Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.&nbsp;

The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.&nbsp;

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported.&nbsp;

But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart.&nbsp;

Walmart's purchase of new equity is likely to value Flipkart at least $18 billion.&nbsp;

It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion.&nbsp;

A third source said a deal was close, but things could still drag into the first week of May.&nbsp;

Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources.&nbsp;

Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.&nbsp;

All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India.

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade. SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported. But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart. Walmart's purchase of new equity is likely to value Flipkart at least $18 billion. It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion. A third source said a deal was close, but things could still drag into the first week of May. Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources. Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said. All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart could buy controlling stake in Flipkart by next week

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA).&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion.&nbsp;

SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed.

The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company.&nbsp;

SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place.

“We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday.

In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things.

SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017.&nbsp;

However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.&nbsp; 
&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or $1.9 billion

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA). India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion. SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed. The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company. SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place. “We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday. In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things. SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017. However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.

SoftBank, Alibaba to invest $445 million in Paytm

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy.

Also read: <a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122">Cambridge Analytica's parent company involved in '</a><a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122">honor</a><a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122"> killing' cases in India: Reports</a>

United Nations Conference on Trade and Development -- main agency dealing with the economics of globalisation -- Secretary-General Mukhisa Kituyi said: "The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy.”

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"This is more worrying given that about 90%&nbspof new Internet users over the last five years live in developing countries about half of which currently lack legislation to protect their privacy," he added.

UNCTAD further said, "the internet user growth is booming and with more people ever purchasing goods and services online, protecting their privacy must be a top priority."

"The digital economy is evolving fast. Between 2012 and 2017, the number of monthly Facebook users surged from 1 billion to 2.2 billion – with the fastest growth happening in developing countries."

The economic agency further mentioned about global e-commerce reaching almost $26 trillion in 2016.

Also read: <a href="http://www.wionews.com/world/chris-wylie-left-in-2014-has-no-direct-knowledge-of-companys-practices-cambridge-analytica-126812">Chris Wylie left in 2014, has no direct knowledge of company's practices: Cambridge Analytica</a>

The United States said to remain the largest market by far, with combined e-commerce sales of some $7.6 trillion, with Japan ranking at second.

The privacy concerns were raised after the reports of UK based data analysis company, Cambridge Analytica assisting in Donald Trump during the 2016 presidential elections came in the light.

The company is facing government search in the London office by US authorities for obtainning Facebook users' data with illegal measures.

Kituyi’s call for increasing security coincides with the agency’s E-Commerce Week in Geneva next month.&nbsp

It is the leading forum for governments, the private sector, development banks, academia and the civil society to discuss development opportunities and challenges before the evolving digital economy.

(With inputs from PTI)

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy. Also read: Cambridge Analytica's parent company involved in 'honor killing' cases in India: Reports United Nations Conference on Trade and Development -- main agency dealing with the economics of globalisation -- Secretary-General Mukhisa Kituyi said: "The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy.” Also read: Colombia blocks app it says possibly linked to Cambridge Analytica "This is more worrying given that about 90%&nbspof new Internet users over the last five years live in developing countries about half of which currently lack legislation to protect their privacy," he added. UNCTAD further said, "the internet user growth is booming and with more people ever purchasing goods and services online, protecting their privacy must be a top priority." "The digital economy is evolving fast. Between 2012 and 2017, the number of monthly Facebook users surged from 1 billion to 2.2 billion – with the fastest growth happening in developing countries." The economic agency further mentioned about global e-commerce reaching almost $26 trillion in 2016. Also read: Chris Wylie left in 2014, has no direct knowledge of company's practices: Cambridge Analytica The United States said to remain the largest market by far, with combined e-commerce sales of some $7.6 trillion, with Japan ranking at second. The privacy concerns were raised after the reports of UK based data analysis company, Cambridge Analytica assisting in Donald Trump during the 2016 presidential elections came in the light. The company is facing government search in the London office by US authorities for obtainning Facebook users' data with illegal measures. Kituyi’s call for increasing security coincides with the agency’s E-Commerce Week in Geneva next month. It is the leading forum for governments, the private sector, development banks, academia and the civil society to discuss development opportunities and challenges before the evolving digital economy. (With inputs from PTI)

Most counties are ill-prepared for the digital economy: UN

E-commerce major Amazon.In today said it has crossed the 3-lakh seller base in less than five years of the company&rsquo;s operations in India. Of this, one lakh new merchants were on-boarded in seven months.

Amazon, which is locked in an intense battle with homegrown rival Flipkart, has been aggressively ramping up its operations in the country. It has pumped in billions of dollars to strengthen its seller and customer base as well as towards building infrastructure.

Amazon India Director and GM, Seller Services Gopal Pillai told PTI that the &quot;steep increase&quot; in the seller base was attributable to various India-first innovations that have encouraged seller participation across the country, especially from tier II and III cities.

In the last one year, Amazon.in has expanded its network of third-party affiliates and service providers to ensure that sellers from non-metros and smaller towns get easy access and required support to start and manage their online business, he added.

Besides, the company has tied-up with various government bodies to empower local artisans, weavers and craftsmen across the country to embrace online selling and expand their business.

Amazon has always believed in working seller backwards and have been constantly innovating to address challenges that are unique to Indian sellers, Pillai said.

&quot;Through India-first innovations like Easy Ship and Seller Flex, along with our gold standard offering- FBA, to building online capabilities through SPN and growing the ecosystem along, we have been laser focused in our vision of transforming the way India buys and sells,&quot; he said.

In a recent investor call, Amazon Senior VP and CFO Brian Olsavsky had said India continues to be a &quot;good story&quot; for the US e-tailing giant even as its losses from its international operations widened to USD 919 million for the December quarter.

Amazon has pumped in billions of dollars into its Indian operations. One of its India units, Amazon Seller Services, alone has received over Rs 8,000 crore (about USD 1.28 billion) during financial year 2017-18 from the US parent, as per documents filed with the India&#39;s corporate affairs ministry.

