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<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

<ul><li>Smartphone makers and e-commerce players have come under the scanner of CCI.</li><li>Smartphone makers have been accused of colluding with <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> and <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="261" meta.entityid="Flipkart">Flipkart</keyword>.</li><li><keyword id="23184977" type="General" weightage="20" keywordseo="exclusive-launches" source="keywords">Exclusive launches</keyword> and steep discounting are among the practices being investigated.</li></ul>The <keyword id="19895221" type="General" weightage="20" keywordseo="Competition-Commission-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Competition Commission of India" meta.hostid="261" meta.entityid="Competition Commission of India">Competition Commission of India</keyword> (CCI), the antitrust watchdog in the country has reportedly accused smartphone makers such as <keyword id="19901379" type="General" weightage="100" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword> and <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> of colluding with e-commerce players Amazon and Flipkart. According to a <a href="https://www.reuters.com/world/india/india-accuses-samsung-xiaomi-colluding-with-amazon-flipkart-2024-09-14/">report </a>by Reuters, smartphone makers have been accused of colluding with e-commerce players to launch products on their platforms exclusively. The smartphone makers have also been accused of violating competition laws by giving preference to select sellers, prioritising listings, steeply discounting products and more. <h2>CCI submits report on Amazon and Flipkart</h2>The CCI has reportedly submitted a 1,027-page report on Amazon which has accused Samsung, Xiaomi, OnePlus, Motorola and Realme of being “involved in the practise of exclusive phone launches” and “colluding” with Amazon, breaking competition law. Similarly, the watchdog has submitted a 1,696-page report on Flipkart that has accused Samsung, Xiaomi, Lenovo, Motorola and Vivo of “colluding”. "Exclusivity in business is anathema” CCI's additional director general G.V. Siva Prasad said, as per the report. “Not only is it against free and fair competition but also against the interest of consumers," Prasad added. While the e-commerce giants Amazon and Flipkart reportedly downplayed the practice of launching “exclusive” smartphones, the practice was found to be “rampant” during the investigation. India’s e-commerce market is expected to grow from $57 billion in 2023 to over $160 billion in 2028. Smartphone maker Vivo currently has a market share of 19% in smartphone shipments, followed by Samsung and Xiaomi, which have a combined market share of over 35%. As per a recent <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">report</a> by the International Data Corporation, the shipments to online channels grew by 8% year-on-year to reach 50% in Q2 2024, up from 47% in Q2 2023. As per the report, the exclusive launches pushed customers towards these online platforms and harmed small retailers. The investigation stems from a complaint lodged by the Confederation of All India Traders (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords">CAIT</keyword>) in 2020. The traders body, which has over 80 million members had accused the smartphone makers and e-commerce players of disadvantaging offline retailers and favouring online exclusive launches. We should know more about the investigation and its impact on smartphone makers, e-commerce players and the future of exclusive launches in the coming weeks. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ford-is-returning-to-india-expresses-intent-to-restart-its-tamil-nadu-plant-for-exports/articleshow/113317956.cms">Ford is returning to India, expresses intent to restart its Tamil Nadu plant for exports</a> <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Xiaomi and Samsung accused of colluding with Amazon and Flipkart

