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<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

<ul><li>The <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> is looking to foray into the <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> and payments segments in India.</li><li><keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is India’s second richest man, with just <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> ahead of him.</li><li><keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Group is reportedly planning on offering <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> and e-commerce services through the Adani One app.</li></ul> Gautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more. The conglomerate is now reportedly looking to enter the e-commerce and payments segments as the group diversifies. According to a report by Financial Times, the Adani Group is in talks to enter the e-commerce and payments segments as it wants to expand its digital business to take on Mukesh Ambani’s <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and Google in India. While the Adani Group has a stake in several businesses, it has yet to make its presence felt in consumer-facing segments. <cmsannotation type="cmsannotation" annotationid="Talks on for payments license, credit card" comment="subhead" text="Talks on for payments license, credit card">Talks on for payments license, credit card</cmsannotation> The Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. <cmsannotation type="cmsannotation" annotationid="Push for ONDC" comment="subhead" text="Push for ONDC">Push for <keyword id="19987599" type="General" weightage="20" keywordseo="ONDC" source="keywords">ONDC</keyword></cmsannotation> The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not have to invest in developing their own e-commerce platforms or payment systems. The ONDC services will reportedly be available on the company’s Adani One app, which was launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings. The services will initially be aimed at the company’s gas and electricity customers, offering them incentives to use their app in the form of cashback and discounts. <cmsannotation type="cmsannotation" annotationid="To take on Mukesh Ambani" comment="subhead" text="To take on Mukesh Ambani">To take on Mukesh Ambani</cmsannotation> Mukesh Ambani and Gautam Adani, who are the top two<a href="https://www.businessinsider.in/india/news/top-25-richest-people-in-india-in-2024/articleshow/110149894.cms"> richest people in India</a> have been competing for the top spot, with Adani occupying the top spot for a while. Gautam Adani’s net worth took a hit after a sharp decline in Adani Group shares during the Hindenburg saga. US-based research firm Hindenburg had released a report on the Gautam Adani-owned companies in late January in 2023, alleging stock manipulation among others. Adani Group’s<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms"> shares rallied</a> after the country’s Apex Court passed a<a href="https://www.businessinsider.in/stock-market/news/adani-hindenburg-sc-verdict-sees-pack-rally-with-adani-energy-solutions-in-the-lead/articleshow/106505824.cms"> verdict</a> in favour of the group. Adani even went on to emerge as India’s richest man by adding $7.67 billion to his net worth in a short span. While Mukesh Ambani reclaimed the top spot, the gap is once again narrowing. According to the Bloomberg Billionaire’s Index, Gautam Adani’s net worth has now surged to $109 billion, just behind Mukesh Ambani who is valued at $114 billion, bringing down the gap to $5 billion. In the last year, Adani’s wealth has surged by $25 billion, while Ambani’s wealth has surged by $17.3 billion. Despite this surge, Adani’s wealth is yet to reach its peak of $119 billion. Adani’s new ventures will take on Mukesh Ambani’s JioMart and JioFinance, which is expected to soon begin offering payment services. Additionally, it will also take on Google Pay, one of India’s most popular UPI platforms. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms">JioCinema launches new annual ad-free subscription plan at a discount</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a>

