Anything sells, if your business idea is one of a kind. And this is unexpectedly becoming increasingly evident just after US Vice-Presidential Debate. Democratic vice-presidential nominee Kamala Harris' snub to US Vice President Mike Pence during the debate is quickly becoming a buzzword online and people are already selling mugs and T-shirts.

"Mr Vice President I am speaking. I am speaking," was Kamala Harris' warning for Mike Pence to stop interrupting her. Such was the force in her words and her gaze that Pence promptly stopped talking.
<img alt="Source: Etsy.com" data-entity-type="file" data-entity-uuid="c53945e2-08b4-4b4c-8b39-a203ff0acb7b" src="//cdn.wionews.com/sites/default/files/inline-images/i%20am%20speaking.JPG" />
'I am still speaking' is appearing to be the buzzword everyone craves in the age of social media. Within minutes of Kamala Harris's snub, sellers started selling merch with the words printed on it.

Websites like Etsy were offering mugs, T-shirts and even coronavirus masks with words 'I am still speaking' printed on them.
<img alt="Source: Etsy.com" data-entity-type="file" data-entity-uuid="ab4fb5c9-55d3-4474-ba9a-0eb9a2e283a7" src="//cdn.wionews.com/sites/default/files/inline-images/i%20am%20still%20speaking%201.JPG" />
Kamala Harris was criticising Trump administration's handling of coronavirus pandemic. 
&nbsp; 
"Whatever the Vice-President has said the administration has done, clearly it hasn't worked," Harris began before the interruption from Pence.
<img alt="Source: Etsy.com" data-entity-type="file" data-entity-uuid="c89fd9e0-591f-4d3f-9c6d-80e4052eb8c5" src="//cdn.wionews.com/sites/default/files/inline-images/I%20am%20still%20speaking%202.JPG" />
"When you look at more than 210,000 dead bodies in our country, American lives that have been lost, families that have been grieving that loss. And you know, the Vice-President is the head of the task force," she added.

The Vice Presidential debate was relatively a polite affair and nobody said anything to the effect of 'shut up man' but both debators overshot their time-limit. Pence was particularly prone and he was reminded of this many times by the moderator.

Anything sells, if your business idea is one of a kind. And this is unexpectedly becoming increasingly evident just after US Vice-Presidential Debate. Democratic vice-presidential nominee Kamala Harris' snub to US Vice President Mike Pence during the debate is quickly becoming a buzzword online and people are already selling mugs and T-shirts.

Anything sells, if your business idea is one of a kind. And this is unexpectedly becoming increasingly evident just after US Vice-Presidential Debate. Democratic vice-presidential nominee Kamala Harris' snub to US Vice President Mike Pence during the debate is quickly becoming a buzzword online and people are already selling mugs and T-shirts. "Mr Vice President I am speaking. I am speaking," was Kamala Harris' warning for Mike Pence to stop interrupting her. Such was the force in her words and her gaze that Pence promptly stopped talking. 'I am still speaking' is appearing to be the buzzword everyone craves in the age of social media. Within minutes of Kamala Harris's snub, sellers started selling merch with the words printed on it. Websites like Etsy were offering mugs, T-shirts and even coronavirus masks with words 'I am still speaking' printed on them. Kamala Harris was criticising Trump administration's handling of coronavirus pandemic. "Whatever the Vice-President has said the administration has done, clearly it hasn't worked," Harris began before the interruption from Pence. "When you look at more than 210,000 dead bodies in our country, American lives that have been lost, families that have been grieving that loss. And you know, the Vice-President is the head of the task force," she added. The Vice Presidential debate was relatively a polite affair and nobody said anything to the effect of 'shut up man' but both debators overshot their time-limit. Pence was particularly prone and he was reminded of this many times by the moderator.

US VP Debate 2020: Kamala Harris' 'I'm speaking' snub to Pence appears on t-shirts, mugs online

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday.

<a href="https://www.wionews.com/world/e-commerce-giants-issue-face-masks-for-employees-but-is-it-an-effective-barrier-290841">Also Read:&nbsp;E-commerce giants issue face masks for employees, but is it an effective barrier?</a>

The Indian trade ministry’s Department for Promotion of Industry and Internal Trade (DPIIT), which hosted an online meeting of e-commerce players on Wednesday, wanted the changes to be implemented by the end of July.

The companies, however, said they would need two to three months, according to the sources, who asked not to be named as the discussions were private.

The changes would first be made for new product listings as it was difficult to do this for the tens of millions of products already selling on their platforms, they added.

Amazon, Flipkart and DPIIT did not respond to requests for comment.

The government push to have e-commerce companies name the country of origin beside product listings comes against the backdrop of tensions between India and China following a clash along the LAC on&nbsp;June 15 that left 20 Indian soldiers dead.

Trader groups have since called for a boycott of Chinese-made products and echoed Prime Minister Narendra Modi’s call for a self-reliant nation. New Delhi has banned 59 Chinese origin apps.

E-tailers have previously asked the government to clarify the definition of “country of origin”, which they say remains vague with some products assembled in countries including India but with their components or raw materials sourced from another nation.

On Wednesday, the government said it would discuss the matter internally, according to the sources.

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday.

E-commerce companies in India like Amazon.com’s local unit and Walmart’s Flipkart have begun to update their back-end systems to allow sellers to identify the country of origin on all new product listings on their platforms, two sources aware of the matter said on Wednesday. Also Read: E-commerce giants issue face masks for employees, but is it an effective barrier? The Indian trade ministry’s Department for Promotion of Industry and Internal Trade (DPIIT), which hosted an online meeting of e-commerce players on Wednesday, wanted the changes to be implemented by the end of July. The companies, however, said they would need two to three months, according to the sources, who asked not to be named as the discussions were private. The changes would first be made for new product listings as it was difficult to do this for the tens of millions of products already selling on their platforms, they added. Amazon, Flipkart and DPIIT did not respond to requests for comment. The government push to have e-commerce companies name the country of origin beside product listings comes against the backdrop of tensions between India and China following a clash along the LAC on June 15 that left 20 Indian soldiers dead. Trader groups have since called for a boycott of Chinese-made products and echoed Prime Minister Narendra Modi’s call for a self-reliant nation. New Delhi has banned 59 Chinese origin apps. E-tailers have previously asked the government to clarify the definition of “country of origin”, which they say remains vague with some products assembled in countries including India but with their components or raw materials sourced from another nation. On Wednesday, the government said it would discuss the matter internally, according to the sources.

E-commerce companies in India begin work to list 'country of origin' labels on products

The Indian unit of Amazon.com Inc has eliminated all single-use plastic in its packaging across fulfillment centers in the country, in line with its target to weed out the packaging material by June, the e-commerce giant said on Monday.

The company said in addition to replacing packaging materials such as bubble wraps and air pillows with "paper cushions", it had also swapped out packaging tapes with other bio-degradable options.

"We have successfully eliminated single-use plastic in all our fulfillment centers a 100%," Akhil Saxena, vice-president of customer fulfillment for the APAC, LATAM and Middle East and North Africa regions, said in an interview.

Also read:&nbsp;<a href="/technology/amazon-to-use-ai-tech-in-its-warehouses-to-enforce-social-distancing-306310" hreflang="en">Amazon to use AI tech in its warehouses to enforce social distancing</a>

Amazon, often criticised for using too much plastic and thermocol to wrap its billions of packages of shipments, had said last September that its India unit would replace single-use plastic in its packaging by June 2020.

Saxena said on Monday the COVID-19 pandemic had slowed down some of their work, but Amazon India managed to meet its target as the unit had started on the elimination project even before the national lockdown was imposed.

Last October, Prime Minister Narendra Modi had called on citizens to help end the usage of single-use plastic - seen as a pollutant - by 2022.&nbsp;

Also read:&nbsp;<a href="/world/amazon-pledges-2-billion-venture-capital-fund-to-invest-in-clean-energy-308037" hreflang="en">Amazon pledges $2 billion venture capital fund to invest in clean energy</a>

The Asian country of 1.3 billion does not have an organized system for management of plastic waste, leading to extensive littering.

Many Indian cities rank among the world's most polluted, and waste generated from single-use plastic has been a growing problem.&nbsp;

Walmart Inc's India e-commerce unit Flipkart, a local rival to Amazon, said last month that it had cut down the usage of plastic packaging in its own supply chain to about 50%.

The Indian unit of Amazon.com Inc has eliminated all single-use plastic in its packaging across fulfillment centers in the country, in line with its target to weed out the packaging material by June, the e-commerce giant said on Monday.

The Indian unit of Amazon.com Inc has eliminated all single-use plastic in its packaging across fulfillment centers in the country, in line with its target to weed out the packaging material by June, the e-commerce giant said on Monday. The company said in addition to replacing packaging materials such as bubble wraps and air pillows with "paper cushions", it had also swapped out packaging tapes with other bio-degradable options. "We have successfully eliminated single-use plastic in all our fulfillment centers a 100%," Akhil Saxena, vice-president of customer fulfillment for the APAC, LATAM and Middle East and North Africa regions, said in an interview. Also read: Amazon to use AI tech in its warehouses to enforce social distancing Amazon, often criticised for using too much plastic and thermocol to wrap its billions of packages of shipments, had said last September that its India unit would replace single-use plastic in its packaging by June 2020. Saxena said on Monday the COVID-19 pandemic had slowed down some of their work, but Amazon India managed to meet its target as the unit had started on the elimination project even before the national lockdown was imposed. Last October, Prime Minister Narendra Modi had called on citizens to help end the usage of single-use plastic - seen as a pollutant - by 2022. Also read: Amazon pledges $2 billion venture capital fund to invest in clean energy The Asian country of 1.3 billion does not have an organized system for management of plastic waste, leading to extensive littering. Many Indian cities rank among the world's most polluted, and waste generated from single-use plastic has been a growing problem. Walmart Inc's India e-commerce unit Flipkart, a local rival to Amazon, said last month that it had cut down the usage of plastic packaging in its own supply chain to about 50%.

