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Aussie banks ANZ and NAB won’t ‘endorse’ retail speculation on crypto

Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.”

Speaking at the Australian Financial Review Banking Summit on Tuesday Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ), said that from speaking to retail customers, she believed “the vast majority of them don’t understand really basic financial well-being concepts.”

“Are we really going to make it easier and less friction and implicitly endorse speculating on crypto when they don’t understand basic financial well-being? The answer was no.”

Carnegie said ANZ had considered a cryptocurrency product from as early as 2017, adding she was “happy we didn’t go head long” into the offering.

Also attending the summit was Angela Mentis, chief digital officer of National Australia Bank (NAB), who was asked if NAB would consider offering crypto trading. She answered “not in the foreseeable future and not for retail” but added there are already applications for blockchain technology for institutional clients.

In March, ANZ became the first bank in Australia to mint an Australia dollar (AUD) pegged stablecoin called A$DC, and NAB is also gearing up to launch its own stablecoin, which is expected to be operational by the end of 2022.

Both stablecoin projects from the big banks will initially be offered to institutional clients seeking an on-ramp for crypto investments. The pilot transaction of A$DC, for example, was a 30-million-AUD transfer.

The only big four bank with plans to launch a retail crypto trading product is the Commonwealth Bank of Australia (CBA). At the summit, its CEO, Matt Comyn, said despite facing challenges, it was still its “intent” to launch the service.

Related: Crypto’s youngest investors hold firm against headwinds — And headlines

The CBA revealed plans to enable crypto trading in November 2021 by partnering with the Gemini crypto exchange, with limited trials beginning shortly after. But in April, news emerged that the Australian Securities and Investment Commission had tied up the launch with regulatory red tape, citing concerns about consumer protections, which prompted the CBA to start planning a second pilot of the product.

In late May, the CBA put its plans for the second pilot on hold indefinitely and cut off crypto trading to those in the first round of testing, with Comyn saying at the time the bank was still waiting on regulatory clarity.

At the summit, Comyn added that if it were to proceed with the offering, the bank would look to restrict trading to those “who understand the risky asset class.”

Hitting back at the comments from the banking executives, Ian Love, founder and CEO of crypto investment firm Blockchain Assets, tweeted:

“How will we ever reduce wealth inequality when our regulatory system has financial discrimination at its core? It’s time to remove the ‘Sophisticated Investor’ discrimination rules that advisors use to hide behind and allow everyone access to financial advice and services.”




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Meet the Market — Phil Chang, Online Marketplace co-manager

Boulder County Farmers Markets

Phil Chang, an irreplaceable member of our BCFM team, brings a whole lot of heart and inspiration to our team, inspired by his trips to local markets when he visited Taiwan with his family. He co-manages our Online Marketplace operations, giving farmers a year-round sales outlet and customers more opportunities to shop local.

Chang is also a constant source of recipe inspiration and humorous emails — and for that (and much more) we greatly appreciate him. His inspiration for doing this kind of work is just one of the many stories of community connection in our local food sphere, so we wanted to share his interview with us with the community.

BCFM: What drew you to working in local food?

Chang: Every time I enter the supermarket, I’m greeted with mounds of the same cloned banana proudly presented, despite the absence of a banana tree in over a thousand miles. An immaculate array of glossy, Red Delicious apples glares deep into my skull, blinding me with the reflection from the fluorescent lighting — “Who still eats these?”

I become jaded by the monotony of the same items month after month, and out of touch with the seasonality of produce. It isolates me from the community that I exist in, it suppresses the development of food culture on a local level, and it limits my culinary creativity.

It’s a gratifying feeling knowing the food I’m purchasing was produced by the people who live in my neighborhood — honest people who are making sure I am getting the most flavorful heirloom tomatoes, the creamiest ice cream made from local dairy, and the brightest banh mi that shares an immigrant story.

Not only does local food connect you to the farmers and their fresh produce, but it also connects you to the people in your community who are underappreciated and underrepresented.

Why did you want to work for BCFM? 

As a Taiwanese American child, my family would visit Taiwan on a biannual basis. Every morning, we would walk to the streetside market and buy our produce for the day. Standing in a pothole as wide as I was tall, picking the perfect bunch of water spinach, the most vibrant lychees and the sweetest pineapple while scooters whizzed by, honking six inches behind me — my senses were assaulted in the best possible way.

The xiao jie on the opposite side of the wax apples was always jovial and smiling, even while standing in 90-degree heat and what felt like a swimming pool that you could never find the ladder for. She always took the time to make small talk and help us choose the ripest piece of fruit.

In the evenings we would retrace our steps to the market, except when we arrived the produce was gone. The bitter melon, the mangoes, the atemoyas, xiao jie’s smiling face — nowhere to be found. In their place were sizzling hot griddles, vats of bubbling soups and open-flame grills.

It was time for the night market, where the food stalls were limitless. Everything from crispy, flaky scallion pancakes to small-sausage-in-large-sausage, the more you browsed, the more you wanted to eat, and the next stall always had something more enticing than the last.

I want to help recapture the emotions of curiosity, adventure and exhilaration I feel while perusing the markets of Taiwan — but for the Boulder County community. It brings me great joy to see full tummies and smiling faces, and as a part of BCFM — a pillar of the community — it gives me the platform to nourish the people around me and to extend my hand to those who have been waiting for it.

What’s your favorite item at the market?

MASA’s red bunching onions. I am getting a tattoo of them next week.

To honor our Online Marketplace hero himself, we’d recommend checking out our BCFM Online Marketplace for as many ingredients as possible for the following recipe. Order online and maybe you’ll see Chang at pickup. Or visit the Boulder Wednesday market from 4 to 8 p.m. and you might just find Chang with a drink in the beer garden!


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DOH News Release: DOH approves second medical cannabis retail dispensary for Pono Life Maui – World News Report

WAILUKU – The Hawai‘i State Department of Health (DOH) issued a formal notice that authorizes Pono Life Sciences, LLC dba Pono Life Maui to open its second medical cannabis retail dispensary on Maui. The new dispensary is located at 115 N. Market Street in Wailuku. Sales are expected to begin on May 28. The formal notice was issued after Pono Life Maui passed its final onsite inspection today.

This will be Maui’s fifth retail dispensary and the 20th retail dispensary for the state. As of April 30, 2022, a total of 34,047 in-state patients and 2,765 caregivers were registered statewide, including 6,480 patients and 581 caregivers on Maui. The primary reported condition for registered adult patients is severe pain. The primary reported conditions for patients under 18 are seizures and post-traumatic stress disorder.