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

The Indian <keyword id="761780" type="General" weightage="20" keywordseo="e-commerce-market" source="Orion">e-commerce market</keyword> has experienced remarkable growth in recent years, driven by factors such as increased internet penetration, smartphone adoption, digital payments, and changing consumer behaviour. This growth has created opportunities for livelihoods and has been supported by the Micro, Small and Medium Enterprises (MSMEs) sector, which plays a crucial role in India’s economy. Contributing significantly to employment generation, economic growth, and poverty reduction, MSMEs hold immense potential. The <keyword id="44734" type="General" weightage="20" keywordseo="indian-government" source="Orion">Indian government</keyword>'s initiatives, such as "<keyword id="6354869" type="General" weightage="20" keywordseo="make-in-india" source="Orion">Make in India</keyword>" and "Startup India", and the ₹1,700-crore allocation in the budget for MSMEs’ digital infrastructure to fuel growth in these enterprises, have been in the right direction. In the grand scheme of India's retail fabric, <keyword id="35621" type="General" weightage="100" keywordseo="e-commerce" source="Orion">e-commerce</keyword> is only warming up. However, its potential to revolutionise how we buy and sell is an indisputable fact.The Emergence of E-commerce in India and the industry trendThe dawn of Internet accessibility fanned the flames for online trade in India. From books to electronics, gadgets to fashion wear — Indian consumers suddenly had a vast digital marketplace at their fingertips. Amid this e-commerce bull run, Flipkart emerged as a trustworthy platform for millions of customers that catered to the evolving demands of Indian consumers.With incessant tech advancements and evolving consumer behaviours, the e-commerce landscape is constantly shifting. Convenience, transparency, and personalisation will be major driving forces transforming how we buy and sell online.India’s <a href="https://www.bain.com/insights/how-india-shops-online-2022-report/">online shopper base</a> is estimated to increase to 400–450 million by 2027. 50 million new shoppers were added to the Indian e-retail market, which is ~35% growth over the online shopper base in 2020. New shoppers majorly belong to tier-3 or smaller cities and include Gen Z, a critical cohort that typically starts buying at entry price points. 3 out of 5 shoppers belong to tier-2 or smaller cities, 1 in 3 shoppers belong to low-to-middle income segments, and 1 in 3 shoppers is Gen-Z. Consumers now spend 20% more time per month on a retail platform vs last year.Flipkart’s impact on India’s e-commerce landscapeFlipkart, a homegrown marketplace platform, has been at the forefront of this transformative journey, <keyword id="65467" type="General" weightage="20" keywordseo="empowering" source="Orion">empowering</keyword> MSMEs and driving inclusive economic growth in the country. Given that more than 95% of MSMEs in India are micro in nature, a ready-to-go platform that Flipkart provides is immensely crucial to market the products coming out of Make in India and help them become small-to-medium in nature. Indeed, through its innovative approach and steadfast commitment to inclusion, Flipkart is inspiring a new cadre of entrepreneurs while playing an instrumental role in harnessing the true potential of India’s e-commerce maze. Today it stands as more than an e-commerce company – it’s a catalyst reshaping India's retail ecology.Over the last 15 years, Flipkart has been a transformative force in India’s e-commerce landscape.●It has driven the rapid growth of the online marketplace.●It has helped businesses embrace digital technology to increase their reach and profits.●It has contributed to economic development by enhancing India's global competitiveness.With a remarkable 220% seller growth on the platform since last year, Flipkart has earned the trust of over 14 lakh sellers— reflecting the faith that Indian MSMEs, small businesses, and enterprises have in their capabilities. Flipkart, with a registered user base of 500Mn+is well-positioned to cater to these emerging customer preferences.By bringing meaningful market opportunities to MSMEs and small businesses, Flipkart has helped promote inclusive growth by creating job opportunities, empowering women, and enabling entrepreneurship among disadvantaged sections of society.Empowering rural entrepreneurs MSMEs especially have a big role to play in providing employment opportunities, income generation, and skill development in rural areas, thereby uplifting local economies and reducing regional disparities. Flipkart, too, has been playing its part – it launched the Flipkart Samarth Program in 2019 to build a sustainable and inclusive platform for under-served domestic communities, with a special focus on uplifting and onboarding artisans, weavers, women-led enterprises, and people with disabilities.Flipkart isn't only changing how it does business; it's also making change happen in society:1.Inclusive growth: Flipkart promotes widespread prosperity by offering new opportunities to MSMEs and small businesses.2.Creating jobs: The platform supports countless livelihoods across the country.3.Empowering women: Flipkart believes in smashing glass ceilings, and its platform facilitates female entrepreneurship.4.Supporting the disadvantaged: Through its operations, Flipkart aims to uplift marginalised sections of society. Under the Samarth program, rural entrepreneurs from across the country are onboarded to the platform by securing multiple strategic engagements with state and central ministries, departments, livelihood missions, NGO partners, and entities across the country. To date, Samarth has reached out to sellers across 28 states, grown its seller entity base by 300% over the last year and has also helped entities &amp; businesses grow by 300%. By bringing millions of ambitious entrepreneurs access to a pan-India market, Flipkart Samarth is impacting more than 1.5 million livelihoods nationwide today. Paving the path for inclusive economic growthSupporting the development of MSMEs is crucial to ensure sustainable and inclusive economic growth, poverty alleviation and bridging the rural-urban divide. Thus, as India's e-commerce market continues to evolve, the collaboration between platforms like Flipkart and MSMEs will be pivotal in shaping a thriving and inclusive digital economy. Disclaimer: This article is authored by Rakesh Krishnan, Vice President and Head of marketplace, Flipkart. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

