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Walmart’s cash-&-carry biz may go to Flipkart
Posted On : Friday, January 24, 2020, 4:13 PM
Flipkart group is likely to acquire the loss-making wholesale cash-and-carry business of its parent US retail giant Walmart in India. The move comes shortly after talks with the Tata Group, which was looking to pick up a stake in Walmart India, made no headway. Sources said the Flipkart group, which operates Flipkart and Myntra, is looking at a reverse acquisition of the B2B segment of Walmart and it will function as a subsidiary of the group. Flipkart is expanding its footprint in the online food and grocery segment and the acquisition of the B2B business provides strength to the supply chain.
Flipkart tightens returns policy on rising frauds
Posted On : Tuesday, January 14, 2020, 10:44 AM
Consumers buying winter fashion and lifestyle products on Flipkart will get less time to return products as the Walmart-owned e-tailer is tightening its returns policy. Flipkart is reducing the returns window for the segment to 10 days, from 30 days earlier, suspecting fraud orders by consumers, resulting in a ‘drastic rise’ in returns. Flipkart has communicated the change to its merchants selling these goods. This is the first such change in its returns policy with a direct impact on consumers under the new parent Walmart. Fashion is one of the top three categories driving its gross sales alongside smartphones and large appliances. In terms of margins, fashion offers the highest for e-tailers, including Flipkart.
Offline traders warn of Xiaomi, Samsung boycott over online discounting
Posted On : Saturday, January 11, 2020, 8:58 PM
More than 20,000 offline retailers have told India’s top smartphone makers — Xiaomi and Samsung — that they will boycott the two brands if there’s no stop to deep discounting and aligning with e-commerce players. In similar but separate letters dated January 10, the All India Mobile Retailers’ Association (AIMRA) also said that if deep discounting continued online, brick-and-mortar retailers could also “simply deduct the difference and sell at online prices.” Offline mobile traders are fighting against exclusive deals between brands and e-commerce platforms such as Flipkart and Amazon and demanding simultaneous offline launch of products at the same price.
Coffee Day Enterprises defaults on interest payments
Posted On : Friday, January 10, 2020, 3:21 PM
Coffee Day Enterprises (CDEL) has defaulted on payments of interest on loans from banks, financial institutions and unlisted debt securities in the December quarter, signalling a continuing liquidity squeeze. The company had a loan outstanding of Rs 489 crore in the quarter and it defaulted on interest payment of Rs 9.4 crore. It is expected to get some respite after its lenders give the nod for the deal with Blackstone and developer Salarpuria Sattva for CDEL's technology park, Global Village, in Bengaluru for Rs 2,700 crore.
No OTP for transactions upto Rs 2,000 on Flipkart with Visa
Posted On : Monday, January 6, 2020, 6:18 PM
Flipkart on Monday launched Visa Safe Click (VSC), powered by Visa, that will eliminate the need for One Time Passwords (OTP) for transactions up to Rs 2,000 on the e-commerce platform. VSC will deploy India's first in-app, device-based network authentication solution for a hassle-free and safe payment process for the consumers, Flipkart said in a statement. "OTP-based authentication is one of the biggest points of friction in online card transactions, wherein we have observed significant customer drop-offs, said Ranjith Boyanapalli, Head, Fintech and Payments Group at Flipkart. "VSC completely replaces OTP with a background authentication, removing the need for any additional customer action. Through this initiative, we hope more consumers can make small-ticket purchases more easily and complete their purchase journey in a click," Boyanapalli noted.
Fake food shops flourish on Swiggy users in distress
Posted On : Saturday, January 4, 2020, 10:23 AM
On the New Year's eve, 11-year-old Saisha who lives in a society in Noida's Sector 143 wanted to savour a Black Forest cake. Swiggy was dialed in and an order was made from a nearby cake shop with an extensive, mouth-watering menu. After half an hour or so, an apologetic call came from a Swiggy executive, saying he could not locate the shop in the map directed to him as there was no such shop visible. A so-called senior executive told the family that at least 4-5 riders went looking for the cake shop but to no avail, telling them to cancel the order. The same family told IANS that it went through another ordeal on Swiggy a couple of months back when a dinner order resulted in a shocker when the rider told them that he was standing next to the restaurant but it was not operational, telling the family to cancel the order.
Swiggy seeks higher commissions from restaurants in certain regions
Posted On : Friday, January 3, 2020, 7:33 PM
Swiggy is progressively raising its commissions from restaurants in regions where its service is nearing maturity, while aggressively pushing partners to advertise on its platform, as the company shifts focus to monetising its core food ordering business, restaurateurs and others with knowledge of the matter said. The Bengaluru-based company has also increased delivery fees it charges the customer, to control its losses on a per delivery level, the people told ET. This comes in at a time when the food delivery industry is moving towards consolidation with Zomato in talks to buy UberEats. In December, ET reported that Uber was likely to invest at least $100 million in Zomato in exchange for the latter buying out the firm's India food delivery operations.