Hawai‘i‘s licensed retail dispensaries include:

Hawai‘i Island

  • Big Island Grown locations at:
  • 750 Kanoelehua Ave., Suite 104, Hilo
  • 64-1040 Mamalahoa Hwy., Kamuela
  • 74-5617 Pawai Pl., Kailua-Kona
  • Hawaiian Ethos locations at:
  • 73-5613 Olowalu St., Suite 7, Kailua-Kona
  • 64-1035 Mamalahoa Hwy., Kamuela
  • 578 Kanoelehua Ave., Hilo

Kaua‘i

    • 4-1565 Kuhio Hwy., Kapa‘a

Maui

  • Maui Grown Therapies locations at:
    • 44 Pa‘a St., Kahului
    • 1087 Limahana Pl. Unit 4B, Lahaina
    • 7 Aewa Pl., Unit 3, Makawao
  • Pono Life Sciences located at:
    • 415 Dairy Rd., Kahului
    • 115 N Market St., Wailuku

O‘ahu

  • Aloha Green Apothecary locations at:
    • 1314 South King St., Honolulu
    • 2113 Kalakaua Ave., Honolulu
    • 3131 North Nimitz Hwy., Honolulu
    • 727 Kapahulu Ave., Honolulu
    • 4850 Kapolei Pkwy., Kapolei
  • Noa Botanicals locations at:
    • 1308 Young St., Honolulu
    • 46-028 Kawa St., Kaneohe
    • 98-302 Kamehameha Hwy., Aiea

Registered patients and their caregivers may purchase up to four ounces of medical cannabis during a 15-consecutive day period and purchase a maximum of eight ounces over a 30-consecutive day period. When bringing medical cannabis home after purchasing it from a dispensary, the medical cannabis must be in a sealed container and not visible to the public.

All use of medical cannabis must be on private property and may not be used in any moving vehicle, at work, at the beach, on hiking trails, or in any other public space. It is illegal to use or possess medical cannabis on any federally owned property such as military installations and national parks.

More information on the Medical Cannabis Dispensary Program is available at http://health.hawaii.gov/medicalcannabis.

# # #

Media Contact:

Jackson Wong

Communications Office

[email protected]

(808) 586-4407




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Pinduoduo, the ecommerce platform for Chinese farmers, had a profitable quarter despite the slowing economy – SupChina




Pinduoduo, the ecommerce platform for Chinese farmers, had a profitable quarter despite the slowing economy – SupChina























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Ecommerce platform, Shopstar, secures further investment and set its sights on building South Africa’s entrepreneurial ecosystem

Zachariah (Zach) George – Managing Partner Launch Africa Ventures, Mike Joubert – Executive Chairman and Chris Edington – CEO.

Local e-commerce platform, Shopstar, has secured third round funding from Launch Africa Ventures, signalling the next phase in its strategy to scale. The Proudly South African, cloud-based, e-commerce platform enables local entrepreneurs to build their online store and grow their business, by offering easy to use, professional services which allows them to trade profitably.

Shopstar was founded in 2014. After assessing the business potential in late 2018, seasoned entrepreneur and investor, Mike Joubert, started a second round of investment and became its majority shareholder, beginning its turnaround strategy and starting scaling it for growth.

“What sets Shopstar apart from other e-commerce offerings is that its entire purpose is focused on helping South African entrepreneurs launch and grow their businesses, AND make sales. This sets it apart from the bigger international platforms – we have a passionate belief in making South Africa a better place by growing the South African entrepreneurial ecosystem,” explains Joubert

 The business has now secured further funding from Launch Africa Ventures, known for its early investment into and backing of over 60 high-potential African technology start-ups.

“We saw potential right from the get-go with Shopstar. It’s a local business that walks the road alongside its customers and it is 100% invested in their success. Our aim is now to scale quickly and we are looking to double revenue this year,” said Managing Partner of Launch Africa Ventures, Zachariah George.

As part of its growth plan, local entrepreneur, Chris Edington, has been brought on board as CEO to lead the business and take it forward. With a background in founding and leading start-ups, his experience as an entrepreneur and tech expert allows him to bring specific insights and knowledge to the business, along with a deep understanding of Shopstar’s customers – creative entrepreneurs who are starting and building their own enterprises. 

“What really got me excited about Shopstar is its simplicity and relevance to South African entrepreneurs. It is simple, easy and user-friendly. You can get an online shop started in five easy steps, in under 10 minutes and with no coding knowledge or design experience required. It means it’s incredibly democratic – now, any entrepreneur, whatever stage of their journey they are on, is able to open their business up to endless possibilities and audiences. And we offer unique professional services to also help them make sales, ” says Edington.

As part of the initial short term plans, Edington is implementing ways to develop the platform so that it not just reflects the future of e-commerce, but also provides the tools of the future to help small businesses start, operate and grow.

“We are introducing new ways to assist our customers grow their businesses and make more sales. We have just introduced Shopstar Boost, which offers a suite of services aimed at getting our customers up and operating with professional stores in no time. This includes store design, graphic design such as logos, getting started on social media and copywriting – essentially bridging the gap between SMEs and the marketing agency services they often can’t afford,” continues Edington.

“We were also first to offer South African Dropshipping, which allows customers to build their own shop and sell products from hundreds of other small businesses – essentially a risk-free way of getting started quickly,” he adds. 

Shopstar has recently secured further partnerships and endorsement from significant global brands. It is the only e-commerce business in South Africa that is Meta (Facebook) approved, and also recently received a grant from AWS Activate. Other local partners include successful South African start-up Yoco.

“We see such a strong future for Shopstar as we continue to enable South African creators, makers and entrepreneurs.  We are a company built for entrepreneurs, by entrepreneurs. We deeply believe that we can play a role in building South Africa by building our entrepreneurs. Ultimately, the more we grow, the more the small businesses we support also grow,” ends Joubert.



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Tesla’s Loyal Retail Fan Club Set to Rev Up Stock’s Recovery By Bloomberg


© Reuters. Tesla’s Loyal Retail Fan Club Set to Rev Up Stock’s Recovery

(Bloomberg) — Tesla (NASDAQ:) Inc.’s grip on its retail trading fans is hard to shake.

Retail buyers have remained steadfast even as the company’s troubles have mounted since April, sparking a dizzying drop in the electric-vehicle maker’s share price. And after last week’s 14% surge, that loyal following could supercharge a recovery with investors again starting to turn to growth stocks. 

“In May, we’ve seen the strongest monthly buying of Tesla shares by retail investors since August 2020, when the company announced its first stock split,” Vanda (NASDAQ:) Research analyst Fabian Birli said. Whatever the reason — anticipation of another stock split, the army of Musk-fans doubling-down after the Twitter deal or just plain dip-buying — there has been a “clear uptick in retail sentiment for Tesla since the start of the month,” Birli added.

Net buying of Tesla shares by retail investors in May was $708 million as of Friday, the second most among mega-cap technology stocks, trailing only Apple Inc (NASDAQ:). Tesla was the top gainer on the NYSE FANG+ Index last week and the third biggest contributor to the as it posted its biggest weekly gain since November 2020. 