Amazon founder Jeff Bezos has committed investments of USD 5 billion for the Indian market. Investments have also been made in other Amazon entities in India, including Amazon Pay and its wholesale business here.&nbsp;

Amazon has always believed in working seller backwards and have been constantly innovating to address challenges that are unique to Indian sellers, Pillai said

E-commerce major Amazon.In today said it has crossed the 3-lakh seller base in less than five years of the company’s operations in India. Of this, one lakh new merchants were on-boarded in seven months. Amazon, which is locked in an intense battle with homegrown rival Flipkart, has been aggressively ramping up its operations in the country. It has pumped in billions of dollars to strengthen its seller and customer base as well as towards building infrastructure. Amazon India Director and GM, Seller Services Gopal Pillai told PTI that the "steep increase" in the seller base was attributable to various India-first innovations that have encouraged seller participation across the country, especially from tier II and III cities. In the last one year, Amazon.in has expanded its network of third-party affiliates and service providers to ensure that sellers from non-metros and smaller towns get easy access and required support to start and manage their online business, he added. Besides, the company has tied-up with various government bodies to empower local artisans, weavers and craftsmen across the country to embrace online selling and expand their business. Amazon has always believed in working seller backwards and have been constantly innovating to address challenges that are unique to Indian sellers, Pillai said. "Through India-first innovations like Easy Ship and Seller Flex, along with our gold standard offering- FBA, to building online capabilities through SPN and growing the ecosystem along, we have been laser focused in our vision of transforming the way India buys and sells," he said. In a recent investor call, Amazon Senior VP and CFO Brian Olsavsky had said India continues to be a "good story" for the US e-tailing giant even as its losses from its international operations widened to USD 919 million for the December quarter. Amazon has pumped in billions of dollars into its Indian operations. One of its India units, Amazon Seller Services, alone has received over Rs 8,000 crore (about USD 1.28 billion) during financial year 2017-18 from the US parent, as per documents filed with the India's corporate affairs ministry. Amazon founder Jeff Bezos has committed investments of USD 5 billion for the Indian market. Investments have also been made in other Amazon entities in India, including Amazon Pay and its wholesale business here.

Amazon India crosses 3-lakh sellers mark on its marketplace

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart,&nbsp;financial daily the Economic Times reported on Tuesday.

Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc`s main competitor in India, the newspaper said, citing two anonymous sources.&nbsp;

A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added.

&quot;We don&#39;t comment on rumours and speculation,&quot; Walmart spokesman Randy Hargrove told Reuters via email.

Bengaluru-based Flipkart was not immediately available for comment outside regular business hours.

The news comes nearly two years after Reuters reported that Walmart was looking to invest between $750 million and $1 billion in Flipkart.

A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc`s main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. "We don't comment on rumours and speculation," Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours. The news comes nearly two years after Reuters reported that Walmart was looking to invest between $750 million and $1 billion in Flipkart.

Walmart in talks to buy a significant minority stake in Flipkart 

With hopes to expand its product line under its private label, Amazon India is ready to launch a smartphone under their brand name &#39;Tenor&#39; in January, reports said.&nbsp;

The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone &#39;Billion&#39;.&nbsp;

The current situation of private label market&nbsp;in India for smartphone is in its early stages.&nbsp;

The company follows a strategy of looking into customer data, pricing, selection and reach out to vendors to manufacture the right kind of products - calling it &#39;Crafted for Amazon&#39;.&nbsp;

According to Amazon, the focus will primarily be on targeting the local, low-brand and mid-brand strengths of smartphones which constitutes almost 20% of the total market, making it a $2-billion opportunity for the private lables.&nbsp;

Amazon presently has private labels called Solimo, Symbol and Myx for categories like staples, fashion and electronic accessories.&nbsp;

Even worldwide, the retail company has also been doubling down it own label as the Indian arm continues to bring out more products in categories like fashion, accessories, and home.

The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone 'Billion'

With hopes to expand its product line under its private label, Amazon India is ready to launch a smartphone under their brand name 'Tenor' in January, reports said. The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone 'Billion'. The current situation of private label market in India for smartphone is in its early stages. The company follows a strategy of looking into customer data, pricing, selection and reach out to vendors to manufacture the right kind of products - calling it 'Crafted for Amazon'. According to Amazon, the focus will primarily be on targeting the local, low-brand and mid-brand strengths of smartphones which constitutes almost 20% of the total market, making it a $2-billion opportunity for the private lables. Amazon presently has private labels called Solimo, Symbol and Myx for categories like staples, fashion and electronic accessories. Even worldwide, the retail company has also been doubling down it own label as the Indian arm continues to bring out more products in categories like fashion, accessories, and home.

Amazon India to launch smartphone in January

Bharti Airtel and Airtel Payments Banks have been temporarily banned from conducting Aadhaar-based SIM verification of Mobile customers using eKYC (ELectronic Know Your Customer) process and e-KYC of payments bank clients by Unique Identification Authority of India (UIDAI).

The action was taken after the allegations that Bharti Airtel is using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their &quot;informed consent.&quot;

As&nbsp;Airtel is on the interim ban, it won&#39;t be able to e-verify or link mobile SIMs with the Aadhaar ID through the eKYC process of UIDAI.&nbsp;

Customers also won&#39;t be able open their new account in Airtel Payment Bank.

A spokesperson for Airtel said, &quot;We can confirm that we have received an interim order from the UIDAI regarding temporary suspension of Aadhaar linked e-KYC services till their satisfaction on certain processes relating to Airtel payment banks onboarding of customers.&quot;

&quot;We are engaging with the authority and are hopeful of an early resolution. We are also undertaking to complete the said actions on priority and have commenced thorough checks of our process flows.

&nbsp;&quot;Being compliant to all guidelines is paramount to us. In the interim, any inconvenience to our customers is regretted.&quot;

The UIDAI also took strong&nbsp;objection to the allegations that such payment bank accounts are being linked to receive LPG subsidy.

The Airtel and Airtel Banks are found be violating a different section of the Aadhaar Act 2016, which mandates explicit consent of the individuals.

According to the law, the violations could lead to a fine of one lakh per day and termination of authentication user agreements.