Empowering India's e-commerce market

<ul><li>New job roles for tech talents are fast surging in the non-tech sector, becoming a game changer in the employment market.</li><li>In the post-pandemic era, a widespread digital transformation across industries has spurred the creation of a larger work space for tech professionals beyond the traditional IT industry.</li><li>This article elaborates on the earning potentials of different tech roles in consumer goods, travel and e-commerce sectors.</li></ul>To be able to operate and enhance their competitive worth in today’s scenario, companies in any sector have to increasingly rely on technology. In the pandemic and post-pandemic eras, all businesses are transitioning to online modes and this digital transformation means non-tech businesses are increasingly hiring more tech professionals. A comparative study of the opportunities and salaries for tech professionals in consumer goods, travel and e-commerce sectors can be a helpful guide for aspiring technologists. Overview of trending tech job roles and salaries in the non-tech industry <div type="image" title="non-tech industry" msid="99913391" hostid="261"></div> Data scientist roles are among the highly-in-demand positions in the non-tech sectors fetching salaries around ₹8.5 lakh, ₹14 lakh and ₹22 lakh per annum respectively for entry-level, mid-level and senior-level positions. Full-stack developers at the entry level get paid a little lower than the data scientists at around ₹8 lakh per annum. However, their salaries escalate to the best scales in middle and senior levels, estimated at around ₹14.5 lakh and ₹33 lakh per annum respectively. The salaries of security architects are comparable to a large extent to the category above. Professionals in this job role are paid around ₹7 lakh, ₹14 lakh and ₹24 lakh per annum at the entry, mid and senior levels respectively. In the next rung of the salary ladder, we find UX designers who draw around ₹5 lakh per annum at the entry level and ₹13 lakh and ₹30 lakh in the mid and senior-level positions respectively. DevOps engineers in the non-tech sector can draw around ₹4 lakh, ₹13.5 lakh and ₹29 lakh per annum depending on their seniority in the industry. App developers working in the non-tech sector get attractive salaries of around ₹4.5 lakh, ₹11 lakh and ₹20 lakh per annum for entry-level, mid-level and senior-level positions. Salesforce consultants are also among the highly-paid professionals in the non-tech sector, drawing around ₹4 lakh, ₹9.5 lakh and ₹18 lakh per annum for the entry, mid and senior-level positions respectively. The next highly-paid professionals are those working as web developers who get around ₹3 lakh per year at the entry level, ₹7 lakh at the mid level and ₹14.5 lakh at the senior level. Graphic designers in the non-tech sector draw around ₹3 lakh, ₹6 lakh and ₹14 lakh per annum for entry, middle and senior-level positions. MIS Executives are paid around ₹3 lakh at the entry level, ₹5.5 lakh at the mid level and ₹13 lakh in senior-level positions. All of these salary figures for these tech job roles are considerably higher than those of the same roles in the niche tech sector.

Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors

<ul><li>Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer. </li><li>Women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing, logistics and mobility</li><li>Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the <keyword id="52626" type="General" weightage="20" keywordseo="workforce" source="Orion">workforce</keyword>. </li></ul>In the financial year 2022, i.e. the period between April 01, 2021, to March 31, 2022, there was a significant surge in demand for frontline workers as the economy reopened. However, the growth momentum slowed down in the financial year gone by (FY2023) due to macroeconomic challenges. According to the Frontline Index Report by BetterPlace, the total demand for <keyword id="15003035" type="General" weightage="20" keywordseo="frontline-jobs" source="Orion">frontline jobs</keyword> decreased by 17.5%. In FY 2023, India saw the creation of 6.6 million frontline jobs, down from the 8 million jobs created in fiscal before that. This report is based on data collected by the BetterPlace platform and analysed a sample of over 3 million data points, providing insights into various aspects of the frontline workforce in India, including <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword>, demand, attrition, migration, salary trends, and upskilling patterns. <cmsannotation type="cmsannotation" annotationid="E-commerce remains second largest employer" comment="Subhead" text="E-commerce remains second largest employer">E-commerce remains second largest employer</cmsannotation> In FY 2023, logistics and mobility took the lead as the primary employment sector for frontline workers, surpassing e-commerce in demand. This marked a significant shift, with logistics and mobility experiencing a 111% surge in total demand from FY 2022 to FY 2023. Meanwhile, IFM&amp;IT (information, financial services, marketing, and information technology) emerged as the fastest-growing industry, with a 139% increase in demand for frontline roles during the same period. Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer, accounting for 33% of all jobs in the sector. <cmsannotation type="cmsannotation" annotationid="Participation of women doubles" comment="Subhead" text="Participation of women doubles">Participation of women doubles</cmsannotation> The participation of women in the workforce increased from 3% to 6% between FY22 and FY23, driven largely by changing family perceptions, with 88% of women feeling supported to work. However, women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing and logistics and mobility, where they earned 36% and 20% more, respectively. Despite declining industry demand, e-commerce saw a 36% increase in demand for women frontline workers. Additionally, women frontline workers spanned various age groups, with 44% aged 20-30 and 37% aged 30-40. <cmsannotation type="cmsannotation" annotationid="Youth participation in employment decreases" comment="Subhead" text="Youth participation in employment decreases">Youth participation in employment decreases</cmsannotation> Over the transition from FY22 to FY23, there was a shift in the composition of the workforce. Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the workforce during this period. Conversely, there was a 25% increase in the participation of workers aged 30-40. Furthermore, it's worth noting that a majority, specifically more than 80%, of frontline workers exhibit a satisfactory level of education. Many of them have completed either their high school diploma or even pursued higher education, such as graduating from college or university. <cmsannotation type="cmsannotation" annotationid="Employees focus on upskilling" comment="Subhead" text="Employees focus on upskilling">Employees focus on upskilling</cmsannotation> In FY 2022, sign-ups for upskilling courses saw a 194% growth, which continued into FY 2023. The lower intent to hire in enterprises led to a an increase in the time employees spent on learning, up by more than 165% between April 2022 and March 2023. Furthermore, the Government's commitment to skill development during the budget season resulted in numerous enterprises investing in employee upskilling.