Tesla shares are down 35% since a recent peak on April 4 due to the company’s manufacturing troubles in China and investors’ fears about growth slowing worldwide. The noise from the CEO Elon Musk’s bid for Twitter Inc (NYSE:). also hasn’t helped. But the stock is still hardly cheap compared to Tesla’s peers, as the company’s $781 billion market capitalization is head and shoulders above any other global auto company. 

Musk’s retail fans have a lot to do with that strength.

“A good way to look at the situation is to compare the cult following that Elon Musk has versus the cult following that and other crytpos had until recently,” said Matthew Maley, chief market strategist for Miller Tabak + Co. “Musk has produced game changing products in several areas, so confidence level is much higher… and that’s why the stock has been able to bounce nicely now that the broad market has stabilized, while Bitcoin is still languishing,” the strategist said.

Tesla did not respond to a request for comment.

As retail traders’ ability to influence the stock market has increased in recent years, companies have recognized the value in attracting these investors with maneuvers like stock splits, which reduce the price of a share and makes them more appealing to individual investors. 

Tech behemoths Alphabet (NASDAQ:) Inc. and Amazon.com Inc (NASDAQ:). also recently split their shares in an effort to bring in retail buyers. In fact, Tesla’s own stratospheric rise in its stock price in 2020 was in part fueled by a stock split, and the company on March 28 announced its plan for another via a tweet.

“The loyal retail following for Tesla holds an advantage for long-term shareholders in the company as these investors are willing to look through near-term negatives which softens the drops in the stock and can accelerate any upward trends,” said Gene Munster, former technology analyst who’s now a managing partner at venture-capital firm Loup Ventures.

©2022 Bloomberg L.P.

 


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EnsembleIQ Strengthens North American Retail Leadership, Appoints Business and Consumer Solutions Innovator, Sandra Parente, Senior Vice President, Grocery and Convenience, Canada – World News Report

Latest Forward-Looking Talent Investment Focused on Delivering Greater Competitive Advantages to Fulfill Canadian Retail, Consumer Goods, Audience and Customer Needs

/EIN News/ — TORONTO, May 31, 2022 (GLOBE NEWSWIRE) — EnsembleIQ, a North American business intelligence company, today announces Sandra Parente has been appointed to the new role of Senior Vice President, Grocery and Convenience, Canada. Parente will be overseeing Canadian Grocer, Convenience Store News Canada, Octane, Product of the Year Canada, and Monday Retail IQ, collaborating with the leadership team of each brand to drive innovations that provide essential insights and actionable connections to the professionals they serve.

“EnsembleIQ continues to expand its diverse digital, social, event, research, marketing services and strategic print offerings to deliver new insights and networking opportunities to the Canadian retail and consumer goods industries. Sandra will further accelerate this growth to bring together suppliers and service providers with our highly-engaged communities,” said Jennifer Litterick, CEO, EnsembleIQ.

Parente previously was Managing Director of Newcom Media’s Insurance and Financial groups, where she developed strategy and drove the business growth of brands including Canadian Underwriter, Advisor’s Edge, Conseiller, Investment Executive and Finance et Investissement. Her previous experiences included senior leadership roles with some of Canada’s best-known consumer media brands: Maclean’s, MoneySense and Sportsnet. She also served as General Manager, Corporate Sales of Rogers Media’s publishing group. In that role, Parente integrated the Product of the Year Canada program across consumer and B2B properties and served a wide range of business markets.

Parente taking on this new role dedicated to the Canadian retail and consumer goods markets will enable EnsembleIQ Senior Vice President Donna Kerry to fully focus on leading the expansion and growth of EnsembleIQ’s brands serving the Canadian healthcare market – The Medical Post, Pharmacy Practice + Business, ProfessionSanté, Quebéc Pharmacie and Pharmacy U. Kerry also will continue to provide leadership of Canadian shared services in close coordination with the EnsembleIQ leadership team.

For EnsembleIQ Canada grocery and convenience business partnership opportunities, contact Sandra Parente, sparente@ensembleiq.com, 416-271-4706.

For EnsembleIQ Canada healthcare business partnership opportunities, contact Donna Kerry, dkerry@ensembleiq.com, 437-889-0543.

About EnsembleIQ
EnsembleIQ is a North American business intelligence company delivering insightful information and actionable connections. Using our market expertise throughout the entire path to purchase in retail, retail technology, consumer goods, healthcare, and hospitality, we help professionals make informed business decisions and gain a competitive advantage. We offer creative solutions that connect suppliers and service providers with our business-building communities. Through our diverse capabilities, we provide our markets with unrivaled digital, social, event, research, marketing services and strategic print offerings. To learn more about EnsembleIQ, visit ensembleiq.com.

Media Contact
Joe Territo
Executive Vice President, Content and Communications
EnsembleIQ
jterrito@ensembleiq.com


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CCI studies ‘ecommerce nexus’; IT workers trickle back to office

Last month, officials from India’s competition regulator raided the offices of the top sellers on Amazon and Flipkart, which it is investigating for allegedly abusing their market dominance and preferring certain sellers over others. Now, sources tell us the Competition Commission of India is studying documents found during the raids that suggest financial dealings between the ecommerce majors and their preferred sellers.

Also in this letter:
■ Some IT workers start voluntarily returning to office
■ Crypto paper soon, but law will take time: economic affairs secy
■ Delhivery clocks Rs 119.8 crore loss in Q422, revenue doubles


CCI studies papers on alleged nexus between ecomm firms and sellers

ecommerce

The investigation arm of the Competition Commission of India (CCI) is reviewing documents that suggest financial dealings between leading ecommerce companies and their preferred sellers, sources told us.

It has now sought more time from the commission to review these documents, which were found during raids on vendors last month following allegations of violation of competition law by ecommerce majors Amazon and Flipkart.

Originally, the director general of the CCI was to complete its investigation by the first week of June.

Quote: “Deep discounting is a key antitrust issue that CCI is probing. Documents pertaining to the acquisition costs of goods will provide more insights on who is subsidising these goods,” the person said. “Also, since some of the ecommerce companies themselves own shares in the online vendors, CCI is examining the terms of such equity investments.”

CCI

This is the first non-cartel case in which the antitrust regulator used its powers of search and seizure.

Case history: The Delhi Vyapar Mahasangh (DVM), an affiliate of the Confederation of All India Traders (CAIT), had approached the CCI in 2020, alleging abuse of market dominance and competition law violation by Flipkart and Amazon.

The CCI issued a prima facie order in January 2021 asking for an investigation into these allegations.

Amazon and Flipkart appealed against the order in the Karnataka High Court, which in July 2021 refused to stay the investigation. In August 2021, the Supreme Court upheld the Karnataka High Court order and allowed the investigation to continue.