Airtel has been opening Airtel Payments Bank Account, without the consent of the user, as they link the SIMs to the Aadhaar card.

According to reports, more than 23 Lakh customers have their Airtel Payments Bank Account without any prior awareness.

UIDAI observed that as per agreement with the authority, Airtel and Airtel bank are under obligation to ensure security and privacy of a resident&#39;s identity information.

An audit has also been ordered to examine if the Airtel&nbsp;and Airtel Payments Bank are in compliance with the Aadhaar Act. It will be conducted by PricewaterhouseCoopers.&nbsp;

According to the sources, when Airtel received the first notice it stated that they have amended the process and the opening of a bank account is delinked from the verification process.

Airtel also received a notice after the previous but even then the authority was receiving complaints about the unauthorised opening of Airtel Payments Bank accounts.

UIDAI also reviewed the Airtel Mobile app in which they saw that along with the welcome message, a pre-ticked consent box appears for a moment which states, &quot;Upgrade or create&nbsp;my Airtel Payment Bank wallet using existing Airtel mobile KYC&quot; which is found to be a disregard of Aadhaar Act and Regulations.&nbsp;

(With inputs from news agency) 
&nbsp;

The temporary action was taken by the UIDAI after the allegations that Bharti Airtel is using the verification process to open payments bank accounts of its subscribers without their 'informed consent'

Bharti Airtel and Airtel Payments Banks have been temporarily banned from conducting Aadhaar-based SIM verification of Mobile customers using eKYC (ELectronic Know Your Customer) process and e-KYC of payments bank clients by Unique Identification Authority of India (UIDAI). The action was taken after the allegations that Bharti Airtel is using the Aadhaar-eKYC based SIM verification process to open payments bank accounts of its subscribers without their "informed consent." As Airtel is on the interim ban, it won't be able to e-verify or link mobile SIMs with the Aadhaar ID through the eKYC process of UIDAI. Customers also won't be able open their new account in Airtel Payment Bank. A spokesperson for Airtel said, "We can confirm that we have received an interim order from the UIDAI regarding temporary suspension of Aadhaar linked e-KYC services till their satisfaction on certain processes relating to Airtel payment banks onboarding of customers." "We are engaging with the authority and are hopeful of an early resolution. We are also undertaking to complete the said actions on priority and have commenced thorough checks of our process flows. "Being compliant to all guidelines is paramount to us. In the interim, any inconvenience to our customers is regretted." The UIDAI also took strong objection to the allegations that such payment bank accounts are being linked to receive LPG subsidy. The Airtel and Airtel Banks are found be violating a different section of the Aadhaar Act 2016, which mandates explicit consent of the individuals. According to the law, the violations could lead to a fine of one lakh per day and termination of authentication user agreements. Airtel has been opening Airtel Payments Bank Account, without the consent of the user, as they link the SIMs to the Aadhaar card. According to reports, more than 23 Lakh customers have their Airtel Payments Bank Account without any prior awareness. UIDAI observed that as per agreement with the authority, Airtel and Airtel bank are under obligation to ensure security and privacy of a resident's identity information. An audit has also been ordered to examine if the Airtel and Airtel Payments Bank are in compliance with the Aadhaar Act. It will be conducted by PricewaterhouseCoopers. According to the sources, when Airtel received the first notice it stated that they have amended the process and the opening of a bank account is delinked from the verification process. Airtel also received a notice after the previous but even then the authority was receiving complaints about the unauthorised opening of Airtel Payments Bank accounts. UIDAI also reviewed the Airtel Mobile app in which they saw that along with the welcome message, a pre-ticked consent box appears for a moment which states, "Upgrade or create my Airtel Payment Bank wallet using existing Airtel mobile KYC" which is found to be a disregard of Aadhaar Act and Regulations. (With inputs from news agency)

Airtel banned from Aadhaar-eKYC based SIM verification

Amazon.com Inc`s Australian arm began taking orders on Tuesday, ending speculation about the timing of its launch in the world`s No. 12 economy and likely dashing hopes of a holiday boost for struggling brick-and-mortar rivals.

The global retailer said it would offer free shipping nationwide for purchases over A$49 ($37.26), with millions of products available from clothes to sporting goods to consumer electronics.

The move establishes the $550 billion behemoth as an aggressive presence in the sluggish Australian retail sector, just as shopkeepers were hoping for a rush of sales over the important Christmas holiday season.

Amazon`s Australia country manager, Rocco Braeuniger, said in a statement the U.S. company would &quot;earn the trust&quot; of Australian shoppers and, over time, create &quot;thousands of new jobs&quot;.

Australia has long been home to Amazon-registered sellers, but until Tuesday they were limited to sending goods offshore because the Seattle conglomerate did not have a warehouse in the country of 24 million people. This also meant Australians had to wait longer times, and pay higher fees, for shipping.

The company has now set up a massive distribution warehouse on the outskirts of Melbourne city, on the country`s east coast where four-fifths of the population live, and the company hopes to cut delivery time to as little as a day.

Under the free delivery offer, Amazon said it estimated delivery times as short as three business days in the cities of Sydney, Melbourne, Brisbane, Adelaide and Canberra - home to half the country`s population - while shipping to remote areas could take 10 days.

Shoppers could pay a fee for faster shipping times.

Amazon did not comment on any last-minute problems from an order-taking trial which began on Nov. 23.

It said it planned to offer its rapid-shipping subscription service, Prime, in mid-2018, in a sign it is unperturbed by the geographic challenge posed by one of the world`s most sparsely populated countries. Australia is the size of the mainland United States, with one-thirteenth its population.

Australian retail shares have fallen sharply since Amazon confirmed plans for the country in April. Shares of top department store operator Myer Holdings Ltd are down 30 percent since that time.

Myer has been shutting stores and ramping up online sales, and last month it halved its three-year target for growth in sales per square metre. Its online sales leapt 68 percent in the 13 weeks to Oct. 28, but remained only a tiny fraction of its total revenue.