Job creation falls, so does youth participation

<ul><li>In 2022, there were a record-breaking 74 billion <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> transactions, the highest in <keyword id="1399736" type="General" weightage="20" keywordseo="digital-payment" source="Orion">digital payment</keyword> volumes.</li><li>There has been a huge rise in digital payments with 9.3 billion transactions in June 2023, with a total transaction value of ₹1,475 lakh crore.</li><li>Fintechs disbursed 10 times higher consumption loans in FY 2022-23 as compared to FY 2018-19.</li></ul> India has cemented its position as a pioneer in developing and integrating digital infrastructure. Stats show that 1.3 billion individuals have enrolled in Aadhaar, which stands as the world's largest and most expansive unique digital identity program in the world. According to a research report by TransUnion CIBIL there is more. In 2022, there were a record-breaking 74 billion UPI transactions, the highest in digital payment volumes in the world. The Indian smartphone usage for financial services has increased. Data shows that there were 28 billion app downloads in 2022 in the country which accounted for 5% of total global app downloads. One in three Indians own a smartphone – over 667 million smartphone owners in 2022 in India, as per the data. India also had 531 million net-commerce users and out of this almost half shopped online in the reported year, thus making it a sheer volume attraction for the <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword> industry. <cmsannotation type="cmsannotation" annotationid="Digital adoption has led to an e-commerce boom" comment="Subhead" text="Digital adoption has led to an e-commerce boom">Digital adoption has led to an e-commerce boom</cmsannotation> A rise in digital penetration, rise in the young population and increase in per capita income are mega trends which have accelerated the transition to digital. Digital adoption has led to a boom in e-commerce, because India has the lowest cost per GB of mobile Internet data in the world at only ₹13, 531 million social media users. 77 million Indians shop through social media platforms with users shopping through social media platforms having gone up 36% since last year. Active Internet users largely spend their time on a few activities- entertainment (85%), communication (77%), social media (70%), net commerce (52%) and online shopping (34%). Simultaneously there has been a huge rise in digital payments with 9.3 billion transactions in June 2023, with a total transaction value of ₹1,475 lakh crore. What is more, 36% of digital payment users are from rural India. <cmsannotation type="cmsannotation" annotationid="Fintechs fuel consumption through personal and consumer loans" comment="Subhead" text="Fintechs fuel consumption through personal and consumer loans">Fintechs fuel consumption through personal and consumer loans</cmsannotation> Another prominent trend is the rise of <keyword id="5565417" type="General" weightage="20" keywordseo="fintech-lending" source="Orion">Fintech lending</keyword> which has fuelled consumption through personal and consumer loans. As of March 2023, personal loans (54.2%), business loans (24.3%), consumer loans (6.5%) and other loans (15.8%) constituted the Fintech lending portfolio. A strong focus on personal lending has thus helped fintechs to scale faster than any other lender in this segment. Fintechs disbursed 10 times higher consumption loans in FY 2022-23 as compared to FY 2018-19. Number of fintechs has grown from 33 in 2018-19 to 70 in 2022-23. Fintech NBFCs (non-banking financial companies) are also able to provide loans in a faster and more efficient manner due to higher digitisation, KYC check and risk checks with automated scoreboards. 57% of personal loans and 70% of consumer durable loans are processed on the same day in FY 2022-2023. Also younger borrowers are taking more loans from fintech lenders with the percentage of population taking loans from fintech lenders who are below the age of 25 going up to 52% in FY 2022-FY 2023 from 21% in FY 2018- FY 2019.

