Myntra sells record-breaking 5 million products on day 1 of EORS-16

 Myntra, one of India’s leading fashion, beauty and lifestyle destinations, on Monday said that the 16th edition of its flagship EORS-16 witnessed over 70% growth in traffic over business as usual

Myntra, one of India’s leading fashion, beauty and lifestyle destinations, on Monday said that the 16th edition of its flagship EORS-16 (End of Reason Sale) witnessed over 70 per cent growth in traffic over business as usual (BAU) on Day One. India shopped a record-breaking 50 lakh products in the first 24 hours of Myntra‘s EORS sale that is being held from June 11-16. On Day One, 2.6 million items were shipped within the first 24 hours of the event.

“The upwardly-mobile fashion-forward consumers have once again welcomed EORS with a hearty opening, purchasing 50 lakh products within the first 24 hours to cater to their fashion and beauty needs,” said Nandita Sinha, CEO, Myntra. “It’s also very encouraging to see women forming 60 per cent of the shopper base and some of the tier-3 towns emerging as high traction customer hubs on day 1 of this edition. As the event unfolds itself in the next few days, we are excited to serve millions of customers with our tech-pivoted delightful shopping experience,” Sinha added…Read More

Covid-19 impact: Amazon won’t require sellers to repay loans until April 30

Merchants of popular items from toys to apparel have worried that the temporary ban on stocking goods in Amazon warehouses

Amazon.com Inc on Wednesday said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic. The world’s largest online retailer notified sellers that its programme known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said.

The programme has offered sums between $1,000 (846.5 pounds) and $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon. “Loan repayments will restart on May 1, 2020 … You will have the same number of remaining payments once repayment resumes,” Amazon said in a seller message obtained by Reuters.

More than 20,000 merchants have gotten loans from Amazon, the company said in 2017. By the end of 2019, Amazon stood to receive $863 million from sellers to whom it provided financing through the lending program, according to a company filing. The loans’ terms range from three to 12 months, carrying interest rates from 6 per cent to 19.9 per cent.

ALSO READ: Covid-19 impact: Amazon temporarily suspends sale of non-essentials

As Americans turn to online shopping while quarantined, many online sellers, who are small and medium-sized businesses, are facing cash flow constraints amid supply chain and logistics issues caused by the outbreak. EBay Inc , another major online marketplace, said on Wednesday it will defer most selling fees for merchants for 30 days.

Govt probing Flipkart, Amazon over alleged predatory pricing: Piyush Goyal

CAIT had in a letter on Monday urged Goyal to order an audit into the business model of all e-commerce firms

The government is probing Wal- Mart-owned Flipkart and Amazon over the alleged predatory pricing, commerce minister Piyush Goyal said on Thursday. Warning of stringent action as per the law for any violation, he said detailed questionnaires have been sent to these companies and their response is awaited. According to media reports, the e-commerce majors have grossed up over $3 billion in gross merchandise value during the festive sales held over the past fortnight, which typically see over half of their annual sales.

“E-commerce companies have no right to offer discounts or adopt predatory prices. Selling products cheaper and resulting the retail sector to incur losses is not allowed,” Goyal told reporters. They are also not permitted to own products and sell them, he said and that they are only platforms helping sellers connect with potential buyers. Without specifying the exact transgressions, Goyal said his ministry has received complaints from the traders body CAIT alleging violations of norms by these players.

“A detailed questionnaire has been sent to them. Today or tomorrow, a supplementary questionnaire will also be sent,” he said and reminded that he had earlier also warned these e- commerce players. “We will take stringent action against them, if there is violation of any law in letter or in spirit. The law is clear. Action will be taken as per the law,” he said….

Google may steal Amazon, Flipkart's Diwali bonus; set for e-commerce debut

The company is also going to offer consumers instant loans on its platforms and has partnered four banks

Companies news : It’s official. Google will make its debut in India’s e-commerce and retail ecosystem this Diwali via its payments platform, Tez, rechristened Google Pay.

From tying up with more than 2,000 e-commerce companies, including big names such as cab aggregator Uber and movie ticketing platform BookMyShow, to adding about 1.2 million offline merchants, including the likes of Big Bazaar, Google is on a hyperdrive to create an ecosystem where everything will hinge on the payments app. The company is also going to offer consumers instant loans on its platforms and has partnered four banks — HDFC, ICICI, Kotak Mahindra and Federal Bank.

According to Google, a pre-approved loan limit for individuals, based on their bank account and Tez transaction history, will be set. The app’s users will get the money deposited directly into their bank accounts.

Google Pay

The technology giant rebranded its made-in-India Tez app, launched in September last year, as Google Pay, with an eye on expanding the platform to other markets. “We have learned that when we build for India, we build for the world,” Caesar Sengupta, general manager of payments and vice-president of Google’s Next Billion Users initiative, said at the ‘Google for India’ event in New Delhi on Tuesday. 

While the company has kept its e-commerce plans under wraps, this is being touted as the first move to enter the segment. “The company has 1.2 million merchants. It is partnering online cab aggregators, travel companies and ticketing firms, as well as expanding its tie-ups with brick-and-mortar retailers. It is all pointing towards creating an ecosystem which Amazon or even Flipkart has. The next step will be getting into the online marketplace,” said a source close to the company.

>>>KEEP READING : BS<<<