Meesho registers 25,000 non-GST sellers in 2 months
Kolkata, Dec 15 (PTI) E-commerce platform Meesho on Friday said it has onboarded more than 25,000 non-GST businesses in two months. With an eye on 15-20 million non-GST registered sellers, the SoftBank-backed platform opened up its platform to onboard such businesses on October 1. The GST Council in July exempted small businesses making intra-state supplies […] Key Points
ThePrintGovt to organize workshops on online procurement in UP
The Buyer-Seller Workshops will start from 31 August 2023. The move will enhance the understanding of GeM’s functionalities among buyers and sellers in the state. Key Points
mintMarketing, supply chain ‘main weakness’ in cross-border trade: Amazon Seller Report
Ease of doing business for MSMEs: The total number of sellers on Amazon globally was nearly 9.7 million with 1.9 million active sellers on the marketplace in 2022. Key Points
FinancialexpressPublic procurement: Check out latest procedure for sellers to register on GeM portal here
Ease of doing business for MSMEs: So far, goods worth Rs 4.02 crore have been procured by nearly 68,000 buyer organisations from over 60 lakh sellers registered on the platform, of which 8.70 lakh are micro and small enterprise (MSE) sellers. Key Points
FinancialexpressONDC Beta live in five more cities, total sellers now 40,000
Currently, the network has more than 40,000 sellers spread across over 200 cities. More than 18,000 sellers operate from the five cities in which Beta phase has been recently introduced. Key Points
Business Today
‘Vocal for local’ gives the festival of lights a new sparkle
Ecommerce majors Flipkart and Amazon both gave prominence to small and medium entrepreneurs and artisans prominence during their festive sales. For its flagship 'Big Billion Days' sale, Walmart-owned Flipkart included over 1.4 million sellers, including Flipkart Samarth sellers like artisans, weavers, women, and self-help groups (SHGs). Key Points
Economic TimesMeesho to provide financial services to registered sellers
SoftBank-backed unicorn Meesho posted a net loss of Rs 3,247.8 crore in FY22, compared to previous year’s loss of Rs 498.6 crore. Key Points
FinancialexpressAmazon shopping for electronics and other items to get expensive starting May 31, here is why
Amazon has revised commission and fee charges for the sellers of this platform. This would result in increase of product prices, which is something that a seller has claimed. Key Points
India TodayUK secures commitments from Amazon and Meta over retail platforms
Britain's competition watchdog said on Friday it had accepted commitments from tech companies Meta (META.O) and Amazon (AMZN.O) to help protect fair competition on their retail platforms. Key Points
ReutersFTC's Amazon complaint zeros in on seller prices, logistics
The U.S. Federal Trade Commission filed a lawsuit against Amazon.com (AMZN.O) that accused the online retail giant of overcharging customers and independent sellers on its platforms as the $1 trillion company sought to illegally maintain monopoly power. Key Points
Reuters
What Britney Spears' ex-husband Sam Asghari has said about her memoir
Spears has termed Asghari a 'gift of God' in her tell-all memoir, which has topped Amazons Best sellers and Barnes and Nobles Best sellers list in less than 24 hours after its release. Reacting to Spears' kind words for him in her book, Asghari said he was proud of his ex-wife. I'm very proud of her and, you know, she put a lot of work to it, and it was very hard so I' m definitely excited and I'm extremely proud of her, he said. Key Points
Economic TimesUndue harassment of genuine MSME online sellers by GST officials 'not justified', says industry
MSME firms, particularly online sellers, are reportedly facing increased challenges with GST compliance. The Central Board of Indirect Taxes and Customs' special drive to combat fake GST registration has raised concerns among industry players who cite growing cases of harassment by tax officials. Key Points
Economic TimesOver 30,000 merchants have joined ONDC
The Government of India’s idea of creating a network of market participants, the Open Network for Digital Commerce (ONDC), seems to be a big hit with sellers and buyers of goods. In the one year that ONDC has been in operation, over 31,000 merchants with 37 lakh products to sell have registered themselves, according to Thampy Koshy, Managing Director and CEO, ONDC, has said. Key Points
The HinduMinistry of Rural Development signs MoU with Reliance JioMart
The Ministry of Rural Development has entered into a Memorandum of Understanding (MoU) with Reliance Retail's JioMart to facilitate the outreach of products from Self-Help Groups (SHGs). The collaboration aims to onboard SHGs from the Deendayal Antyodaya Yojana National Rural Livelihoods Mission as sellers on the JioMart e-commerce platform, providing them with an opportunity to expand their market and visibility. Key Points
Economic TimesAmazon eyes $20 bln exports by 2025 from India, says company official
Amazon (AMZN.O) is targeting merchandise exports worth $20 billion from India by 2025 by adding thousands of small sellers to its e-commerce platform, a company official said on Friday. Key Points
Reuters
GeM: Amazon of public procurement surpasses 1 crore transactions
Ease of doing business for MSMEs: As of Tuesday, the total number of transactions or orders processed on GeM stood at 1.50 crore by 68,620 buyer organizations from over 60 lakh sellers and service providers. Key Points
FinancialexpressNow only mobile number and GSTIN needed to create seller account on Amazon India
As per data provided by the company, over 1.2 million sellers are currently part of the Amazon India marketplace, and benefit from various programs, services and initiatives launched by the company. Key Points
Business TodayBFSI stocks: They shed weight much before others do, time to be contrarian and buy?