Bosch likely to slash a few thousand jobs in India in next four years
Posted On : Thursday, January 2, 2020, 7:45 PM
After giving a hint of manpower adjustments in the wake of a major decline in its first quarter profit last year due to slowdown in the auto industry, German auto component major Bosch may lay off hundreds of workers in India in the next few years. Bosch's India unit is expected to slash “a couple of thousand" jobs in the next four years, said a report. The company may retrench about 10 percent of its 3,700-strong workforce in the administrative and management segments while it could be a little more than 10 percent of the 6,300 workers in the manufacturing level, Bosch India Managing Director Soumitra Bhattacharya was quoted as saying in the report.
Your daily essentials could get more expensive in 2020
Posted On : Monday, December 30, 2019, 10:23 PM
While we look forward to the new year, we're afraid there's already some bad news. Even though demand suffered amid an economic slowdown, your daily essentials are expected to get costlier next year. Despite a cut in corporate tax, fast-moving consumer goods (FMCG) companies indicated a hike in prices, citing input cost pressures. Hence, you may find yourself paying more for some essential products. Leading dairy manufacturer Amul has already increased prices by Rs. 2/L across states while Mother Dairy, another industry leader, raised prices by Rs. 3/L in Delhi-NCR.
SBI to launch OTP-based ATM cash withdrawal from January 1
Posted On : Friday, December 27, 2019, 6:38 PM
With ATM-related frauds on the rise, banks are introducing ways to protect their customers from tricksters. The country's largest public-sector lender, the State Bank of India (SBI), via a tweet on December 26, said that it will introduce a one-time password (OTP)-based cash withdrawal system for its ATMs. The bank said that this facility will be available for transactions above Rs 10,000 between 8 pm and 8 am. According to the tweet, this facility will be applicable from January 1, 2020, across all SBI ATMs. In the process of making cash withdrawals, once the SBI cardholder enters the amount he/she wish to withdraw, the ATM screen will display the OTP screen. The SBI cardholder has to enter the OTP received on his/her mobile number registered with the bank in this screen for withdrawing the cash.
Indians order 95 biryanis per minute from Swiggy: Report
Posted On : Thursday, December 26, 2019, 3:25 PM
Indians ordered on an average 95 biryanis per minute or 1.6 biryanis every second from Swiggy in 2019, the online food delivery platform said. In fact, biryani is the most common first order by new users on Swiggy, according to the company`s fourth yearly `StatEATistics` report on India`s food ordering habits. Biryani has topped the list of the most ordered dish for the third year in row. However, the year also saw a rise in demand for `khichdi`. Orders for khichdi on Swiggy grew 128% this year. While people continue to indulge in gulab jamun and moong dal halwa, India has found another sweet favourite. Besides 17,69,399 gulab jamun orders and 2,00,301 orders for halwa in 2019, falooda is the newest entry to the top desserts on Swiggy with a whopping 11,94,732 orders this year.
Amazon sellers purchasing fake reviews for Rs 1,200 each: Report
Posted On : Tuesday, December 24, 2019, 10:52 AM
Despite a crackdown by Amazon, sellers on the platform are continuing to purchase fake reviews for around 15 euro each (about Rs 1,200), according to a Daily Mail investigation. The companies selling fake reviews to sellers rely on an army of "testers" who buy the products to post the four and five-star reviews online, said the report on Sunday. The testers get a refund for the cost of purchasing the products, in addition to a small fee. The testers buy the products so that the reviews they post get classified as "Amazon Verified Purchases". One review firm, AMZTigers of Germany boasts of deploying 3,000 testers in the UK alone.
Banks stop issuing debit card to these accounts to reduce frauds, cost
Posted On : Monday, December 23, 2019, 6:26 PM
If you have not done any transaction in your savings account for a long time and it has become dormant then your debit card may not get renewed on its own as banks have stopped issuing debit cards for dormant accounts suo motu. Banks are doing this to save cost and reduce frauds, said a report in the Times of India. “For a bank, it is not prudent to keep servicing dormant accounts. One, the risk of fraud like money laundering increases. And second, there is the cost of maintaining such an account. So, banks have stopped issuing cards suo motu unless approached by the customer,” the publication quoted Bharat Panchal, CRO, FIS Global, a financial services provider, as saying.
Cab Aggregators' Surge Pricing To Be Capped At Thrice The Base Fare With Riders Read more at: https
Posted On : Saturday, December 21, 2019, 4:12 PM
The government may limit surge pricing by cab aggregators including Ola and Uber to thrice the base fare with some riders, while retaining their commission at approximately 20%. Further as told to the leading business daily by a government official privy to the development, surge pricing will be prohibited to some specific times of the day and the total number of rides or hours when it applies may also be capped. Surge pricing leads to increase in fare when the demand is on the higher side And with no transparency in the system, it gets troublesome for customers of cab aggregators.