Also in this letter:
■ Myntra bets on global D2C brands to gain the upper hand during the holiday season
■ Ethereum ‘Merge Day’ lifts the lid on India’s Web3 community
■ Instagram brings its parental supervision tools to India
E-commerce sales have picked up since August: Flipkart Group CEO
Online sales have picked up in the last few weeks As the holiday season looms after a relatively slow year of subdued growth, Kalyan Krishnamurthy, CEO of Flipkart Group, told us as the online retailer is gearing up for its flagship Big Billion Days sale, which kicks off on September 23.
Outlook: Flipkart expects to record growth rates similar to last year’s holiday season, even as the Covid boost to online businesses begins to fade. Inflationary pressures and macroeconomic uncertainty, which compound challenges for consumer-focused businesses, generally discourage purchases, especially of high-value items such as smartphones and other electronics.
But as shoppers turn to value-driven products, Flipkart will focus on expanding its pricing, primarily targeting users in smaller cities and towns, Krishnamurthy said.
Battle Royal: The Big Billion Days sale, a property launched in 2014, and Amazon’s Great Indian Festival Sale both start on the same day, a tradition they have followed for the past few years. The month-long sale has sparked many battles between the two companies as they battle to entice Indian consumers to buy online.
We reported on On September 4, as Flipkart pushes new categories like travel, live commerce, Shopsy (which rivals Meesho at the bottom of the market), easy funding options, and its loyalty program via SuperCoins, Amazon is offering a waiver 50% off fees for new sellers and start live trading just days before the sale starts. Flipkart said its Flipkart Plus loyalty program has 20 million members.
Moderate growth: So far this year, the e-commerce sector has seen moderate consumption growth between categories, especially in segments considered discretionary. According to estimates by a market research firm PGA Laboratories, e-commerce shipments are expected to grow 20% annually in the current fiscal year, ET reported in July. This is a lower annual growth rate than the past two fiscal years, especially for fiscal 21.
Myntra Bets on D2C Global Brands for Holiday Season Advantage
Myntra, owned by Flipkart, is leveraging international and direct-to-consumer (D2C) brands, and new categories like Gen Z and teen fashion to drive growth and give it a competitive edge in upcoming holiday season sales, its new chief executive told us.
Fashion Market has announced that it will launch its “Big Fashion Festival” sale on September 23, the same day as Flipkart’s Big Billion Days and Amazon India’s Great Indian Festival.
Why the numbers: Myntra expects nearly six million unique customers to shop online during the sale.
CEO Nandita Sinha told us that the company will kick off the sale season with 15 new international brands.
The e-tailer is also considering Indian consumer preferences around D2C and will focus on new-age brands such as Label Life, Almo and Breakbounce.
Nearly 100 D2C brands will be live on the platform this festive season, the company said.
Overall, the company announced that it will launch 100 new brands for the next sale and offer 6,000 brands and more than 1.5 million styles to customers in total.
That’s 50% higher than last year’s festive sale, Sinha added.
Reliance Competition: Myntra’s focus on international brands comes at a time when Reliance Retail has been working to introduce international brands to the country.
Over the past year, Reliance Brands has partnered with Gap, as well as luxury brands such as Tod’s, Maison Valentino and Balenciaga to bring them to Indian customers.
Ethereum’s ‘Merge Day’ lifts the lid on India’s Web3 community
India’s Web3 community celebrated the successful completion of Ethereum’s transition to a less energy-intensive technology to run its blockchain on Thursday, with “Happy Melting Day” become the greeting of choice among speakers.
The transition, dubbed the “merger”, has been touted as one of the most significant events for the cryptocurrency industry in recent years.
Dark elevators: The completion of the long-awaited change was hailed by the Web3 community on social media, in what has been an otherwise dismal year for crypto in India.
At one point, more than 30,000 people around the world joined the “Ethereum Mainnet Merge Viewing Party” on YouTube, hosted by the Ethereum Foundation, as it happened in real time.
