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Buoyed by the surge in user base and growing market share of its ecommerce platform Mi.com in India, Chinese smartphone maker Xiaomi is aiming to launch more products for the online buyers in the country, a top company executive said here on Thursday.
Currently the top single brand online smartphone channel in India with 11 per cent market share (according to Counterpoint Research), Xiaomi is working hard to gain users’ trust with adopting different consumer-friendly approaches, Raghu Reddy, Head, Category and Online Sales, Xiaomi India, told IANS.
“Mi.com is an important part of our online journey. The company started selling products online first with Flipkart and now we have our own online store. To make relationship better with the buyers, we now have 10 warehouses with 500 call centres in the country,” informed Reddy.
The company sells most of its products online via Mi.com which includes smartphones, TVs, security cameras, power banks, speakers, fitness bands and more.
Since its inception in May 2015, Xiaomi’s Mi.com has witnessed an incredible surge of over 3 million Daily Active Users (DAUs) and over 40 million Monthly Active Users (MAUs), along with over 5.5 million DAUs being the highest recorded in the last one year.
The effective online sales strategy has led to registering over eight million paid customers since inception and 24 million Mi Store app installs.
“The platform has developed over a period of time and we will introduce more number of products for online buyers. The platform is already number one of its kind and we are working towards increasing its reach in comparison to other online platforms,” Raghu told IANS.
Mi.com caters to over 17,000 pincodes in India and offers “Mi Express Delivery” service where consumers on orders placed before 2 pm can pay a minimal fee of Rs 49 and enjoy next day delivery. The company serve over 2,000 pin codes currently for the express service.
“We have set high standards for ourselves and want consumers to receive products as fast as possible. Our aim is to reach to them with the help of improved fleet services and we are working with our partners to achieve that”, Reddy said. (IANS)
If the US loses Chinese companies, Wall Street will gradually alienate itself from the world's most prosperous market and the US will no longer be the true global financial centre, Chinese state media claimed.
Didi Chuxing, the Chinese ride-hailing giant, announced on Friday that the company is starting the work of delisting from the New York Stock Exchange (NYSE) and initiating preparations for listing in Hong Kong.
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One day before Didi made the statement, the US Securities and Exchange Commission (SEC) issued a mandate requiring foreign companies listed in the US to provide audits for inspection. Otherwise, they could be delisted from NYSE and Nasdaq in three years.
"The new SEC regulation clearly targets Chinese companies listed in the US. Analysts believe that it could lead to more than 200 companies being kicked off US exchanges," Global Times reported.
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Didi is the first Chinese company, which announced that it would delist from the NYSE after the SEC issued its new regulation. The company got listed in the US in June without the approval of Chinese regulatory authorities, sparking concerns that the information of hundreds of millions of Chinese users would be leaked to endanger China's national security. More than 20 apps linked to the company were subsequently removed from mobile stores. The SEC's new regulation has compressed Didi's space for financing in the US from the other direction, the report said.
It will become more difficult for Chinese digital technology and application companies to get listed in the US in the future.Unsplash
There have already been voices in the US demanding most of the "China concept stocks" be removed from the US. Scrutiny of "China concept stocks" is expected to get stricter. The US provides various excuses such as "financial security" and "national security" for such scrutiny, the report said.
It will become more difficult for Chinese digital technology and application companies to get listed in the US in the future. This will cause losses to both sides. But the tendency shows that China has greater initiative to adjust and adapt to new conditions, the report said.
Global Times said Chinese companies have other alternatives, and if they go back to China, they will greatly enhance the attractiveness of the mainland and Hong Kong capital markets, creating the possibility of gradually changing the global financial landscape. (IANS/SP)
(Keywords : Wall street, China, stocks, companies, businesses, losses, regulations, prosperous, technology, authorities, delisting.)
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Sommet Education, one of the worlds leading hospitality and culinary education players, recently joined hands with the countrys premium hospitality institute, Indian School of Hospitality (ISH).
With this Sommet Education now own a 51 per cent stake in the ISH, a significant addition to the former's expansive global network. The strategic partnership allows Sommet Education to establish two of its prestigious institutions in India: Ecole Ducasse, a worldwide education reference in culinary and pastry arts, and Les Roches, one of the world's leading hospitality business schools. With this academic alliance, Ecole Ducasse will now have its first campus in India at ISH, and Les Roches will launch its undergraduate and postgraduate hospitality management programmes in the country.
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Sommet Education's belief in the Indian market and its potential to grow exponentially made the country the focal point of its development plans. As per the recent data, the Indian hospitality industry has shown a 122.9 per cent growth in RevPAR in Q3 2021 as compared to Q2 2021. The sector bounced back strongly with the relaxations in regulations over travel restrictions post the second wave of the pandemic.