CCI targets sellers: In late April, the CCI searched the offices of some of the country’s largest online sellers including Amazon-owned Cloudtail and Appario Retail, a joint venture entity between the American online giant and the Patni group. It also visited some of the alpha sellers of Flipkart and Meesho.

And last week we reported that the CCI was turning up the heat on small and medium businesses that deal with the large ecommerce platforms.

Lawyers privy to the development told us several online vendors had received information requests from CCI in the past few months. Its queries were said to be around input costs and details of their business arrangements with the digital platforms.


Some IT workers start voluntarily returning to office

bringing back employees to offices

More employees are voluntarily reporting to work from offices at IT service providers such as Infosys, HCL Technologies, Wipro and Tech Mahindra, though these companies haven’t yet mandated a return to office.

Yes, but: Over 90% of the IT sector workforce continues to work remotely.

“We still have about 94% of our workforce operating remotely. However, we are seeing more employees who are in our office locations attend office for one or two days a week and the numbers are steadily increasing,” said Richard Lobo, executive vice president, head HR, Infosys.

The Bengaluru-based company is also seeing a larger number of project huddles and team-building programmes, which result in rising attendance on some days.

Similarly, HCL Technologies has noted an uptick in the number of employees coming to its campuses even as hybrid work continues.

Since April, fully vaccinated Wipro employees have been voluntarily returning to work from its India campuses, thrice a week, on Mondays, Wednesdays, and Fridays, the company said.


Crypto paper soon, but law will take time: economic affairs secy

crypto1

The union government is planning a fresh consultation paper on cryptocurrency soon, though a law on the digital assets is likely to take time, secretary of economic affairs Ajay Seth said.

On the sidelines of a finance ministry event, Seth told reporters, “Our consultation paper is fairly ready. We have gone into a deep dive into this.” He did not mention when it was likely to be put out, but sources told us it could be expected in August.

Law will take time: The economic affairs secretary said a law on cryptocurrencies may take some more time as India is waiting for an international framework on it and is closely engaging with the International Monetary Fund and the World Bank.

Last December, the government listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 during the winter session of Parliament. But the bill was not introduced.

Subsequently, in the budget for 2022-23, the government imposed a 30% tax on gains made from virtual digital assets, along with a 1% tax deducted at source on all crypto transactions. However, the government later clarified that taxation did not mean legalisation.

TWEET OF THE DAY


Delhivery clocks Rs 119.8 crore loss in Q4 2022, revenue doubles

Delhivery

New-age logistics company Delhivery reported consolidated losses of Rs 119.8 crore for the fiscal fourth quarter, widening slightly from the same period last year.

Revenue from operations was Rs 2,071.7 crore in the January-March period, from Rs 1,002.6 crore in the year-ago period. Total income more than doubled to Rs 2,127 crore from Rs 1,031.7 crore.

On a sequential basis, losses reduced by 5.5% to Rs 119.8 crore from a loss of Rs 126.5 crore in the third quarter. Revenue from operations grew by 3% to Rs 1,995 crore sequentially.

For the financial year 2022 (FY22), consolidated losses were Rs 1,011 crore, compared to Rs 415.7 crore in FY21. Total consolidated revenue more than doubled to Rs 7,038.4 crore in FY22 from Rs 3,838.2 crore in FY21.

Delhivery debuted on the public market on May 24, with the company raising Rs 5,235 crore.

ETtech Done Deals

Startup Financing

■ Direct-to-consumer (D2C) beauty and personal care brand Sugar Cosmetics has raised $50 million led by L Catterton with participation from existing investors A91 Partners, Elevation Capital and India Quotient.

■ Alternative data insights start-up Synaptic said it has closed a $20 million Series B funding round led by Valor Equity Partners. It will use the funds to continue investing in product innovations, double down on its data science capabilities and partnerships with data vendors, and expand its go-to-market teams in key global financial hubs.

■ Vendekin Technologies, which makes unattended retail technology solutions, said it has raised Rs 8.5 crore in a funding round led by Better Capital, with participation from existing investors CP Gurnani’s Family Office and Vineet Nayyar’s Family Office.


FrontRow lays off 145 employees, MPL to sack 100

layoffs.

Two startups announced layoffs on Monday.

Driving the news: Edtech firm FrontRow has laid off close to 145 full-time and contractual employees, almost 30% of its workforce, as funding dries up amid the market downturn.

Meanwhile, esports app Mobile Premier League (MPL) is laying off 100 people, or about 10% of its workforce, and is exiting Indonesia.

FrontRow: The company confirmed the layoffs to us, and said they were undertaken to increase efficiencies and lengthen the company’s runway. It said most of the layoffs were from the sales and business development teams.

MPL: In an email to employees, the company wrote, “The last few months have been insane. The philosophy of growth at all costs is now reversed. The market is now rewarding profitable growth over growth at all costs,” MPL cofounders Sai Srinivas and Shubh Malhotra said in an email to employees.

Startups layoffs

Edtech firms lead startup layoffs: After years of hypergrowth, edtech firms are bracing for a slowdown in funding and a few, including Unacademy and Vedantu, have laid off employees in recent months to cut costs and increase efficiencies. But edtech firms aren’t the only ones in a tight spot.

Other startups that have laid off employees in the past few months include social commerce platforms Trell and Meesho, used cars platform Cars24, and digital health platform Mfine.

Funding freeze: We reported on Monday morning that big-ticket funding rounds have suffered a huge blow in the past two months. From April to May 16, there were only nine funding rounds of more than $100 million, totalling a little over $2 billion. There were 27 such deals in January-March, according to data sourced from New York-based analytics platform CB Insights.


Flipkart promotes two executives to senior VP in shuffle

flipkarts

Homegrown ecommerce firm Flipkart has promoted many executives, including two key executives to senior vice president (SVP), according to an internal memo that we have reviewed.

Bharath Ram and Guddeti Bharath Reddy have been elevated as SVPs, while Sharon Pais, who was moved to Myntra as its chief business officer, has been made a VP.

Ram joined Flipkart in March 2020 and led user acquisition and retention in Flipkart’s entire tech and product team, known internally as One Tech.

Pais was also given the P&L responsibility for its social commerce platform Shopsy in February last year.

Reddy is a Flipkart veteran and has been leading One Tech’s operations.


Other Top Stories By Our Reporters

edtech

HRW warning on edtech apps: Educational apps and websites run by government and private entities of the 49 most populous countries indulged in practices that put children’s privacy and safety at risk, Human Rights Watch (HRW) said in a report.

Stock reward for Freshworks CEO: Freshworks has offered CEO Girish Mathrubootham a multi-year stock award that would have nine million shares accrue to him in phases, according to an SEC filing in April.


