Also in this message:
- Crypto Companies Show: Get Rid
- Raghuram Rajan Yum
Cryptocurrency ZomatoGrocery delivery scraps again
Exclusive: Flipkart on track for a 50% jump in sales from 2020
Flipkart Group recorded a gross merchandise value (GMV) of about $15 billion in calendar year 2020 and is currently on track to record a $23 billion GMV this year, several sources tell us. Of that estimated $23 billion, about $20 billion will come from its main platform while the rest will come from Myntra. GMV represents total sales in a particular market over a given period of time without deducting returns.
Concept: That’s more than 50% year-over-year growth for Flipkart, even as the e-commerce sector remains mired in uncertainty about the rules that are supposed to govern it. The last publicly known GMV for Flipkart before that was $7.5 billion in fiscal 2018, when it was acquired by Walmart for $16 billion.
Flipkart vs Mintra
Sources tell us that in the past few years, the gap between Amazon India and Flipkart (alone) has narrowed. Add Myntra to the mix and Flipkart has extended its lead over the American company. Amazon’s fashion business is still in the works, although it has seen some success with private labels such as Symbol.
The latest GMV figures shed light on the competitive landscape of Indian e-commerce when the sector continues to see increased capital inflows from prominent global investors while Indian conglomerates such as Reliance Industries and Tata Group have entered the space.
The most important categories: The best-selling products on e-commerce platforms are still smartphones, electronics, appliances, and apparel. In terms of market penetration as well, these categories come out on top.
For Flipkart, 49% of its total sales in fiscal year 21 came from smartphones, while fashion contributed 32%, appliances 16%, and groceries 3%, Bernstein estimates.
grocery shopFlipkart is steadily building its online grocery game as groceries and other necessities remain in high demand amid the pandemic. While BigBasket, Grofers, Dunzo and Swiggy’s Instamart platforms offer basic 30-minute delivery, Flipkart is upping the ante with 90-minute express delivery.
Crypto Festive Season Sales Offers: Ditch the Gold for Bitcoin
Crypto exchanges are planning to use the festive season, which began with Ganesh Chaturthi on Friday, to encourage existing and potential users to invest in Bitcoin as an alternative to gold.
Exchanges have increased recruitment and have product launches and ad campaigns in the pipeline to attract new users.
Currently, more than 15 million Indians trade in cryptocurrencies.
quote: “The Indian market is all about saving, spending and giving gifts during the festive season. Sathvik Vishwanath, Co-Founder of Unocoin, said, “If approached right, bitcoin vouchers and gifts can be an interesting option for users to consider as an increase in outreach activity is expected. across the industry.”
What are they doing: Unocoin had a voucher code to give bitcoins worth Rs 200 to Ganesh Chaturthi. It is also linked to e-commerce companies and brands to allow users to redeem gift vouchers purchased with bitcoin.
Several cryptocurrency trading executives have said that there is an increased demand for gifts from retail investors. “Giving cryptocurrency is part of our product roadmap. This will give Indians the opportunity to send cryptocurrency to their loved ones as easy as sending emails,” said Rajagopal Menon, Vice President of Marketing at WazirX.
sneaky ad: Crypto platforms have also planned massive advertising campaigns to attract customers. “The festive season coincides with the T20 tournament, so we will have a 360-degree campaign to capture the attention of the masses in the coming weeks,” said Ashish Singhal, co-founder of CoinSwitch.
Raghuram Rajan says cryptocurrency will not be a substitute for regular currency
Former Reserve Bank of India Governor Raghuram Rajan said that cryptocurrencies are a speculative asset at the moment, and will remain so until developments and regulations emerge.
quoteSome central banks are considering introducing their own cryptocurrency, backed by complete faith, said Rajan, a professor of finance at the University of Chicago’s Booth School of Business. Will it stay that way? No. There will be developments. And credit from the government.Fri.
“It’s a good technology, but I don’t think it will be a substitute for regular currency,” he said, adding that crypto assets will have a market as long as there are fans who trade them with each other.