<ul><li>E-commerce companies are expected to clock up to ₹1.2 lakh crore in sales this <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>.</li><li>Mobile, electronics and fashion categories are expected to dominate during the sale.</li><li>The <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> is expected to record a 20% <keyword id="21396882" type="General" weightage="20" keywordseo="year-on-year-growth" source="keywords">year-on-year growth</keyword>.</li></ul>The festive season is here and e-commerce giants Amazon, Flipkart and other companies have started their festive sales. Driven by high pent-up demand and a premiumisation wave in the country, <keyword id="21687870" type="General" weightage="20" keywordseo="E-commerce-sales" source="keywords">e-commerce sales</keyword> are estimated to reach up to ₹1.2 lakh crore in gross merchandise value (GMV). The GMV of ₹1.2 lakh crore will be a 20% year-on-year (YoY) growth for the e-commerce sector, according to a report by Redseer Strategy Consultants. Mobiles, electronics and fashion categories are set to gain momentum while other categories such as beauty and personal care, home and more will see an incremental upside, “taking their festive growth above 25%,” as per the report. According to Kushal Bhatnagar, Associate Partner at Redseer, mobiles and electronics remain key value and growth drivers this festive season, especially as consumers respond to affordability options that make premium products more accessible. “Moreover, sellers and platforms have the potential to unlock the pent-up demand in the category by optimising for pricing and selection,” Bhatnagar added. As brands look to capitalise on the festive demand, many are strategically leveraging e-commerce platforms to cater to the aspirational customers’ needs and reach the relatively less accessible customers in tier 2 cities and beyond. “As a result, they look to partner deeply with the leading platforms to attract customers via lucrative discounts and offers available in the large-scale festive events,” he said. This festive season, brands are looking to push premium stock keeping units (SKUs) at a discounted price, to encourage aspirational buying. Quick commerce, which saw significant traction in 2023, is set to contribute approximately 8% to overall e-commerce growth, up from the 5% growth recorded last year. Newer categories such as home and kitchen appliances are likely to get pushed aggressively on quick commerce platforms and could also help the platforms to boost their average order values and profitability as per the report. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

E-commerce sales expected to reach ₹1.2 lakh crore this festive season

Softbank-backed e-commerce firm <keyword id="19911893" type="General" weightage="20" keywordseo="Meesho" source="keywords" meta.keywordsubtype="org" meta.entityname="Meesho" meta.hostid="153" meta.entityid="Meesho">Meesho</keyword> will start its annual <keyword id="23217664" type="General" weightage="20" keywordseo="festival-sale" source="keywords">festival sale</keyword>, Meesho <keyword id="23217663" type="General" weightage="20" keywordseo="Mega-Blockbuster-Sale" source="keywords">Mega Blockbuster Sale</keyword>, from September 27 onwards with the highest number of sellers onboard among its competitors, the company said on Tuesday. The company has recorded about 42 per cent surge in sellers on a year-on-year basis to 20 lakh for the upcoming festival season. "Meesho's Annual 'Meesho Mega Blockbuster Sale' Starts on 27th September. With over 20 lakh sellers and 12 crore product listings across 30 categories, Meesho aims to make festive shopping more accessible, affordable, and convenient for shoppers across the country," the company said in a statement. Meesho claimed to have 14 lakh sellers onboard for Meesho Mega Blockbuster 2023. <keyword id="19910508" type="General" weightage="20" keywordseo="Amazon-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon India" meta.hostid="153" meta.entityid="Amazon India">Amazon India</keyword> has seen a 14 per cent growth in <keyword id="23217665" type="General" weightage="20" keywordseo="seller-base" source="keywords">seller base</keyword> but remains lower than that of Meesho for their upcoming annual festival sale "<keyword id="23217666" type="General" weightage="20" keywordseo="The-Great-Indian-Festival" source="keywords">The Great Indian Festival</keyword>". "Our current seller base exceeds 16 lakh sellers from all across the country," Amazon India, Director, Selling Partner Services, Amit Nanda, said. Interest of sellers for <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="153" meta.entityid="Flipkart">Flipkart</keyword> has remained muted on a year-over-year basis. While announcing annual festival sale dates "The Big Billion Days" on Monday, <keyword id="19896940" type="General" weightage="20" keywordseo="Walmart" source="keywords" meta.keywordsubtype="org" meta.entityname="Walmart" meta.hostid="153" meta.entityid="Walmart">Walmart</keyword> group firm Flipkart had said it has over 50 crore users and more than 14 lakh sellers on the platform, including sellers of its other platform Shopsy as well. Flipkart had reported the same level of sellers onboard before the TBBD in 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-to-begin-on-september-27/articleshow/113445238.cms">Amazon Great Indian Festival sale to begin on September 27</a> <a href="https://www.businessinsider.in/business/auto/news/triumph-speed-t4-launched-in-india-with-a-price-tag-of-2-17-lakh/slidelist/113429766.cms">Triumph Speed T4 launched in India with a price tag of ₹2.17 lakh</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a>

Meesho to begin annual festival sale from September  27, sees 42% surge in seller base

