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When Paytm Mall started, it took a cue from its investor Alibaba and aimed to become a digital universe for everything.
As part of its initial offers, the company started giving cashback to attract customers.
According to Pavel Naiya, Senior Analyst, Devices and Ecosystem at Counterpoint Research, it was a short-term strategy and gaining royalty in the long-term in a price-sensitive market like India was an uphill task which depends on multiple factors, including service delivery, exclusive offerings and additional product bundling, etc.
“As cashback disappeared, so did the customers,” said Naiya.
Paytm Mall stopped fighting the low-margin, high cash burn e-commerce battle, and began altering its strategy to become an O2O (online to offline) platform for small sellers.
The announcement by Reliance to enter the fray was really worrisome for Paytm and its owners.
“Reliance is working on creating the world’s largest online-to-offline New Commerce Platform,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries said at the “Make in Odisha Conclave” in November last year.
With a deep footprint in over 10,000 Reliance Retail outlets pan-India, Reliance has a definite edge over all other retails players out there.
Reliance has capital, an unending capacity to scale up, massive retail footprint and resources to beat the competition. Mukesh Ambani aims to become the top retail player in the country and can easily do that like he has done with Reliance Jio,” Satish Meena, senior forecast analyst at Forrester Research, told IANS.
One thing that has always worked in Reliance’s favour is their deep discounting strategy and this will be the key differentiator with their ecommerce platform too.
“Paytm Mall faltered owing to adopting a wrong model. It is looking at a very difficult time ahead as unlike China, India is yet to mature for the online-to-offline (O2O) marketplace,” Meena said.
Thomas George, Senior Vice President and Head of CyberMedia Research (CMR) went a step further.
“I will not be surprised if Paytm could be an acquisition target for Reliance or Alibaba to pursue their India e-commerce business opportunity,” George told IANS.
Alibaba never saw long-term growth in the e-commerce sector in India so they placed their bet on the burgeoning digital payments sector which, according to Google and Boston Consulting Group, will be worth $500 billion by 2020.
Paytm Founder and CEO Vijay Shekhar Sharma thought otherwise and the result is for everyone to see.
“Reliance is looking at toppling Amazon and Walmart-Flipkart from their top positions. Paytm Mall is just a small competitor in comparison,” said Meena. (IANS)
Hackers have stolen crypto tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack. In a tweet, Badger said it has received reports of unauthorised withdrawals of user funds. "As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals. Our investigation is ongoing and we will release further information as soon as possible," the company said late on Thursday.
According to the blockchain security and data analytics Peckshield, the various tokens stolen in the attack are worth about $120 million, reports The Verge. According to reports, someone inserted a malicious script in the user interface (UI) of their website. Badger has retained data forensics experts Chainalysis to explore the full scale of the incident and authorities in both the US and Canada have been informed. "Badger is cooperating fully with external investigations as well as proceeding with its own," it said. DeFi is a collective term for financial products and services that are open, decentralised and accessible to anyone. DeFi products open up financial services to anyone with an internet connection and they are largely owned and maintained by their users. While the attack didn't reveal specific flaws within Blockchain tech itself, it managed to exploit the older "web 2.0" technology that most users need to use to perform transactions, according to reports. (IANS/ MBI)
(Keywords: crypto wallets, BadgerDAO, decentralised finance, Blockchain, 120 million, crypto tokens, Hackers)
A total of 120 top Bollywood and other celebrities are expected to attend the wedding of film stars Katrina Kaif and Vicky Kaushal which is scheduled on December 9 in Rajasthan, said Rajendra Kishan, the District Collector (DC) of Sawai Madhopur district of the state on Friday. The District Collector told mediapersons: "These 120 guests shall follow all COVID-19 protocols and fully vaccinated guests will get entry in the much-hyped celebrity wedding."
Kishan said that the organisers have been asked to strictly follow all Covid-19 protocols. Also, those who are not vaccinated, will not be allowed without the negative RT-PCR test report, he added. "We have been informed by organisers that a total of 120 guests are invited to the wedding and the events will take place between December 7 to December 10," he added.
Earlier at 10.30 a.m., Kishan called a meeting which was attended by administrative, police and forest department officials, hotel and event managers to ensure adequate arrangements for crowd control, smooth regulation of traffic, and law and order situation amid the VIP movement. The wedding venue Fort Barwara, that has been converted into a heritage hotel, is situated in the panchayat samiti Chauth Ka Barwara. The venue is around 22 km away from Sawai Madhopur and is around 174 km from Jaipur. Sawai Madhopur district is famous for the Ranthambore National Tiger Reserve and as per reports, the guests are likely to be taken for a tiger safari. (IANS/ MBI)
(Keywords: Rajasthan, December 9, Vicky Kaushal, Katrina Kaif, film stars, celebrities, Bollywood, Katrina-Vicky)
The National Centre for Biological Sciences (NCBS), which confirmed the first two cases of the Omicron variant in Bengaluru on Thursday, is continuously monitoring the situation in four cities - Bengaluru, Hyderabad, New Delhi, and Pune. The NCBS is a part of a consortium of national laboratories performing genomic surveillance across four city clusters. The consortium was established four months ago with support from The Rockefeller Foundation's Pandemic Prevention Institute, and is led by the Centre for Cellular and Molecular Biology (CCMB) in Hyderabad.
Dr Rakesh Mishra at the CCMB said on Friday that the consortium is continuously monitoring the situation in all the four cities and has upscaled its efforts to sequence as many samples as possible Apart from the CCMB and the NCBS, the consortium includes CSIR-Institute of Genomics and Integrative Biology - IGIB in New Delhi and the Pune Knowledge Cluster, Indian Institute of Science Education and Research (IISER), Pune, and CSIR-National Chemical Laboratory in Pune.
The first case of the Omicron variant was detected in South Africa and reported to the World Health Organization on November 24. | Unsplash
The consortium is focused on upscaling genomic surveillance as part of national efforts led by the INSACOG - Indian SARS-CoV-2 Genomics Consortium - to respond to the Covid-19 pandemic. The consortium intensified its sequencing efforts after the World Health Organisation announced Omicron as a Variant of Concern. Such an intensified effort enabled the Bengaluru team at the NCBS, a member laboratory of INSACOG, in collaboration with Strand Life Sciences and the Bruhat Bengaluru Mahanagara Palike (BBMP), to detect, rapidly sequence and verify the existence of the omicron variant in samples from two Covid-19 infected individuals.
They hope this will aid in a rapid response to contain the spread of variants of concern. Prof Satyajit Mayor from the NCBS conveyed the information to local and national authorities, and the Indian government released a statement on December 2, all within four days of receiving the samples. Both SARS-CoV-2 genomes have also been uploaded to the global repository for SARS-CoV-2 sequences, GISAID, so that they can be publicly available to the scientific community, the NCBS said. (IANS/ MBI)
(Keywords: Hyderabad, New Delhi, Pune, Bengaluru, The National Centre for Biological Sciences, Situation, NCBS, Omicron)