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E-commerce platform <keyword id="1715801" type="General" weightage="100" keywordseo="shopify" source="Orion">Shopify</keyword> on Tuesday announced to cut 10 per cent of its workforce -- around 1,000 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword> across verticals -- as it failed to predict that the e-commerce industry would continue to grow beyond the pandemic at the same pace it did during the two-year period. The company CEO <keyword id="5695811" type="General" weightage="50" keywordseo="tobi-lutke" source="Orion">Tobi Lutke</keyword> said in a statement that Shopify has to go through a reduction in workforce that will see about 10 per cent leave by the end of the day. "Most of the impacted roles are in recruiting, support, and sales, and across the company we're also eliminating over-specialized and duplicate roles, as well as some groups that were convenient to have but too far removed from building products," he informed. The company was sending emails to those affected and they will "have a meeting with a lead in their team". <keyword id="14565887" type="General" weightage="80" keywordseo="lutke" source="Orion">Lutke</keyword> said that before the pandemic, <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> growth had been steady and predictable. "Was this surge to be a temporary effect or a new normal? And so, given what we saw, we placed another bet: We bet that the channel mix - the share of dollars that travel through ecommerce rather than physical retail - would permanently leap ahead by 5 or even 10 years", he mentioned. Shopify's workforce jumped from 1,900 in 2016 to around 10,000 in 2021 to meet the expected growth. However, Lutke said that it is now clear that bet didn't pay off. "What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point. Still growing steadily, but it wasn't a meaningful 5-year leap ahead," he informed. Those affected in the layoff will get 16 weeks of severance pay, plus an additional week for every year of tenure at Shopify. "We'll remove any equity cliff, and extend any medical benefits. Knowing that Shopify is just one stop on a career journey, we'd also like to help set everyone up for success as they take their next steps," said the CEO., adding that the company will offer outplacement services with access to career coaching, interviewing support, resume crafting, etc. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/there-is-an-exodus-of-games-from-web2-to-web3-says-this-blockchain-adoption-entity/articleshow/93139457.cms">There is an exodus of games from Web2 to Web3, says this blockchain adoption entity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a>

E-commerce platform Shopify lays off 1,000 employees

<ul><li><keyword id="3480589" type="General" weightage="80" keywordseo="meesho" source="Orion">Meesho</keyword> has more than 8 lakh registered sellers, with 40% of them from <keyword id="142845" type="General" weightage="80" keywordseo="tier-ii" source="Orion">Tier II</keyword> cities and beyond. </li><li>Meesho’s integration with <keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword> is expected to create a wider market for hyperlocal suppliers. </li><li>Tier II cities contributed 54% of the gross merchandise value of festive season sales this year. </li></ul>Meesho, an e-commerce unicorn in India that primarily caters to Tier II cities has joined the government’s Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (ONDC) initiative. This will help buyers connect with hyperlocal sellers in creating an inclusive e-commerce ecosystem in the country. To create a more level playing field for small and medium enterprises in India, the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> launched the ONDC portal last year. The pilot was available to sellers in five cities - Delhi, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, Coimbatore, Bhopal and Shillong, according to PTI reports. ONDC is an open network portal that helps micro enterprises gain more visibility in comparison to e-commerce behemoths like Amazon and <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>. E-commerce startup Meesho’s integration with ONDC is expected to fuel discoverability of products for consumers while creating a wider market for hyperlocal suppliers. “With a shared goal to empower small sellers and give a fillip to hyperlocal businesses, the integration will boost our efforts to democratise internet commerce for everyone. ONDC will also play an important role in expanding India’s e-commerce sector by bringing more consumers online. We have been working closely with ONDC to ensure that the integration is smooth and the user experience remains seamless,” said <keyword id="3480590" type="General" weightage="50" keywordseo="vidit-aatrey" source="Orion">Vidit Aatrey</keyword>, founder and CEO of Meesho. The pilot phase of Meesho’s integration with ONDC will first be launched in Bangalore and gradually rolled out in other locations over the coming months. Meesho’s adoption of ONDC is a reflection of the increasing demand in Tier II cities coupled with a spurt in the number of retailers from these cities. Festive period sales become a Tier II phenomenon with 64% shoppers coming from these cities, according to a Redseer report. The cities also contributed 54% of the gross merchandise value during the festive sales this year. With the growing importance of social e-commerce, unicorn Meesho was the second-largest contributor in order volume during the first week of festive sales in September, with a majority of its sales coming from Tier II and Tier III <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">cities</a>. Meesho says that 80% of its 14 crore annual transacting customers are from Tier II cities. The company also has more than 8 lakh sellers currently registered on the platform, of which 40% are from Tier II cities and beyond. “At ONDC, our aim is to create an open e-commerce ecosystem that caters to one and all. We are pleased to onboard Meesho as its deep capabilities in small towns will set the network flywheel in motion and take ONDC closer to our goals. E-commerce is still small in India and new-age platforms like Meesho will be strong network participants for ONDC in this journey,” said T Koshy, chief executive officer, ONDC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/union-labour-ministry-summons-amazon-india-over-layoffs/articleshow/95703264.cms">Union Labour Ministry summons Amazon India over layoffs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inox-green-energy-services-lists-at-6-92-discount-lower-than-grey-market-expectations/articleshow/95703045.cms">Inox Green Energy Services lists at 6.92% discount, lower than grey market expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambani-says-india-will-become-a-40-trillion-economy-by-2047/articleshow/95692457.cms">Mukesh Ambani says India will become a $40 trillion economy by 2047</a>

Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers

Almost one in five of India’s future unicorns drop off the race as funding winter bites

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s online shopper base is expected to reach 400-450 million by 2027. </li><li>The median age of Indians is 28 years, one of the lowest in the world. </li><li>There will be an additional focus on <keyword id="142845" type="General" weightage="80" keywordseo="tier-ii" source="Orion">Tier II</keyword> and Tier III cities, reveal industry experts. </li><li>The country’s direct-to-consumer e-commerce market is expected to reach $100 billion by 2025, more than 15 times where it was in 2015. </li></ul>E-commerce has leapfrogged to a new era of high volume during the pandemic and has become the new normal ever since. Yet, there is a lot more evolution that’s to take place in this segment going ahead, say experts. In 2023, apart from continuing with the growth story in Tier 2 and Tier 3 cities, online shopping will also go deeper – which still has a lot of juice left. “Growth is expected to be led by new online shoppers - primarily from Tier 2/3 cities - and continued online migration of key categories including fashion and grocery. In fashion, 'social' commerce and direct- to-consumer brands are gaining share,” according to a Bernstein study. The mix has increased over the past 5-7 years – when e-commerce was largely concentrated in metro/Tier1 cities – to today, when Tier 2+ customers account for over 50% of the online shopper base, reveals Bernstein. The mix might continue to change with a bias towards non-metro shoppers. Along with robust sales from companies like <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-group-leads-e-commerce-festive-sales-meesho-is-second-largest-contributor-in-order-volume-redseer/articleshow/94701015.cms">Meesho</a> that are focussed on shoppers beyond the metros, the overall festive sales this year also had a large share of such shoppers. According to the E-Commerce Festive Season ‘22 report by Redseer, over 64% shoppers came from Tier II cities of <a href="https://www.businessinsider.in/business/ecommerce/news/one-in-every-five-online-orders-had-a-kurti-or-saree-in-their-cart-redseer/articleshow/95598263.cms">India</a>. “The pandemic changed the way Indians shop, with Shopify research showing more than half (53%) of consumers from non-metros now preferring online shopping, and 80% of Indian consumers preferring to shop from their smartphone. This shift means that often the first time consumers discover or interact with a brand, they’re almost certainly doing it online,” Bharati <keyword id="79029" type="General" weightage="80" keywordseo="balakrishnan" source="Orion">Balakrishnan</keyword>, country head and director, India at Shopify said. India’s online shopper base in general is expected to reach 400-450 million by 2027, according to a Bain and Company <a href="https://www.bain.com/insights/how-india-shops-online-2022-report/">report</a>. <div type="image" title="B&amp;amp;K Securities Footwear Sector Update 2022" agency="Business Insider" msid="96369576" hostid="261"></div> Voice searches to go desi To facilitate growth beyond metros, many e-commerce companies have enabled voice- based shopping, providing language options to make ‘Bharat’ shop online with as much ease as their metro and urban counterparts. The Indian food delivery unicorn Zomato has already gone <a href="https://www.businessinsider.in/business/news/zomato-goes-desi-now-available-in-hindi-and-8-other-regional-languages/articleshow/95767672.cms#:~:text=Zomato%20goes%20desi%2C%20now%20available%20in%20Hindi%20and%208%20other%20regional%20languages,-Advertisement&amp;text=The%20company%20said%20it%20is,to%20place%20order%20on%20Zomato.">desi</a>, making its app available in eight vernacular languages. E-commerce giant <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword> has also made its app available in English, Hindi, Tamil, Telugu, Malayalam, Kannada, Bangla and Marathi. So has e-commerce platform Meesho. “Video content, voice search and localisation will take precedence in 2023 and beyond. Localisation through the use of vernacular and visual content will be the key to