Shares of No. 1 electronics retailer Harvey Norman Holdings Ltd are down 7 percent since April, while smaller JB HiFi are off by 6 percent amid fears of competition from Amazon.

($1 = 1.3149 Australian dollars)

Amazon.com Inc`s Australian arm began taking orders on Tuesday, ending speculation about the timing of its launch in the world`s No. 12 economy and likely dashing hopes of a holiday boost for struggling brick-and-mortar rivals. The global retailer said it would offer free shipping nationwide for purchases over A$49 ($37.26), with millions of products available from clothes to sporting goods to consumer electronics. The move establishes the $550 billion behemoth as an aggressive presence in the sluggish Australian retail sector, just as shopkeepers were hoping for a rush of sales over the important Christmas holiday season. Amazon`s Australia country manager, Rocco Braeuniger, said in a statement the U.S. company would "earn the trust" of Australian shoppers and, over time, create "thousands of new jobs". Australia has long been home to Amazon-registered sellers, but until Tuesday they were limited to sending goods offshore because the Seattle conglomerate did not have a warehouse in the country of 24 million people. This also meant Australians had to wait longer times, and pay higher fees, for shipping. The company has now set up a massive distribution warehouse on the outskirts of Melbourne city, on the country`s east coast where four-fifths of the population live, and the company hopes to cut delivery time to as little as a day. Under the free delivery offer, Amazon said it estimated delivery times as short as three business days in the cities of Sydney, Melbourne, Brisbane, Adelaide and Canberra - home to half the country`s population - while shipping to remote areas could take 10 days. Shoppers could pay a fee for faster shipping times. Amazon did not comment on any last-minute problems from an order-taking trial which began on Nov. 23. It said it planned to offer its rapid-shipping subscription service, Prime, in mid-2018, in a sign it is unperturbed by the geographic challenge posed by one of the world`s most sparsely populated countries. Australia is the size of the mainland United States, with one-thirteenth its population. Australian retail shares have fallen sharply since Amazon confirmed plans for the country in April. Shares of top department store operator Myer Holdings Ltd are down 30 percent since that time. Myer has been shutting stores and ramping up online sales, and last month it halved its three-year target for growth in sales per square metre. Its online sales leapt 68 percent in the 13 weeks to Oct. 28, but remained only a tiny fraction of its total revenue. Shares of No. 1 electronics retailer Harvey Norman Holdings Ltd are down 7 percent since April, while smaller JB HiFi are off by 6 percent amid fears of competition from Amazon. ($1 = 1.3149 Australian dollars)

Amazon Australia goes live in time to ruin rivals' Christmas

Facebook has decided to test &quot;Marketplace&quot;, a facility will link&nbsp;buyers and sellers in India, reports say.&nbsp;

&quot;Marketplace&quot;&nbsp;is a service which connects buyers and sellers, without charging anything&nbsp;and it makes reselling goods via mobiles or computers a&nbsp;seamless affair.&nbsp;

Indian users mostly engage in selling or buying jewellery and accessories, household goods, electronics, and apparel, a media report said. Facebook has decided not to create any particular categories as yet, hoping that once people start listing their products the categories will be formed.&nbsp;

Karandeep Anand, director,&nbsp;product management, Facebook, said that most Indians use social media platforms to &quot;buy or sell products&quot;. With the use of marketplace, Facebook aims to create an easier &quot;user experience, motivate people to engage&quot;&nbsp;and add &quot;economic activity locally.&quot;

Over 550 million Facebook users visit different groups on the page - which sell or buy items, globally. Thus, making up for a quarter of its 2 billion active monthly users. &nbsp;

Anand asserts that sellers are common people like students, artisans or NGOs. Therefore, instead of building a full-fledged e-commerce environment, Facebook aims to target its users and further present better tools.&nbsp;

Facebook also intends to provide&nbsp;tools related to privacy in order to limit information given by users, and also introduce&nbsp;machine learning which prohibits users from listing products like guns, cigarettes, alcohol and such items. Users will also be able to report fake accounts or ban items.

Facebook is looking into new grounds and has decided to test Marketplace, a facility linking buyers and sellers in India, reports say.?

Facebook has decided to test "Marketplace", a facility will link buyers and sellers in India, reports say. "Marketplace" is a service which connects buyers and sellers, without charging anything and it makes reselling goods via mobiles or computers a seamless affair. Indian users mostly engage in selling or buying jewellery and accessories, household goods, electronics, and apparel, a media report said. Facebook has decided not to create any particular categories as yet, hoping that once people start listing their products the categories will be formed. Karandeep Anand, director, product management, Facebook, said that most Indians use social media platforms to "buy or sell products". With the use of marketplace, Facebook aims to create an easier "user experience, motivate people to engage" and add "economic activity locally." Over 550 million Facebook users visit different groups on the page - which sell or buy items, globally. Thus, making up for a quarter of its 2 billion active monthly users. Anand asserts that sellers are common people like students, artisans or NGOs. Therefore, instead of building a full-fledged e-commerce environment, Facebook aims to target its users and further present better tools. Facebook also intends to provide tools related to privacy in order to limit information given by users, and also introduce machine learning which prohibits users from listing products like guns, cigarettes, alcohol and such items. Users will also be able to report fake accounts or ban items.

Facebook may compete with Olx, Quikr: Report

Chinese e-commerce giant Alibaba saw its Singles&rsquo; Day sales hit $16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world&rsquo;s biggest shopping spree opened at midnight.

Once a celebration for China&rsquo;s lonely hearts, Singles&rsquo; Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China&rsquo;s consumers.

After a star-studded event in Shanghai late Friday to ring in the event, the volume of goods sold on Alibaba&rsquo;s platforms hit $10 billion in just over an hour, and was already heading towards last year&rsquo;s total of $17.7 billion.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - are braced for an estimated 1.5 billion parcels expected over the next six days.

&ldquo;This is a big event for China, for the Chinese economy,&rdquo; Joseph Tsai, Ali Baba&rsquo;s co-founder and vice chairman, said ahead of the sales bonanza. &ldquo;On Singles&rsquo; Day, shopping is a sport, it&rsquo;s entertainment.&rdquo;

Tsai said rising disposable incomes of China&rsquo;s &ldquo;over 300 million middle-class consumers&rdquo; was helping drive the company&rsquo;s online sales - and would continue. &ldquo;This powerful group is propelling the consumption of China,&rdquo; he said.

