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The report highlighted notable shifts: smaller cities dominate online shopping, while Gen Z-Alpha consumers and low-income groups actively embrace e-commerce, signaling changing trends and wider participation in online retail across diverse demograph

India's e-commerce industry to exceed $160 billion by 2028: Bain-Flipkart report 

The report highlighted notable shifts: smaller cities dominate online shopping, while Gen Z-Alpha consumers and low-income groups actively embrace e-commerce, signaling changing trends and wider participation in online retail across diverse demographics.

The report highlighted notable shifts: smaller cities dominate online shopping, while Gen Z-Alpha consumers and low-income groups actively embrace e-commerce, signaling changing trends and wider participation in online retail across diverse demographics.

India's e-commerce realm is poised for a remarkable surge, projected to surpass the $160 billion mark by 2028, as per a recent report jointly authored by Bain and Co. alongside e-commerce giant Flipkart. The growth trajectory anticipates a significant leap from an estimated $57&ndash;$60 billion in 2023, reflecting the escalating momentum in online shopping, particularly catalyzed by the aftermath of the Covid-19 pandemic.
The report, titled The How India Shops Online 2023, highlights a consistent yearly expansion of India's online retail market by $8&ndash;12 billion since 2020. Projections suggest a growth rate of 17&ndash;20% in 2023, albeit slightly slower than the 25-30% surge experienced during 2019-2022. The deceleration is attributed to inflationary pressures impacting the demand for discretionary goods.
"The Covid-19 pandemic has acted as a pivotal juncture for global e-retail adoption, witnessing a surge in online shopping across markets," the report stated. Notably, India has notably accelerated its e-retail penetration post-pandemic compared to more mature markets like the US and China.
Despite the substantial uptick in online shopping, e-commerce spending in India accounts for a mere 5-6% of the overall retail expenditure, a far cry from the 23&ndash;24% in the US and over 35% in China. This discrepancy signals a substantial room for growth in India's e-commerce landscape.
The burgeoning potential in India's online retail sector has prompted substantial investments from major players such as Amazon, Flipkart, and Reliance Retail&rsquo;s Ajio. Amazon, for instance, recently announced an additional $15 billion commitment to the Indian market by 2030, raising its total investment to $26 billion.
The report further revealed intriguing trends, with smaller cities leading the charge in online shopping adoption, accounting for seven out of 10 buyers. Additionally, a burgeoning cohort of Gen Z-Alpha consumers, along with a substantial portion from low-income or low-middle-income segments, is actively engaging in online shopping.
As the market continues to burgeon, analysts foresee the growth driven by both new shopper additions and increased online spending per shopper. The growing seller ecosystem in tandem with the evolving consumer preferences further underscores the dynamic trajectory of India's e-commerce landscape. Also Watch: <a href="https://www.editorji.com/business-news/economy/festive-season-sale-2023-early-trends-estimate-strong-sales-numbers-for-e-commerce-companies-1696926026030#google_vignette">Festive Season Sale 2023: Early trends estimate strong sales numbers for e-commerce companies</a>

E-commerce industry set to create 7L gig jobs in H2 2023, all dueto festive season sales surge. Gig workers' earnings and demand on the rise

E-commerce industry to generate 7 lakh gig jobs in festive season of 2023: Report

E-commerce industry set to create 7L gig jobs in H2 2023, all dueto festive season sales surge. Gig workers' earnings and demand on the rise