Greener Blockchain: According digiconomist.com, which tracks the impact of digital trends, prior to the merger, a single Ethereum transaction consumed enough electricity to power the average US household for 6.76 days. This will now change, with Ethereum set to become 99.95% more energy efficient.
Will the dough flow? The transition to a more energy-efficient blockchain could lead to greater institutional participation and developer adoption of Ethereum, venture capitalists and founders told us.
“Institutional participation will increase as it becomes easier to buy, stake and participate in various simple and complex financial instruments in both DeFi and traditional finance,” said Pranav Sharma, founding partner of Woodstock Fund, a web3-focused fund that invests in start-up and growth. – stage starts.
Vikas Singh, co-founder of NFT spin-off platform Bliv.Club, said the event will attract more developers to the ecosystem, especially those who had stayed away due to Ethereum’s carbon footprint. .
TWEET OF THE DAY
Instagram brings its parental supervision tools to India
Instagram said on Thursday that it had deployed its new parental supervision tools in India, which will allow parents to control how their children use the platform, monitor their use and notify them in case of problems. The social media platform is also introducing a “Family Center,” where parents and guardians can access supervision tools and expert resources.
The move comes after Meta launched parental monitoring controls and a family center in the US in March.
Terms: The platform said Meta works closely with experts, parents, guardians and young people in India to understand their needs. One of the greatest needs is to provide tools and resources to educate parents about digital services. For this, the company will work with Kidsstoppress.com to engage with parents and raise awareness of the tools.
The Family Center is an education hub where parents and guardians can access expert resources through articles, videos, and tips. These will cover topics such as how to talk to young people about social media.
ET E-Commerce Index
We have launched three indices – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of recently listed technology companies. Here’s how they’ve fared so far.
Deals concluded by ETech
■ Provider of data engineering and artificial intelligence (AI) solutions Sigmoid said Thursday it raised $12 million in funding in a mix of primary and secondary financing, as part of its latest funding round from Sequoia Capital India. With the current cycle, Sequoia has $19.3 million in Sigmoid. The startup will use the capital to evolve its market offerings, expand its delivery centers and meet the needs of new industries.
■ Start of cross-border supply of raw materials Ximkart said it raised $2.4 million in funding led by Matrix Partners India. The startup will use the funds to strengthen its position in existing categories, launch new categories and expand into new geographies.
■ Edtech companies Upgrad has acquired the leader in corporate training solutions Centum Learning in a share exchange. With this transaction, Bharti Enterprises Limited and its subsidiaries will join the Upgrade cap table. Centum is expected to record revenue of Rs 170 crore in FY23.
■ AI-powered dubbing platform Dubdub.ai raised $1 million from Waveform Ventures and Accel Atoms. The new funds will help the startup build the team’s technical expertise and validate multiple use cases for global customers. It was founded in August 2021 by Anubhav Singh, Rahul Sankhwar, Rahul Garg and Anchal Jaiswal.
Other Top Stories by our journalists
Oracle’s cloud business “records triple-digit growth in India”: Oracle’s cloud business is three-digit growth in India to strong demand from private and public sector companies, a senior executive said. India is the second-largest center for American tech business, with around 40,000 employees. “…we are seeing tremendous momentum for cloud in India,” said Kapil Makhija, vice president – technology cloud business, Oracle India.
Paytm Partners with Flipkart for The Big Billion Days Sale Payouts: One97 Communications Limited, the parent company of Paytm, has announced that it will be Flipkart’s payment partner for the e-commerce platform’s flagship sales event, The great billion days. During the sale, customers who shop on Flipkart will receive instant cashback of Rs 25 on purchases of Rs 250 and above by paying via Paytm UPI Rs 50 on spending of Rs 500 and above via Paytm Wallet.
Global Choices We Read
■ Would you like to geolocate your home for your government? 50 million Indians have done it (Rest of the world)
■ Silicon Valley cannot track your data (The Washington Post)
■ Chinese investment flows to Silicon Valley venture capital funds (WSJ)