Amazon India scraps single-use plastic in packaging across centres

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc,&nbsp;Union Home Secretary Ajay Kumar Bhalla said on Sunday.&nbsp;

The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard.

"I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines.

The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms.

(With inputs from ANI)&nbsp;

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday.

E-commerce companies can continue to provide essential goods but they are not permitted to supply non-essential goods like luxury products, mobile phones, TV etc, Union Home Secretary Ajay Kumar Bhalla said on Sunday. The Union Home Secretary has written a letter to all chief secretaries of the states and UTs in this regard. "I would like to clarify that while operations of e-commerce companies for non-essential goods stands prohibited, however, they will continue to operate for essential goods as has been allowed earlier and continue to be allowed under clause 13(i) of these guidelines," Bhalla said about the e-commerce companies in the context of the revised lockdown guidelines. The Union Home Secretary further said that states are requested to clarify this to all the field agencies and also adequately disseminate amongst the general public so as to ensure smooth movement of the entire supply chain of essential goods, including by e-commerce firms. (With inputs from ANI)

E-commerce companies not permitted to sell non-essential items: Union Home Secretary

<a href="https://www.wionews.com/business-%26-economy/walmart-microsoft-in-partnership-to-use-cloud-tech-152321">Walmart</a>&nbsp;Inc, the world's largest retailer, has fired 56&nbsp;of its&nbsp;India&nbsp;executives&nbsp;as part of its&nbsp;restructuring&nbsp;in the country, three&nbsp;sources&nbsp;with direct knowledge told Reuters.

The move underscores the struggles&nbsp;Walmart&nbsp;has faced in expanding its wholesale business in&nbsp;India.

Reuters reported the firings earlier on Monday, citing three people with direct knowledge of the matter, adding the move had mostly affected executives in&nbsp;Walmart's real estate division, which takes care of store expansion, as the wholesale business model did not bring in expected growth.

Eight of the 56 executives fired were in "senior management" roles and the rest from middle or lower management, Krish Iyer, President and CEO of&nbsp;Walmart&nbsp;India said in a statement.

"We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organised in the right way," Iyer said, adding the fired executives had been offered enhanced severance benefits.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/walmart-told-us-government-indias-e-commerce-rules-regressive-warned-of-trade-impact-235131">India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government</a>

The Bentonville, Arkansas&nbsp;based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected&nbsp;executives&nbsp;in the company's real estate division because the growth in the wholesale model has not been that robust, two of the&nbsp;sources&nbsp;said.

"It's happening because the focus is shifting to e-commerce rather than physical (stores)," said one source, who declined to be identified as the decision is not public.

Walmart&nbsp;has placed bold bets on&nbsp;India's <a href="https://www.wionews.com/business-economy/india-proposes-new-e-commerce-regulations-with-focus-on-data-rules-199214">e-commerce</a> sector.

In 2018, it paid $16 billion to acquire a majority stake in&nbsp;India's online marketplace <a href="https://www.wionews.com/business-&amp;-economy/walmart-completes-deal-to-acquire-77-stake-in-flipkart-160020">Flipkart</a>, in its biggest global acquisition.

The second source added that while&nbsp;Walmart&nbsp;could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the&nbsp;executives&nbsp;were sacked last week and more could be let go on Monday, two&nbsp;sources&nbsp;said.

Walmart&nbsp;has&nbsp;around&nbsp;600 staff in its&nbsp;India&nbsp;head office out of a total of&nbsp;around&nbsp;5,300 nationally, one of the&nbsp;sources&nbsp;said.

Walmart Inc, the world's largest retailer, has fired 56 of its India executives as part of its restructuring in the country, three sources with direct knowledge told Reuters.

Walmart Inc, the world's largest retailer, has fired 56 of its India executives as part of its restructuring in the country, three sources with direct knowledge told Reuters. The move underscores the struggles Walmart has faced in expanding its wholesale business in India. Reuters reported the firings earlier on Monday, citing three people with direct knowledge of the matter, adding the move had mostly affected executives in Walmart's real estate division, which takes care of store expansion, as the wholesale business model did not bring in expected growth. Eight of the 56 executives fired were in "senior management" roles and the rest from middle or lower management, Krish Iyer, President and CEO of Walmart India said in a statement. "We are also looking for ways to operate more efficiently, which requires us to review our corporate structure to ensure that we are organised in the right way," Iyer said, adding the fired executives had been offered enhanced severance benefits. Also read: India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers. The firings mostly affected executives in the company's real estate division because the growth in the wholesale model has not been that robust, two of the sources said. "It's happening because the focus is shifting to e-commerce rather than physical (stores)," said one source, who declined to be identified as the decision is not public. Walmart has placed bold bets on India's e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India's online marketplace Flipkart, in its biggest global acquisition. The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce. Some of the executives were sacked last week and more could be let go on Monday, two sources said. Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.

Walmart sacks 56 executives in India as part of restructuring

The e-commerce industry in northwest China's Xinjiang Uygur Autonomous Region has gained huge development in both sales and personal trainings since east China's Zhejiang Province launched its latest round of specific program to aid the region.

East China province helps Xinjiang make great e-commerce progress

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story.

Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them.

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt&nbsp;business&nbsp;and deter tourists.

Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus.

"Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote.

Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each.

The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of&nbsp;business-as-usual in the face of more than five months of unrest.

Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure.

The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors.

In the retail component 12.5 million shares will be offered, which is 2.5 per cent of&nbsp;the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction.

Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession. In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story. Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them. Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus. "Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote. Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each. The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of business-as-usual in the face of more than five months of unrest. Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure. The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors. In the retail component 12.5 million shares will be offered, which is 2.5 per cent of the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction. Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Hong Kong's future is bright: Alibaba chairman

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.

The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers.

Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya.

"Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng.

Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter.

NetEase does not break down sales from Kaola.

Playing defence

The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home.

Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows.

The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo.

In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service.

It also launched Taobao Xinxuan, a line of private-label, house-brand goods.

"Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr.

The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival,&nbsp;Tencent Holdings.

Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric.

It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers. Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music. The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies. Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers. Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya. "Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng. Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter. NetEase does not break down sales from Kaola. Playing defence The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home. Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows. The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo. In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service. It also launched Taobao Xinxuan, a line of private-label, house-brand goods. "Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr. The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival, Tencent Holdings. Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric. It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba dials up luxury push with $2 billion buys of Netease e-commerce arm

A US delegation is in New Delhi to hammer out differences over <a href="https://www.wionews.com/business-economy/amid-escalating-trade-tensions-us-india-begin-talks-235230">India's new investment rules</a> for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform.

It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants.

It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally.

India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products.

Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers.

The US delegation will return on Friday after concluding talks with the Indian government.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform. It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants. It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally. India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products. Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers. The US delegation will return on Friday after concluding talks with the Indian government.

US delegation to discuss India's new e-commerce rules during trade talks

Walmart told the <a href="https://www.wionews.com/india-news/india-us-trade-talks-to-restart-friday-amid-few-signs-of-compromise-234949">US government </a>privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt<a href="https://www.wionews.com/india-news/indias-high-tariffs-on-american-products-no-longer-acceptable-says-us-president-donald-trump-234420"> trade ties</a>, a company document was seen by Reuters showed.

The lobbying effort yielded no result at the time - India implemented the new rules from February 1 - but the document underlines the level of concern at Walmart about the rules. Differences over e-commerce regulations have become one of the biggest issues in frayed trade ties between New Delhi and Washington.

"It came as a total surprise ... this is a major change and a regressive policy shift," Walmart`s Senior Director for Global Government Affairs Sarah Thorn told the Office of the United States Trade Representative (USTR) in an e-mail on January 7.

Just months earlier, Walmart had invested $16 billion in Indian e-commerce giant Flipkart, its biggest ever acquisition globally.

In a statement to Reuters on Thursday, Walmart said it regularly offers input to the U.S. and Indian governments on policy issues and this was a "past issue and Walmart and Flipkart are looking ahead".

The USTR did not respond to a request for comment.

In the January letter to the USTR, Walmart said it wanted a six-month delay in the implementation of the rules, but that did not happen. Washington did raise concerns about the policy with New Delhi, but India gave a non-committal response, an Indian trade ministry official told Reuters at the time.

Walmart`s problems in India highlight the regulatory complications it faces as it restructures its international business to boost growth and online sales. Mexico`s competition regulator recently blocked its acquisition of delivery app Cornershop, while in Britain it was stopped from merging its British arm Asda with rival Sainsbury's.

These issues, however, have failed to unnerve Walmart investors. Walmart shares have risen 21 per cent, compared with a 19 per cent increase for the S&amp;P 500 since the start of the year.

New India rules

E-commerce is likely to again be on the agenda on Friday when a USTR delegation meets Indian trade officials in New Delhi.

In its January representation, Walmart told the USTR that India`s new policy wasn't good for global businesses, highlighting that its foreign direct investment would help Flipkart grow and result in "significant" tax revenues for New Delhi.

"Changing rules to hinder international business following major investments ... will have important implications for India FDI goals and add unnecessary pressure to trade discussions," Walmart said in its note.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platforms.

Amazon.com Inc removed thousands of products from its India website briefly in February as it initially struggled to comply with the new policy. Flipkart was forced to rework some of its vendor relationships, sources told Reuters at the time.

The policy, implemented by Prime Minister Narendra Modi months before his re-election in May, was seen aimed at winning the support of small Indian traders, who had long complained they were losing business due to the steep discounts offered by foreign e-commerce giants.

