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The rupee depreciated by 14 paise to 79.70 against the US dollar in opening trade on Friday, weighed down by strength of the American currency in the overseas market. At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close. On Thursday, the rupee declined by 4 paise to close at 79.56 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 109.55. The rupee opened on a weak note as the dollar index advanced to 109.60 with the British pound falling to its lowest in two years while <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> touched the 140-mark, said Anil Kumar Bhansali, Head of <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">Treasury</keyword>, Finrex Treasury Advisors. Forex traders said though oil prices remained subdued, weak Asian and emerging market peers and higher inflation expectation might weigh on the local currency. The global oil benchmark Brent crude futures advanced 1.83 per cent to USD 94.05 per barrel. On the domestic macroeconomic front, the GST tax collection was at Rs 1.44 lakh crore for the 6th consecutive month in August. Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, citing dampening of economic momentum in coming quarters on rising interest rates, uneven monsoon, and slowing global growth. This is a sharp 1.1 percentage points cut from the growth projection of 8.8 per cent for the current year made in May by Moody's. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 151.29 points or 0.26 per cent higher at 58,917.88, while the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> advanced 57.25 points or 0.33 per cent to 17,600.05. Foreign institutional investors turned net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,290.31 crore, as per exchange data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/android-14-to-bring-satellite-support-to-phones/articleshow/93942444.cms">Android 14 to bring satellite support to phones – here’s everything you need to know</a>

Rupee falls 14 paise to 79.70 against US dollar in early trade

Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks

<ul><li><keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has signed Indian cricketer <keyword id="1627109" type="General" weightage="50" keywordseo="jasprit-bumrah" source="Orion">Jasprit Bumrah</keyword> as brand ambassador for its activewear brand <keyword id="2812575" type="General" weightage="80" keywordseo="performax" source="Orion">Performax</keyword>. </li><li>Perfomax has a presence across over 1,000 stores in over 330 cities. </li><li><keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Retail serves over 200 million registered customers in the country. </li></ul>Reliance Retail’s activewear brand Performax on Friday signed cricketer and India’s top bowler, Jasprit <keyword id="2270089" type="General" weightage="50" keywordseo="bumrah" source="Orion">Bumrah</keyword> as its brand ambassador. Reliance aims to expand the home-grown brand’s presence through exclusive brand outlets, at Reliance Retail’s fashion and lifestyle stores and digital platforms, as well as in multi-brand outlets. “We aspire to build Performax as the 1st Indian sports brand of international repute. This association is among the first in a series of initiatives we plan to undertake towards establishing Performax as the preferred activewear brand for our customers,” said Akhilesh Prasad, CEO, Reliance Retail – Fashion &amp; Lifestyle. Performax is Reliance Retail’s own brand specialising in activewear merchandise and offers a wide range of options across footwear, apparel &amp; accessories categories. “As an athlete, I am very particular about the gear that I use as the right fit inevitably helps better my game. It's exciting to associate with a brand with whom I share my personal mantra of maximum performance,” said Bumrah. Currently the brand has a presence across over 1,000 stores in over 330 cities. In Reliance’s annual general meeting held on August 29, Reliance revealed that its retail segment served over 200 million registered customers, which is equivalent to the entire population of the UK, France and Italy. Reliance Retail is one of India’s largest retailers with a turnover of $26.3 billion for the year ended March 2022, the company’s statement revealed on Friday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-is-struggling-in-india-unlike-reliance-meesho-says-wealth-management-firm-bernstein/articleshow/93950044.cms">Amazon is struggling in India unlike Reliance, Meesho says wealth management firm Bernstein</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">Explained: What is India Volatility Index or VIX, and why is it important now?</a>