Startup founders need time to stabilize business before philanthropy
Ashok Sutta, CEO of Happy Minds Technologies
More and more established Indian entrepreneurs are getting involved in philanthropy, but startup founders need time to stabilize their businesses before contributing to society, Happy Minds CEO Ashok Suta told us in an interview.
How is India getting more wealthy people into philanthropy?
Indian entrepreneurs and even some of the older companies do a lot of charitable work. I don’t think we see how much is being done apart from the more obvious examples of Azim Premji, Shiv Nadar and Nandan Nilekani. Everyone is pouring money and there is a lot of work going on. I think it’s picking up more and more.
Do you see enough young entrepreneurs who have made a lot of wealth lately and are looking to contribute to philanthropy?
The best thing they can do is create a successful company, stabilize it and show that they can continue on a good steady 10-year path. Then they will also get a lot of wealthy owners and promoters.
Read the full interview here.
Read also: Design the happiest minds to stay forever
Zomato cuts grocery shipments for the second time
Food delivery platform Zomato has canceled grocery delivery plans for the second time in two years.
why now? The grocery service had moderate success and faced some challenges, including frequent inventory changes and gaps in order fulfillment resulting in a poor customer experience, according to an internal email.
Fill rate – the percentage of goods ordered that the platform can actually deliver – is a critical component of the online grocery business.
Zomato first tried grocery delivery during the nationwide lockdown in 2020, but closed after failing to expand. It re-entered the grocery delivery space this year amid stiff competition from established companies like JioMart owned by Reliance Industries, Tata Group’s BigBasket and Swiggy’s Instamart, along with super local delivery platforms like Google-backed Dunzo.
Retreat: In an interview with ET in August, co-founder Deepinder Goyal said, “We don’t have a lot of ideas (about online groceries) and we’re just trying to learn. We think it’s a lot of space, but we’re not sure if we want to do that in the long term,” Goyal said. or not.” “Invest in separate Grofers. We have our own grocery offering which is a market model which was launched in Delhi two to three days ago.”
Wipro’s leadership will return to the position from this week
Wipro CEO Rashad Premji
Chairman Rashad Premji said Sunday that Wipro will see its leaders return to their posts twice a week starting September 13 after a year and a half of working remotely.
“After 18 long months, our Wipro leaders will be back in the office starting tomorrow (twice a week). All fully vaccinated, all ready to go – safely and socially distancing,” Premji said in a tweet.
It comes as India’s IT industry prepares to bring employees back to offices. Top executives at TCS and Infosys are slowly starting to work out of the office even as they finalize plans to get more employees to attend their universities across India.
Last week, TCS CEO Rajesh Gopinathan said the country’s largest tech services company will require its strong workforce of more than 500,000 people to return to their posts by the end of this year, with most of them fully vaccinated, indicating some return to normal life.
Other top stories we cover
Technology is the future of insurance companies: The unexpected catastrophes of the past few years have been a tailwind for insurance companies, as they seek to advance their tech game either on their own or in partnership with emerging tech insurers.
Apple’s US App Store ruling reverberates among Indian startups: Online entrepreneurs in India are renewing their demands that Apple and Google also provide local developers with a choice of payment options for in-app purchases, after a US court struck down some store rules set by the iPhone maker.
The global shots we’re reading
- How Facebook undermines privacy protection for WhatsApp’s 2 billion users (ProPublica)
- Apple ruling imposes obstacles on Biden’s pledge to deal with tech giants (Bloomberg)
- Part of Apple’s profits may be windfall for app developers (The New York Times)
قد يهمك أيضاً :-
- French asset manager Jade Comer rejects Ray Dalio's fear of Bitcoin
- SEC President Gensler suggests college students start saving early and "maybe earn 8%"; The crypto community was upset
- Robinhood launches crypto wallets as Bitcoin becomes a bigger part of the business
- Sports-focused NFT startups raise over $900 million in cryptocurrency rush
- China's Evergrande Crisis Could Pull Tether and Other Cryptocurrencies Down: CNBC After Hours
- The US Treasury Department Sanctions Cryptocurrency Exchanges for Their Alleged Role in Ransomware Attacks
- Bengaluru crypto startup Unocoin has launched a feature to pay highway tolls with Bitcoin