"The action appears in every respect ... intended to placate Indian companies and local traders," Walmart told the USTR.

Small traders vs Big retailers

Reuters obtained the two-page representation Walmart sent to the USTR through a Freedom of Information Act request first filed in January. The USTR in February provided a heavily-redacted version of the document, citing confidentiality reasons. In consultation with Walmart, it withdrew most of those redactions this week following an appeal from Reuters.

Although Reuters asked for both Amazon and Walmart`s communications, the USTR responded saying it found only one e-mail with Walmart`s representation between Dec. 22 and Jan. 28, the period for which the records were searched.

Since the policy has been announced, Indian oil-to-telecoms conglomerate Reliance Industries has repeatedly talked about its plans to diversify into e-commerce.

Walmart's document released to Reuters did not name Reliance, but the Bentonville, Arkansas-based company argued the policy discriminated against foreign firms, and not just in favour of small domestic players.

"The purported rationale of such regulations is to protect small retail players who are seen to be threatened," Walmart said, but added: "This argument does not account for why there should be differentiated treatment between large foreign eCommerce companies, and large domestic companies."

In the past six months, several Walmart executives have also weighed in publicly on India`s new e-commerce policy, including Chief Executive Doug McMillon, who said in February the company was disappointed by the Indian government`s decision.

"We hope for a collaborative regulatory process going forward, which results in a level playing field," he said.

Defending e-commerce

India's Commerce Minister Piyush Goyal has said the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday he had met Walmart International`s CEO, Judith McKenna, and discussed ways of boosting sales of Indian-made products.

In a closed-door meeting last month, however, Goyal warned both Flipkart and Amazon to comply with the new rules in letter and spirit, and questioned them on their discounting policies, Reuters has reported.

The Walmart spokeswoman on Thursday said that, in line with the company's commitment to India, it looked forward to contributing to the country's retail ecosystem. "Walmart has had good consultations with the Government of India," she said.

Amazon was not aware of Walmart`s January representation to the USTR, according to a person with direct knowledge. The company in a statement said it continued to engage with New Delhi to enhance infrastructure and create jobs.

Walmart told the USTR in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and greatly benefiting to consumers.

It warned of "serious consequences" if the new policy was implemented hastily. "The lack of policy stability makes it very difficult for companies to continue planned investments, both in the eCommerce sector and beyond," Walmart wrote.

Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document was seen by Reuters showed.

Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document was seen by Reuters showed. The lobbying effort yielded no result at the time - India implemented the new rules from February 1 - but the document underlines the level of concern at Walmart about the rules. Differences over e-commerce regulations have become one of the biggest issues in frayed trade ties between New Delhi and Washington. "It came as a total surprise ... this is a major change and a regressive policy shift," Walmart`s Senior Director for Global Government Affairs Sarah Thorn told the Office of the United States Trade Representative (USTR) in an e-mail on January 7. Just months earlier, Walmart had invested $16 billion in Indian e-commerce giant Flipkart, its biggest ever acquisition globally. In a statement to Reuters on Thursday, Walmart said it regularly offers input to the U.S. and Indian governments on policy issues and this was a "past issue and Walmart and Flipkart are looking ahead". The USTR did not respond to a request for comment. In the January letter to the USTR, Walmart said it wanted a six-month delay in the implementation of the rules, but that did not happen. Washington did raise concerns about the policy with New Delhi, but India gave a non-committal response, an Indian trade ministry official told Reuters at the time. Walmart`s problems in India highlight the regulatory complications it faces as it restructures its international business to boost growth and online sales. Mexico`s competition regulator recently blocked its acquisition of delivery app Cornershop, while in Britain it was stopped from merging its British arm Asda with rival Sainsbury's. These issues, however, have failed to unnerve Walmart investors. Walmart shares have risen 21 per cent, compared with a 19 per cent increase for the S&P 500 since the start of the year. New India rules E-commerce is likely to again be on the agenda on Friday when a USTR delegation meets Indian trade officials in New Delhi. In its January representation, Walmart told the USTR that India`s new policy wasn't good for global businesses, highlighting that its foreign direct investment would help Flipkart grow and result in "significant" tax revenues for New Delhi. "Changing rules to hinder international business following major investments ... will have important implications for India FDI goals and add unnecessary pressure to trade discussions," Walmart said in its note. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platforms. Amazon.com Inc removed thousands of products from its India website briefly in February as it initially struggled to comply with the new policy. Flipkart was forced to rework some of its vendor relationships, sources told Reuters at the time. The policy, implemented by Prime Minister Narendra Modi months before his re-election in May, was seen aimed at winning the support of small Indian traders, who had long complained they were losing business due to the steep discounts offered by foreign e-commerce giants. "The action appears in every respect ... intended to placate Indian companies and local traders," Walmart told the USTR. Small traders vs Big retailers Reuters obtained the two-page representation Walmart sent to the USTR through a Freedom of Information Act request first filed in January. The USTR in February provided a heavily-redacted version of the document, citing confidentiality reasons. In consultation with Walmart, it withdrew most of those redactions this week following an appeal from Reuters. Although Reuters asked for both Amazon and Walmart`s communications, the USTR responded saying it found only one e-mail with Walmart`s representation between Dec. 22 and Jan. 28, the period for which the records were searched. Since the policy has been announced, Indian oil-to-telecoms conglomerate Reliance Industries has repeatedly talked about its plans to diversify into e-commerce. Walmart's document released to Reuters did not name Reliance, but the Bentonville, Arkansas-based company argued the policy discriminated against foreign firms, and not just in favour of small domestic players. "The purported rationale of such regulations is to protect small retail players who are seen to be threatened," Walmart said, but added: "This argument does not account for why there should be differentiated treatment between large foreign eCommerce companies, and large domestic companies." In the past six months, several Walmart executives have also weighed in publicly on India`s new e-commerce policy, including Chief Executive Doug McMillon, who said in February the company was disappointed by the Indian government`s decision. "We hope for a collaborative regulatory process going forward, which results in a level playing field," he said. Defending e-commerce India's Commerce Minister Piyush Goyal has said the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday he had met Walmart International`s CEO, Judith McKenna, and discussed ways of boosting sales of Indian-made products. In a closed-door meeting last month, however, Goyal warned both Flipkart and Amazon to comply with the new rules in letter and spirit, and questioned them on their discounting policies, Reuters has reported. The Walmart spokeswoman on Thursday said that, in line with the company's commitment to India, it looked forward to contributing to the country's retail ecosystem. "Walmart has had good consultations with the Government of India," she said. Amazon was not aware of Walmart`s January representation to the USTR, according to a person with direct knowledge. The company in a statement said it continued to engage with New Delhi to enhance infrastructure and create jobs. Walmart told the USTR in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and greatly benefiting to consumers. It warned of "serious consequences" if the new policy was implemented hastily. "The lack of policy stability makes it very difficult for companies to continue planned investments, both in the eCommerce sector and beyond," Walmart wrote.

India's e-commerce rules regressive, potential to hurt trade ties: Walmart told US government

<a href="https://www.wionews.com/business-economy/amazon-raises-stakes-for-rivals-with-one-day-delivery-goal-after-profit-surge-213573">Online marketplace Amazon</a> Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme.

"Amazon launched the global selling programme in India four years ago, aligning with this vision. Over the next five years, 'India to Global' has the potential to become huge," Amazon India Country Head Amit Agarwal said in a statement.

He said the firm is confident that the "global selling programme will hit the $5-billion mark by 2023 fuelling the growth of lakhs of Indian manufacturers, exporters and small enterprises".

The programme started with just a few hundred sellers in 2015 and has now crossed $1-billion export mark from India with 50,000 exporters.

Amazon in the second edition of its annual 'Export Digest' said there has been a growth of 56 per cent in the number of global sellers from India in 2018.

It said Amazon's international marketplaces saw a rise of 55 per cent in the selection of Indian products offered globally and 71 per cent growth in sellers.

"The Annual Exports Digest showcases top Indian states and cities with international exporters and most popular product categories abroad. Delhi, Rajasthan, Maharashtra,

Gujarat, Uttar Pradesh and Haryana emerged as the leading states with most international exporters on Amazon in 2018," the statement said.

It added that books, apparel, jewellery, kitchen and health &amp; personal care products witnessed a huge demand from international customers across ethnicities.

Online marketplace Amazon Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme. "Amazon launched the global selling programme in India four years ago, aligning with this vision.

Online marketplace Amazon Tuesday said it expects e-commerce exports from India to reach $5 billion by 2023 under its global selling programme. "Amazon launched the global selling programme in India four years ago, aligning with this vision. Over the next five years, 'India to Global' has the potential to become huge," Amazon India Country Head Amit Agarwal said in a statement. He said the firm is confident that the "global selling programme will hit the $5-billion mark by 2023 fuelling the growth of lakhs of Indian manufacturers, exporters and small enterprises". The programme started with just a few hundred sellers in 2015 and has now crossed $1-billion export mark from India with 50,000 exporters. Amazon in the second edition of its annual 'Export Digest' said there has been a growth of 56 per cent in the number of global sellers from India in 2018. It said Amazon's international marketplaces saw a rise of 55 per cent in the selection of Indian products offered globally and 71 per cent growth in sellers. "The Annual Exports Digest showcases top Indian states and cities with international exporters and most popular product categories abroad. Delhi, Rajasthan, Maharashtra, Gujarat, Uttar Pradesh and Haryana emerged as the leading states with most international exporters on Amazon in 2018," the statement said. It added that books, apparel, jewellery, kitchen and health & personal care products witnessed a huge demand from international customers across ethnicities.