Jasprit Bumrah is brand ambassador for Reliance Retail’s Performax

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s ecommerce market is expected to reach $130 billion by 2025. </li><li>Social ecommerce firms in India like Meesho are performing better than traditional ecommerce firms. </li><li>The world’s biggest ecommerce company is struggling to gain a foothold in India’s Tier 2 and 3 cities due to regulatory setbacks.</li></ul><keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> marked a spectacular entry into India in 2013 and not just because <keyword id="191583" type="General" weightage="50" keywordseo="jeff-bezos" source="Orion">Jeff Bezos</keyword> sat atop a colourful truck or it invested $7 billion into the market. India is one of the biggest emerging ecommerce markets globally, estimated to reach $130 billion by 2025. Almost ten years later, its success is being questioned by a wealth management firm, Bernstein, in its latest report. Amazon is now the second largest player behind Flipkart with a gross merchandise value of $18-20 billion and has over 170 million products. But it’s yet to turn profitable in a market where the average order value is below $10 (approx. ₹800). “Besides growth-related investments, profitability has also been impacted by a higher mix of low margin product categories (e.g., smartphones with sub 5% net margins). Amazon has struggled to scale volumes in higher margin categories such as fashion and beauty and personal care,” said the Bernstein report. Fashion has seen the highest growth in the last few years, and so has grocery. But the latter is led by quick commerce players like Dunzo, Zepto and <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword>. Amazon and Flipkart are market leaders in mobiles and consumer electronics. But the share of this segment in the ecommerce market is declining. Indian regulations give <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword> an edge over Amazon 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. As per the report, these markets account for around 50% of all e-commerce sales, and they’re growing. “Reliance leads in India with a strong 1P business with over 15,000 store retail footprints. Flipkart is the frontrunner in the apparel category and social ecommerce firm Meesho is winning in tier 2/3 cities where Amazon struggles to perform,” it said. 1P business is where retailers have an online presence like Reliance with a wide brick and mortar footprint. Amazon however is a 3P player who works with sellers. The regulations in India are skewed towards the former, and tougher for MNCs. “Regulations don't allow for an inventory-led 1P model for a foreign entity like Amazon. The company has made investments into local retailers like <keyword id="64373" type="General" weightage="50" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword> (fashion), More (grocery), and a rumoured stake in <keyword id="1560087" type="General" weightage="50" keywordseo="ecom-express" source="Orion">Ecom Express</keyword> (logistics) but integration has been limited as the regulations don't allow for full control,” the report said. At the same time, its key competitor Reliance scaled up its ecommerce operations to around 19% of core retail sales, thanks to its 15,000 stores and ability to manage an inventory-led model. “Amazon's management attrition has also increased recently, potentially signaling difficulties achieving desired scale,” the report said. Amazon’s worldwide consumer CEO Dave Clark left the company after 23 years in 2022. Here’s where ecommerce growth is at The sweet spot for ecommerce growth in India is Tier 2+, the report says, which is a market that’s seeking products tailored to their needs. <keyword id="3030142" type="General" weightage="50" keywordseo="myglamm" source="Orion">MyGlamm</keyword>, <keyword id="1932100" type="General" weightage="50" keywordseo="bewakoof" source="Orion">Bewakoof</keyword> and Sleepy Owl are able to achieve this with a large chunk of their business coming from these towns. However, due to regulations, Amazon cannot make headway here too. The inability to operate a 1P model has limited the availability of private labels versus the competition, which further pressures margins, the report says. “Despite the importance of the market, we estimate that it contributes less than 5% to Amazon's overall value. At Amazon's current valuation, we see the India business as a call option for Amazon investors, as long as the company is disciplined around capital allocation,” says Bernstein. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-smartphones-launching-in-india-in-september-2022/slidelist/93945270.cms">Upcoming smartphones launching in India in September 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cash-rich-family-offices-of-small-towns-are-buying-into-the-india-startup-story/articleshow/93944024.cms">Cash-rich family offices of small towns are buying into the India startup story</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a>

Amazon is struggling in India unlike Reliance, Meesho says wealth management firm Bernstein

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Rupee falls 14 paise to 79.70 against US dollar in early trade

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Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks

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Jasprit Bumrah is brand ambassador for Reliance Retail’s Performax

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Amazon is struggling in India unlike Reliance, Meesho says wealth management firm Bernstein

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