access to the Indian e-commerce market.

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  • Walmart may exit Flipkart due to new FDI rules: Morgan Stanley

    Walmart may exit Flipkart due to new FDI rules: Morgan Stanley

    Retail giant Walmart may exit Flipkart after India’s new Foreign Direct Investment (FDI) norms for e-commerce companies came into force, US investment banker Morgan Stanley has warned. “An exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated,” the report by Morgan Stanley said late Monday.

    According to the report, Walmart-Flikkart saga might turn out to similar to what happened with Amazon in China in late 2017.

    “There is a precedent for an exit as Amazon retreated from China in late 2017 after seeing that the model no longer worked for them,” the report read.

    “We estimate that Flipkart derives 50 per cent of its revenue from this category, meaning Flipkart could face meaningful disruption and top-line pressure in the near term,” it added.

    The new FDI rules may require Flipkart to remove as much as 25 per cent products from its platform including smartphones and electronics that constitute a bulk of sales, said Morgan Stanley.

    On February 1, disruption was caused in the e-commerce operations in India of the two companies after the new FDI norms for the e-commerce sector came into effect.

    The norm prohibited the online retailers from mandating any company to sell their products exclusively on its platform.

    In the new policy, the Commerce Ministry also noted that the online retail firms would not directly or indirectly influence sale price of goods and services and would maintain a level playing field.

    Amazon India had to withdraw many of its products and they were listed as “currently unavailable” as the new norms prohibit the e-retailers from selling products of companies in which they have stakes.

    The two companies have together lost market capitalisation of $50 billion.

    Amazon lost market capitalisation of over $45 billion on Nasdaq while Walmart lost over $5 billion on the NYSE.

  • Snapdeal bats for new FDI policy in e-commerce from Feb 1

    Snapdeal bats for new FDI policy in e-commerce from Feb 1

    Leading Indian e-tailer Snapdeal on Tuesday supported the implementation of revised Foreign Direct Investment (FDI) policy on e-commerce from February 1. “Snapdeal supports the immediate implementation of the current FDI policy on e-commerce so that marketplaces are not misused to run inventory operations,” Delhi-based Snapdeal told IANS in a statement.

    The Ministry of Commerce and Industry on December 26 issued revised policy guidelines on FDI in e-commerce.

    The policy revision, which will be in force from February 1, dictates that e-commerce platforms providing a marketplace will not exercise control or ownership over the inventory.

    E-tail majors Flipkart and American online retailer Amazon’s Indian arm, however, sought an extension on the implementation of the new norms, amid protesting voices from retail traders’ bodies against granting the extension.

    “Government policy changes will have long-term implications in the evolution of the promising sector and the whole ecosystem,” American retail giant Walmart-owned Flipkart told IANS through a statement earlier.

    The new norms also barred e-tail firms from allowing any company to sell its products exclusively on their e-commerce platforms alone.

    While Amazon India had said in a statement to IANS that “it has always operated in compliance with the laws of the land”, it did not respond to queries on the changes it may have to make to its business model to suit the new norms.

    On the other hand, the Confederation of All India Traders (CAIT) has asserted that delaying the execution of the policy will allow the e-tailers to continue with their “dominance over retail trade”.

    “The modus operandi of these e-commerce companies for seeking extension (on implementation of new FDI norms) is to keep delaying fair execution of the policy,” CAIT wrote in a letter to the Ministry of Commerce and Industry this month.

    “They (e-commerce platforms) may continue with their sinister designs of operating all kinds of malpractice including predatory pricing, deep discounting and exclusivity, in order to ensure their control and dominance over retail trade and wipe out the competition,” the letter said.

    The Ministry, however, has not indicated any possible extension of deadline to implement the new norms.

  • Reliance Retail is 94th on Deloitte’s top retailer list

    Reliance Retail is 94th on Deloitte’s top retailer list

    The global retailing industry saw a record growth in revenue in 2017 with the top 250 companies increasing their revenue by over 83 percent, according to a latest report by a professional services multinational that said Reliance Retail was the only Indian company in the list. The Deloitte’s ‘Global Powers of Retailing 2019’ said that with the fast moving consumer goods (FMCG) being the main growth drive for the top 250 global retailers, the retail revenue increased by over 83.2 percent generating aggregate revenue of US$ 4.53 trillion in fiscal 2017.