The Indian e-commerce market is growing at the rate of knots courtesy rapid digital transformation

<ul><li>The e-commerce platforms in India achieved $5.7 billion of online retail sales during the first festive week. </li><li>A total of 75-80 million shoppers placed orders across e-commerce platforms. </li><li><keyword id="3515858" type="General" weightage="80" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> led the online retail sales in terms of GMV with Amazon placed second. </li><li>Over 56,000 mobile phones were sold per hour during the sale period, contributing to ~41% of the gross merchandise value. </li></ul><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> group remains the e-commerce festival sales leader in India with 62% market share in gross merchandise value (GMV), based on data from the first week of sales, according to <keyword id="3359665" type="General" weightage="100" keywordseo="redseer" source="Orion">Redseer</keyword>’s Ecommerce Festive Season ‘22 report. Amazon was placed second with a 26% market share in terms of GMV. GMV refers to the total value of items sold. Flipkart was also a leader in terms of order volumes, <keyword id="3480589" type="General" weightage="50" keywordseo="meesho" source="Orion">Meesho</keyword> emerged the second largest, capturing 21% of the market, said the report by Redseer, a strategy consulting firm. As per <a href="https://www.livemint.com/news/india/amazon-india-calls-redseer-report-on-festive-season-sales-numbers-as-speculative-11665100456595.html">reports</a>, e-commerce player <keyword id="6354743" type="General" weightage="20" keywordseo="amazon-india" source="Orion">Amazon India</keyword> has called the Redseer report on festive season sale numbers as "speculative which lacks transparency", while the consulting firm defended it as an independent research. The e-commerce industry in India achieved $5.7 billion of online retail sales this year during the first week of festive sales, i.e 22 -30 September – which is a 27% year-on-year growth (for the first week of sales). E-commerce platforms in India usually hold three grand sales ahead of Diwali in India. The Festive Sale week 1 included sale events conducted by all online retail platforms between September 22-30. And for platforms that did not run a sale during any of these dates, the report had considered BAU (business as usual) order volumes. “Flipkart Group (Flipkart, <keyword id="319719" type="General" weightage="50" keywordseo="myntra" source="Orion">Myntra</keyword> and <keyword id="12587365" type="General" weightage="50" keywordseo="shopsy" source="Orion">Shopsy</keyword>) continues to maintain its leadership position with 62% market share in GMV during the festive sale week 1. In terms of order volumes, Meesho, with its low AOV (average order value) and high penetration in Tier-2 cities, emerged as the second largest player capturing 21% of the market share while Flipkart Group leads here as well,” <keyword id="210394" type="General" weightage="50" keywordseo="sanjay-kothari" source="Orion">Sanjay Kothari</keyword>, associate partner, Redseer Strategy Consultants said. A total of 75-80 million shoppers placed orders across e-commerce platforms during the first week of the festive season, said the Redseer report. Over 56,000 mobile phones were sold per hour during the above-stated time frame. Mobile contributed to around 41% of the GMV. Fashion contributed to 20% of gross merchandise value, which was 48% higher than last year's festive period. White goods (large appliances) are expected to gain momentum after the slower start, revealed Redseer. The shopper base increased by 24% year-on-year during the first week of sales, with over 65% shoppers coming from tier 2 cities. The spend per online shopper also increased by 3%. “Consumption, especially in Tier 2+ cities, generally tends to happen closer to festivities. While the beginning of last quarter was slow on demand, we saw a good uptick in consumer sentiment and consumption patterns in late August/ September. This we expect will further lead to demand recovery in build-up to Diwali,” said Redseer. Spending on fashion, beauty and home decor is expected to rise further as consumers look to upgrade their homes and lifestyles, especially to welcome guests, estimated Redseer. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/t20-world-cup-2022-indias-squad-schedule-past-performance-and-all-details-here/slidelist/94700007.cms">T20 World Cup 2022: India’s squad, schedule, past performance and all details here</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/instagram-is-developing-a-nudity-protection-feature-to-block-unsolicited-nude-photos-in-dms/articleshow/94697784.cms">Instagram is developing a ‘Nudity Protection’ feature to block unsolicited nude photos in DMs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/spotify-kills-11-original-podcasts-lays-off-less-than-5-staffers/articleshow/94696549.cms">Spotify kills 11 original podcasts, lays off less than 5% staffers</a>

Flipkart group leads e-commerce festive sales, Meesho is second largest contributor in order volume: Redseer