win over customers in Bharat,” Meesho told Business Insider India. Quick e-commerce and D2C business to fly In urban areas especially consumers have become a tad more demanding, especially when it comes to the delivery of essentials. “Within grocery, we're already seeing a shift from slow e-Com to 'quick'/ instant delivery,” said the Bernstein study. That means quick commerce players like Blinkit, Zomato, <keyword id="9731725" type="General" weightage="80" keywordseo="swiggy-instamart" source="Orion">Swiggy Instamart</keyword> and Dunzo are expected to see growth in the coming year. The trend of ordering groceries online has survived the pandemic-time need for essentials while stuck inside. In fact, the lightning-fast speed of the service has caught the fancy of users who now call the non-quick versions as slow e-Com. “The Covid-19 pandemic has impacted purchase decisions, and most users started moving to e-Commerce and quick commerce for their purchases. “Out of stock” - Those three little words have the power to kill e-commerce. In fact, 52% of online shoppers will abandon all items in their carts upon learning that just one item they are attempting to purchase is not in stock,” said Ajoy <keyword id="6356986" type="General" weightage="80" keywordseo="thomas" source="Orion">Thomas</keyword>, vice president, TeamLease Services. Thomas expects India's quick commerce sector to grow 10-15 times in the next five years to become a $5 billion market by 2025, quoting industry reports. Going into 2023, more consumers will look for D2C brands online as e-commerce players distinguish themselves from offline stores by offering products that can only be found online. The country’s direct-to-consumer (D2C) e-commerce market is expected to reach $100 billion by 2025, more than 15 times where it was in 2015, Balakrishnan said. Imagining to experiencing via technology At a median age of 28, Indians are among the youngest and also the most tech savvy. AI and personalisation will, therefore, continue to be pivotal in enabling e-commerce – facilitating personalised discovery. Celebrity fashion designer Manish Malhotra launched his virtual store last year, with a virtual walkthrough of a Delhi store. “Interactive content will be essential in ensuring that millions of new customers move from imagining to experiencing what a product might be like in real life before making a purchasing decision. While the first 100 million customers came from metros, the vision for 2023 is to further double down on getting the next 500 million customers online,” a <keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> spokesperson told Business Insider India. The e-commerce giant launched an augmented reality-powered Flipkart Camera, an AI-driven regional language interface and a virtual shopping platform called Flipverse. Its rival Amazon also started Amazon Live where shoppers can directly interact with experts who can showcase products, unveil top deals and answer customer queries in real time. Amazon engaged over 150 influencers to generate 600 live streams to help customers make an informed purchase decision. “India has the world's largest base of GenZ population. Their choices will redefine the future of the fashion retail industry in India, giving brands a great opportunity to create offerings to woo this customer base. They are digital savvy, follow global trends and take inspiration from influencers,” a Myntra spokesperson told Business Insider. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/article/15-of-the-top-20-most-used-songs-on-instagram-reels-globally-are-from-indian-artists/slidelist/96368443.cms">Suryakumar Yadav, Srivalli, and T20 World Cup: Top trends on Reels in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/tirupati-lucknow-madurai-and-other-non-metros-that-transacted-the-most-for-movies-as-per-bookmyshow/slidelist/96366956.cms">Tirupati, Lucknow, Madurai and other non-metros that transacted the most for movies, as per BookMyShow</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/south-indian-movies-overtake-bollywood-hollywood-in-cinemas-as-per-bookmyshow/slidelist/96364086.cms">South Indian movies overtake Bollywood &amp; Hollywood in cinemas as per BookMyShow</a>