Consumer spending in India is soaring during the festive season, with people splurging on cars, smartphones, TVs and other items, boosting the country's economic growth, media reports said. Sales at e-commerce platforms like <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword> and <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> surged by almost a fifth in the first week of the festive season, compared to the same period last year. Digital payments made via Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) also increased by 40# in October from a year earlier. Economists see easing inflation and rising wages, especially in rural areas. Consumer confidence hit a four-year high in September, according to the latest figures by the central bank, and demand for bank loans is near a 12-year high despite interest rate hikes this year. According to the International Monetary Fund (IMF), India's GDP will grow at the fastest rate among major economies in 2023 and 2024, at 6.3% in both years. Aside from the festive season, the Cricket World Cup and the forthcoming wedding season are likely to boost consumption. Online sales from Amazon, Flipkart and others reached 47 billion rupees ($565 million) in the week through October 15, said the report by the market research firm Redseer Strategy Consultants. High average selling price (ASP) items such as mobiles, electronics and large appliances emerged as the largest contributor to the sales, driving 67# of the total sales, it mentioned. Flipkart Group continued to assert its leadership in week 1 of the festive season sale, further gaining market share over last year's sales to reach 63# in terms of Gross merchandise value (GMV). Amazon, Flipkart, Myntra and others began the festive season sales from October 7 which is expected to reach Rs 90,000 crore worth of online GMV in the festive month -- up 18-20# from last year's festive month sales.

Indians spent big on festive season sales, UPI transaction up 40% in Oct: Report

<keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">E-commerce</keyword> major <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> is reportedly planning to reduce its <keyword id="52626" type="General" weightage="20" keywordseo="workforce" source="Orion">workforce</keyword> by 5-7 per cent in early 2024 that may affect nearly 1,500 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword>. The Walmart-owned company currently has around 22,000 employees. According to sources, Flipkart has initiated the exercise via performance reviews and the job cuts are likely to be implemented by March-April. The Economic Times was first to report about the upcoming move by Flipkart. The company is also looking at internal restructuring to optimise its resources in order to remain profitable. The company did not immediately comment on the move. Annual job cuts based on performance reviews at Flipkart have happened in the past too. E-commerce major Flipkart had total revenue of Rs 56,013 crore in the 2023 financial year, according to data from business intelligence platform Tofler. The revenue saw a 9 per cent growth in FY23 from FY22 at Rs 51,176 crore. The company reported a net loss of Rs 4,834 crore in FY23, marking a substantial 42 per cent increase from the earlier fiscal year. "Net loss for the financial year ending as on March 31, 2023, was Rs 48,393 million as against that of the previous year ending as on March 31, 2022, of Rs 33,624 million witnessed an increase of 44 per cent in the net loss," according to the financial report.

Flipkart may reduce workforce by up to 7%, affecting 1,500 employees

<ul><li>The first four days of the <keyword id="1549946" type="General" weightage="20" keywordseo="ecommerce-sales" source="Orion">ecommerce sales</keyword> season clocked ₹29,000 crore, says Redseer.</li><li>This year, Indian shoppers hurried to book products ahead even before the sales season started.</li><li>The Pre-book or Price lock feature allows users to lock-in the prices of high value products, before the sale. </li></ul>It’s weeks before Dussehra and Diwali, but Indians are not holding their horses when it comes to shopping online. The first four days of the ecommerce sales season clocked in sales to the tune of ₹29,000 crore, says Redseer. This is around 16% higher than the gross merchandise value (GMV) in the same period last year. The report adds that the fear-of-missing-out or FOMO mood has set into Indian shoppers who have hurried to book products even before the sales season started. Many consumers took advantage of the ‘Pre-book/Price lock’ features, the report said. The industry-first feature allows users to lock-in the prices of high-value products, even before the festive sale starts. “Due to this feature, along with attractive deals on high average selling price (ASP) items and easy financing options like No-Cost EMIs, consumers locked in their choices in advance to avoid FOMO on these deals later during the actual festive sale period,” said Redseer. Accordingly, Day 0 or the Early Access Day, saw a 10 times increase in sales over the business as usual (BAU) for e-commerce websites running sales. The first day saw an over 7 times increase in sales over BAU. "Premiumization as a theme is clearly being seen in this festive season as consumer discretionary spending in high ticket categories has done well. Further, the steady growth in overall sales and high ASP categories reinforces the belief in the strength of the Indian consumption story,” said Mrigank Gutgutia, partner, Redseer. Categories like fashion, beauty &amp; personal care, home, amongst others may gain traction in the second half of the Week 1 festive sale, the consulting firm says. Apart from quantity, the quality of this year’s sales are also improving. E-commerce companies have increased focus on faster deliveries and improved customer experience. That has led to lower cancellations which is generally rife during the festive surge in sales. Moreover, the pre-book feature has allowed them to gauge demand better prior to the sale period — be ready for surge and fulfill orders in a quick and orderly manner.