Amazon targets $5 billion e-commerce exports from India by 2023

Industry body CII Tuesday said the proposed national e-commerce policy should provide greater clarity on data sharing as forced disclosure may raise concerns on privacy.

In its comments on the draft policy floated by the department for the promotion of industry and internal trade (DPIIT), it also said the regulations should not aim at "micromanaging" players in the e-commerce sector but should act as an enabler to promote innovations.

In February, the DPIIT floated the draft policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding the collection or processing of sensitive data locally and storing it abroad.

In its suggestions, the CII said the role of an e-commerce platform is that of an intermediary and hence the responsibility of preventing IP infringements while limited, is a joint one with the larger role around liability and gatekeeping on the seller/ manufacturer.

"Forced disclosures and data sharing can infringe privacy concerns and hence greater clarity and calibration are required on the context, procedure, and expectations around the government's right to mandate the forced transfer of proprietary information," CII said.&nbsp;

The draft says that a business entity that collects or processes any sensitive data in India and stores it abroad, shall be required to adhere to certain conditions.&nbsp;

The conditions state that all such data stored abroad shall not be made available to other business entities outside India, for any purpose, even with the customer's consent.&nbsp;

Further, the data shall also not be made available to a third party for any purpose and it would also not be shared with a foreign government, without the prior permission of Indian authorities, the draft said.

CII further suggested that the e-commerce policy should not aim for a one size fits all approach but take into account the diversity of organizations and industries it affects.&nbsp; 
"Hence, the policy should determine its scope of work and aim to limit its overreach accordingly," it said.

Also, the regulation should not aim to micromanage or overpower innovation but to become an enabler of innovation and opportunities. 
Ritesh Agarwal, Chairman, CII National Committee on e-commerce said in the last decade, e-commerce has touched every aspect of lives and is growing at an impressive pace.&nbsp;

"Through this committee's representation to the DPIIT, we will explore ways to increase economic opportunities and empower businesses," he said. 
Anjan Das, Executive Director of CII said any legal framework impacting the e-commerce ecosystem is of critical importance for both consumers as well as service providers.&nbsp;

CII said it has held stakeholder consultation and invited them to provide detailed comments, issues and proposed solutions that have been compiled to form a comprehensive list of responses to the draft policy.

Industry body CII Tuesday said the proposed national e-commerce policy should provide greater clarity on data sharing as forced disclosure may raise concerns on privacy.

Industry body CII Tuesday said the proposed national e-commerce policy should provide greater clarity on data sharing as forced disclosure may raise concerns on privacy. In its comments on the draft policy floated by the department for the promotion of industry and internal trade (DPIIT), it also said the regulations should not aim at "micromanaging" players in the e-commerce sector but should act as an enabler to promote innovations. In February, the DPIIT floated the draft policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding the collection or processing of sensitive data locally and storing it abroad. In its suggestions, the CII said the role of an e-commerce platform is that of an intermediary and hence the responsibility of preventing IP infringements while limited, is a joint one with the larger role around liability and gatekeeping on the seller/ manufacturer. "Forced disclosures and data sharing can infringe privacy concerns and hence greater clarity and calibration are required on the context, procedure, and expectations around the government's right to mandate the forced transfer of proprietary information," CII said. The draft says that a business entity that collects or processes any sensitive data in India and stores it abroad, shall be required to adhere to certain conditions. The conditions state that all such data stored abroad shall not be made available to other business entities outside India, for any purpose, even with the customer's consent. Further, the data shall also not be made available to a third party for any purpose and it would also not be shared with a foreign government, without the prior permission of Indian authorities, the draft said. CII further suggested that the e-commerce policy should not aim for a one size fits all approach but take into account the diversity of organizations and industries it affects. "Hence, the policy should determine its scope of work and aim to limit its overreach accordingly," it said. Also, the regulation should not aim to micromanage or overpower innovation but to become an enabler of innovation and opportunities. Ritesh Agarwal, Chairman, CII National Committee on e-commerce said in the last decade, e-commerce has touched every aspect of lives and is growing at an impressive pace. "Through this committee's representation to the DPIIT, we will explore ways to increase economic opportunities and empower businesses," he said. Anjan Das, Executive Director of CII said any legal framework impacting the e-commerce ecosystem is of critical importance for both consumers as well as service providers. CII said it has held stakeholder consultation and invited them to provide detailed comments, issues and proposed solutions that have been compiled to form a comprehensive list of responses to the draft policy.

Greater clarity required on data sharing, CII on draft e-commerce policy

<a href="http://www.wionews.com/business-economy/restrictions-on-foreign-e-commerce-companies-to-hit-fdi-in-india-us-industry-body-187129">India's new foreign investment</a> restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters.

Under the changes, e-commerce firms in India will from February 1 not be able to sell products via companies in which they have an equity interest or push sellers to sell exclusively on their platforms.

Announced in December, just months before a general election due by May this year, the rules were seen as an attempt by Prime Minister Narendra Modi's government to appease millions of small traders and shopkeepers, who form a key voter base and say their businesses have been threatened by global online retailers.

Industry sources told Reuters the policy would delay or derail some investment plans and push companies such as Amazon and Flipkart to create new, more complex business structures.

In a private analysis PwC conducted based on estimates provided by the industry and using publicly available information, it forecast that online retail sales growth, tax collections and job creation would be severely hit if companies changed their business models to comply with the new policy.

The draft analysis has not been made public. PwC India, in response to Reuters' questions, said it "does not endorse any of these assumptions or conclusions, nor have we conducted any independent study on this".

"As a matter of policy, we do not comment on company-specific issues," PwC said.

The analysis produced by PwC showed that the gross merchandise value of goods sold online could reduce by $800 million from expectations in the current fiscal year that ends in March, a document seen by Reuters showed. Then, the sales would dip drastically below previous forecasts, lopping off $45.2 billion in the next three years, the data showed.

To be sure, sales would still be growing, but at a less robust rate than envisaged before the policy change.

Online retailers often use gross merchandise value, or GMV, based on monthly online sales as a measurement of performance, as they typically make revenue from the commissions they get from sellers.

The analysis also said that by March 2022 the Indian policy could lead to the creation of 1.1 million fewer jobs that may have been previously expected and lead to a reduction in taxes collected of $6 billion.

Amazon and Flipkart have both sought an extension of the Feb. 1 deadline, but a source at India's commerce ministry told Reuters the government was unlikely to agree.

Amazon said in a statement it remains "committed to being compliant to all local laws" but has asked the government for an extension of four months.

Flipkart has sought a six-month extension, a source said. Though the company did not respond to Reuters questions, it told India's Economic Times newspaper that it believed "an extension is appropriate" to ensure that all elements of the policy were clarified.

After Reuters' story was published, the Confederation of All India Traders (CAIT) issued a statement saying it disputed PwC's analysis. CAIT has supported tougher scrutiny of large e-commerce players, saying they indulge in predatory pricing that hurts smaller traders.

POLICY SETBACK

The e-commerce investment policy is the latest flashpoint between India and US multinationals. US companies have in the past two years protested against a wide array of regulations - from policies calling on tech companies to store more data locally to those capping prices of imported medical devices.

Morgan Stanley had estimated, before the latest government move, that India's e-commerce market would grow 30 per cent a year to $200 billion in the 10 years up to 2027. With the rising use of the Internet and smartphones in India, online retailers have doled out discounts to lure people to shop online for everything from basic groceries to large electronic devices.

The new policy, which followed intense lobbying by groups representing millions of India's small traders and shopkeepers, was aimed to prevent such deep discounting by big online retailers.

Trader groups had alleged that online firms used their control over inventory from their affiliates, and through exclusive sales agreements, to create an unfair marketplace that allowed them to sell some products at lower prices. Such arrangements would be barred under the new policy.

A second official at India's commerce ministry said on Wednesday "there may not be any relaxations" in the policy. "We have already done whatever was required," the official said.

BIG INVESTMENTS

Amazon has committed to investing $5.5 billion in India, while Walmart last year spent $16 billion to acquire Flipkart.

"After one of the biggest foreign investments by Walmart, the government has again blindsided foreign investors," said Pratibha Jain, a partner at law firm Nishith Desai Associates, which advises e-commerce companies, adding that such policy moves made India "a difficult place to do business".

India's commerce minister, Suresh Prabhu, has said the e-commerce policy was "very clear", though the government was open to hearing views of companies.

"We would like to assure all foreign investors and domestic investors we will have a stable, clear policy," Prabhu told ET Now news channel last week.

The CAIT on Wednesday said it would fight "tooth and nail" if the government made any changes to the e-commerce policy under pressure from US companies.

"If they want to exit the country they should do it as soon as possible," said the group's secretary general, Praveen Khandelwal, adding they planned to hold meetings with the commerce minister to ensure the new policy was not "compromised".

India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters.