Analysts and investors will closely watch the headline sales number, which looks likely to fly past last year&rsquo;s total. Spending rose by nearly a third at 2016&rsquo;s sale - the eighth iteration of the event - but that was slower than the 60 percent increase logged in 2015.

At Alibaba&rsquo;s Friday night gala, the company&rsquo;s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

Slower growth

The excitement around the shopping blitz, however, masks the challenges facing China&rsquo;s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing.

&ldquo;A lot of the lower hanging fruit has been picked and there&rsquo;s increased competition for a share of consumer spending,&rdquo; said Matthew Crabbe, Asia Pacific research director at Mintel.

He estimated Alibaba&rsquo;s Singles&rsquo; Day sales growth would likely slow to around 20 percent. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to &ldquo;saturation&rdquo;.

&ldquo;They&rsquo;re having to spill over out of the purely online realm into the wider consumer market,&rdquo; Crabbe said.

This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers to haute couture.

Ben Cavender, the Shanghai-based principal at China Market Research Group, noted that brands were being more careful with the deals they have on offer this year to avoid &ldquo;margins getting killed&rdquo;, and were often asking for deposits in advance.

In previous years, most prices were often halved.

&ldquo;I think prices seem high and I&lsquo;m totally lost as to the rules&rdquo; about discounts, said Gao Wantong, 21, a student in Beijing.

Fu Wenyue, a 23-year-old dresser in Shanghai, said she had spent around 4,000 yuan ($600) on clothes, cosmetics and kitchen utensils in pre-event sales, transactions ahead of the day which officially only go through once midnight strikes.

&ldquo;I&rsquo;ve bought some stuff already, but I haven&rsquo;t finished shopping yet,&rdquo; she said.

($1 = 6.6386 Chinese yuan renminbi)

Sales hit $10 billion in just over an hour

Chinese e-commerce giant Alibaba saw its Singles’ Day sales hit $16 billion by mid-morning on Saturday after racing to a billion dollars in just two minutes after the world’s biggest shopping spree opened at midnight. Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour extravaganza that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers. After a star-studded event in Shanghai late Friday to ring in the event, the volume of goods sold on Alibaba’s platforms hit $10 billion in just over an hour, and was already heading towards last year’s total of $17.7 billion. The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - are braced for an estimated 1.5 billion parcels expected over the next six days. “This is a big event for China, for the Chinese economy,” Joseph Tsai, Ali Baba’s co-founder and vice chairman, said ahead of the sales bonanza. “On Singles’ Day, shopping is a sport, it’s entertainment.” Tsai said rising disposable incomes of China’s “over 300 million middle-class consumers” was helping drive the company’s online sales - and would continue. “This powerful group is propelling the consumption of China,” he said. Analysts and investors will closely watch the headline sales number, which looks likely to fly past last year’s total. Spending rose by nearly a third at 2016’s sale - the eighth iteration of the event - but that was slower than the 60 percent increase logged in 2015. At Alibaba’s Friday night gala, the company’s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing. Slower growth The excitement around the shopping blitz, however, masks the challenges facing China’s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing. “A lot of the lower hanging fruit has been picked and there’s increased competition for a share of consumer spending,” said Matthew Crabbe, Asia Pacific research director at Mintel. He estimated Alibaba’s Singles’ Day sales growth would likely slow to around 20 percent. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to “saturation”. “They’re having to spill over out of the purely online realm into the wider consumer market,” Crabbe said. This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers to haute couture. Ben Cavender, the Shanghai-based principal at China Market Research Group, noted that brands were being more careful with the deals they have on offer this year to avoid “margins getting killed”, and were often asking for deposits in advance. In previous years, most prices were often halved. “I think prices seem high and I‘m totally lost as to the rules” about discounts, said Gao Wantong, 21, a student in Beijing. Fu Wenyue, a 23-year-old dresser in Shanghai, said she had spent around 4,000 yuan ($600) on clothes, cosmetics and kitchen utensils in pre-event sales, transactions ahead of the day which officially only go through once midnight strikes. “I’ve bought some stuff already, but I haven’t finished shopping yet,” she said. ($1 = 6.6386 Chinese yuan renminbi)

China Single's Day 24-hour online shopping binge nears $16 billion

China&#39;s first &quot;cyber court&quot; was launched&nbsp;on Friday&nbsp;to settle online disputes, as the legal system attempts to keep up with the explosion of mobile payment and e-commerce.

Residents of the eastern city of Hangzhou, home to e-commerce giant Alibaba, can now register their Internet-related civil complaints online and wait to log onto to their trial via video chat.

The cyber court will &quot;offer regular people an efficient, low-cost solution to these new kinds of disputes that take place on the internet,&quot; Du Qian, the cyber-court chief justice, told the official Supreme People&#39;s Court news agency.

&quot;Not only will this make lawsuits as convenient as online shopping, but it will also give online shopping the same degree of judicial protection as consumption at brick-and-mortar stores.&quot;

The court will handle cases such as online trade disputes, copyright lawsuits, and product liability claims for online purchases.

China is home to the world&#39;s largest number of internet users, 731 million at the end of last year, and e-commerce is a vital part of the government&#39;s efforts to turn China into a consumer demand-driven economy.

Consumers spent $17.8 billion during Alibaba&#39;s biggest online shopping promotion on&nbsp;November 11&nbsp;last year, more than twice the five-day desktop sales from Thanksgiving through Cyber&nbsp;Monday&nbsp;in the US last year.