Quick, personal, live and immersive – this is how e-commerce will be in 2023

<ul><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s first social commerce platform has turned 1.23 lakh small business owners into lakhpatis. </li><li><keyword id="3480589" type="General" weightage="100" keywordseo="meesho" source="Orion">Meesho</keyword> has overtaken <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword> in terms of user penetration in tier 2 to tier 4 cities of India. </li><li>Compressed app size, explainer videos on doing business, monthly visits to households of small businessmen is how Meesho is capturing India’s rural heartland. </li></ul>At 13 years of age, <keyword id="15066970" type="General" weightage="50" keywordseo="divyanjali-mishra" source="Orion">Divyanjali Mishra</keyword> is a year short of the legal age to work in India but the entrepreneurial bug bit this teen after she saw her brother-in-law become successful online. She too followed the same path to make and sell t-shirts, wallets and belts on Meesho – an enterprise that made her a <keyword id="23267" type="General" weightage="20" keywordseo="crorepati" source="Orion">crorepati</keyword> before she turned 18. Her businesses HK Traders and Parthasarathi Enterprises have an annual turnover of ₹24 crore, processing 3,000-4,000 orders per day that she receives from Meesho. Her business now employs over 30 women – all under the age of 23 and coming from economically weaker backgrounds. <div type="image" title="Divyanjali Mishra" msid="94399483" hostid="261" sizebytes="34420"></div> Light and fast Social commerce app Meesho has given wings to many such young, restless, ambitious and talented entrepreneurs across the country – at least 8,000 sellers on Meesho have turned crorepatis since January 2021. As many as 1.23 lakh small business owners have turned into lakhpatis on Meesho. With over 127 million users in August 2022 alone, what is driving this unicorn's customer and seller growth? One trait that’s common between Meesho and its sellers is speed. "Our vision is to democratise internet e-commerce. When the cost of trying out a business online is massively reduced and onboarding happens within 12 hours, more sellers come onboard," said <keyword id="1893518" type="General" weightage="50" keywordseo="megha-agarwal" source="Orion">Megha Agarwal</keyword>, CXO, user growth at Meesho, in an interview with Business Insider India. It also has features unique to small businesses and new enterprises – like the 7-day payment feature. When these sellers are paid faster, they can re-invest faster and hence chase growth. It also helps cover some risks with the ‘Zero penalty’ feature, where sellers are not penalised for self or auto cancellation of orders, Meesho said. Meesho's app is also the lightest e-commerce app in India at 13.6 MB. Flipkart’s app takes up 18 MB of space while Amazon requires 59 MB. "Our customers are mostly from tier 2, tier 3 and tier 4 cities of India. We are aware that customers don't always have smartphones with high data storage. Thus we made our app very light. To make the process of onboarding easier, we are now providing the app in nine vernacular languages," said Agarwal. Meesho, which is backed by Facebook and SoftBank, currently has 360 million downloads – 175 million of these in the last year alone. How does Meesho churn out entrepreneurs from rural India? The social e-commerce team at Meesho conducts monthly travel sessions with the team to the hometowns of their businessmen and businesswomen. It also provides monetary initial boost to sellers who are coming onboard for the first time. “Additionally, we provide free ad credits worth ₹1,200 to all new suppliers who create 7 live catalogues milestones within the first two weeks of their journey,” said Meesho. To promote ease of doing business, the unicorn has created two activation teams dedicated to understanding how to make it easy for sellers who are uneducated. "To improve comprehension and reduce friction, we have created two activation teams from both the seller and user side. Over 20 plus videos exist to educate about sales online. Even the stories we pick to celebrate are meant to be encouraging for small business owners, making us friendly and approachable, " said Agarwal. Over 35% of the seller base from tier 4 regions The social e-commerce app is trying to reach the rural heartland of India. Over 35% of the Meesho seller base hailed from tier 4 regions. In June 2022 alone, there were 23,000 seller registrations – the highest ever from tier 4 cities. Mandi in Himachal Pradesh; Muzaffarnagar and Unnao in Uttar Pradesh; Buhana, Paota, and Kaman in Rajasthan are popular tier 4 business spots for Meesho. Nearly 41% of all Meesho sellers hail from tier 2+ regions such as Hisar, Panipat and Tiruppur, among others. According to a Bernstein report 2022, the sweet spot for e-commerce growth in India is from tier 2 and tier 3 cities. Meesho is outperforming Amazon and Flipkart when it comes to these cities, it reported. In spite of having 700,000 sellers on its platform, Amazon is yet to gain ground in a very important category in India — tier 2 and tier 3 markets. One of India's fastest e-commerce companies, Meesho is looking forward to expanding its portfolio to 100 million sellers with the upcoming festivities. The <keyword id="15066971" type="General" weightage="20" keywordseo="meesho-blockbuster-sale" source="Orion">Meesho blockbuster sale</keyword> beginning from 23rd September will offer products at prices that are 15% lower than that offered by the big e-commerce platforms, claims the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/doodlage-and-ecokaari-startups-are-converting-waste-into-bags-and-clothes/articleshow/94388327.cms">Fashion forward: These startups are converting waste into bags and clothes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-indians-to-spend-more-than-10000-on-shopping-in-the-upcoming-festive-season-says-report/articleshow/94389278.cms">Most Indians to spend more than ₹10,000 on shopping in the upcoming festive season, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/whatsapp-pay-india-head-mahatme-quits-likely-to-return-to-amazon-pay/articleshow/94378345.cms">WhatsApp Pay India head Mahatme quits, likely to return to Amazon Pay</a>

You Searched For "e commerce unicorn" and got 5 results

E-commerce platform Shopify lays off 1,000 employees

IANS

Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers

Eetika Kapoor

Almost one in five of India’s future unicorns drop off the race as funding winter bites

Katya Naidu

Quick, personal, live and immersive – this is how e-commerce will be in 2023

Eetika Kapoor

Online e-commerce player Meesho is the new crorepati factory

Eetika Kapoor

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