Global Picks We Are Reading

■ Netflix cracks down on password sharing, but early efforts in Peru are a mess (Rest Of World)
■ Robots pick up more work at busy factories (WSJ)
■ A face search engine anyone can use is alarmingly accurate (NYT)

Today’s ETtech Morning Dispatch was curated by Zaheer Merchant in Mumbai. Graphics and illustrations by Rahul Awasthi.




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EnKash Launches “CardX”, a Breakthrough Banking Infra API Suite for Financial Service Providers & Retail Companies – World News Report

The API stack will enable companies & FIs to launch their own card programs in less than 10 weeks

BENGALURU, INDIA, May 31, 2022 /EINPresswire.com/ — EnKash, one of India’s fastest-growing all-in-one Spends Management and Corporate Cards Companies, has launched a Card API Suite, “CardX”. The suite will come with “plug-and-play” integration that will enable Non-Fintech/Fintech companies and Banks/NBFCs to launch their own Card/BNPL/Reward programs, in a hassle-free manner.

CardX is also designed to be developer-friendly and can enable multiple use cases of credit card, prepaid cards & wallets. It comes with a complete card management suite and integrated functionalities such as real-time KYC solution, fraud and authorization controls, reward management, multiple credit products like EMI, BNPL & Supply Chain Finance, data analytics and insights, among other essential elements. Using EnKash’s Open API Stack, businesses can issue Credit and Prepaid Cards to their customers, users, agents, employees, and others, for their respective use cases.

What differentiates CardX from other global market players is its low-code modern stack & innovative solutions around KYC & compliance, which helps companies go-to-market faster. CardX also comes with a curated set of partners which clients can leverage for their customer communication, operations and customer service setup. CardX is equipped to enable card launch on any of the global networks, and is currently integrated with SBM Bank as its strategic issuing partner, with more banks in the pipeline.

With plans for global expansion in geographies like the US, Europe and the Middle East, EnKash had raised USD 20 Million in April 2022, in a Series-B round from Ascent Capital, Baring India and Singapore-based White Ventures. The launch of its new product “CardX”, only a month after its Series-B round, indicates the brand’s aggressive scale-up and product innovation plans for 2022. With this launch, the brand is eyeing to disrupt the global embedded finance market and enable businesses to launch their own Fintech product lines.

Speaking of the launch, EnKash Co-Founder, Naveen Bindal said, “We are thrilled to enter the “Banking Infra Services” space with the launch of “CardX”. The world is poised to see accelerated growth of card & financial products as the customer adoption increases. Being one of the earliest entrants in the Corporate Cards and Spend Management sector, we bring strong expertise which our clients can leverage in developing their own card & other financial programs. CardX will help companies use a customisable API to develop their Fintech product lines. It will also help businesses to scale up through better customer reach and engagement, with the launch of their card offerings. We are already seeing strong interest amongst Fintechs & Digital Marketplace-based companies to empower their customers with cards. Our vision is to make the launch of cards and other Fintech products, as simple as a website launch.”

With CardX, EnKash aims to become the preferred API partner for companies willing to launch their own Fintech offerings, either as their main product or as an additional product line. Their key target market would be NBFCs, Fintechs, Consumer Internet companies, Retail Chains & other consumer facing industries.

About EnKash

EnKash is India’s first Spend Management and Cards platform that became operational in the year 2018. Since launch, EnKash has helped over 70,000 businesses to digitise and decentralise their corporate payments. Over a period of 4 years, the brand has issued more than 5,00,000 Corporate Cards, EnKash has been a highly capital efficient company. It had raised only $3 Million in a Series A round from Mayfield India and Axilor Ventures in April 2019, and showcased stupendous growth with its annual revenue being $15 Million. The Fintech Start-up has so far raised a total of USD 23 Million after recently bagging USD 20 Million in a Series-B funding round

Aman
EnKash
email us here




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‘Are you My Soul Mate?’ The Definitive Guide to Find Out – World News Report

A BOOK THAT ANSWERS ONE OF THE MOST IMPORTANT QUESTIONS”

— June Marshall

MADISON, ALABAMA, UNITED STATES, May 29, 2022 /EINPresswire.com/ — Fifty percent of first marriages and sixty percent of second marriages end in separation and divorce in the US. These love relationships fail because they are not based on the Soul, but on fear, lack, the ticking clock, loneliness, or just plain lust.

Discover if your Loved One is also your Soul Mate.

The author, June Marshall, takes on the challenge to change this dismal state of affairs with her book. For more than three decades she has taught classes on Soul Mates and their relationship to our past lives. One of her definitions of a Soul Mate is that eternal Souls recognize each other from other lifetimes – so as you recognize your Soul Mate, it’s unmistakable. You are drawing on subconscious memories of shared lives and deep connections.

Her answer to the question: ‘Are You My Soul Mate?’ is the culmination of her decades long spiritual search, including truly personal experiences with her two Soul Mates in this lifetime. By the time you are finished with this book, you will have no doubt either about whether the people you have loved and who have loved you are the companions of your Soul. For just as there are underlying spiritual laws of the Universe, there are also laws that govern Soul Mate encounters.

The author explores Soul Mating in a new, completely inclusive way between ourselves, our children, our friends, and even our animals. She defines and emphasizes throughout the book what the Soul is and offers many examples of love relationships, even including the ones which are not sexual in nature.

June Marshall also wrote two other books: The Dirty Seven: Ladies Beware and Booby Trapped: Men Beware! In her third book here, she draws on her lifelong experience and interpretive skills to discuss a much more serious subject: The failure of love itself, if it is not based on Soul.

Are You My Soul Mate? is available in print, Kindle ebook, and Audible audiobook formats on Amazon and soon on other platforms.

Amazon: https://www.amazon.com/dp/1893798666

YouTube: https://youtube.com/watch?v=9LxCCskTNfs

Website and blog: https://myspiritualcoach.org

Steven Kingsley
Newmedia Publishing
+1 201-399-4313
steve@newmediapublishing.com




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eCommerce Trailblazer DataHawk To Host Its First Virtual eCommerce Summit – World News Report

Speakers include ecommerce industry leaders such as Acquo, Seller Slice, ThisWayUp and many more

/EIN News/ — NEW YORK, May 31, 2022 (GLOBE NEWSWIRE) — DataHawk, a business management software company and eCommerce acceleration platform, is hosting its first free virtual ecommerce event, DataHawk Summit, from June 16-17th, 2022; 6:00-9:00 p.m. CET.

The event will be for brands, sellers, agencies, and all levels of eCommerce professionals from all over the world looking for new connections, innovative tactics, cutting-edge technologies, and to gain insights on how the best eCommerce businesses leverage new ideas to improve their bottom line.

Those attending the event will have exclusive access to meet DataHawk experts and industry professionals who will provide valuable real-life experiences while sharing their proven blueprints to success on Amazon and Walmart digital shelves.