India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters. Under the changes, e-commerce firms in India will from February 1 not be able to sell products via companies in which they have an equity interest or push sellers to sell exclusively on their platforms. Announced in December, just months before a general election due by May this year, the rules were seen as an attempt by Prime Minister Narendra Modi's government to appease millions of small traders and shopkeepers, who form a key voter base and say their businesses have been threatened by global online retailers. Industry sources told Reuters the policy would delay or derail some investment plans and push companies such as Amazon and Flipkart to create new, more complex business structures. In a private analysis PwC conducted based on estimates provided by the industry and using publicly available information, it forecast that online retail sales growth, tax collections and job creation would be severely hit if companies changed their business models to comply with the new policy. The draft analysis has not been made public. PwC India, in response to Reuters' questions, said it "does not endorse any of these assumptions or conclusions, nor have we conducted any independent study on this". "As a matter of policy, we do not comment on company-specific issues," PwC said. The analysis produced by PwC showed that the gross merchandise value of goods sold online could reduce by $800 million from expectations in the current fiscal year that ends in March, a document seen by Reuters showed. Then, the sales would dip drastically below previous forecasts, lopping off $45.2 billion in the next three years, the data showed. To be sure, sales would still be growing, but at a less robust rate than envisaged before the policy change. Online retailers often use gross merchandise value, or GMV, based on monthly online sales as a measurement of performance, as they typically make revenue from the commissions they get from sellers. The analysis also said that by March 2022 the Indian policy could lead to the creation of 1.1 million fewer jobs that may have been previously expected and lead to a reduction in taxes collected of $6 billion. Amazon and Flipkart have both sought an extension of the Feb. 1 deadline, but a source at India's commerce ministry told Reuters the government was unlikely to agree. Amazon said in a statement it remains "committed to being compliant to all local laws" but has asked the government for an extension of four months. Flipkart has sought a six-month extension, a source said. Though the company did not respond to Reuters questions, it told India's Economic Times newspaper that it believed "an extension is appropriate" to ensure that all elements of the policy were clarified. After Reuters' story was published, the Confederation of All India Traders (CAIT) issued a statement saying it disputed PwC's analysis. CAIT has supported tougher scrutiny of large e-commerce players, saying they indulge in predatory pricing that hurts smaller traders. POLICY SETBACK The e-commerce investment policy is the latest flashpoint between India and US multinationals. US companies have in the past two years protested against a wide array of regulations - from policies calling on tech companies to store more data locally to those capping prices of imported medical devices. Morgan Stanley had estimated, before the latest government move, that India's e-commerce market would grow 30 per cent a year to $200 billion in the 10 years up to 2027. With the rising use of the Internet and smartphones in India, online retailers have doled out discounts to lure people to shop online for everything from basic groceries to large electronic devices. The new policy, which followed intense lobbying by groups representing millions of India's small traders and shopkeepers, was aimed to prevent such deep discounting by big online retailers. Trader groups had alleged that online firms used their control over inventory from their affiliates, and through exclusive sales agreements, to create an unfair marketplace that allowed them to sell some products at lower prices. Such arrangements would be barred under the new policy. A second official at India's commerce ministry said on Wednesday "there may not be any relaxations" in the policy. "We have already done whatever was required," the official said. BIG INVESTMENTS Amazon has committed to investing $5.5 billion in India, while Walmart last year spent $16 billion to acquire Flipkart. "After one of the biggest foreign investments by Walmart, the government has again blindsided foreign investors," said Pratibha Jain, a partner at law firm Nishith Desai Associates, which advises e-commerce companies, adding that such policy moves made India "a difficult place to do business". India's commerce minister, Suresh Prabhu, has said the e-commerce policy was "very clear", though the government was open to hearing views of companies. "We would like to assure all foreign investors and domestic investors we will have a stable, clear policy," Prabhu told ET Now news channel last week. The CAIT on Wednesday said it would fight "tooth and nail" if the government made any changes to the e-commerce policy under pressure from US companies. "If they want to exit the country they should do it as soon as possible," said the group's secretary general, Praveen Khandelwal, adding they planned to hold meetings with the commerce minister to ensure the new policy was not "compromised".

India's curbs on e-commerce could hit online sales by $46 billion by 2022: PwC draft analysis

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers.

Earlier this week, the government announced changes to the foreign direct investment policy for the ecommerce sector, which would end discounts and cashback offers that online platforms with foreign investment were offering.&nbsp;

Flipkart and US-based Amazon -- the two largest players in the burgeoning Indian e-commerce sector -- are expected to be hit the hardest once the new norms come into effect from February 2019.

"The new e-commerce restrictions announced by the government of India on December 26 are a cause for concern. While we are still trying to understand the full implications, we fear that these restrictions will have a far-reaching negative impact both on US investments and on Indian consumers," said Nisha Desai Biswal, president of US India Chambers of Commerce (USAIC), a wing of the US Chambers of Commerce.

The former Assistant Secretary of State for South and Central Asia said the US-India Business Council (USIBC) said that a February 1 deadline is too rushed and does not allow sufficient time for companies to analyse the policy and to comply.

"We urge the government to delay implementation and allow time for comment before the policy goes into effect,"&nbsp;Biswal said.

Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said "this is not in the best interest of the Indian consumers."&nbsp;

"Coming out with such a major policy change overnight without any consultative process eats into the predictability&nbsp;and reliability factor that all US companies are looking into India for any foreign direct investment," he said.

"I wish there was a little more consultative process, because you have companies like Walmart, which has put in $16 billion and they are in the process of putting more money to streamline their investment, it makes our job more difficult because how do I go and tell them please invest more and the policy would not change overnight,"&nbsp;said Aghi, who has been working with US companies to make large scale investment in India.&nbsp;

"I have embarked on a campaign convincing US company manufacturing in China to move it to India. How do I tell them, hey policies overnight would not change,"&nbsp;he said, adding that with such policy pronouncements, India can't have a "transparent, predictable environment"&nbsp;which is a must for any foreign company to invest.

Referring to Union Commerce and Industries Minister Suresh Prabhu's remarks that he wants to focus on bringing $100 billion FDI to India, Aghi said the first thing is to have a predictability in a regulatory environment.&nbsp;

This process sends the opposite message,&nbsp;he said.&nbsp;

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers.

Expressing concern over India tightening restrictions on foreign e-commerce companies operating in the country, leading American industry advocacy groups have said that such a move would have a long-term negative impact on the foreign direct investment as well as consumers. Earlier this week, the government announced changes to the foreign direct investment policy for the ecommerce sector, which would end discounts and cashback offers that online platforms with foreign investment were offering. Flipkart and US-based Amazon -- the two largest players in the burgeoning Indian e-commerce sector -- are expected to be hit the hardest once the new norms come into effect from February 2019. "The new e-commerce restrictions announced by the government of India on December 26 are a cause for concern. While we are still trying to understand the full implications, we fear that these restrictions will have a far-reaching negative impact both on US investments and on Indian consumers," said Nisha Desai Biswal, president of US India Chambers of Commerce (USAIC), a wing of the US Chambers of Commerce. The former Assistant Secretary of State for South and Central Asia said the US-India Business Council (USIBC) said that a February 1 deadline is too rushed and does not allow sufficient time for companies to analyse the policy and to comply. "We urge the government to delay implementation and allow time for comment before the policy goes into effect," Biswal said. Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said "this is not in the best interest of the Indian consumers." "Coming out with such a major policy change overnight without any consultative process eats into the predictability and reliability factor that all US companies are looking into India for any foreign direct investment," he said. "I wish there was a little more consultative process, because you have companies like Walmart, which has put in $16 billion and they are in the process of putting more money to streamline their investment, it makes our job more difficult because how do I go and tell them please invest more and the policy would not change overnight," said Aghi, who has been working with US companies to make large scale investment in India. "I have embarked on a campaign convincing US company manufacturing in China to move it to India. How do I tell them, hey policies overnight would not change," he said, adding that with such policy pronouncements, India can't have a "transparent, predictable environment" which is a must for any foreign company to invest. Referring to Union Commerce and Industries Minister Suresh Prabhu's remarks that he wants to focus on bringing $100 billion FDI to India, Aghi said the first thing is to have a predictability in a regulatory environment. This process sends the opposite message, he said.

Restrictions on foreign e-commerce companies to hit FDI in India: Report

India will announce a new draft policy for<a href="http://www.wionews.com/business-economy/flipkart-amazon-sale-may-become-history-as-govt-tightens-e-commerce-norms-186710"> e-commerce in a few weeks</a>, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector.

The new e-commerce policy could entail provisions for a regulator in the sector dominated by US tech giant Amazon.com and homegrown Flipkart, which was bought over by retail giant Walmart for $16 billion earlier this year.

India on Wednesday introduced changes to foreign direct investment rules, banning e-commerce players from selling products from entities in which they have an equity interest, a move the source said was aimed at preventing anti-competitive practices. The source declined to be named as the matter was not public.

Meanwhile, the Indian government said that the companies will be prevented from entering into exclusive agreements with sellers. The new rules will be applicable from February 1.

"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity," the commerce ministry said in a statement.

E-commerce companies can make bulk purchases through their wholesale units or other group companies that in turn sell the products to select sellers, such as their affiliates or other companies with which they have agreements. Those sellers can then sell the products to other companies or direct to consumers, often at attractively low prices.

India will announce a new draft policy for e-commerce in a few weeks, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector.

India will announce a new draft policy for e-commerce in a few weeks, a source in the government said on Thursday, a day after the country tweaked foreign investment rules for the burgeoning sector. The new e-commerce policy could entail provisions for a regulator in the sector dominated by US tech giant Amazon.com and homegrown Flipkart, which was bought over by retail giant Walmart for $16 billion earlier this year. India on Wednesday introduced changes to foreign direct investment rules, banning e-commerce players from selling products from entities in which they have an equity interest, a move the source said was aimed at preventing anti-competitive practices. The source declined to be named as the matter was not public. Meanwhile, the Indian government said that the companies will be prevented from entering into exclusive agreements with sellers. The new rules will be applicable from February 1. "An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity," the commerce ministry said in a statement. E-commerce companies can make bulk purchases through their wholesale units or other group companies that in turn sell the products to select sellers, such as their affiliates or other companies with which they have agreements. Those sellers can then sell the products to other companies or direct to consumers, often at attractively low prices.

Online shopping set to change: Govt to issue draft e-commerce policy in a few weeks

Tightening norms for e-commerce firms having foreign investment, the government Wednesday 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 foreign direct investment 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.

The revised norms are aimed at protecting the interest of domestic players, who have to face tough competition from e-retailers having deep pockets from foreign investors, the ministry said.

The policy would be effective from February 2019.