    “Despite the deceleration in the global economy, the consumer and investor sentiment continues to remain positive.

    “Our global reports highlight that of the top 10 companies on the top 250 list, eight were FMCG companies and that sector has been a strong reason for the India retail story,” Deloitte India Partner Anil Talreja said.

    According to the report, Europe had the highest number of top 250 retailers.

    Companies such as Amazon and Reliance doing exceptionally well by climbing 2 and 95 spots, respectively, on the back of exceptional retail growth.

    Reliance Retail as the only Indian company in the top 250 list came in at the 94th position and was also placed sixth among the 50 fastest growing retail companies.

    In fiscal 2017, the company doubled its annual revenue to $10,649 million over the previous year.

    Walmart retained its position as the world’s largest retailer with an improvement in retail revenue growth by three per cent in 2017. Its major growth drivers were the acquisition of e-commerce firms such as Jet.com, ModCloth, Shoes.com, Moosejaw, and Bonobos, besides greater investments in store remodelling and investment in store wages.

    Walmart has recently acquired Indian e-commerce major Flipkart.

    The Deloitte survey reported sluggish growth in Europe, China and Japan, but said retailers continued to grow as a result of increased merger and acquisition (M&A) activity, new store openings, and robust e-commerce activity.

    “The global economy is currently at a turning point. Until early 2018, the global economy displayed strong growth.

    “With inflation accelerating in major markets, governments making shifts in monetary and fiscal policies, and most of the emerging markets experiencing significant currency depreciation the global economy will slow down in the near future,” Deloitte Global Chief Economist Ira Kalishsaid in the report.

    “For retailers, this change will mean slower consumer spending growth, higher consumer prices, and disrupted global supply chains,” he added.

  • Myntra India taps 9,000 kirana stores to boost last-mile delivery

    Myntra India taps 9,000 kirana stores to boost last-mile delivery

    Flipkart-owned ecommerce platform Myntra that saw 80 percent revenue fall in FY2018 has doubled down on last-mile delivery, tapping into over 9,000 kirana stores across 50 cities to fast deliver packages. Today, nearly 60 percent of all Myntra’s product pick-ups and deliveries happen through its ‘Kirana Delivery Programme’ — helping the company reduce delivery costs, the company said on Tuesday.

    “Myntra’s ‘Kirana Delivery Programme’ is a successful model introduced by the company to accelerate order delivery in the most efficient way possible, while ensuring we provide a good partnership opportunity to our kirana partners,” a company spokesperson said.

    “We will continue to innovate, expand and hope to register more kirana partners in the future as well,” the spokesperson added.

    The ‘Kirana Delivery Programme’ is an ingenious model introduced by the company to accelerate order delivery, while creating a platform for kirana stores to have an additional source of income.

    “A mutually beneficial model, it has helped Myntra achieve greater consumer satisfaction and is enhancing the standard of living of the owners of several ‘mom & pop’ stores across the country,” said the company.

    Several tailors and beauty parlour owners, among others, have also signed up with Myntra for the programme.

    The online fashion retailer narrowed its consolidated losses to Rs 178.7 crore for 2017-18, compared with a loss of Rs 655.8 crore in the previous fiscal.

    According to business intelligence platform Tofler, the company saw its income growing nearly threefold to Rs 427.4 crore in 2017-18 as against Rs 155.6 crore in the previous financial year.

    Ananth Narayanan, Chief Executive of e-tail portals Myntra and Jabong, stepped down from the post on January 14 “to pursue external opportunities”.

    The 11-year-old Flipkart Group, owned by US retail giant Walmart, includes e-tail sites Flipkart, Myntra, Jabong and digital payment platform PhonePe.

    In May last year, Walmart bought a 77 percent equity stake in the company for a whopping US$ 16 billion.

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  • India’s Reliance to take on Walmart and Amazon online

    India’s Reliance to take on Walmart and Amazon online

    South Asia’s richest man Mukesh Ambani is establishing an e-commerce platform to compete with Walmart and Amazon in India. The Reliance Industries chairman will roll out services in Gujarat before extending them nationwide. “Jio and Reliance Retail will launch a unique new commerce platform to empower and enrich our 1.2 million small retailers and shopkeepers in Gujarat,” said Ambani.