The kind of correction the broader market is witnessing in the last few days, the financial services sector had seen that few months ago. Infact, if one looks at the overall picture this phase of correction was led by one private sector bank and the other parts of the BFSI came under pressure at the start of 2024. For two reasons, first is that RBI has been doing a policy tightening and regulatory cleanup excerise, so there were some margin hits coming in earnings. Second, they are heavily owned by foreign portfolio investors who have been sellers in the Indian markets. A large number of times they give an advance indication of what the broader market might look like in near term. Similarly, the other way round, these stocks on a relative basis have performed better than others in the last few days. The first streak of relative outperformance is good enough indication for them to be brought on watchlist. Key Points
Economic TimesFIIs bought stocks worth Rs 1,500 crore in February. Will the buying momentum sustain?
Despite high US bond yields, FIIs invested Rs 1,539 crore in February. Market impact is low. Mutual funds, HNIs, and retail investors dominate. FIIs may sell but not aggressively. Debt investment by FIIs is increasing. DIIs and derivative rollover data show interesting trends. Key Points
Economic TimesTemu’s U.S. Entry Is an Orange Flag for Etsy
The Chinese online marketplace is taking the U.S. by storm as Etsy and Wayfair are already struggling to expand their audience. Key Points
mint
Overseas buyers see 'Vision' in Apple's new offing; it's being resold for $5,000
On Japan's Mercari marketplace, the base 256 GB model sold for $5,400, sellers on China's Taobao are asking $5,000 and there's one seller on Singapore's Lazada seeking $6,300 for the device. In Hong Kong's bustling Mong Kok, an electronics importer specialising in getting gadgets early, asks for $4,580, with the price shifting on a daily basis. His advice: best to wait. Key Points
Economic TimesAt Rs 1,74,663 cr, D-Street records highest foreign inflows in 2023
Foreign portfolio investors poured ₹1,74,663 crore into the domestic stock market in 2023, bettering the previous record of ₹1,72,849 crore in 2020. In 2022, they were sellers to the tune of ₹1,25,633 crore. Key Points
Economic TimesNifty Financial Services stocks: Time to be contrarian and buy?
After a long phase of three years of consolidation and relative underperformance, there were some initial signs of the private sector banks making a comeback attempt. There have been reasons for their underperformance, right from mega merger which created a technical issue of overhang in shareholding, to changes in the top management. Also the fact that these stocks came in the over owned category of foreign institutional investors, who have been sellers time and again. Key Points
Economic TimesRIL May gap down 3-4% at open
RIL stock is expected to gap down by 3-4% at open after Q1 results release. Open interest rose 137% and bearish sentiment indicated by falling price and put sellers. Key Points
mintLondon new home sales tumble to lowest since 2012 as rates weigh: Report
London new-home sales have fallen to their lowest level in over a decade, with just over 3,000 new homes sold between April and June. The decrease in sales is attributed to surging borrowing costs and a decrease in overseas buyers, particularly from Hong Kong. Key Points
mint
FIIs continues to buy Indian stocks for 3rd day in row, but inflow slows to ₹212 crore; DIIs turn net sellers
FIIs buying slowed on Thursday after the RBI maintained a status quo. However, DIIs turned net sellers in Indian equities. Both Sensex and Nifty 50 ended in the red dragged by auto, banking, IT, and healthcare stocks. Key Points
mintHand holding states, government sellers to integrate with ONDC: DPIIT Joint Secretary
This will unlock value in the huge B2B (business-to-business) market by increasing access and discoverability of various businesses across the network. As we look forward to the integration of credit in the ONDC, the business can hugely benefit from the open network ecosystem by being a part of the ONDC, he said here at a function - 'B2B Unlocked'. Key Points
Economic Times