Wednesday August 21, 2019
Home Business New e-commerc...

New e-commerce Norms to Impact e-tailers: Flipkart

"The industry is set to be a major growth driver for the Indian economy and create millions of jobs in the future," it added

0
//
Flipkart Buys Back Shares Worth $350 mn.
New e-commerce norms to impact e-tailers: Flipkart. IANS

The policy changes the government announced on Wednesday for the e-commerce sector would have long term implications, said leading e-tailer Flipkart on Friday.

“The government policy changes will have long term implications for the evolution of the promising sector and whole ecosystem,” said the city-based e-commerce major in an e-mail to IANS.

The renewed policy on Foreign Direct Investment (FDI) in e-commerce envisages a level playing field for e-tailers and offline traders, who dominate the country’s retail market with about 90 per cent share.

“It is important that a broad market-driven framework be developed through a consultative process in order to drive the industry forward,” said the company, in which the world’s largest retailer Walmart bought 77 per cent equity stake in May for a whopping $16 billion (Rs 1,07,662 crore).

According to the Commerce Ministry notification, e-commerce entities would engage only in business-to-business and not in business-to-consumer e-commerce, for buying and selling goods and services, including digital products over the digital and electronic network.

Flipkart.com

The revised policy, which will be in force from February 1, 2019, barred e-tail firms from selling products of companies in which they hold equity and prohibited the firms from mandating any company to sell its products exclusively on their e-commerce platforms alone.

The renewed policy also prevents the e-tail portals from directly and indirectly influencing the price of goods and services.

“In the span of a decade, the e-commerce industry has revolutionised the way consumers connect with sellers and local manufacturers, providing tremendous value to both and to the country,” Flipkart asserted.

Also Read- Donald Trump Presses Democrats on Border Wall Funding Ahead of Senate Meeting

The online retail ecosystem has created thousands of jobs and contributed to innovations in micro, small and medium enterprise (MSME) manufacturing, supply chain, warehousing, packaging and digital payments, the statement noted.

“The industry is set to be a major growth driver for the Indian economy and create millions of jobs in the future,” it added. (IANS)

Next Story

Flipkart Rolling Out its ‘Video’ Service through Latest Update of Its Android App

The company has added a dedicated section to its application and it provides content from players, like Arre, Dice Media, TVF and Voot

0
Flipkart, Video, Android
Similar to Amazon Prime Video, Netflix and other streaming services, Flipkart is offering curated and personalised video content to the Indian audience. Pixabay

Walmart-owned e-commerce giant Flipkart on Saturday started rolling out its ‘video’ service through the latest update of its Android app.

Similar to Amazon Prime Video, Netflix and other streaming services, Flipkart is offering curated and personalised video content to the Indian audience.

The company has added a dedicated section to its application and it provides content from players, like Arre, Dice Media, TVF and Voot.

Flipkart, Video, Android
Walmart-owned e-commerce giant Flipkart on Saturday started rolling out its ‘video’ service through the latest update of its Android app. Pixabay

Flipkart users can download the latest version — version 6.17 — of the app on their Android smartphones to use the company’s video streaming service. Once the app is updated, one can access the service by going to the hamburger menu from the top left corner of the app and click on the videos section.

Also Read- By Advancing Interdependence, India will Bring New Dawn for Democracy in 21st Century

The biggest USP of Flipkart videos streaming service is that it’s free for users, although it could be ad-supported in the days to come. (IANS)