    Reliance introduced the 4G Jio network in September 2016, a market disruptor with its free voice calls and cheap data plans. Its move into e-commerce will aggravate an already cut-throat battle between market leader Flipkart, owned by Walmart, and Amazon’s services in the territory.

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  • Flipkart secures more funding to face competition

    Flipkart secures more funding to face competition

    Indian e-commerce firm Flipkart has received US$201 million funding for its wholesale business from its Singapore-incorporated parent. The investment comes during a period of intensifying competition between the firm and its Amazon-backed competitor in a market estimated to be worth $18 billion. It signals a prioritising of sales growth by the retailer since its acquisition by Walmart.

    A report last year indicated that Flipkart has seen a more than 80-per-cent increase in transactions in recent months, prompting the company to expand into new business lines such as furniture and groceries over the next three years.

    Separate reports show that Amazon also looks to invest significant funds into the market in order to challenge Flipkart’s present lead in the territory.

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  • Ananth Narayanan steps down as Myntra Jabong CEO

    Ananth Narayanan steps down as Myntra Jabong CEO

    Fashion e-tailer Myntra Monday said its CEO Ananth Narayanan has quit, a development that ends months of speculation about his exit following a recent re-jig at its parent group Flipkart. In a statement, Myntra said Narayanan has decided to step down as CEO of Myntra and Jabongto pursue external opportunities. Amar Nagaram has been named as Head, Myntra and Jabong, and will report to Flipkart Group CEO Kalyan Krishnamurthy, it added.

    According to a report, there were speculations that Narayanan would quit after a new reporting structure was put in place when Binny Bansal — the then CEO at Flipkart Group (which owns Myntra and Jabong) — quit the company.

    As a part of the new structure, Myntra and Jabong were brought under Flipkart, with Narayanan reporting to Krishnamurthy.

    “Ananth has played an important role in making Myntra and Jabong into a formidable player in the fashion e-commerce market and steering the company towards sustainable growth,” Myntra said in its statement Monday.

    It added that over the last three and a half years, Narayanan and the management team have built a strong foundation for the company.

    “Myntra and Jabong are an important part of the Flipkart group serving our valuable customers. The company will continue to execute the growth strategy and leverage synergies with Flipkart as appropriate,” it said.

    The strong bench strength and new leadership at Myntra and Jabong will allow the business to continue on its strong and sustainable growth trajectory, the statement added. Nagaram, who recently moved to Myntra from Flipkart, has been working with the group for around seven years.

    “…(Nagaram) has played a pivotal role in making shopping accessible, delightful and affordable on every connected device. Most notably, he led the efforts on revisiting the boundaries of mobile web, making the experience on it as good as native,” the statement said.

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  • Online Marketplaces India: Delivering fashion to the discerning masses

    Online Marketplaces India: Delivering fashion to the discerning masses

    The online fashion space in India is positively buzzing with private labels or brand partnerships. Recently, heritage American denim brand, Wrangler collaborated with Indian e-commerce giant, Flipkart to launch an exclusive sub-brand called Wrangler 20X. Myntra also launched its in-house plus size apparel brand, Sztori as well as House of Pataudi, an ethnic wear brand co-owned by Myntra, Exceed Entertainment and Bollywood actor Saif Ali Khan.

    Addressing Consumer Demand

    Wrangler 20X is targeted at the digitally-savvy youth who increasingly shop for fashion online and are seeking the perfect mix of trend and value. Gen Z are increasingly brand-aware and aspire to own brands with flaunt appeal. The denim brand aims to give them a brand that they would be proud to wear at prices they can afford.

    Known for democratising fashion across segments, the launch of both Sztori and House of Pataudi enables Myntra to go a step further and include profiles into the ambit of ‘fashion for all’. It champions inclusivity in fashion, evaluating and emphasising greater attention to styles, trends, designs, fit and fabric for plus sized apparel and fashion conscious consumers, in order to bring out the personality of the person wearing it.

    Sztori has been especially designed to suit a larger range of body shapes and sizes. It is essentially a designer wear in the plus size category, offering consumers the perfect fit and multiple style options. The apparel is made to suit plus size body types rather than prove to be a mere extension in size on existing profiles, thus breaking the existing age-old norm in the Indian market.