Attendees will benefit from:

  • DataHawk’s impressive lineup of events and workshops; attend keynotes, roundtables, 1-1 meetings, and panel discussions by industry experts.
  • Opportunities to mix, mingle, and dive into the minds of influential thought leader attendees and DataHawk partners.
  • Personalized insights through consultations with our DH expert via the DataHawk Hotline.
  • Meeting the team that makes your eCommerce data magic happen behind the scenes, including our executive staff and brand evangelists.

Listen and learn from multiple keynote speakers from top eCommerce brands, including:

The summit still has speaker slots available should industry professionals be interested in applying. Entry requirements and applications can be found at https://bit.ly/3wYlMLa

“We are very excited to host DataHawk’s first-ever Virtual Summit, where innovative and like-minded eCommerce experts from emerging brands to global CPG companies can come together to share insights and best practices related to digital marketplaces.”

For more information and to register for this event, please visit: https://datahawk.co/virtual-summit-22.

About DataHawk:

Established in 2017, DataHawk helps emerging to large brands better run their eCommerce operations through a proprietary technology that collects and processes millions of data points daily. This data is then processed, analyzed and displayed on intuitive dashboards, helping DataHawk users extract exceptional insights on their business performance, benchmark it against the competition, and access recommendations for further improvement.

Evan Sneider
Red Rooster PR
esneider@redroosterpr.com
954-673-6835


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THE NECESSITY RETAIL REIT CLOSES ON THE PLANT IN SAN JOSE, C…

(MENAFN– PR Newswire)

80 Properties Closed Year-to-Date for $1.2 Billion –

Final $65 Million Property Expected to Close Upon Completion of Loan Assumption –

NEW YORK, May 31, 2022 /PRNewswire/ — The Necessity Retail REIT, Inc. (Nasdaq: RTL ) (‘RTL’ or the ‘Company’) announced today that the Company, through its operating partnership, completed the acquisition of The Plant, a 509,000 square foot open-air shopping center in San Jose, CA for approximately $175.0 million, excluding closing costs. The closing is the sixth tranche from the previously announced agreement to acquire a portfolio of 81 Power, Anchored and Grocery Centers1 from certain subsidiaries of CIM Real Estate Finance Trust, Inc. for $1.3 billion. To date, 80 of the 81 properties have closed, representing $1.2 billion of the total $1.3 billion contract purchase price, and $110 million2 of the total $115 million annualized straight-line rent.

‘The Plant is a highly desirable asset in the portfolio of open-air shopping centers we have acquired in 2022,’ said Michael Weil, CEO of RTL. ‘We are excited to add The Plant to our portfolio and to now have completed over 90% of the CIM acquisition, based on purchase price. We have already started to benefit from the accretive impact of these acquisitions in the first quarter, and we look forward to realizing the long-term benefits we believe these properties will provide to RTL.’

Footnote

1 Portfolio includes 79 Power, Anchored and Grocery Centers and two single tenant properties.

2 Comprised of $72 million for properties acquired as of March 31, 2022 and $38 million for properties acquired subsequent to March 31, 2022. The amount for properties acquired subsequent to March 31, 2022 is based on seller data as of March 31, 2022.

About The Necessity Retail REIT Where America Shops

The Necessity Retail REIT (Nasdaq: RTL ) is the preeminent publicly traded real estate investment trust (REIT) focused ‘Where America Shops’. RTL acquires and manages a diversified portfolio of primarily necessity-based retail single tenant and open-air shopping center properties in the U.S. Additional information about RTL can be found on its website at .

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words ‘may,’ ‘will,’ ‘seeks,’ ‘anticipates,’ ‘believes,’ ‘expects,’ ‘estimates,’ ‘projects,’ ‘plans,’ ‘intends,’ ‘should’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the potential adverse effects of (i) the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, and (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, including related sanctions and other penalties imposed by the U.S. and European Union, and other countries, as well as other public and private actors and companies, on the Company, the Company’s tenants, and the global economy and financial markets, and (b) that any potential future acquisition including the remaining property in the CIM portfolio is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 24, 2022 and all other filings with the SEC after that date as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law. 

Contacts: Investor Relations[email protected] (866) 902-0063 

SOURCE The Necessity Retail REIT, Inc.

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e competition commission: CCI wing probing dealings between ecommerce companies and preferred sellers

New Delhi: The investigation arm of the Competition Commission of India (CCI) is reviewing documents that suggest financial dealings between leading ecommerce companies and their preferred sellers, people with knowledge of the matter said.

It has now sought more time from the commission to review these documents, found during the raids last month, following allegations of violation of competition law by ecommerce majors Amazon and Flipkart.

Originally, the Director General was to complete its investigation by the first week of June.

“Some important data has been seized during the raids and the same needs to be analysed,” said a person with direct knowledge of the matter. “Hence, additional time has been sought.”

Another person aware of the developments said the raids “recovered” documents pertaining to what he termed as “financial linkages” between the digital platforms and the online vendors. There is also information related to costs in these documents.

“Deep discounting is a key antitrust issue that CCI is probing and the documents pertaining to the acquisition costs of the goods will provide more insights on who is subsidising these goods,” said the person.

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“Also, since some of the ecommerce companies themselves own shares in the online vendors, CCI is examining the terms of such equity investments.”

Emails sent to CCI, Amazon and Flipkart remained unanswered.

This is the first case not related to cartelisation where the antitrust regulator has used its powers of search and seizure.

The Delhi Vyapar Mahasangh (DVM), an affiliate of the Confederation of All India Traders (CAIT), had in 2020 approached the CCI alleging abuse of market dominance and competition law violation by Flipkart and Amazon.

The petition alleged platforms forced sellers to become preferred vendors, provided preferred access to these vendors, and promoted only these preferred vendors on their platforms, which impacted non-preferred sellers.

It was also alleged that ecommerce platforms owned stakes in some online vendors on their platform, which was also not allowed under the foreign investment rules for ecommerce.

The CCI issued a prima facie order in January 2021 asking for an investigation into these allegations.

Amazon and Flipkart appealed against the order in the Karnataka High Court, which in July 2021 refused to stay the investigation. In August 2021, the Supreme Court upheld the Karnataka High Court order and allowed the investigation to continue.

The current foreign investment policy provides that ecommerce entities providing a marketplace will not directly or indirectly influence the sale price of goods or services and shall maintain a level playing field.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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Duty Free Retail Market Size By Global Major Companies Profi…

(MENAFN– The Express Wire)

Posted on May 31 2022 4:25 AM

‘Companies covered in Duty Free Retail market report are China Duty Free Group (China), Lotte Duty Free (South Korea), The Shilla Duty Free (South Korea), Dufry AG (Switzerland), DFS Group (China), Gebr. Heinemann SE & Co. KG (Germany), Shinsegae Duty Free Inc. (South Korea), The King Power International Group (Thailand), Lagardère Group (France), Dubai Duty Free (UAE), and other players profiled

The global duty free retail market size was pegged at USD 35.87 billion in 2021. The market is anticipated to rise from USD 39.08 billion in 2022 to USD 72.23 billion by 2029 at a 9.17% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled,“ Duty Free Retail Market , 2022-2029 .”