Shopping FOMO? Indians spend ₹29K cr online ahead of festive season

<keyword id="8009942" type="General" weightage="20" keywordseo="walmart-owned-flipkart" source="Orion">Walmart-owned Flipkart</keyword> on Friday announced that it will be distributing <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>'s <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> on the e-commerce platform. The platform, which has 450 million customers, will be distributing loans of up to ₹5 lakh which can be repaid in up to three years, it said in a statement. The announcement comes amid reports of <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s concerns on the high growth in the more riskier unsecured lending segment like personal loans and credit cards. "As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles," the Flipkart statement said. The facility in tie-up with the third largest private sector lender will empower customers with increased purchasing power, it added. Flipkart's senior vice president for fintech and payments group, Dheeraj Aneja said the e-commerce platform already offers financing avenues like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards to support buyers. "Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys," Aneja added. Axis Bank's president and head of digital business and transformation, Sameer Shetty, said the bank will be able to offer lending to a wider spectrum of customers through the partnership. Customers will be able to get loan approvals in 30 seconds under the partnership, the statement said.

Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

<ul><li>CCI has reportedly raided top domestic sellers on <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Walmart-owned <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> on Thursday morning.</li><li>The raids were in line with the accusation of competition law violations, according to media reports.</li><li>The raids were carried out in New Delhi and Bengaluru.</li></ul>The Competition Commission of India (CCI) has reportedly raided top domestic sellers on Amazon and Walmart-owned Flipkart on Thursday morning. The raids were in line with the accusation of competition law violations, a report by Reuters citing multiple sources revealed. The report noted that offices of both <keyword id="2682122" type="General" weightage="20" keywordseo="cloudtail" source="Orion">Cloudtail</keyword> and <keyword id="6094771" type="General" weightage="20" keywordseo="appario" source="Orion">Appario</keyword> — the top sellers on Amazon where the US-based ecommerce giant also holds indirect equity stake — were raided. The details of Flipkart sellers haven’t been released yet. One of the sources also told Reuters that the raids were carried out in New Delhi and Bengaluru. The raids were in relation to an investigation antitrust watchdog CCI ordered in January 2020. Business Insider has reached out to Amazon and Flipkart seeking more details. Indian retailers and associations have time and again accused ecommerce giants — Amazon and Flipkart — of favouring certain large sellers over others. The Indian foreign direct investment (FDI) guidelines prohibit foreign-funded companies from giving preferential treatment to any sellers or selling their own products on these platforms. The sellers, including the Confederation of All India traders (CAIT), has also accused Amazon and Flipkart of carrying out deep discounting, predatory pricing and other practices that create an unlevel playing field for the small sellers. The organisation has also reached out to multiple agencies and government departments highlighting the issue. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ola-may-be-rushing-into-electric-cars-when-scooters-continue-to-underperform/articleshow/91141264.cms">Is Ola hurrying into its electric car dream?</a> <a class="tout-title-link" href="https://www.businessinsider.in/thelife/personalities/news/the-rise-and-fall-of-zuck-from-the-third-richest-person-in-the-world-to-eighteenth-zuckerbergs-fall-reflects-that-of-facebooks/articleshow/91147088.cms">The rise and fall of Zuck: From the third richest person in the world to 18th, Zuckerberg’s fall reflects that of Facebook’s</a> <a href="https://www.businessinsider.in/business/corporates/news/lic-ipo-policyholders-and-employees-need-to-know-these-terms-and-conditions-to-apply-for-ipo/articleshow/91142300.cms" data-type="tilCustomLink">LIC IPO: If you are a policyholder, this is how much discount you get</a>