    Manohar Kamath, CXO and Head, Myntra Fashion Brands, says, “We are extremely delighted to announce the addition of Sztori to our portfolio of private brands. Plus size clothing is in great demand and it was time we offered something substantial in the category, opening up more avenues and possibilities for our customers.”

    The brand offers a range of products for men and women, including, tees, denims, tops, dresses and more in L to XXXXL (Large to 4 times Large) sizes. Shoppers can choose from over 225 styles and designs at prices ranging from Rs 799-Rs 1,999.

    Myntra identified a space opportunity in this segment and set out to design and develop merchandise under a new brand to cater to the category and make wearers look fashionable with multiple style options at affordable prices and opening new avenues in the industry.

    ‘House of Pataudi’ is a lifestyle brand for men and women that delivers fine taste and refinement to the discerning and the fashion conscious. Each piece not only exudes style but also narrates the rich story and history of the Pataudi heritage. The collection comprises traditional Indian wear, conceptualised inthe form of Rozana, every day wear with a contemporary ethnic touch; Jashn, festive finery with a regal charm; Riwayat, bespoke splendour for the classic Indian wedding; and a Special Edition, comprising collections inspired by the Pataudi trousseau.

    The range includes kurtas, sherwanis and Nehru jackets for men and kurta sets, lehengas and dresses for women. Products from House of Pataudi will be available exclusively on Myntra and Jabong, across a price range of Rs 1,500-Rs 15,000 for men and Rs ,000-Rs 20,000 for women. The brand’s design team has worked closely with Saif Ali Khan; inspired by his own personal style statement and has designed and perfected the line, modelling it on the Pataudi lineage and contemporary fashion preferences, to make it relatable for the modern fashion shopper. House of Pataudi is focused on changing the perception about ethnic dressing being limited only to festivals and occasions and bringing it back to everyday wear.

    Tapping the Market

    “Research estimates that the plus size segment will account for US$ 5 to 6 billion in the US$40 billion Indian online fashion apparel market, by 2020, which is approximately 10 to 12 percent of the overall market, making it an important proposition,” shares Manohar Kamath.

    Flipkart’s has aggressive plans to grow the fashion business and this maps well with Wrangler’s vision of meeting the needs of the young, online shopper. “We are delighted to partner with

    Flipkart on the launch of Wrangler 20X. The brand will be available exclusively on Flipkart and is designed for young, trend-aware digital citizens who aspire to buy Wrangler but are also looking for a more affordable value proposition. We look forward to working with Flipkart to make this a successful sub-brand of Wrangler,” comments Krishna Dorai, General Manager, Wrangler.

    Rishi Vasudev, Vice President, Flipkart Fashion says, “Men’s fashion is one of our fastest growing categories, where we have witnessed a 75 percent Y-o-Y growth, within which denims is one of the most successful categories. Crafted basis an understanding of what fashion shoppers are looking for, we are excited to launch Wrangler 20X, a denim-wear brand, from the house of Wrangler, exclusively on Flipkart Fashion. The range is specifically designed to off er the latest in fashion to the style conscious young men looking for the best in the value branded segment and we are sure, this range will be a massive hit, while it strengthens our men’s portfolio.”

    The Wrangler 20X collection features attractive style elements such as PU detailing on the pockets and belt loops, the shirts embrace printed designs with yarn-dyed fabrics and the tees receive a fresh colourful graphic spin. The sub-brand is currently available only for men.

    Ananth Narayanan, Ex-CEO, Myntra- Jabong, said, “We are clearly focused on a strong customer proposition and currently there is a huge gap in brand offerings in the ethnic wear space, especially for men. House of Pataudi is an ideal fit, being rich on tradition, heritage, design, and offers customers a slice of the world that we believe is lost, at price points that are highly affordable.”

  • Grofers eyes $2.5 billion in revenue by 2020

    Grofers eyes $2.5 billion in revenue by 2020

    SoftBank-backed Grofers aims to garner $2.5 billion (approximately Rs 17,500 crore) in revenue by 2020 as it scales up its private label offerings in the country and focusses on expanding repeat purchases in its platform. The company, which has recently completed five years of its operations, has a revenue run rate of $360 million (about Rs 2,500 crore) currently.