"The move would completely prevent influencing prices by e-commerce players. This will also ensure better enforcement of FDI guidelines in e-commerce companies," a senior official said.

The policy says a vendor will not be permitted to sell more than 25 per cent of its products on an online platform of a single e-marketplace firm.

"Inventory of a vendor will be deemed to be controlled by e-commerce marketplace entity if more than 25 per cent of purchases of such vendor is from the marketplace entity or its group companies," the commerce and industry ministry's press note said.

"An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity".

E-commerce marketplace entity "will not mandate" any seller to sell any good "exclusively" on its platform "only", the note said.

Any service like logistics provided by e-commerce companies to vendors in which they have direct or indirect equity participation or common control stake should be fair and non-discriminatory.

These services include logistics, warehousing, advertisement, marketing, payments, financing etc.

It said that cash back provided by group companies of marketplace entity to buyers should be fair and non-discriminatory.

"For the purposes of this clause, provision of services to any vendor on such terms which are not made available to other vendors in similar circumstances will be deemed unfair and discriminatory," it added.

It further said that these companies will have to file a certificate along with a report of the statutory auditor to the RBI, confirming compliance of guidelines by September 30th of every year for the preceding fiscal.

The decision comes against the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.

According to the current policy, 100 per cent FDI is permitted in marketplace e-commerce activities. It is prohibited in inventory-based activities.

Welcoming the move, Snapdeal CEO Kunal Bahl tweeted that "Marketplaces are meant for genuine, independent sellers, many of whom are MSMEs. These changes will enable a level playing field for all sellers, helping them leverage the reach of e-commerce".

Amazon India spokesperson said: "We are evaluating the circular". 
A senior e-commerce industry executive of another company said that the move could adversely impact investments being made to bring new sellers on board.&nbsp;

Traders body CAIT said if the steps are implemented in proper spirit, mal-practices and predatory pricing policy and deep discounting of e-commerce players will be a matter of past.

The CAIT also demanded the introduction of an e-commerce policy and a regulator to monitor the sector.

Tightening norms for e-commerce firms having foreign investment, the government Wednesday 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.

Tightening norms for e-commerce firms having foreign investment, the government Wednesday 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 foreign direct investment 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. The revised norms are aimed at protecting the interest of domestic players, who have to face tough competition from e-retailers having deep pockets from foreign investors, the ministry said. The policy would be effective from February 2019. "The move would completely prevent influencing prices by e-commerce players. This will also ensure better enforcement of FDI guidelines in e-commerce companies," a senior official said. The policy says a vendor will not be permitted to sell more than 25 per cent of its products on an online platform of a single e-marketplace firm. "Inventory of a vendor will be deemed to be controlled by e-commerce marketplace entity if more than 25 per cent of purchases of such vendor is from the marketplace entity or its group companies," the commerce and industry ministry's press note said. "An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity". E-commerce marketplace entity "will not mandate" any seller to sell any good "exclusively" on its platform "only", the note said. Any service like logistics provided by e-commerce companies to vendors in which they have direct or indirect equity participation or common control stake should be fair and non-discriminatory. These services include logistics, warehousing, advertisement, marketing, payments, financing etc. It said that cash back provided by group companies of marketplace entity to buyers should be fair and non-discriminatory. "For the purposes of this clause, provision of services to any vendor on such terms which are not made available to other vendors in similar circumstances will be deemed unfair and discriminatory," it added. It further said that these companies will have to file a certificate along with a report of the statutory auditor to the RBI, confirming compliance of guidelines by September 30th of every year for the preceding fiscal. The decision comes against the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers. According to the current policy, 100 per cent FDI is permitted in marketplace e-commerce activities. It is prohibited in inventory-based activities. Welcoming the move, Snapdeal CEO Kunal Bahl tweeted that "Marketplaces are meant for genuine, independent sellers, many of whom are MSMEs. These changes will enable a level playing field for all sellers, helping them leverage the reach of e-commerce". Amazon India spokesperson said: "We are evaluating the circular". A senior e-commerce industry executive of another company said that the move could adversely impact investments being made to bring new sellers on board. Traders body CAIT said if the steps are implemented in proper spirit, mal-practices and predatory pricing policy and deep discounting of e-commerce players will be a matter of past. The CAIT also demanded the introduction of an e-commerce policy and a regulator to monitor the sector.

Flipkart, Amazon sale may become history as govt tightens e-commerce norms

The Reserve Bank of India (RBI) will implement in full its directive that forces global payment companies to store data locally from this month, four sources told Reuters, a blow to the firms who had lobbied to dilute the measure.

The RBI in April said all payments data should within six months be stored only in the country for "unfettered supervisory access". The deadline for the companies to adhere is October 15.

The directive is part of a wider push by India to ask companies to store more of their data locally at a time when governments globally are enforcing more stringent rules to protect user data. &nbsp;

However, the global payments companies fear the new rules would increase their infrastructure costs, hit their global fraud detection analytic platforms and affect planned investments in the country at a time when more and more Indians are using digital modes of payments.&nbsp;

Firms such as Mastercard, Visa and American Express have in recent months met with Indian policymakers, including Finance Minister Arun Jaitley, to push for an extension of the RBI`s deadline.

They also repeatedly sought dilution of the RBI directive, requesting that they be allowed to store data both locally and at their offshore offices, a practice widely known as 'data mirroring'.

But in a meeting between RBI officials and US&nbsp;payment companies in Mumbai on Wednesday, central bank officials said the industry will need to store all their data only within the country, as per its April directive, and said data mirroring will not be allowed, four sources aware of the discussions said.

"They specifically said no mirroring, the meeting was bad (for the industry), it`s pretty clear," said one of the industry sources.

The RBI also conveyed in the meeting it was not willing to extend the deadline for compliance to the directive, the sources said.

The RBI did not immediately respond to a request for comment. Mastercard, Visa and American Express also did not respond.

Government sources have previously told Reuters that stringent data localisation measures were essential for gaining easier access to data during investigations.&nbsp;

Whatsapp has built a system to store its payment data locally, the company said on Tuesday. The Facebook-owned messenger had begun testing its payments service in India and is keen to deepen its reach.

It was easier for companies such as Whatsapp, which have a relatively smaller-scale payments platform in India, to comply with the central bank directive, but the bigger payment firms will need more time, one of the sources said.

"The bigger companies will have to change a lot of things such as setting up servers and replicating payment processing tools," the source said. 
Another source, who works at a multinational payment company, said moving and storing its data only in India would take at least 12-18 months.

The Reserve Bank of India (RBI) will implement in full its directive that forces global payment companies to store data locally from this month, four sources told Reuters, a blow to the firms who had lobbied to dilute the measure.

The Reserve Bank of India (RBI) will implement in full its directive that forces global payment companies to store data locally from this month, four sources told Reuters, a blow to the firms who had lobbied to dilute the measure. The RBI in April said all payments data should within six months be stored only in the country for "unfettered supervisory access". The deadline for the companies to adhere is October 15. The directive is part of a wider push by India to ask companies to store more of their data locally at a time when governments globally are enforcing more stringent rules to protect user data. However, the global payments companies fear the new rules would increase their infrastructure costs, hit their global fraud detection analytic platforms and affect planned investments in the country at a time when more and more Indians are using digital modes of payments. Firms such as Mastercard, Visa and American Express have in recent months met with Indian policymakers, including Finance Minister Arun Jaitley, to push for an extension of the RBI`s deadline. They also repeatedly sought dilution of the RBI directive, requesting that they be allowed to store data both locally and at their offshore offices, a practice widely known as 'data mirroring'. But in a meeting between RBI officials and US payment companies in Mumbai on Wednesday, central bank officials said the industry will need to store all their data only within the country, as per its April directive, and said data mirroring will not be allowed, four sources aware of the discussions said. "They specifically said no mirroring, the meeting was bad (for the industry), it`s pretty clear," said one of the industry sources. The RBI also conveyed in the meeting it was not willing to extend the deadline for compliance to the directive, the sources said. The RBI did not immediately respond to a request for comment. Mastercard, Visa and American Express also did not respond. Government sources have previously told Reuters that stringent data localisation measures were essential for gaining easier access to data during investigations. Whatsapp has built a system to store its payment data locally, the company said on Tuesday. The Facebook-owned messenger had begun testing its payments service in India and is keen to deepen its reach. It was easier for companies such as Whatsapp, which have a relatively smaller-scale payments platform in India, to comply with the central bank directive, but the bigger payment firms will need more time, one of the sources said. "The bigger companies will have to change a lot of things such as setting up servers and replicating payment processing tools," the source said. Another source, who works at a multinational payment company, said moving and storing its data only in India would take at least 12-18 months.

RBI sticking with plan to force payments firms to store data locally: Report

Amazon opens a new retail store in New York on Thursday selling a range of products from the online colossus that get top ratings from customers.

The brick-and-mortar outlet in New York's trendy Soho neighbourhood will sell consumer electronics, kitchen, home, toys, books and games, and "chose only the products that customers have rated 4 stars and above, or are top sellers, or are new and trending," Amazon said in a statement.

Amazon has previously opened physical stores that sell books and has had pop-up outlets in some locations, but Amazon 4-Star is a new concept that offers a variety of goods in different categories.

"We created Amazon 4-Star to be a place where customers can discover products they will love," a company statement said.

"Amazon 4-Star's selection is a direct reflection of our customers -- what they're buying and what they're loving."

Amazon, one of the world's most valuable companies whose growth has made founder Jeff Bezos the world's richest person, has been in recent years moving increasingly to physical stores.

It has opened more than a dozen Amazon Books stores that sell top-selling titles and some additional merchandise. And it has acquired the grocery chain Whole Foods, which has several hundred stores.