As the festive season approaches, the e-commerce industry in India is gearing up to meet the skyrocketing consumer demands, leading to the creation of approximately 7 lakh gig jobs in the second half of 2023. A recent report by TeamLease, a human resource company, highlighted the surge in shopping activity during the annual shopping frenzy as the primary driver behind this employment boost.
 According to the report, the e-commerce sector currently has around 2 lakh open positions for temporary workers, mainly in the last mile delivery space and warehouse operations. The demand is particularly high in Tier 2 and 3 cities compared to Tier 1 cities when compared to the previous year.
 Balasubramanian A, Vice President and Business Head of TeamLease Services, expressed his positive outlook for the gig economy, stating that over the last five years, there has been a remarkable 20% year-on-year increase in the demand for gig workers. He projected that this upward trend is expected to continue for the next 2-3 years, especially in the thriving e-commerce category. By December, the e-commerce sector alone is estimated to have around 7 lakh open positions.
 The report emphasized that the growth in employment opportunities reflects companies' efforts to ensure the best customer experience during the festive period. Balasubramanian A also highlighted the advantages of hiring gig workers, including optimizing spending, enhancing scalability, and embracing agility, empowering the Indian workforce to earn on their own terms with flexibility and comfort.
 Interestingly, the report revealed a remarkable growth of 69% in gig workers earning more than Rs 1,50,000 and a significant 62% increase in gig workers earning between Rs 85,000-150,000. However, it also pointed out the lower-income bracket, with a 26% increase in workers earning less than Rs 20,000 and a 20% increase in those earning between Rs 20,000-40,000.
 While the e-commerce sector seeks highly skilled and adaptable gig workers and temporary employees, other industries such as retail and logistics are also ramping up their recruitment efforts to meet the seasonal demands.
 Overall, India's gig workforce is expected to reach 2.35 crore by 2029-30, indicating a growing demand for this talent pool. With the festive season hiring already underway, the e-commerce industry is set to play a vital role in boosting employment opportunities and fostering economic growth in the country.

As per CNBC-TV18, the government is seeking legal opinions to regulate e-pharmacies. The government is concerned about data leak and misuse through these online platforms

Government seeks legal advise to regulate e-pharmacies: Report

Concerned over data leak, govt mulls regulating e-pharmacies: Report

The government is seeking legal opinions to regulate e-pharmacies. This over concerns about data leaks and misuse through these online platforms, as per a CNBC-TV18 report.&nbsp;

The government is mulling over regulating e-pharmacies and is seeking legal opinions, reported CNBC-TV18.&nbsp;
The ministry of chemicals and fertilizers has drafted regulations to curb the operations of the e-pharmacies. According to the news channel, the government is concerned over data leak and misuse through these online platforms.
The DGCA had issued show cause notices to over 20 e-pharmacies, for violation of the Drugs and Cosmetics Act 1940, as they were found to be selling schedule H, H1 and X without a valid licence. In response the FICCI wrote to the Union government showing concerns over the notices.
Meanwhile, the All India Organisation of Chemists and Druggists (AIOCD), threatened to launch a country-wide agitation if the government didn&rsquo;t act. AIOCD has also written to FICCI, claiming that their support for e-pharmacies amounts to advocating for an illegally operating business.

Reports indicate thet Singapore based ecommcerce firm Shopee may be shutting down it's India operation despite being present in the subcontinent only over the last 6 months. ET quoting unnamed soures stated that the etailer which competes with the likes of Meesho, Flipkart and Amazon, especially at the lower-end of the market is shutting down it's operations without notice. The company announced to its local team in a company-wide town hall on Monday that it will exit India.
Shopee had faced some opposition from local trade bodies which accused them of predatory pricing and Chinese influence. Both the charges however were refuted by regulatory bodies. 

Shopee shutters down in India after just 6 months: reports

Singapore based Shopee was facing fierce opposition from trader unions such as CAIT

Shopee shutters down in India after just 6 months

Singapore based Shopee&nbsp;was facing fierce opposition from trader unions such as CAIT

Reports indicate that Singapore based ecommerce&nbsp;firm Shopee&nbsp;may be shutting down it's India operation despite being present in the subcontinent only over the last 6 months.&nbsp; ET quoting unnamed sources stated that the etailer which competes with the likes of Meesho, Flipkart&nbsp;and Amazon, especially at the lower-end of the market is shutting down it's operations without notice.&nbsp;The company announced to its local team in a company-wide town hall on Monday that it will exit India.
Shopee&nbsp;had faced some opposition from local trade bodies which accused them of predatory pricing and Chinese influence. Both the charges however were refuted by regulatory bodies.&nbsp;

Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI has demanded data on the 'lending' and debt levels from the new BNPL segment. Business Standard reports the central bank has sought details of shadow banks’ BNPL arrangements with e-commerce players. Why one may ask is the RBI getting involved with personal shoppers? Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players. 

EJ Explains: Why 'Buy Now Pay Later' is under the RBI's lens

Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt.