    Grofers Co-Founder and CEO Albinder Dhindsa said Grofers has been witnessing over 30 percent month-on-month growth.

    “While we do not sell gourmet products that usually offer higher margins, we have been able to create a set of dedicated customers that usually promote our brand as well… We will continue to ramp up our business and we aim to clock $2.5 billion revenue by 2020,” he said.

    Outlining the expansion strategy, Dhindsa said about 40 percent of the selection on its platform now comprises of private label products.

    “There are a number of local manufacturers, who have great products but can’t compete with the FMCG giants and therefore, their products often don’t find shelf space in retail stores…we continue to grow the number of manufacturers that we work with,” he said.

    He further explained that putting these private labels on its own platform has helped the company provide aspirational products like muesli, peanut butter at more affordable prices.

    These private labelled products are also making their way on retail shelves at Grofers’ over 1,500 partner stores, which the company aims to ramp up to one million in the next two years.

    Asked about competition, especially with Walmart-backed Flipkart and Amazon expanding their presence aggressively in the online grocery segment, Dhindsa said the company is not worried.

    “Grocery is not the same as books and electronics. We may carry a smaller selection but the focus for us is on affordability. Consumers are very conscious when it comes to the grocery buying and that is what we want to ensure for our customers,” he said adding that Grofers is focussing on further enhancing its coverage of the cities it operates in.

    In March 2018, Grofers had announced raising Rs 400 crore in funding led by SoftBank, Tiger Global and Apoletto Asia. It has raised funding of $226.5 million till now. Its average daily order volumes were over 35,000 per day in June this year.

    Grocery segment accounts for a significant portion of the unorganised retail segment in the country. With people becoming comfortable buying even milk and bread online, the online grocery segment is projected to witness a strong growth over the next few years in India.

    As per the estimates, e-tail is just 0.5 percent of the total grocery market in India, which is pegged at $400 billion or 70 percent of all retail.

    In a recent interview, Flipkart CEO Kalyan Krishnamurthy had said grocery is one of the key focus areas for the company currently and, the segment will play an important role in getting access to the next 200 million customers.

    Amazon India, too, has been aggressively ramping up selection and focussing on speedier delivery to consolidate its position in the segment. In February this year, Grofers’ competitor Bigbasket had raised USD 300 million led by Chinese e-tailer giant Alibaba and others.

  • 2.5 million buyers shop during Myntra, Jabong special sale

    2.5 million buyers shop during Myntra, Jabong special sale

    About 2.5 million shoppers ordered eight million products during four days of Myntra and Jabong’s special sale from December 22 to 25, a company statement said on Wednesday. “The ninth edition of End of Reason Sale concluded with Myntra and Jabong recording a massive surge in sale and traffic,” city-based Flipkart-owned Myntra said in a statement here. As a result of the sale, the fashion portals saw a 700 per cent surge in sales and 120 per cent increase in online traffic over normal business days, it added.

    American retail giant Walmart-owned leading e-commerce player Flipkart Group includes online fashion portals Myntra and Jabong.

    The Flipkart arms, however, did not disclose the combined value of goods sold in those four days.

    “Sports goods were the highest selling category with a total of eight lakh pairs of shoes sold across the country during the sale,” the statement added.

    The shopping carnival also saw 7.2 lakh new customers ordering through the portals.

    The two portals together sold 1,200 products per minute during the four-day sale.

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  • New E-Comm Rules: Flipkart India for broad market-driven framework

    New E-Comm Rules: Flipkart India for broad market-driven framework

    India’s largest online marketplace Flipkart has requested New Delhi that a broad, market-driven framework for the e-commerce industry be put in place after consultations with the relevant stakeholders. The request came a day after the federal government announced changes in the foreign direct investment (FDI) policy for the sector. On Wednesday, New Delhi took a series of measures to tighten the norms for e-commerce companies, such as Flipkart and Amazon, barring them from selling products of the entities in which they have a stake. The altered norms also restrict them from mandating any seller to sell products exclusively on their respective platforms.

    Flipkart said that the e-commerce ecosystem has created thousands of jobs apart from fostering innovations in MSME manufacturing, supply chain, warehousing, packaging, and digital payments.

    “Government policy changes will have long-term implications for the evolution of the promising sector and the whole ecosystem. It is important that a broad, market-driven framework through the right consultative process be put in place in order to drive the industry forward,” the Bengaluru-based online retail giant said in a statement.

