According to media reports, the e-commerce majors have grossed up over $3 billion in gross merchandise value during the festive sales held over the past fortnight, which typically see over half of their annual sales.
If online commerce companies keep on burning investors’ cash, a flop-show similar to WeWork may be from India’s e-commerce sector.
Venugopal has been with the Flipkart Group for over two years and has previously served as the Chief Technology Officer (CTO) of Myntra, before moving to Flipkart in January this year.
While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales.
Through Flipkart Farmermart, the e-commerce company will operate a full-fledged food retail business, including its own private label, a grocery supply chain and even open stores
The development comes in the wake of DPIIT receiving a complaint from Confederation of All India Traders claiming that the e-commerce companies indulged in predatory pricing, deep discounting, and exclusivity of various products.
Customers from Tier II and III cities led the growth, with mobile sales being the top contributor in the midst of a challenging macro environment
The report said rivals Flipkart and Amazon, which hosted their festive sale from September 29 to October 4, dominated the sale with over 90 percent share.
To be launched around Diwali, restaurant commissions to be key battleground
Both e-commerce marketplaces started their festive sale on September 29 and is scheduled to end on Friday.
Amazon reported record sales of about Rs 7.5 billion ($7.07 million) in 36 hours in the premium smartphone brands category.
Amit Agarwal is the Global Senior VP and Country Head of Amazon India.
Amazon has tied up with State Bank of India for additional discounts and bonus offers and Flipkart with Axis Bank and ICICI Bank
There will also be a spurt in the number of online shoppers during the said period, which is expected to rise 60 percent year-on-year to 32 million.
Reports suggest that 95 percent of Gen Z own smartphones and gaming is the new point of interest; which is why phones which provide a good gaming experience are attracting mainstream attention.
Sakshi Batra chats with Priyanka Sahay to understand why mobile phones might not be the largest selling items this festive season.
E-commerce giant Amazon said that it has created over 90,000 seasonal employment opportunities across its fulfilment centres, sortation centres, delivery stations, partner fulfilment network and customer service sites.
"While the sale of mobile phones will still grow year on year, their contribution to the overall GMV of Amazon and Flipkart is going to come down," said Sreedhar Prasad, e-commerce analyst.
Redmi K20 Pro will be available at its lowest ever price of Rs 24,999 during the Flipkart Big Billion Days sale
Krishnamurthy added that 'a great deal of consumption appetite is coming from Tier II and III markets as well and the scale of this year's TBBD will touch everyone'.
The six-day sale which will begin on September 29 will have around five lakh sellers.
Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers on their websites related to the government order.
A 'bounce-back' is expected as ecommerce giants gear up for annual big sales to coincide with the festival season
The company claims that it has increased its reach to around 19,200 PIN codes from about 10,660 codes in 2018 for delivery of large appliances.
The two e-commerce giants hold annual festive season sales ahead of major festivals such as Dussehra and Diwali