Why 'Buy Now Pay Later' is under the RBI's lens

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Digital lending (not restricted to BNPL), disbursements by RBI-sampled entities exhibited a more than 12-fold
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Buy Now, Pay Later (BNPL) mantra for consumerism seems to have hit the right chord with the young shoppers but seems to be off-key with the regulator. Reports indicate that the RBI&nbsp;has demanded data on the 'lending' and debt levels from the new BNPL&nbsp;segment.&nbsp; Reports indicate that the central bank has sought details of shadow banks&rsquo; BNPL arrangements with e-commerce players.&nbsp; Why one may ask is the RBI&nbsp;getting involved with personal shoppers?&nbsp;Shoppers using BNPL take on short-term, often interest-free loans to pay for their purchases and sign on to a scheduled repayment plan to pay back the debt. The surge of spending under BNPL has sparked concern with regulators around just how much debt risk BNPL could be creating and what arrangements are being executed between the shadow banks and e-commerce players.

Facebook&nbsp;backed startup&nbsp;Meesho&nbsp;that entered the 'Unicorn Club' this April is looking to raise funds that is likely to give a fillip to it's valuation doubling it to $4 billion as per reports.&nbsp;Social commerce platform Meesho&nbsp;is looking to raise $100 mn in it's&nbsp;second fundraise this year. The company attained&nbsp;unicorn status&nbsp;in April when it mopped up $300 million in a round led by SoftBank&nbsp;which valued it at $2.1 billion then from $700 million in 2019.
Meesho&nbsp;which has not had any direct competition upto this point will now face-off Flipkart's latest launch Shopsy&nbsp;which marks it's debut in the social commerce space.

Startup Alert! Meesho eyes doubling valuation to  $4 billion

Startup Alert! Facebook backed Meesho eyes doubling valuation to $4 billion.&nbsp;

Startup Alert! Facebook backed Meesho eyes doubling valuation to $4 billion

Meesho is finalising a $100 million funding round from two new investors and existing backers as per reports.&nbsp;

Facebook&nbsp;backed startup&nbsp;Meesho&nbsp;that entered the 'Unicorn Club' this April is looking to raise funds that is likely to give a fillip to it's valuation doubling it to $4 billion as per reports.&nbsp; Social commerce platform Meesho&nbsp;is looking to raise $100 mn in it's&nbsp;second fundraise this year. The company attained&nbsp;unicorn status&nbsp;in April when it mopped up $300 million in a round led by SoftBank&nbsp;which valued it at $2.1 billion then from $700 million in 2019.
Meesho&nbsp;which has not had any direct competition upto this point will now face-off Flipkart's latest launch Shopsy&nbsp;which marks it's debut in the social commerce space.