    Flipkart was acquired by the US retail giant Walmart for $16 billion earlier this year in what was the country’s largest acquisition and the world’s biggest purchase of an ecommerce company.

    Amazon’s India unit said that the company was still evaluating the policy changes. The new policy aims to restrict any kind of control on inventory by an e-commerce marketplace entity, thus impacting Flipkart and Amazon as they have structured their group companies in a way that would help retain control on pricing and inventory.

    “For Amazon and Flipkart, this policy change brings massive challenges. They have to not only make changes into the business model and structure of how they are selling goods, but this will also affect the profitability due to limitations on private label products,” said Satish Meena, senior forecast analyst at Forrester Research.

    “Apart from this, the planned investment in the offline channel is going to be recalibrated after this change. All these will have an impact on how they scale up the business in India,” Meena added.

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  • Google launches ‘Shopping’ in India to woo online shoppers

    Google launches ‘Shopping’ in India to woo online shoppers

    Tech giant Google Thursday unveiled ‘Google Shopping’ in India that will allow users to easily filter through offers, review prices from multiple retailers and find products that they are looking for. According to a report: The personalised experience will be available across various Google products — a Shopping home page, Shopping tab on Google Search and through Google Lens. Customers will be able to see trending products across different categories, various deals, and compare prices using the new offering.

    For retailers, the company will offer its ‘Merchant Center’ in Hindi, which will allow the sellers to list their products for Google Shopping, without paying for ad campaigns.

    “India has over 400 million internet users. However, only one-third of these have shopped online and that number includes those buying railway tickets online. From seasoned desktop shoppers to first-time users with entry-level smartphones, we hope this new shopping experience will make finding what people are looking for just a little bit easier,” Surojit Chatterjee, Vice President – Product Management, Google said.

    Google Shopping will be a connector between retailers and consumers, and the transaction and delivery of products will be handled by the merchant, he added.

    “There are an estimated 58 million small and medium businesses (SMBs) in India, of which 35 per cent are engaged in retail trade. However, a very small number of them have an online presence, this is a huge opportunity for retailers to surface their merchandise to the millions of online consumers,” Chatterjee said.

    Google aims to support the entire retail ecosystem — from shopping sites and large retailers to small local shops — by giving them access to the tools, technology, and scale to thrive in the new digital economy, he added.

    Chatterjee said merchants will not have to pay any fee for listing their products for Google Shopping.

    Under the Shopping tab in Google Search, users can search for products and see prices from across multiple retailers. The ‘Style Search’ option in Google Lens will allow users to find products such as clothes, furniture, and home decor, by simply pointing the Lens app from their smartphones.

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  • After Flipkart, Walmart eyes another Indian startup that specialises in AI

    After Flipkart, Walmart eyes another Indian startup that specialises in AI

    Walmart Labs India, the local product development division of US retail giant Walmart, last week announced it would hire key tech team from Artificial Intelligence (AI) and data analytics start-up Int.ai — its second acqui-hiring in the country within three months.

    Three engineers — including co-founders Vinay Kumar NP and Praneeth Doguparthy — from Int.ai will join Walmart Labs India.

    They will be part of the health and wellness portfolio under Customer Technology at Walmart Labs, the company said in a statement.

    “We are glad to welcome the Int.ai team to the big Walmart Labs family and believe that their expertise will be a great addition to our data analytics capabilities,” said Hari Vasudev, Country Head and Vice President – Technology, Walmart Labs India.

    This is the second acqui-hiring Walmart Labs India has made — after micro-app startup Appsfly in September where it merged Appsfly’s six-member team into its customer experience engineering group.

    Founded in 2016, Int.ai has invested and built expertise in architecting an analytics automation framework which will support Walmart Labs in developing solutions and supporting large-scale businesses.

    “After working for almost 3 years on it, we are very happy to let you know that our entire team will be joining Walmart Labs, India,” Vinay and Praneeth said in a separate statement.

    “We started Int.ai in the beginning of 2016 with an ambitious mission to build an AI-powered personal data analyst for every business executive,” they added.

    Int.ai developed expertise in blending Machine Learning with data analytics to uncover insights that significantly impact business metrics.

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