The cyber court is opened to settle online disputes, as the legal system attempts to keep up with the explosion of mobile payment and e-commerce

China's first "cyber court" was launched on Friday to settle online disputes, as the legal system attempts to keep up with the explosion of mobile payment and e-commerce. Residents of the eastern city of Hangzhou, home to e-commerce giant Alibaba, can now register their Internet-related civil complaints online and wait to log onto to their trial via video chat. The cyber court will "offer regular people an efficient, low-cost solution to these new kinds of disputes that take place on the internet," Du Qian, the cyber-court chief justice, told the official Supreme People's Court news agency. "Not only will this make lawsuits as convenient as online shopping, but it will also give online shopping the same degree of judicial protection as consumption at brick-and-mortar stores." The court will handle cases such as online trade disputes, copyright lawsuits, and product liability claims for online purchases. China is home to the world's largest number of internet users, 731 million at the end of last year, and e-commerce is a vital part of the government's efforts to turn China into a consumer demand-driven economy. Consumers spent $17.8 billion during Alibaba's biggest online shopping promotion on November 11 last year, more than twice the five-day desktop sales from Thanksgiving through Cyber Monday in the US last year.

China opens its first 'cyber court'

Refuting charges of non payment, e-commerce major Snapdeal said it has no outstanding dues towards sellers on its platform.

The statement comes after e-sellers&#39; representative body -&nbsp;All India Online Vendors Association (AIOVA) -&nbsp;alleged that the city-based online marketplace has not settled dues with many sellers.

Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods.

It added that in a few cases, details are awaited from sellers in support of the claims made by them.

&quot;In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements,&quot; Snapdeal Senior Vice President (Finance Operations) Sanjay Agarwal said.

He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies.

In recent weeks, Snapdeal claimed it has further expedited the payment cycles for sellers, making payments faster.

Earlier this week, AIOVA had written to corporate affairs ministry and commerce ministry seeking their intervention on the proposed Snapdeal-Flipkart deal.

According to sources, Snapdeal&#39;s largest investor SoftBank has been proactively mediating with the board members over the past few weeks for a potential sale to Flipkart and has succeeded in getting their consent.

A non-binding term sheet to undertake due diligence on Snapdeal by Flipkart is expected to be signed soon.

(PTI)

Snapdeal says payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods

Refuting charges of non payment, e-commerce major Snapdeal said it has no outstanding dues towards sellers on its platform. The statement comes after e-sellers' representative body - All India Online Vendors Association (AIOVA) - alleged that the city-based online marketplace has not settled dues with many sellers. Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods. It added that in a few cases, details are awaited from sellers in support of the claims made by them. "In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements," Snapdeal Senior Vice President (Finance Operations) Sanjay Agarwal said. He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies. In recent weeks, Snapdeal claimed it has further expedited the payment cycles for sellers, making payments faster. Earlier this week, AIOVA had written to corporate affairs ministry and commerce ministry seeking their intervention on the proposed Snapdeal-Flipkart deal. According to sources, Snapdeal's largest investor SoftBank has been proactively mediating with the board members over the past few weeks for a potential sale to Flipkart and has succeeded in getting their consent. A non-binding term sheet to undertake due diligence on Snapdeal by Flipkart is expected to be signed soon. (PTI)

No outstanding dues to sellers: Snapdeal

India has the fastest growing e-commerce market in the world, valued at more than $12 billion. Unfortunately, the number of consumer complaints against India&rsquo;s leading e-commerce companies has also steadily shot up.

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The Minister of State for Consumer Affairs Mr CR Chaudhary shared the details of complaints received against e-Commerce companies during the last three years with the Lok Sabha. And the numbers shot up by more than 300%.While the National Consumer Helpline registered 418 complaints during 2014-15, the number shot up to 1,386 till December 2016.

Need for a separate law 

At a time when online transactions have steadily shot up, the need for a separate law or agency to tackle consumer grievances has been evaluated by various agencies.

A study conducted by the Indian Institute of Management Ahmedabad, stressed on the need for a separate law for e-commerce. The study was reviewed proposed amendments in the Consumer Protection Act.

The Indian government too considered the need for a regulator for e-commerce in India. An Inter Ministerial Committee was setup in 2014 to evaluate the need for a regulator for any form of direct selling or multi level marketing.

But as per the government of the day, there is no proposal to bring in a separate legislation for e-commerce platforms. The Consumer Affairs minister, in his reply to the Lok Sabha, maintained that under the new Consumer Protection Bill, the Central Consumer Protection Authority should be good enough to look into any consumer complaints against e-commerce companies.

The global scenario

The debate around e-commerce law is not new.

The boost in e-commerce business in 1990s sparked off the first debate around regulation. Taking a cue, the United Nations General Assembly in 1996 approved a model law. The purpose of the Model law of Electronic Commerce was to &lsquo;offer national legislators a set of internationally acceptable rules&rsquo;.

Similarly, the European Union as well issued the Electronic Commerce directive in 2000, with an aim to set up &lsquo;an internal market framework for electronic commerce, which provides legal certainty for business and consumers alike. &rsquo;

Countries at the center of e-commerce activity have developed frameworks overtime to carry out business.

The United States has three key laws, laying out measures for economic activity online- The Anticybersquatting Consumer Protection Act, Children&#39;s Online Privacy Protection Act, and the Electronic Signatures in Global and National Commerce Act.

Post the guidelines from the European Union, the UK government too introduced the Consumer Protection Regulations Act in 2000. This was later repealed in June 2014, and replaced by the Consumer Contracts and Regulations act-which had specific provisions to protect consumers transacting online.

Closer to home, China&rsquo;s lawmakers presently are debating a draft law to regulate the world&rsquo;s largest e-commerce market.

In India, the shutdown of consumer internet search platform AskMe and its sister concerns-AskMe Bazaar and Mebelkart last year, sent shockwaves in the industry.

The Indian Government, with the new consumer protection law, has proposed several amendments to empower regulatory authorities. This includes powers to recall products and initiate class action lawsuits against defaulting companies.

But the law still awaits the nod of our parliamentarians.