As Jeff Bezos bids goodbye and literally blasts outs of the Amazon CEO spot, we look at the Amazon the new boss Andy Jassy inherits with all the changes and challenges facing the world&rsquo;s most valuable company.&nbsp;&nbsp;&nbsp;Amazon by Numbers&nbsp;&nbsp;Originally just a bookseller it may have taken the longest to enter the group of Big Tech but Amazon sits firmly with view of the top with a market-cap of $1.7 trillion and a brand value of over $680 billion.&nbsp;&nbsp;&nbsp;The revenue engine is churning faster than ever with the tech giant clocking in $400 billion a year in revenue. To put that in perspective that&rsquo;s more than the revenues of RIL + Tata Motors + TCS + Tata Steel + Infosys put together.&nbsp;&nbsp;&nbsp;And the pace isn&rsquo;t slowing down, with 30% revenue growth Amazon will become the largest U.S. company by annual sales next year outstripping legacy leader Walmart.&nbsp;&nbsp;&nbsp;&nbsp;Changing face of Amazon&nbsp;It is no longer just the&nbsp;e-commerce platform that took off in&nbsp;1994, diapers&nbsp;to sofas, pharmacy to movie production, from the morning newspaper to the midnight OTT binge, Amazon offers it all.&nbsp;&nbsp;The biggest game changer for the company has been Amazon Web Services (AWS) the division that Andy Jassy has led since&nbsp;its&nbsp;inception now accounts for nearly 15% of Amazon&rsquo;s revenue. Clocking in as a $54 billion annual sales run rate business, AWS as per WSJ now eclipses corporate software titans Oracle Corp. and Salesforce. Analysts currently expect AWS&rsquo;s revenue to roughly equal IBM&rsquo;s next year. Reports also indicate that AWS with a 32% share of the cloud infrastructure services market is way ahead of Microsoft (19%) and Google (7%).&nbsp;But it&rsquo;s not all &lsquo;boring tech&rsquo; for Amazon either. It also makes videogames, runs a music streaming service and produces blockbuster-sized movies and TV shows. Which is set to roar into its next phase with the acquisition of legendary MGM holding the James Bond franchise.&nbsp;&nbsp;&nbsp;Amazon makes money even of its competitors. Netflix&mdash;the largest competitor to Amazon&rsquo;s Prime Video service&mdash;uses AWS to run the &ldquo;vast majority" of its computing needs&nbsp;&nbsp;There is also a whopping $24 billion tucked away in revenues in &lsquo;others&rsquo; category signifying a growing chunk of Amazon&rsquo;s advertising business revenue that does not get a category mention of its own yet.&nbsp;&nbsp;&nbsp;Challenges ahead for Jassy
Big Tech, Bigger&nbsp;Scrutiny:&nbsp;Increasing antitrust scrutiny on Big Tech companies increasing globally with cases lined up against Google and Facebook so Amazon can&rsquo;t be far behind that is already facing resistance on&nbsp;its&nbsp;takeover of MGM. Shortly after Amazon announced Jassy would be the new CEO, Rep. Ken Buck,&nbsp;R-Colo., a member of the House Subcommittee on Antitrust, tweeted that he&rsquo;d like to question Jassy. This is the same House subcommittee that released report last year laying out alleged antitrust violations by Amazon, Apple, Google and Facebook. Bezos&rsquo; parting gift or leadership direction has been the addition of another Amazon principle&nbsp;&ldquo;Success&nbsp;and Scale Bring Broad&nbsp;Responsibility&rdquo; Bezos&nbsp;reminds those now holding the reins stating &ldquo;We started in a garage, but we're not there anymore. We are big, we impact the world, and we are far from perfect."&nbsp;India Headwind: Embroiled in various legal standoffs, Jassy will have to navigate carefully to hold onto gains in the world&rsquo;s largest democracy. Facing a probe from the local anti-trust body CCI on a complaint that Amazon promotes&nbsp;its own products via the&nbsp;in-search&nbsp;results and placement on the site. Amazon has repeatedly denied it favors its own products over others. Indian retailers have long alleged that Amazon's platform largely benefits a few big sellers, and that the e-commerce company engages in predatory pricing that harms their businesses. Reports have also alleged Amazon uses data from third-party sellers to develop its own products and then market them prominently.&nbsp;&nbsp;&nbsp;Worker unrest:&nbsp;As the second largest private employer in the US with a workforce that now tops 1.3 million, managing&nbsp;labour&nbsp;issues will be on top of the domestic agenda for Jassy. The pandemic exposed the substandard working condition for warehouse workers which overshadowed the fact that Amazon continued to pay workers double of the minimum wage. To counter this Amazon has added to its leadership principles &ldquo;Strive to be Earth&rsquo;s Best Employer,&rdquo; a tall order for Jassy as he takes over.&nbsp;
So as Andy Jassy steps in he definitely has his work cut out for him, but as 57 billionaire whose shoes he steps into&nbsp;says, at&nbsp;Amazon it is&nbsp;&ldquo;Always Day One&rdquo;.

The Amazon Andy Jassy Inherits from Jeff Bezos: Changes & Challenges

Exactly 27 years from the day it was founded Founder Jeff Bezos&nbsp;steps down as CEO&nbsp;to hand over the reins to Andy Jassy&nbsp;with changes and challenges like never before.&nbsp;

Bye Bye Bezos, The Amazon Andy Jassy Gets

Exactly 27 years from the day it was founded Founder Jeff Bezos&nbsp;steps down as CEO&nbsp;to hand over the reins to Andy Jassy&nbsp;with changes and challenges like never before.&nbsp;