<ul><li>Ineffective messaging, lack of visibility and control, and multiple attempts to find the right product or service take the fun out of <keyword id="6368952" type="General" weightage="100" keywordseo="shopping" source="Orion">shopping</keyword>. </li><li>Banking is the most difficult sector to shop, while retail is the easiest. </li><li>Across retail and e-commerce, returns and replacements are major pain points for customers. </li></ul>Shopping is fun but can also be stressful, according to a new report. Ineffective messaging, lack of visibility and control, and multiple attempts to find the right product or service are the pain points for customers, says human engagement consulting firm Terragni Consulting in its EAS (Effort Assessment Score) Index 2023 report. Terragni analyzed 2,500 responses to understand the effort or “friction” that customers experience when engaging with a brand across retail, e-commerce, banking and insurance sectors – across online and offline products. As per Terragni, the three dimensions of effort are cognitive (or perceived), physical and time. “If you want the customer to do something, not only does it need to be easy to do. It also needs to feel easy to do. This is called perceived effort. Our cognitive resources are limited and can make simple tasks appear complex, giving rise to a perception of friction that may or may not exist in the real world,” shared Dr Anil Pillai, director, Terragni Consulting. It comes as no surprise that banking continues to be the most difficult sector as measured by ease of customer experience, despite the rapid strides in digitisation. Retail is the least difficult sector. Though digitisation reduced physical effort, shorter delivery times and wide variety have made customers increasingly intolerant. Even small delays in the digital world impact customer perception of a brand, states the report. “While the increasing use of technology and digital journeys has done wonders in driving down physical and temporal effort, the very proliferation of this technology and usage of digital structures has led to the increase in the perception of friction. Nowhere is this more apparent than in banking, e-commerce, and to an extent, insurance,” states Pillai. <cmsannotation type="cmsannotation" annotationid="Being spoilt for choice is stressful" comment="subhead2" text="Being spoilt for choice is stressful">Being spoilt for choice is stressful</cmsannotation> While ‘adding to cart’ seems and sounds easy, the actual purchase can take a lot longer – as customers are spoilt for choice and constantly chasing a better deal. As many as 41% of respondents say that the most time-consuming stage in e-commerce is finding the right product. 58% of respondents also shared that finding the right product required multiple attempts. Choice overload, lack of complete information, and irrelevant recommendations are the key contributing factors. As the widely popular memes on the topic will attest, product delivery is also a major source of stress. “The effort of scheduling delivery times, anticipation of the product, and the anxiety that the right product will get delivered are primary drivers of high perceived effort,” states Terragni. No stage in e-commerce is as stress-inducing as getting relevant support – an area where many barely move past the “pleasant” tunes of customer service helplines. Over 60% of respondents needed three or more iterations to get relevant support, stated Terragni. Return and replacement aren’t easy either in e-commerce, primarily due to the need for multiple follow-ups. In some ways, physical shopping is easier. “Despite the physical effort and time required to shop in a physical store format, the ability to actually see a product gives a higher sense of control,” states Terragni. But, even in retail, returns and in-store support remain major pain points. Because customers have actually seen and felt a product before buying, returning or replacing it induces greater stress, especially if it requires an additional physical trip to the store. <cmsannotation type="cmsannotation" annotationid="In banking, digital isn’t necessarily easier" comment="subhead2" text="In banking, digital isn’t necessarily easier">In banking, digital isn’t necessarily easier</cmsannotation> <keyword id="92298" type="General" weightage="20" keywordseo="net-banking" source="Orion">Net banking</keyword> has certainly made it easier to apply for loans, credit and debit cards, or transfer money, but it has still not changed the perception of banking being difficult. Half of the time, customers need multiple iterations to find the right information – whether on the digital front or physical (at the branch), reports Terragni. Issue resolution also continues to remain extremely effortful for customers with over two-thirds of respondents (64%) requiring multiple attempts for a satisfactory resolution. “This (service recovery) is a large contributor to the high effort perception associated with the industry, despite the staggering investments in technology and customer experience,” states Terragni. As per the report, the time and attempts taken to get the desired product increased in the insurance sector as well, post-pandemic. Over 50% of respondents needed two or more attempts to find the right product. Despite the ease of premium payment, the difficulty in establishing the relevance of insurance has led to customers approaching it as a “necessary evil”, and not a desired goal, states Terragni. Claims and service recovery continue to be weak links, with 60% of the respondents requiring multiple attempts for issue resolution. “High effort in this step means that the customer will shift at the first opportunity,” states the report. Moreover, 60% of the complaints with the IRDA (Insurance Regulatory and Development Authority) in 2022 were to do with claims settlement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-plans-to-launch-at-least-five-ipos-between-2026-to-2028/slidelist/97248256.cms">Gautam Adani plans to launch at least five IPOs between 2026 to 2028</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/amazon-launches-dedicated-air-cargo-service-for-faster-deliveries-in-india/articleshow/97246478.cms">Amazon launches dedicated air cargo service for faster deliveries in India</a>