According to the analysis, Duty-Free Retail will gain considerable traction from the rising penetration of tourism, aviation, and other travel-related industries. Duty free goods will continue to be sought with the rising demand for premium liquor. For instance, in December 2021, Diageo joined hands with Shenzhen Duty Free to roll out its innovative whisky e-boutique.

COVID-19 Impact

Reduction in Air Traffic Dented Growth Prospect

Industry players grappled with the onslaught of the COVID-19 pandemic following the dip in product demand. Prominently, the plunge in air traffic in 2020 did not augur well for the Duty Free Retail industry outlook. Canada-based Airports Council International (ACI) asserted that airport sales dipped by 90% to USD 39 billion in the second quarter of 2020. Moreover, the prevalence of trade protectionism in China, the U.S., and Australia dented the sales of hamper duty free products. Moreover, a dip in the tourism sector had a notable influence on the industry outlook.

Get a Sample PDF Report, Please Connect with our Sales Team Below:

Name: Sales Team

Email: sales [@] fortunebusinessinsights [.] com

Phone: US +1424 253 0390 / UK +44 2071 939123

Fortune Business Insights™ lists out all the Duty Free Retail market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • China Duty Free Group (China)
  • Lotte Duty Free (South Korea)
  • The Shilla Duty Free (South Korea)
  • Dufry AG (Switzerland)
  • DFS Group (China)
  • Gebr. Heinemann SE & Co. KG (Germany)
  • Shinsegae Duty Free Inc. (South Korea)
  • The King Power International Group (Thailand)
  • Lagardère Group (France)
  • Dubai Duty Free (UAE)

Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters’ Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. Primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Airports to Remain a Prominent Hub to Propel Product Offerings

On the basis of sales channel, the market is segregated into seaports, airports, train stations, onboard aircraft, and others. The airports segment will grow at a significant CAGR owing to the rising number of international and domestic airports. The soaring number of duty free stores will bode well for the industry.

With respect to geography, the market covers North America, Asia Pacific, Europe, the Middle East and Africa, and South America.

Drivers and Restraints

Soaring Number of Air Routes to Expedite Industry Growth

A notable uptake of new airports across emerging economies, including China will propel the Duty Free Retail market share. The Global Times claimed that China was contemplating starting a new round of airport construction projects in 2022. Prominently, expansion of airport construction has boded well for the business outlook. Major players are poised to explore opportunities from the possible growth of the tourism sector. To illustrate, in February 2021, the Airport Authority of India (AAI) reportedly sanctioned USD 135.07 million (INR 987 crore) for the first phase of an international airport named ‘Dholera’ in Gujrat, India.

Meanwhile, potential fluctuation in currency rates, such as Dollars, Euro, and Pound, could challenge leading companies to expand their portfolios.

Regional Insights

Launch of Innovative Products to Foster Asia Pacific Market Growth

The Asia Pacific industry forecast will be strong on the back of the rollout of innovative products and services across China, Australia and India. To illustrate, in June 2020, China was reported to have announced policies to establish Hainan Free Trade Port (Hainan FTP) on the southern coast. Besides, the government contemplates making Hainan FTP a globally renowned free trade port by 2050. With the rising footfall of and perfumes in China, major players are likely to inject funds into the landscape.

The U.S. and Canada are poised to bank on the growth of the tourism sector, travel spending has soared over the past few years. According to the U.S. Travel Association, U.S. domestic travel rose by 1.7% in 2019, with approximately 2.3 billion person trips compared to 2018. Canada is likely to play an invaluable role in fostering North America Duty Free Retail market growth. Canada Border Services Agency (CBSA) suggested that duty-free stores operate in around 53 locations across Canada, such as international airports and land border locations.

Stakeholders anticipate Europe to account for a considerable share of the global market due to the increasing footprint of luxury goods expenditure. With a surge in discretionary spending across the U.K., France, Germany, and Italy, stakeholders are expected to inject funds into the landscape. Duty Free Retail will continue to receive an uptick with the increasing penetration of and perfumes.

Segments

Perfumes to Remain Dominant Following the Demand from Opulent Customers

In terms of type, the market is segmented into cosmetics, perfumes, , , and others. The perfumes segment will contribute notably toward the global market on the back of the rising footfall of affluent travelers. Well-established distribution channels are likely to invest in perfumes to boost their Return on Investment (RoI).

Competitive Landscape

Prominent Players Prioritize Collaboration to Bolster Footprint

Stakeholders are slated to invest in technological advancements, product launches, mergers & acquisitions, and R&D activities. Moreover, major companies could further invest in organic and inorganic strategies to expand their footprint.

 

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of the Parent Market
    • Industry SWOT Analysis
    • Supply Chain and Regulatory Landscape
    • Market Analysis and Insights (in Relation with COVID-19)
      • Impact of COVID-19 on the Market
      • Supply Chain Challenges due to the Pandemic
      • Potential Opportunities to Support the Market
    • Global Duty Free Retail Market Analysis, Insights and Forecast, 2018-2029
      • Key Findings / Summary
      • Market Size Estimates and Forecast
        • By Type
          • Perfumes
          • Cosmetics
          • Others
        • By Sales Channel
          • Airports
          • Onboard Aircraft
          • Seaports
          • Train Stations
          • Others
        • By Region
          • North America
          • Europe
          • Asia Pacific
          • South America
          • Middle East & Africa

TOC Continued…!

Key Industry Development

  • March 2022 – Qatar Duty Free (QDF) announced a collaboration with Samsonite International S.A. to roll out the latter’s first duty free shop in the Middle East.

Contact us for customization in the report:

Name: Sales Team

Email: sales [@] fortunebusinessinsights [.] com

Phone: US +1424 253 0390 / UK +44 2071 939123

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Aussies favour shopping in-store despite retail industry digital transformation, eCommerce boom: research

While Australians have become more tech savvy, consumers still prefer shopping in a physical store over online, with 73% choosing to shop in a physical store – 14% more than any other country, according to new research.

The research also found that since the pandemic and ongoing lockdowns, 34% of consumers say they have a new appreciation for being able to touch, feel, or physically try products in-store before they buy.

And, although consumers continue to embrace ecommerce and online shopping, over two thirds of consumers (67%) say physical stores are an important touchpoint, even if they shop with the same retailer online – while 48% say they like to go in-store for customer service or to get help with a product they couldn’t get online and 51% are more loyal to retailers who have physical stores and online options.

The research was commissioned by the financial technology platform Adyen, and has identified the changing expectations of Australian consumers and key retail trends impacting the retail sector, including insights that the company says will help retailers shape, grow, and realise their ambitions for 2023 and beyond.