As Jeff Bezos bids goodbye and literally blasts outs of the Amazon CEO spot, we look at the Amazon the new boss Andy Jassy inherits with all the changes and challenges facing the world&rsquo;s most valuable company.&nbsp;&nbsp; &nbsp; Amazon by Numbers&nbsp;&nbsp; Originally just a bookseller it may have taken the longest to enter the group of Big Tech but Amazon sits firmly with view of the top with a market-cap of $1.7 trillion and a brand value of over $680 billion.&nbsp;&nbsp; &nbsp; The revenue engine is churning faster than ever with the tech giant clocking in $400 billion a year in revenue. To put that in perspective that&rsquo;s more than the revenues of RIL + Tata Motors + TCS + Tata Steel + Infosys put together.&nbsp;&nbsp; &nbsp; And the pace isn&rsquo;t slowing down, with 30% revenue growth Amazon will become the largest U.S. company by annual sales next year outstripping legacy leader Walmart.&nbsp;&nbsp;&nbsp; &nbsp; Changing face of Amazon&nbsp; It is no longer just the&nbsp;e-commerce platform that took off in&nbsp;1994, diapers&nbsp;to sofas, pharmacy to movie production, from the morning newspaper to the midnight OTT binge, Amazon offers it all.&nbsp; &nbsp; The biggest game changer for the company has been Amazon Web Services (AWS) the division that Andy Jassy has led since&nbsp;its&nbsp;inception now accounts for nearly 15% of Amazon&rsquo;s revenue. Clocking in as a $54 billion annual sales run rate business, AWS as per WSJ now eclipses corporate software titans Oracle Corp. and Salesforce. Analysts currently expect AWS&rsquo;s revenue to roughly equal IBM&rsquo;s next year. Reports also indicate that AWS with a 32% share of the cloud infrastructure services market is way ahead of Microsoft (19%) and Google (7%).&nbsp; But it&rsquo;s not all &lsquo;boring tech&rsquo; for Amazon either. It also makes videogames, runs a music streaming service and produces blockbuster-sized movies and TV shows. Which is set to roar into its next phase with the acquisition of legendary MGM holding the James Bond franchise.&nbsp;&nbsp; &nbsp; Amazon makes money even of its competitors. Netflix&mdash;the largest competitor to Amazon&rsquo;s Prime Video service&mdash;uses AWS to run the &ldquo;vast majority" of its computing needs&nbsp; &nbsp; There is also a whopping $24 billion tucked away in revenues in &lsquo;others&rsquo; category signifying a growing chunk of Amazon&rsquo;s advertising business revenue that does not get a category mention of its own yet.&nbsp;&nbsp; &nbsp; Challenges ahead for Jassy
Big Tech, Bigger&nbsp;Scrutiny:&nbsp;Increasing antitrust scrutiny on Big Tech companies increasing globally with cases lined up against Google and Facebook so Amazon can&rsquo;t be far behind that is already facing resistance on&nbsp;its&nbsp;takeover of MGM. Shortly after Amazon announced Jassy would be the new CEO, Rep. Ken Buck,&nbsp;R-Colo., a member of the House Subcommittee on Antitrust, tweeted that he&rsquo;d like to question Jassy. This is the same House subcommittee that released report last year laying out alleged antitrust violations by Amazon, Apple, Google and Facebook. Bezos&rsquo; parting gift or leadership direction has been the addition of another Amazon principle&nbsp;&ldquo;Success&nbsp;and Scale Bring Broad&nbsp;Responsibility&rdquo; Bezos&nbsp;reminds those now holding the reins stating &ldquo;We started in a garage, but we're not there anymore. We are big, we impact the world, and we are far from perfect." &nbsp; India Headwind: Embroiled in various legal standoffs, Jassy will have to navigate carefully to hold onto gains in the world&rsquo;s largest democracy. Facing a probe from the local anti-trust body CCI on a complaint that Amazon promotes&nbsp;its own products via the&nbsp;in-search&nbsp;results and placement on the site. Amazon has repeatedly denied it favors its own products over others. Indian retailers have long alleged that Amazon's platform largely benefits a few big sellers, and that the e-commerce company engages in predatory pricing that harms their businesses. Reports have also alleged Amazon uses data from third-party sellers to develop its own products and then market them prominently.&nbsp;&nbsp; &nbsp; Worker unrest:&nbsp;As the second largest private employer in the US with a workforce that now tops 1.3 million, managing&nbsp;labour&nbsp;issues will be on top of the domestic agenda for Jassy. The pandemic exposed the substandard working condition for warehouse workers which overshadowed the fact that Amazon continued to pay workers double of the minimum wage. To counter this Amazon has added to its leadership principles &ldquo;Strive to be Earth&rsquo;s Best Employer,&rdquo; a tall order for Jassy as he takes over.&nbsp;
So as Andy Jassy steps in he definitely has his work cut out for him, but as 57 billionaire whose shoes he steps into&nbsp;says, at&nbsp;Amazon it is&nbsp;&ldquo;Always Day One&rdquo;.

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