Amazon has also introduced a handful of concept Amazon Go grocery stores that operate without cashiers, with purchases automatically scanned and billed to customer accounts.

Amazon opens a new retail store in New York on Thursday selling a range of products from the online colossus that get top ratings from customers. The brick-and-mortar outlet in New York's trendy Soho neighbourhood will sell consumer electronics, kitchen, home, toys, books and games, and "chose only the products that customers have rated 4 stars and above, or are top sellers, or are new and trending," Amazon said in a statement.

Amazon opens a new retail store in New York on Thursday selling a range of products from the online colossus that get top ratings from customers. The brick-and-mortar outlet in New York's trendy Soho neighbourhood will sell consumer electronics, kitchen, home, toys, books and games, and "chose only the products that customers have rated 4 stars and above, or are top sellers, or are new and trending," Amazon said in a statement. Amazon has previously opened physical stores that sell books and has had pop-up outlets in some locations, but Amazon 4-Star is a new concept that offers a variety of goods in different categories. "We created Amazon 4-Star to be a place where customers can discover products they will love," a company statement said. "Amazon 4-Star's selection is a direct reflection of our customers -- what they're buying and what they're loving." Amazon, one of the world's most valuable companies whose growth has made founder Jeff Bezos the world's richest person, has been in recent years moving increasingly to physical stores. It has opened more than a dozen Amazon Books stores that sell top-selling titles and some additional merchandise. And it has acquired the grocery chain Whole Foods, which has several hundred stores. Amazon has also introduced a handful of concept Amazon Go grocery stores that operate without cashiers, with purchases automatically scanned and billed to customer accounts.

Amazon opens new '4-star' retail store in New York

Companies are offering 10-25 per cent increase in variable pay as incentive to retain and attract talents, especially in the IT, FMCG, e-commerce, BFSI and telecom sectors, according to experts.

"We see an increase ranging from 10-25 per cent during the last 2-3 years. Today for some companies, the variable component is nearly 25 per cent of the fixed salary for employees at junior-mid level," TeamLease Services Head of North Business Mayur Saraswat told PTI here.

This growth in variable component reflects 10-20 per cent on the gross salary, he added.

Companies in sectors like IT, Information Technology Enabled Services (ITeS), FMCG, e-commerce, Banking, Financial Services and Insurance (BFSI) and Telecom are increasing variable pay component as a proportion of employee salary to incentivise performance.

"Historically, companies were used to the concept of having fixed pay. But now, with markets getting matured and complex with competition, companies believe talent is one of the key factor for success. To attract and retain talent, one would need to have a culture of high performance as well as incentivising performance," Saraswat said.

Echoing a similar view, Michael Page India MD Nicolas Dumoulin said domestic companies are now increasingly including the variable pay component in employee's salary packages.

"Therefore, the size of the variable pay is larger when it comes to local companies, with an approximate of 20-30 per cent bonuses being offered," he added.

He said, MNCs have always offered this element to their employees across the globe, therefore, they continue to offer this but the extent of compensations have not drastically increased.

Dumoulin said, well-established companies in FMCG and banking, healthcare and life sciences, chemicals, building materials and sales driven roles have started introducing this aspect.

However, Dumoulin said, the variable pay component is not the most effective method to retain or attract talent as it is a one-off amount that employees get, especially for those in a support function role.

Whereas, for results-driven and executive roles, this benefit is a constructive retention tool as employees recognise that their variable pay component can be influenced by their performance, he added.

Apart from the variable pay component, professionals are eager to work with organisations that allow them to take on different roles in the corporation, offer international working opportunities and have flexible working hours, he pointed out.

Meanwhile, GlobalHunt Managing Director Sunil Goel said, variable pay comes as a supplement and opportunity to benefit the resources when company does well and wins lot of projects or business opportunities where employees becomes as direct or indirect stakeholders for good times.

"We have seen in most of the new-age businesses like startup's, technology, BFSI, retail, e-Commerce, chemical, even in FMCG sectors are following this trend but at the same time industries like real-estate and telecom, which is going through consolidation, phase have been able to keep their fix cost as low with not so high variable payout as per the business performance," he added.

Since the fixed component is not increasing more than 10-11 per cent, Goel said the variable pay-outs are reflecting or elevating the gross salary up to 30-40 per cent higher.

Companies in sectors like IT, Information Technology Enabled Services (ITeS), FMCG, e-commerce, Banking, Financial Services and Insurance (BFSI) and Telecom are increasing variable pay component as a proportion of employee salary to incentivise performance.

Companies are offering 10-25 per cent increase in variable pay as incentive to retain and attract talents, especially in the IT, FMCG, e-commerce, BFSI and telecom sectors, according to experts. "We see an increase ranging from 10-25 per cent during the last 2-3 years. Today for some companies, the variable component is nearly 25 per cent of the fixed salary for employees at junior-mid level," TeamLease Services Head of North Business Mayur Saraswat told PTI here. This growth in variable component reflects 10-20 per cent on the gross salary, he added. Companies in sectors like IT, Information Technology Enabled Services (ITeS), FMCG, e-commerce, Banking, Financial Services and Insurance (BFSI) and Telecom are increasing variable pay component as a proportion of employee salary to incentivise performance. "Historically, companies were used to the concept of having fixed pay. But now, with markets getting matured and complex with competition, companies believe talent is one of the key factor for success. To attract and retain talent, one would need to have a culture of high performance as well as incentivising performance," Saraswat said. Echoing a similar view, Michael Page India MD Nicolas Dumoulin said domestic companies are now increasingly including the variable pay component in employee's salary packages. "Therefore, the size of the variable pay is larger when it comes to local companies, with an approximate of 20-30 per cent bonuses being offered," he added. He said, MNCs have always offered this element to their employees across the globe, therefore, they continue to offer this but the extent of compensations have not drastically increased. Dumoulin said, well-established companies in FMCG and banking, healthcare and life sciences, chemicals, building materials and sales driven roles have started introducing this aspect. However, Dumoulin said, the variable pay component is not the most effective method to retain or attract talent as it is a one-off amount that employees get, especially for those in a support function role. Whereas, for results-driven and executive roles, this benefit is a constructive retention tool as employees recognise that their variable pay component can be influenced by their performance, he added. Apart from the variable pay component, professionals are eager to work with organisations that allow them to take on different roles in the corporation, offer international working opportunities and have flexible working hours, he pointed out. Meanwhile, GlobalHunt Managing Director Sunil Goel said, variable pay comes as a supplement and opportunity to benefit the resources when company does well and wins lot of projects or business opportunities where employees becomes as direct or indirect stakeholders for good times. "We have seen in most of the new-age businesses like startup's, technology, BFSI, retail, e-Commerce, chemical, even in FMCG sectors are following this trend but at the same time industries like real-estate and telecom, which is going through consolidation, phase have been able to keep their fix cost as low with not so high variable payout as per the business performance," he added. Since the fixed component is not increasing more than 10-11 per cent, Goel said the variable pay-outs are reflecting or elevating the gross salary up to 30-40 per cent higher.

Companies increasing variable pay to retain, attract talents: Experts

Walmart Inc, the world's biggest retailer, posted a rebound in its US&nbspe-commerce business on Thursday and beat profit and revenue expectations, lifting its shares in premarket trade.

Walmart's e-commerce sales grew 33 percent during the first quarter ended April 30, above the 23-percent growth in the previous three months. It said it is on track to increase US&nbspe-commerce sales by 40 percent for the full year.

The e-commerce rebound comes after a sharp slowdown during the crucial holiday quarter, which sent its shares down over 10 percent and wiped out $31 billion from its market capitalization. Investors worried Walmart would not be able to keep pace with rival Amazon.com Inc.

"Online grocery continued to accelerate and we also have new brands in e-commerce including the partnership with Lord and Taylor, so there are a lot of different things driving growth there," Chief Financial Officer Brett Biggs said in an interview. He said free two-day shipping boosted growth, and the Walmart.com site redesign helped late in the quarter.

International sales were up 4.5 percent at $28.3 billion on a constant currency basis, helped by an early Easter, Biggs said.

The company is in the process of fixing its international business portfolio and recently said it will acquire a 77-percent stake in Indian e-commerce firm Flipkart for $16 billion, its largest deal ever, to compete with Amazon.com Inc in an important growth market. It also plans to sell a majority stake in its UK grocery chain Asda Group Ltd to J Sainsbury PLC.

Walmart also recently reached agreements to sell its banking operations in Walmart Canada and Walmart Chile, it said on Thursday.

Excluding special items, adjusted earnings were $1.14 per share. The average analyst estimate was $1.12 per share, according to Thomson Reuters.

Sales at US&nbspstores open at least a year rose 2.1 percent excluding fuel, in line with analyst forecasts, according to Consensus Metrix. Walmart has recorded nearly four straight years of US&nbspgrowth, unmatched by any other retailer.

The comparable sales increase was driven by a jump in the price of items sold and by e-commerce. Customer traffic was 0.8-percent higher during the quarter, slower than the 1.5 percent growth during the same period a year ago. A delayed spring hurt demand in weather-related categories and led customers to consolidate trips.

Biggs said demand in those categories rebounded this month.

Total revenue increased 4.4 percent to $122.7 billion, beating analysts' estimates of $120.5 billion.

Walmart's shares were up 1.98 percent at $87.18 in premarket trade. The company's stock has fallen around 20 percent since reaching an all-time high of $109.98 in late January.