The Adyen Australia 2022 Retail Report outlines survey findings of over 50,000 respondents (consumers and businesses) across 26 countries, including 2,000 Australian adults and 502 Australian businesses – and highlights key shopping and payment trends, as well as the importance of unified commerce in ensuring the retail industry’s resilience and adaptability in 2022 and beyond.

“For Australian consumers, it’s all about the experience. Just in the last five years alone we’ve seen consumer preference on shopping channels and payment methods shift from one to another, but there are two things that remain constant – It’s the reign of seamless experiences with cashless being king. Retailers who understand and adapt to this, regardless of platform or payment method, will be well-positioned to take on the next wave of retail innovation, “ says Hayley Fisher, Country Manager for Australia and New Zealand at Adyen.

Australia decides: in-store vs online shopping

Noting that unified commerce is a billion-dollar opportunity, Adyen says that more than two decades since ecommerce emerged, the pace of digital evolution in retail continues to accelerate – and as data and analytics expand, so do opportunities for retailers to extract value through innovative products and services, while there is a direct relationship between a retailer’s use of technology and their success, with the research showing 63% of retailers who deployed unified commerce grew by 20% or more.

According to the research, the key to realising Australia’s retail ambitions is investing in the digital tools that will improve operations and appeal to customers at the same time. The pandemic has proven that consumers want businesses to embrace technology that will enhance their in-store experience, including loyalty programs.

More than half of Aussie consumers (58%) think retailers need to use technology to make their loyalty and rewards program easier and more effective. 50% of consumers said they are more likely to shop with a retailer if their loyalty programme worked automatically through their payment card, yet only a handful of retailers use this innovation.

Unified commerce is a billion dollar opportunity

With a majority of Australians preferring to shop in physical stores, retailers who offer unique in-store experiences are highly valued. In fact, the majority of Australians say they are more loyal to retailers that have physical stores and online options. Most Australians (53%) would be more loyal to businesses that let them buy things online and return in-store or let them purchase an item that is out of stock in-store but available online, and have it sent directly to their home (56%).

Adyen says that experience matters for Australians, with shoppers citing an appreciation for retailers that provide a seamless shopping experience across all touchpoints, and as shoppers continue to favour the in-store experience, retailers need to emulate physical store experiences as much as possible online to show that they understand their customer preferences.

Experience is critical

The report also highlights what Adyen says is Australians’ low tolerance for bad shopping experiences.

Sixty–six percent (66%) of Australians said they would avoid shopping with businesses after a bad shopping experience (whether online or in-store) and 54% of Australians want retailers to be able to sell across multiple channels. Australian retailers are also aware of these increased consumer expectations, with 56% of businesses surveyed in Australia acknowledging that their customers are less tolerant of poor experiences.

“While Aussies were quick to adopt ecommerce during the pandemic, it didn’t diminish their love for in-store shopping,” said Hayley Fisher.

“If anything, Aussies now expect retailers to provide the best of both worlds. To continue to remain agile and competitive, retailers should be driving towards meeting these consumer expectations, delivering exceptional customer experiences both in-store and online through unified commerce.”

For more information and insights on the Adyen Australia 2022 Retail Report, download the report here.


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CCI wing probing dealings between ecommerce companies and preferred sellers

New Delhi: The investigation arm of the Competition Commission of India (CCI) is reviewing documents that suggest financial dealings between leading ecommerce companies and their preferred sellers, people with knowledge of the matter said.

It has now sought more time from the commission to review these documents, found during the raids last month, following allegations of violation of competition law by ecommerce majors Amazon and Flipkart.

Originally, the Director General was to complete its investigation by the first week of June.

“Some important data has been seized during the raids and the same needs to be analysed,” said a person with direct knowledge of the matter. “Hence, additional time has been sought.”

Another person aware of the developments said the raids “recovered” documents pertaining to what he termed as “financial linkages” between the digital platforms and the online vendors. There is also information related to costs in these documents.

“Deep discounting is a key antitrust issue that CCI is probing and the documents pertaining to the acquisition costs of the goods will provide more insights on who is subsidising these goods,” said the person.

Discover the stories of your interest



“Also, since some of the ecommerce companies themselves own shares in the online vendors, CCI is examining the terms of such equity investments.”

Emails sent to CCI, Amazon and Flipkart remained unanswered.

This is the first case not related to cartelisation where the antitrust regulator has used its powers of search and seizure.

The Delhi Vyapar Mahasangh (DVM), an affiliate of the Confederation of All India Traders (CAIT), had in 2020 approached the CCI alleging abuse of market dominance and competition law violation by Flipkart and Amazon.

The petition alleged platforms forced sellers to become preferred vendors, provided preferred access to these vendors, and promoted only these preferred vendors on their platforms, which impacted non-preferred sellers.

It was also alleged that ecommerce platforms owned stakes in some online vendors on their platform, which was also not allowed under the foreign investment rules for ecommerce.

The CCI issued a prima facie order in January 2021 asking for an investigation into these allegations.

Amazon and Flipkart appealed against the order in the Karnataka High Court, which in July 2021 refused to stay the investigation. In August 2021, the Supreme Court upheld the Karnataka High Court order and allowed the investigation to continue.

The current foreign investment policy provides that ecommerce entities providing a marketplace will not directly or indirectly influence the sale price of goods or services and shall maintain a level playing field.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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New grocery store concept, restaurants, retail & apartment complex planned for Brookstone Village – Mustang Times

A major development has been announced for the corner of SW 29th and Mustang Road.
Brookstone Village will be 24 acres of commercial development that includes restaurants, retail and more.
“We are currently working on infrastructure for the development which is scheduled to start this summer,” said Brookstone Village Developer Caleb Hill.
One of the anchor tenants will be a new to market grocery store. It’s a new concept called JackBe.
This grocery store does all the shopping for you. Everything is handpicked with no substitutions. You just order your groceries and pick them up. There is no minimum order and everything is delivered to your vehicle. You never enter the grocery store because It’s pick up only.
Brookstone Village will also be the place to shop and grab a bite to eat. They are planning a nice shopping area with multiple restaurants.
“We are going to construct 20,000 square feet of retail that will include a coffee shop and other restaurant retail services,” said Hill.
Do you think that area could use a gas station? No problem. A convenience store operator is planning to build on the corner lot of that intersection.
This development is so big that it will also include a credit union and apartment complex.
“We’ve got 150 units of apartments in a new to market format that ERC is developing. We also have a credit union that will soon be developing their site. They are under contract,” said Hill.
Brookstone Village developers are excited to get started on the project. They believe the area is underserved with all the explosive growth in Eastern Canadian County.
“I just think it’s a well-thought-out master-planned development within a retail corridor that’s underserved. This is an underserved market for retail. A lot of good things will start to occur,” he said.


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