Here’s what takes the fun out of shopping, and no, it isn't the price tag

<ul><li>India’s <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> user base is expected to reach half a billion by the end of this decade.</li><li>In the next three years alone, this number is expected to eclipse the total population of the US.</li><li>Of these, 7 out of 10 users are expected to complete at least one online transaction.</li></ul>India is expected to have more <keyword id="14137437" type="General" weightage="20" keywordseo="ecommerce-users" source="Orion">ecommerce users</keyword> by 2025 than the total population of the US, according to a new report. Further, 7 out of every 10 internet users are likely to complete an online transaction in the same period. According to a report by WPP’s GroupM and Wunderman Thompson, in collaboration with Amazon Ads, the Indian ecommerce sector is expected to grow at a compound annual growth rate (CAGR) of 23% to reach half a billion by the end of this decade. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ecommerce users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2025 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">350 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2030 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500 million </td></tr></tbody></table>Source: WPP’s GroupM and Wunderman Thompson report with Amazon Ads A report by private wealth management company Bernstein also expects online shoppers in India to reach 330 million by 2025. “The TAM is expanding with new opportunities in social commerce/quick commerce. Flipkart is building Shopsy (social commerce), scaling Flipkart Quick (hyperlocal). Reliance acquiring Dunzo (Quick commerce) to scale JioMart,” the company added. “We saw an exponential growth of consumers moving to online shopping during Covid-19. With the trend only continuing to grow as more customers are coming online to shop from Tier 2 and Tier 3 cities,” said Manoj Mansukhani, chief digital officer, Wunderman Thompson South Asia. “With marketplaces like Amazon becoming the first port of call for product searches, brands need to develop a separate content strategy to help engage with customers on these platforms,” he added. Vijay Iyer, Director-Ad Sales at Amazon Ads India, noted that ecommerce marketplaces are playing a crucial role in shaping brand and product discovery. “Marketers have the unique opportunity to build connections with customers through an immersive content experience rather than restricting themselves to “advertising real estate”, the report added. According to a report by Bernstein, ecommerce is the largest segment in India internet and is expected to grow more than five-fold to reach $133 billion opportunity by 2025. “We believe the sector will not be a winner-take-all and multiple players will emerge across categories &amp; markets,” the private wealth management company added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/paytm-could-be-entering-a-low-cost-high-profit-margin-regime-say-a-brokerage-firm/articleshow/92054964.cms">PayTM could be entering a low cost-high profit margin regime, say a brokerage firm</a> <a href="https://www.businessinsider.in/business/startups/news/physicswallah-is-indias-first-profitable-edtech-startup-up-here/articleshow/92056796.cms">YouTube channel to a billion dollar company — India’s first profitable edtech unicorn is here</a> <a href="https://www.businessinsider.in/retail/e-commerce/news/tataneu-could-be-worth-15-billion-all-thanks-to-bigbasket-croma-and-westside/articleshow/92052094.cms">TataNeu could be worth $15 billion all thanks to BigBasket, Croma and Westside</a>

India will have more ecommerce users by 2025 than US’ population

<ul class="summary-list"><li>E-commerce giant <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> has launched an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> marketplace on its auction platform, SCMP reported Tuesday. </li><li>Several NFTs already have listings on the Chinese service, but bidding will not start until September.</li><li>NFTs have slowly been gaining traction in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>, even as Beijing's cracks down on cryptocurrencies. </li></ul>Chinese e-commerce heavyweight Alibaba Group has opened a marketplace for trading non-fungible tokens on its auction platform, the South China Morning Post reported Tuesday.The company expects artists, musicians, writers and game developers to sell NFTs of their work on the "Blockchain Digital Copyright and Asset-Trade" marketplace, according to the <a href="https://www.scmp.com/tech/big-tech/article/3145232/alibabas-new-blockchain-auction-platform-selling-star-wars-art-ledger">report</a> from SCMP, which is owned by Alibaba.Several NFTs have already been listed on the service by creators. They will go to auction next month with a minimum bid of 100 yuan, approximately $15. To participate, bidders must pay a deposit of 500 yuan, or around $77. NFTs are unique digital tokens such as images, videos, sound clips or certificates that are built on a blockchain. Ownership is inscribed on the ledgers the tokens are built on - this is crucial, as often anyone can view an NFT, but only one person can actually own it. They are therefore often popular among collectors. The digital tokens have staged a comeback after demand cooled off in the early summer. Trading volumes on NFT platform OpenSea <a href="https://markets.businessinsider.com/news/currencies/opensea-trade-volumes-nft-ether-solana-alcoin-a16z-funding-strong-2021-8">have soared</a> in recent weeks, as more tokens are sold and their worth accelerates.Items listed on Alibaba Auction include a painting of a local Sichuan landmark, as well as art based on major franchises such as "Star Wars", the video game "Wasteland 2", and "Grand Theft Auto", according to SCMP journalist Josh Ye. He <a href="https://twitter.com/TheRealJoshYe/status/1427445874595045385">tweeted</a> screenshots of the NFTs on the marketplace. "We are not sure if these are properly licensed in the first place," Ye said. The NFTs will be will be minted on the New Copyright Blockchain, which is run by the Sichuan Blockchain Association Copyright Committee. They can be stored and viewed through Bit Universe, an application that is part of the Chinese messaging and social media app WeChat. NFTs have slowly been gaining traction in China, even as Beijing cracks down on cryptocurrency products and mining. The government appears to be more receptive to blockchain products, and in June, the SCMP <a href="https://www.scmp.com/tech/tech-trends/article/3136515/china-plans-accelerate-blockchain-development-and-adoption-push">reported</a> that China is aiming to incorporate blockchain technologies into its development and economic plans. Alibaba-affiliated financial service firm Ant Group and SCMP itself have launched NFT projects this summer. In addition, Chinese entertainment giant Tencent joined the NFT world earlier in August with its own token-trading platform, where it sold audio clips from a popular talkshow.