Indian antitrust watchdog reportedly raids Amazon, Flipkart’s biggest sellers

<ul><li>Overall online retail gross merchandise value to grow by 30% to reach $68 billion in 2022, predicts a report by <keyword id="14932981" type="General" weightage="50" keywordseo="red-seer-strategy-consultants" source="Orion">Red Seer Strategy Consultants</keyword>. </li><li>Urban Indians in north and central India are more excited about shopping around Diwali than those in <keyword id="6364822" type="General" weightage="50" keywordseo="south" source="Orion">South</keyword> and East India, says a <keyword id="15508" type="General" weightage="80" keywordseo="yougov" source="Orion">YouGov</keyword> survey. </li><li>Shoppers from Tier 2+ cities expected to drive festive sales higher. </li></ul> India’s upcoming festive season is expected to see buoyant sales as consumers give in to the post-pandemic impulse buying and return to the online markets with a vengeance. An uptick in disposable incomes will also bolster the overall mood to spend, experts believe. A report from Bangalore-based Red Seer Strategy Consultants estimates online sales in the festive month starting 24 September to touch $11.8 billion, a 28% jump from the pre-pandemic levels of 2018. In fact, in the first week of the festive season itself, sales are projected to reach $5.9 billion. E-commerce companies have lined up their big online sales starting October, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> Great Indian Festival sale and <keyword id="3113730" type="General" weightage="50" keywordseo="flipkart-big-billion-days" source="Orion">Flipkart Big Billion Days</keyword>, to take advantage of the festival shopping. “Compared to pre-pandemic sales in 2018, the report is projecting a 3x growth in online festive sales GMV (Gross Merchandise Value) this year,” said Red Seer Consultants. The massive growth in festive sales will further push the overall online retail GMV, which stood at $52 billion in 2021, to grow by 30% to reach $68 billion in 2022, according to the report. After the festive season sales, the end-of-season sales that usually happen in July or December make for the next best occasion to shop, followed by New Year and traditional New Years ( such as Pongal, <keyword id="42861" type="General" weightage="50" keywordseo="gudi-padwa" source="Orion">Gudi Padwa</keyword>), Christmas and Eid/ Ramadan. This time around the festive sales are expected to be boosted by post-pandemic revenge shopping and impulse buys. “More than a third (35%) agreed with the statement – I am looking forward to Diwali this year since the rest of the year has been quite dull because of Covid-19,” according to the YouGov Festival Survey <a href="https://business.yougov.com/content/43451-yougovs-diwali-spending-index-shows-highest-ever-s">Report</a> 2022. Over 27% of respondents of YouGov gave “an increase in gross household income from the past year” as another reason for shopping. Spirits high in rural &amp; Tier2+ cities Interestingly, rural India is more pumped up about the approaching festivities but there will be a drop in average spending online, Red Seer Consultants said. About 48% shop more during the festive season, compared to the rest of the year. A majority of these shoppers are from rural India, reveals <keyword id="14932980" type="General" weightage="50" keywordseo="axis-my-india-sep" source="Orion">Axis My India Sep</keyword> CSI Survey 2022. There is an increase in shoppers from Tier 2+ cities (from 42% in 2018 to 60% in 2021) who tend to shop from lower average selling price categories like fashion, home and beauty personal care, reported Red Seer. “We are forecasting 4x growth in the number of online shoppers from 2018. This growth has been driven by accelerated digital adoption and increasing penetration in Tier 2+ cities. We expect this expanded customer base to reflect in higher sales during the festive sales period as well,” said Sanjay Kothari, associate partner, <keyword id="13724596" type="General" weightage="50" keywordseo="redseer-strategy-consultants" source="Orion">Redseer Strategy Consultants</keyword>. Urban Indians in North more excited about festival shopping Urban Indians in north and central India are more excited about shopping around Diwali, followed by residents in West India. Enthusiasm for the festival in South and East India is comparatively lower, reveals YouGov. Navratri/Durga Pooja is the most anticipated shopping event in East and North-east India as compared to other regions. “This is majorly due to increasing awareness of the festive sales among the shoppers, growing reach, targeted selection, and expansion of products within the affordability range for shoppers across city types,” added Kothari. The launch of new e-commerce models such as live/video commerce is further expected to drive the growth of online shoppers during festivities, estimates Red Seer Consultants. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/this-amazon-grant-winning-startup-is-saving-the-environment-one-tote-bag-at-a-time/articleshow/94071570.cms">This Amazon grant winning startup is saving the environment, one tote bag at a time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-onboards-american-apparel-company-bebe-ahead-of-festive-season/articleshow/94023466.cms">Flipkart onboards American apparel company Bebe ahead of festive season</a>

Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report

<ul><li><keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> wants to do the IPO before March 2023, CEO Kalyan Krishnamurthy reportedly said.</li><li>Scaling the grocery business would be a critical part of the journey towards Flipkart’s public listing. </li><li>The company is also looking to raise the pre-IPO round in the January-March quarter next year.</li></ul>Walmart-owned ecommerce giant Flipkart will go for an initial public offering (IPO) in November or December 2022, the company’s group chief executive (CEO) Kalyan Krishnamurthy has reportedly said. There is also a chance that the <keyword id="3123061" type="General" weightage="20" keywordseo="flipkart-ipo" source="Orion">Flipkart IPO</keyword> may be pushed to March 2023 due to external factors like inappropriate market conditions, Krishnamurthy reportedly told a select group of executives earlier this week in an offsite meeting. The development was <a href="https://www.businessinsider.in/business/news/byjus-swiggy-and-dream11-the-top-10-startup-deals-of-2021-that-raised-7-7-billion-overall/slidelist/88121451.cms#slideid=88121586">reported </a>by The Economic Times (ET). He reportedly added that scaling the grocery business would be a critical part of the journey towards the public listing. This may be a reason why Flipkart increased its shareholdings in <a href="https://www.businessinsider.in/business/startups/news/walmart-owned-flipkart-invests-145-million-in-agritech-startup-ninjacart/articleshow/88268882.cms">fresh produce supply chain company NinjaCart </a>earlier this week. As per the report, Flipkart is looking at a possible overseas listing. The company is also reportedly looking to raise a pre-IPO round in the January-March quarter next year in order to benchmark its valuation before it hits the public market. Business Insider has reached out to Flipkart seeking confirmation on the same. The Bengaluru-based company had raised <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$3.6 billion in July this year</a>, at a valuation of $37.6 billion. The round was led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and <keyword id="80487" type="General" weightage="20" keywordseo="walmart" source="Orion">Walmart</keyword>. Tiger Global and Qatar Investment Authority, among other marquee investors also participated in the round. Walmart had acquired 77% shares in Flipkart in 2018, giving exits to founders Binny and Sachin Bansal, subsequently. The US-based retail giant currently holds 75% shareholding in Flipkart. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/grofers-founder-explains-why-he-rushed-to-rebrand-the-startup-and-his-plans-seem-ambitious/articleshow/88320706.cms" data-type="tilCustomLink">INTERVIEW: Grofers founder explains why he rushed to rebrand the startup and his plans seem ambitious</a> <a href="https://www.businessinsider.in/business/startups/news/indias-most-valuable-startup-may-go-public-in-us-at-48-billion-valuation/articleshow/88318989.cms" data-type="tilCustomLink">Byju’s insider says the US SPAC offer values company at $48 billion</a> <a href="https://www.businessinsider.in/business/startups/news/ola-raises-half-a-billion-dollars-in-debt-to-fuel-its-food-delivery-and-quick-commerce-dream/articleshow/88314624.cms">Ola raises half a billion dollars in debt to fuel its food delivery and quick commerce dream</a>

You Searched For "Flipkart report" and got 11 results

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Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

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Indian antitrust watchdog reportedly raids Amazon, Flipkart’s biggest sellers

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Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report

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