Complaints by consumers to the National Consumer Helpline rose by more than 300%

India has the fastest growing e-commerce market in the world, valued at more than $12 billion. Unfortunately, the number of consumer complaints against India’s leading e-commerce companies has also steadily shot up. The Minister of State for Consumer Affairs Mr CR Chaudhary shared the details of complaints received against e-Commerce companies during the last three years with the Lok Sabha. And the numbers shot up by more than 300%.While the National Consumer Helpline registered 418 complaints during 2014-15, the number shot up to 1,386 till December 2016. Need for a separate law At a time when online transactions have steadily shot up, the need for a separate law or agency to tackle consumer grievances has been evaluated by various agencies. A study conducted by the Indian Institute of Management Ahmedabad, stressed on the need for a separate law for e-commerce. The study was reviewed proposed amendments in the Consumer Protection Act. The Indian government too considered the need for a regulator for e-commerce in India. An Inter Ministerial Committee was setup in 2014 to evaluate the need for a regulator for any form of direct selling or multi level marketing. But as per the government of the day, there is no proposal to bring in a separate legislation for e-commerce platforms. The Consumer Affairs minister, in his reply to the Lok Sabha, maintained that under the new Consumer Protection Bill, the Central Consumer Protection Authority should be good enough to look into any consumer complaints against e-commerce companies. The global scenario The debate around e-commerce law is not new. The boost in e-commerce business in 1990s sparked off the first debate around regulation. Taking a cue, the United Nations General Assembly in 1996 approved a model law. The purpose of the Model law of Electronic Commerce was to ‘offer national legislators a set of internationally acceptable rules’. Similarly, the European Union as well issued the Electronic Commerce directive in 2000, with an aim to set up ‘an internal market framework for electronic commerce, which provides legal certainty for business and consumers alike. ’ Countries at the center of e-commerce activity have developed frameworks overtime to carry out business. The United States has three key laws, laying out measures for economic activity online- The Anticybersquatting Consumer Protection Act, Children's Online Privacy Protection Act, and the Electronic Signatures in Global and National Commerce Act. Post the guidelines from the European Union, the UK government too introduced the Consumer Protection Regulations Act in 2000. This was later repealed in June 2014, and replaced by the Consumer Contracts and Regulations act-which had specific provisions to protect consumers transacting online. Closer to home, China’s lawmakers presently are debating a draft law to regulate the world’s largest e-commerce market. In India, the shutdown of consumer internet search platform AskMe and its sister concerns-AskMe Bazaar and Mebelkart last year, sent shockwaves in the industry. The Indian Government, with the new consumer protection law, has proposed several amendments to empower regulatory authorities. This includes powers to recall products and initiate class action lawsuits against defaulting companies. But the law still awaits the nod of our parliamentarians.

Infographics: Consumer complaints in India against e-commerce giants at a record high

India&#39;s biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country&#39;s e-commerce sector as competition intensifies. 
 
Flipkart unit Myntra, India&#39;s largest online fashion retailer which is buying Jabong, said today that the two sites will have a combined base of 15 million monthly active users. Global Fashion Group is backed by Germany&#39;s Rocket Internet and Sweden&#39;s Kinnevik. 
 
Niche e-commerce players in India are facing greater competition from both domestic rivals and the likes of Amazon.com Inc, at a time when industry valuations have begun to cool. 
 
Rocket Internet had flagged earlier this year that business was tough in India, warranting more investment by Global Fashion Group. 
 
The deal puts Myntra, which itself was bought by Flipkart for about $300 million last year, in a stronger position to take on Flipkart&#39;s biggest local rival Snapdeal and Amazon, which has pledged to invest over $5 billion in India to boost market share in the country. 
 
Amazon&#39;s huge bet and tough competition have already prompted some small local players to consolidate. Privately held Indian conglomerate Future Group, which owns a string of fashion and retail assets, earlier in 2016 bought online furniture retailer FabFurnish.com. 
 
The e-commerce fashion retail space in India has especially been attracting investment from not only established names such as Flipkart, Snapdeal and Amazon, but also from newer entrants like Reliance Industries - India&#39;s largest company, which outlined plans to roll out an e-commerce website in April. 
 
India&#39;s e-commerce market is seen as having potential though, with annual sales of $36.7 billion expected by 2020, consultants KPMG said in report in November. 
 
The Myntra and Jabong sites will exclusively offer international brands. 
 
(Reuters)

The deal puts Myntra in a stronger position to take on their biggest local rival Snapdeal and Amazon

India's biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country's e-commerce sector as competition intensifies. Flipkart unit Myntra, India's largest online fashion retailer which is buying Jabong, said today that the two sites will have a combined base of 15 million monthly active users. Global Fashion Group is backed by Germany's Rocket Internet and Sweden's Kinnevik. Niche e-commerce players in India are facing greater competition from both domestic rivals and the likes of Amazon.com Inc, at a time when industry valuations have begun to cool. Rocket Internet had flagged earlier this year that business was tough in India, warranting more investment by Global Fashion Group. The deal puts Myntra, which itself was bought by Flipkart for about $300 million last year, in a stronger position to take on Flipkart's biggest local rival Snapdeal and Amazon, which has pledged to invest over $5 billion in India to boost market share in the country. Amazon's huge bet and tough competition have already prompted some small local players to consolidate. Privately held Indian conglomerate Future Group, which owns a string of fashion and retail assets, earlier in 2016 bought online furniture retailer FabFurnish.com. The e-commerce fashion retail space in India has especially been attracting investment from not only established names such as Flipkart, Snapdeal and Amazon, but also from newer entrants like Reliance Industries - India's largest company, which outlined plans to roll out an e-commerce website in April. India's e-commerce market is seen as having potential though, with annual sales of $36.7 billion expected by 2020, consultants KPMG said in report in November. The Myntra and Jabong sites will exclusively offer international brands. (Reuters)

Flipkart's Myntra acquires Jabong for $70 million in cash

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart&#39;s reach in China. 
 
Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com&#39;s current valuation. 
 
Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com&#39;s ADRs were up nearly 8 per cent, or $1.56, at $21.58 
 
Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. 
 
That deal combined Yihaodian&#39;s local expertise with Wal-Mart&#39;s global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. 
 
In the latest agreement, JD.Com, China&#39;s second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. 
 