Chinese e-commerce giant Alibaba opens NFT auction site for artists and game developers

<ul><li><keyword id="14912257" type="General" weightage="20" keywordseo="flipkart-hotels" source="Orion">Flipkart Hotels</keyword> aims to provide customers options to book hotel rooms across 3 lakh domestic and international hotels. </li><li>Apart from offering flexible travel and booking policies, <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> aims to offer easy EMI options as well. </li><li>Launched on Cleartrip’s API, Flipkart Hotels will benefit from Cleartrip’s deep understanding of travel customers and sectors, the company said. </li></ul> Ecommerce major Flipkart announced the launch of a new hotel-booking feature, Flipkart Hotels, on its platform today. Launched on the back of Cleartrip’s API, Flipkart Hotels will provide customers the opportunity to book hotel rooms across 3 lakh domestic and international hotels. “Available on the Flipkart app, this new offering provides a hassle-free booking experience, and timely communication through popular messaging apps. The platform further enables users to avail third party offers on Flipkart platform,” the company said in a press release. Flipkart Hotels says that it will benefit from Cleartrip’s deep understanding of travel customers and sectors. It had acquired the travel bookings company in 2021. However, the ecommerce platform had launched a service to aid flight bookings on its app in 2020, during the pandemic. “Flipkart Flight is on a steady path of growth in the travel industry since we entered this space. With Flipkart Hotels, we are strengthening our commitment to provide a better experience and superior service to our customers across metros and beyond tiers,” said Adarsh Menon, senior vice president, Flipkart. Apart from offering flexible travel and booking policies, Flipkart aims to offer easy EMI options as well. “With our banking partner’s financial offerings, the customers will unlock great value in this segment and enhance Flipkart’s capabilities as a preferred one-stop shop for the travel booking needs of Indian customers,” said Menon. The online hotel bookings market in India has players like Oyo, Airbnb, Trivago, Booking.com and Treebo. Flipkart intends to bank on the growth seen in the hotels and hospitality sector, after the pandemic. It said that new travel trends like exploring lesser-known destinations, workations, long stays, and vacation rentals are becoming mainstream. “These developments are giving a boost to the travel industry. Given the 70% growth in the last quarter compared to a CAGR of 60% over the last two years, the next festive quarter is expected to be even better for the overall travel industry,” Flipkart said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/sign-up-now-evaluating-the-road-to-sustainability/articleshow/94024967.cms">SIGN UP NOW: EValuating the road to sustainability</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best</a>

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FM announces credit guarantee scheme, other measures for MSMEs

PTI

India to see retail digital payments to double to USD 7 tn by 2030: Report

PTI

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

Sourabh Jain

Empowering India's e-commerce market

Rakesh Krishnan

Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors

BI India Bureau

Job creation falls, so does youth participation

Anagh Pal

The Indian e-commerce market is growing at the rate of knots courtesy rapid digital transformation

Anagh Pal

Flipkart group leads e-commerce festive sales, Meesho is second largest contributor in order volume: Redseer

Eetika Kapoor

Here’s what takes the fun out of shopping, and no, it isn't the price tag

Srishti Magan

India will have more ecommerce users by 2025 than US’ population

Kritti Bhalla

Chinese e-commerce giant Alibaba opens NFT auction site for artists and game developers

Sophie Kiderlin

After Flipkart Flights, the ecommerce player ventures into hotel bookings business

Katya Naidu

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