During the recent meeting between Benoit-Etienne Domenget, CEO, Sommet Education and Dilip Puri, Founder & CEO, Indian School of Hospitality, both the leaders shared their future development plans for India. Two are exploring opportunities to launch a second campus, most likely to be located in Mumbai, Bengaluru, or Hyderabad. The duo also plans to set up a network of Ecole Ducasse studios in select cities across India, including New Delhi, Mumbai, and Bengaluru. These studios institutes will cater to the needs of not only hospitality aspirants but also professionals, enthusiasts, and career changers for upskilling and acquiring new skills in line with changing dynamics of the industry. Besides setting Ecole Ducasse studios in India, the expansion of the current ISH Gurugram campus is also underway. The new campus will feature an additional 25,000 sq. ft of classrooms, training kitchens, and student experience areas. This expansion will comfortably stretch the current capacity of the campus to over 500 students.
Speaking about the entering Indian market, Sommet Education CEO, Benoit-Etienne Domenget, said: "India is one of the fastest-growing countries in the world, with hospitality and tourism contributing to a large share of economic growth and employment. As a dynamic young economy, India is the perfect development platform for international education brands to invest in and expand. We are happy to partner with ISH through which enables us to provide Indian students, within the country, with globally renowned standards of hospitality, culinary and management education.
"Together, we will be able to address the industry's need for specialised talent and expertise in a better and more organised manner. Hospitality management and culinary arts aspirants in India and neighbouring countries will now be able to benefit from our combined expertise and explore international career opportunities."
The mutually benefitting collaboration aims to offer a global standard of education to a larger number of hospitality and culinary arts aspirants in the years to come in India and the neighbouring countries. While ISH has set benchmarks with its cutting-edge pedagogical approach, updated curriculum, learning techniques, faculty base, and state-of-the-art infrastructure, expansion of the campus will lay grounds for more talented students to set foot into the exciting field of hospitality and culinary arts and become future leaders who will steer the industry towards success. New facilities are under construction and will be operational by early 2022.
Commenting over the new partnership and expansion plans, ISH Founder and CEO, Dilip Puri, said: "ISH and Sommet Education joined hands for the two share similar belief system and vision of establishing entrepreneurial and developmental mindset among learners. The higher education landscape in India is rapidly transforming. In order to elevate the same to the global standards, ISH, with the help of its new partner, intends to be the pioneer of this transformation, bringing the best of industry education and opportunities from across the world to our students.
Industry demands for hospitality leaders by bringing two of the world's best brandsUnsplash
"Partnering with Sommet Education will also enable us to strengthen our academic offerings and expand our presence pan India, and in neighbouring countries, as now on we will be part of Sommet's prestigious network of 18 campuses across eight countries. We will also be able to further support industry demands for hospitality leaders by bringing two of the world's best brands in hospitality management and culinary education to India."
The current transition in the hospitality and services sector requires future leaders to be well-prepared to take on global opportunities emerging in India and abroad. This tie-up will help ISH to further expand its portfolio of programs with opportunities for students to study semesters abroad and benefit from various pathways within undergraduate and post-graduate programs throughout the Les Roches network of institutions. Students can access opportunities, including pursuing a part of the select course at Les Roches campuses in Crans-Montana, Switzerland, Marbella, Spain and Shanghai. Together the two hold a common vision of empowering learners with new-age skills to stay ahead in the robust and fast-evolving industry and aim to become the country's largest hospitality and culinary arts education player in the next three years. (IANS/PR)
Keywords: hospitality management, culinary education
'Web 3.0' envisions a decentralised future where users and machines are able to interact with data via asmart, digital contracts' over peer-to-peer networks, without the need for Big Tech.
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According to the report by crypto and digital asset exchange CrossTower in partnership with US-India Strategic Partnership Forum (USISPF), the digital asset economy's value to India's GDP will grow at 43.1 per cent CAGR (compound annual growth rate) -- from $5.1 billion in 2021 to $261.8 billion over an 11-year period, resulting in a $1.1 trillion contribution to India's GDP. Digital asset market capitalisation was nearly $1.5 billion in 2013, and stands at about $3 trillion today.
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According to the report, most of $1.1 trillion in the total economic growth in the next 11 years can come from ancillary digital asset-related businesses that are yet to be invented.
"India is poised for growth to become a $5 trillion economy by 2024-25. Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the $5 trillion economy goal," said Dr Mukesh Aghi, President and CEO of USISPF.
According to the findings, the adoption rate of digital assets (as reflected by accounts opened on centralised cryptocurrency exchanges) is growing nearly twice as fast as that of the Internet.
The report projected that digital identity could contribute $8.2 billion to India's GDP in 2032.Unsplash
It took the Internet approximately 7.5 years to go from around 100 million users to one billion users. "The same growth at cryptocurrency exchanges will take about four years. From digital art to ticket sales, music, collectables, luxury items and gaming, non-fungible tokens (NFTs) could transform the way people interact day-to-day. While still nascent, NFTs are projected to emerge into a market of $1 trillion or more," the report mentioned.
"With the right policies and regulatory framework, India's regulators can bring safety, combined with hope and prosperity to India," said Kapil Rathi, Co-founder and CEO, CrossTower.
The government-related Blockchain projects are estimated to drive close to $0.1 billion of GDP to India in 2021, ramping up to $5.1 billion in 2032. The report projected that digital identity could contribute $8.2 billion to India's GDP in 2032. (IANS/SP)
(Keywords : blockchain, India, GDP, technology, economy, growth, future, machine, data, crypto, asset, US, partnership, NFT, million, billion, dollar.)
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