Walmart's e-commerce sales grew 33 percent during the first quarter ended April 30, above the 23-percent growth in the previous three months

Walmart Inc, the world's biggest retailer, posted a rebound in its US&nbspe-commerce business on Thursday and beat profit and revenue expectations, lifting its shares in premarket trade. Walmart's e-commerce sales grew 33 percent during the first quarter ended April 30, above the 23-percent growth in the previous three months. It said it is on track to increase US&nbspe-commerce sales by 40 percent for the full year. The e-commerce rebound comes after a sharp slowdown during the crucial holiday quarter, which sent its shares down over 10 percent and wiped out $31 billion from its market capitalization. Investors worried Walmart would not be able to keep pace with rival Amazon.com Inc. "Online grocery continued to accelerate and we also have new brands in e-commerce including the partnership with Lord and Taylor, so there are a lot of different things driving growth there," Chief Financial Officer Brett Biggs said in an interview. He said free two-day shipping boosted growth, and the Walmart.com site redesign helped late in the quarter. International sales were up 4.5 percent at $28.3 billion on a constant currency basis, helped by an early Easter, Biggs said. The company is in the process of fixing its international business portfolio and recently said it will acquire a 77-percent stake in Indian e-commerce firm Flipkart for $16 billion, its largest deal ever, to compete with Amazon.com Inc in an important growth market. It also plans to sell a majority stake in its UK grocery chain Asda Group Ltd to J Sainsbury PLC. Walmart also recently reached agreements to sell its banking operations in Walmart Canada and Walmart Chile, it said on Thursday. Excluding special items, adjusted earnings were $1.14 per share. The average analyst estimate was $1.12 per share, according to Thomson Reuters. Sales at US&nbspstores open at least a year rose 2.1 percent excluding fuel, in line with analyst forecasts, according to Consensus Metrix. Walmart has recorded nearly four straight years of US&nbspgrowth, unmatched by any other retailer. The comparable sales increase was driven by a jump in the price of items sold and by e-commerce. Customer traffic was 0.8-percent higher during the quarter, slower than the 1.5 percent growth during the same period a year ago. A delayed spring hurt demand in weather-related categories and led customers to consolidate trips. Biggs said demand in those categories rebounded this month. Total revenue increased 4.4 percent to $122.7 billion, beating analysts' estimates of $120.5 billion. Walmart's shares were up 1.98 percent at $87.18 in premarket trade. The company's stock has fallen around 20 percent since reaching an all-time high of $109.98 in late January.

Walmart's US e-commerce growth rebounds, shares rise

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects.

US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

Also read: <a href="http://www.wionews.com/india-news/flipkarts-1st-employee-was-hired-at-rs-8000-a-month-today-hes-a-multi-millionaire-135789">Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire</a>

Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.

"I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post.

The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart".

Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum.

"...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said.

Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people.

"We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.&nbsp;

Sachin Bansal, who co-founded Flipkart with Binny Bansal in 2007, is leaving the company after the Walmart deal. He said, in an emotional Facebook post, that he plans to catch up on gaming and brush up his coding skills

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects. US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion. Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on. Also read: Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league. "I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post. The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart". Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum. "...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said. Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people. "We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.

'Sadly my work here is done,' says Sachin Bansal. Leaves Flipkart

Online shopping has made deep inroads in India with millions of Indians logging on to e-commerce websites to buy things online - from gadgets to apparels to food, grocery and healthcare products.

Sometimes shoppers are sure of the product quality, but there are times when people are not confident of goods they are planning to buy online. So what do they do in such cases? They look at rating of a particular product to check how many have rated it 5-star, read comments to find out how happy existing owners of the product are.

Such reviews help them in making our choice, and are considered safe. But are they?

An investigative report done by the BBC has revealed that a lot of five-star ratings and positive reviews are traded online. Not just global websites, it's been discovered that <a href="http://www.wionews.com/videos/know-how-the-black-market-of-fake-reviews-work-134563">this practice is common</a> on Indian e-commerce websites as well.

So how does this work? It's a simple reward-driven business model where both businesses and customers are gaining. A customer is asked to make good ratings and write positive reviews so that businesses can get more customers. The buyers, on the other hand, are also benefitting they are rewarded with free goods and full refund in exchange of positive reviews.

Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return. Sending emails is just one way. There are now Facebook groups as well for the same where customers are encouraged to buy certain products and post positive reviews in exchange for monetary and non-monetary rewards.

WION approached Amazon, Ebay and Flipkart to understand the measures they are taking to curb this black market of fake online reviews. Amazon replied saying, "Acknowledging your email. We have shared internally and the relevant team member will connect with you." However, there has been no communication from the e-retailer after that. Flipkart and Ebay, on the other hand, have not responded to the mail yet.

While fake reviews are being traded openly on the Internet, sadly it's not easy to track people making these offers and in some cases, it's not even possible to track businesses the reviews are being sought for.

The business of fake reviews is attracting a lot of customers and giving them an easy way to make money, so much so that some people have made it their full-time profession.

While a lot of online companies are aggressively working towards cracking down on bogus reviews, the fact remains the black market of online reviews is only increasing day by day.

Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return.

Online shopping has made deep inroads in India with millions of Indians logging on to e-commerce websites to buy things online - from gadgets to apparels to food, grocery and healthcare products. Sometimes shoppers are sure of the product quality, but there are times when people are not confident of goods they are planning to buy online. So what do they do in such cases? They look at rating of a particular product to check how many have rated it 5-star, read comments to find out how happy existing owners of the product are. Such reviews help them in making our choice, and are considered safe. But are they? An investigative report done by the BBC has revealed that a lot of five-star ratings and positive reviews are traded online. Not just global websites, it's been discovered that this practice is common on Indian e-commerce websites as well. So how does this work? It's a simple reward-driven business model where both businesses and customers are gaining. A customer is asked to make good ratings and write positive reviews so that businesses can get more customers. The buyers, on the other hand, are also benefitting they are rewarded with free goods and full refund in exchange of positive reviews. Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return. Sending emails is just one way. There are now Facebook groups as well for the same where customers are encouraged to buy certain products and post positive reviews in exchange for monetary and non-monetary rewards. WION approached Amazon, Ebay and Flipkart to understand the measures they are taking to curb this black market of fake online reviews. Amazon replied saying, "Acknowledging your email. We have shared internally and the relevant team member will connect with you." However, there has been no communication from the e-retailer after that. Flipkart and Ebay, on the other hand, have not responded to the mail yet. While fake reviews are being traded openly on the Internet, sadly it's not easy to track people making these offers and in some cases, it's not even possible to track businesses the reviews are being sought for. The business of fake reviews is attracting a lot of customers and giving them an easy way to make money, so much so that some people have made it their full-time profession. While a lot of online companies are aggressively working towards cracking down on bogus reviews, the fact remains the black market of online reviews is only increasing day by day.

Beware, online shoppers! E-commerce websites flooded with fake reviews

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player.

Walmart was likely to reach a deal to buy a majority stake in Flipkart,&nbsp;Amazon's biggest competitor in India, by the end of June for US $10 billion to US&nbsp;$12 billion.&nbsp;As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said.&nbsp;

The deal would be the US&nbsp;retail giant's biggest acquisition of an online business and would kick off a battle with&nbsp;Amazon&nbsp;in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade.

CNBC-TV18 reported&nbsp;that&nbsp;Amazon&nbsp;had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and&nbsp;Amazon&nbsp;dominate the online shopping space in Asia's third-largest economy.

Two sources close to the matter, asking not to be named, confirmed to Reuters that&nbsp;Amazon&nbsp;was interested in buying Flipkart, but declined to give further details.

One of the sources said that Flipkart had vetoed an approach from&nbsp;Amazon&nbsp;for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time.

"Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se."

CNBC-TV18, citing unnamed sources, said&nbsp;Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations.

US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week.&nbsp;The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016.

Representatives at Amazon, Flipkart and Walmart were not immediately available for comment.

(With inputs from Reuters)

Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for $10 billion to $12 billion

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player. Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for US $10 billion to US $12 billion. As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said. The deal would be the US retail giant's biggest acquisition of an online business and would kick off a battle with Amazon in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade. CNBC-TV18 reported that Amazon had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and Amazon dominate the online shopping space in Asia's third-largest economy. Two sources close to the matter, asking not to be named, confirmed to Reuters that Amazon was interested in buying Flipkart, but declined to give further details. One of the sources said that Flipkart had vetoed an approach from Amazon for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time. "Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se." CNBC-TV18, citing unnamed sources, said Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations. US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week. The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016. Representatives at Amazon, Flipkart and Walmart were not immediately available for comment. (With inputs from Reuters)

Amazon offers to buy 60 per cent stake in Flipkart

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.

The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.

When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies".

"Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said.

He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18".

Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability.

Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.

Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015.

In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore.

Snapdeal has also significantly reduced its headcount to rein in costs.

According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16

E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16. The company's total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year. When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 "reflects the first stage of Snapdeal's focus on unit economics and business efficiencies". "Key highlights in this regard are the reduction in fulfilment cost by more than 20 per cent (as a percentage of operating revenue) and reduction in operational losses by nearly 25 per cent (excluding non-recurring cost on account of impairment of assets)," the spokesperson said. He added that the company continues to make "rapid progress in driving profitable growth, which will be reflected in the results for the financial year 2017-18". Snapdeal has seen its business being impacted severely by the intense competition in the e-commerce segment. While players, including the likes of Amazon and Flipkart, have pumped in billions of dollars in investments, they continue to operate in losses. Analysts are of the view that it will be a couple of years before these players can hit profitability. Last year, Snapdeal dumped the USD 950-million takeover offer from Flipkart with Snapdeal founders Kunal Bahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market. Last year, Snapdeal sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for the firm in 2015. In January this year, its logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore. Snapdeal has also significantly reduced its headcount to rein in costs.

Snapdeal posts Rs 4,647 crore net loss in 2016-17

e-commerce

E Commerce, News on E Commerce, stories on E Commerce, articles on E Commerce, E Commerce stories at Wion, E Commerce news, E Commerce latest news