The deal will give Walmart access to JD.Com&#39;s online traffic and expand its reach into the Chinese market. Sam&#39;s Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart&rsquo;s China stores will be listed as a preferred retailer on JD.com&rsquo;s crowd-sourced platform, O2O JV Dada. 
 
Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. 
 
&quot;It doesn&#39;t mean that they&#39;ve pulled away, but to me it tells me they are trying to make smarter investments,&quot; said Yarbrough. 
 
Walmart&rsquo;s financial adviser on the deal was Morgan Stanley &amp; Co. LLC and its legal advisor was Morrison &amp; Foerster LLP. JD.com&rsquo;s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. 
 
(Reuters)

The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart's reach in China. Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com's current valuation. Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com's ADRs were up nearly 8 per cent, or $1.56, at $21.58 Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. That deal combined Yihaodian's local expertise with Wal-Mart's global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. In the latest agreement, JD.Com, China's second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market. Sam's Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart’s China stores will be listed as a preferred retailer on JD.com’s crowd-sourced platform, O2O JV Dada. Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. "It doesn't mean that they've pulled away, but to me it tells me they are trying to make smarter investments," said Yarbrough. Walmart’s financial adviser on the deal was Morgan Stanley & Co. LLC and its legal advisor was Morrison & Foerster LLP. JD.com’s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. (Reuters)

Wal-Mart to sell its China e-biz to JD.com for 5% stake

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. 
 
At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. 
 
Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. 
 
Addressing concerns about the company&#39;s efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do &quot;anything to stop the fake products&quot;. The company has been dogged for years by accusations that its shopping platforms were conduits for counterfeiters. 
 
&quot;I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem,&quot; he said.

Executive Chairman Jack Ma was even more hopeful long term, stating they'd have 2 billion annual consumers by 2036

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake products". The company has been dogged for years by accusations that its shopping platforms were conduits for counterfeiters. "I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem," he said.

Alibaba expects to record $912 billion by 2020, even amid concerns it sells counterfeit products

The who&#39;s who of America Inc, including e-commerce giant Amazon&#39;s Jeff Bezos, PepsiCo&#39;s Indra Nooyi, Boeing&#39;s Mark Allen and Lockheed Martin&#39;s Marillyn Hewson, attended the roundtable held at Central Green Room Gallery of Andrew W. Mellon Auditorium. 
 
Bezos announced that his company will invest an additional $3 billion in India, Amazon&#39;s fastest growing region. This will boost Amazon&#39;s committed investment in India to over $5 billion. 
 
Foreign ministry spokesperson Vikas Swarup said in a tweet that Modi invited the US business leaders &quot;to work more closely with India and in India&quot;. 
 
The Prime Minister also &quot;outlined strengths of Indian economy and its talented workforce,&quot; Swarup posted on Twitter. 
 
US Secretary of Commerce Penny Pritzker and several top Indian business leaders were also present at the meeting. 
 
Earlier in the day, Modi held a closed-door meeting with Obama during which they discussed significant issues of bilateral interests. 
 
Prior to the US, the Indian prime minister visited Afghanistan, Qatar and Switzerland on his five-nation tour aimed at expanding India&#39;s trade, energy and security cooperation. He will end his tour in Mexico.

Amazon's founder and CEO Jeff Bezos announced that the e-commerce giant will invest an additional $3 billion in India

The who's who of America Inc, including e-commerce giant Amazon's Jeff Bezos, PepsiCo's Indra Nooyi, Boeing's Mark Allen and Lockheed Martin's Marillyn Hewson, attended the roundtable held at Central Green Room Gallery of Andrew W. Mellon Auditorium. Bezos announced that his company will invest an additional $3 billion in India, Amazon's fastest growing region. This will boost Amazon's committed investment in India to over $5 billion. Foreign ministry spokesperson Vikas Swarup said in a tweet that Modi invited the US business leaders "to work more closely with India and in India". The Prime Minister also "outlined strengths of Indian economy and its talented workforce," Swarup posted on Twitter. US Secretary of Commerce Penny Pritzker and several top Indian business leaders were also present at the meeting. Earlier in the day, Modi held a closed-door meeting with Obama during which they discussed significant issues of bilateral interests. Prior to the US, the Indian prime minister visited Afghanistan, Qatar and Switzerland on his five-nation tour aimed at expanding India's trade, energy and security cooperation. He will end his tour in Mexico.

Indian PM Modi meets top US CEOs in Washington

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. 
 
The move will reduce SoftBank&#39;s 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. 
 
SoftBank said in a statement it has &quot;approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba&quot;. 
 
The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. 
 
&quot;This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on 
many exciting projects,&quot; Son said in the statement, adding that the pair would continue to work together. 
 
Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. 
 
But the buying spree has put pressure on SoftBank&#39;s finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. 
 
&nbsp;As per the official statement, Son and Alibaba&#39;s executive chairman Jack Ma will remain on the board of the other&#39;s firms 
 
&quot;Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together,&quot; Ma said in a separate statement. 
 
&quot;As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders.&quot; 
 
SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. 
 
SoftBank has seen its profits boosted thanks to Alibaba&#39;s record USD 25 billion market debut in 2014 in New York. 
Today&#39;s announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. 
 
SoftBank shares rose more than two percent shortly after the opening bell today. 
 
Alibaba&#39;s US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank&#39;s planned share sale. (AFP)

Japanese mobile carrier SoftBank today said it will sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt.

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. The move will reduce SoftBank's 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. SoftBank said in a statement it has "approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba". The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. "This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on many exciting projects," Son said in the statement, adding that the pair would continue to work together. Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. But the buying spree has put pressure on SoftBank's finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. As per the official statement, Son and Alibaba's executive chairman Jack Ma will remain on the board of the other's firms "Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together," Ma said in a separate statement. "As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders." SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. SoftBank has seen its profits boosted thanks to Alibaba's record USD 25 billion market debut in 2014 in New York. Today's announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. SoftBank shares rose more than two percent shortly after the opening bell today. Alibaba's US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank's planned share sale. (AFP)

SoftBank to sell part of stake in China's Alibaba for $7.9 billion

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