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Why fiscal deficit should be the least of worries for govt

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Nov 18, 2019, 07.07 PM IST



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Flipkart has been struggling to figure out a definitive long-term strategy for the fashion portal.

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  • The average order value for Flipkart stood at Rs 1,976 versus Rs 1,461 on Amazon, indicating that customers bought higher-value items from the Walmart-owned marketplace. Flipkart led with 64% share of the combined gross sales while Amazon continued to fare higher in net promoter score (NPS). NPS measures the loyalty of customers to a company.

    The German wholesale retailer has thrown its might behind mom-and-pop groceries and has demanded level-playing for the unorganised sector, wading into a debate in India that ecommerce companies like Amazon and Flipkart are hurting small businesses here.

    Indian digital payments took off when the govt pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in to curb corruption and push Indians away from cash. UPI has now surpassed a 100 million users 3.5 years after its launch, thanks to booming smartphone use and wireless data rates among the lowest in the world.

    “We continue to build capabilities for the future through investments in revamping our technology infrastructure to enhance our omnichannel capabilities and in people development,” the company said.

    In the previous financial year, Flipkart Group’s total revenue increased by 50% to Rs 30,644 crore.

    The letter comes in wake of Flipkart and rival Amazon facing probes over alleged roles in predatory pricing.

    Flipkart India's revenue from operations, however, saw a 42.82 per cent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the previous financial year, it added. Flipkart has its holding company registered in Singapore.

    Separately, Flipkart Internet, the India unit which runs the company’s marketplace business, has recorded a 40% rise in losses to Rs 1,624 crore fuelled by increased employee expense and advertising for the year ending March 31, 2019.

    While Paytm’s e-commerce unit was able to show a marked reduction in losses in FY19 while still growing revenue, the Softbank-backed company lags larger industry rivals- Flipkart and Amazon in terms of earnings.

    ​The unit saw operating revenues increase by 51% to Rs 4,234 crore during the year as compared to FY18, according to filings obtained from the corporate affairs ministry.

    Ambani will set up a $24-bn holding firm that would become the main vehicle for his ecommerce plan.

    The proposed demerger will coincide with PhonePe's ongoing fund raising plan of about a billion dollar through primary and secondary sale of shares.

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