This is a rundown of last week’s news updates on eCommerce & Licensing:
E-Commerce in India to touch $40 billion by 2030: Report
As per the report – Value E-commerce: The next big leap in India’s retail market, India is set to touch new heights in the field of e-commerce. Currently, the e-commerce market is valued at $4 billion and as per the report, this figure is to touch $20 billion by 2026 and $40 billion by 2030. The main reason for this drastic increase is the growing popularity of online shopping in India especially in Tier III and Tier IV cities. This digital wave has also touched various villages specially after the accessibility to internet connection has increased. Consumers have adapted positively to this change in shopping platform. The lifestyle retail market is also expected to increase from $90 million in 2019 to $156 billion by 2026, and touch $215 billion by 2030. “As retail in India bounces back from COVID, the growing number of value-conscious online shoppers in reshaping India’s e-commerce landscape. This value segment is pegged to grow rapidly and emerge as $215 Billion-plus market by 2030.” Kearney Partner Siddharth Jain said.
Amazon India to double their storage capacity
In lieu of the festive season, Amazon India has expanded its fulfilment centers in Tamil Nadu by almost doubling their storage capacity. The new buildings are ready and can offer storage space of close to 4.4 million cubic feet to sellers in Tamil Nadu. It was formally inaugurated by Chief Minister of Tamil Nadu, M K Stalin in the presence of Industry Minister Thangam Thennarasu and Vice-President (Customer Fulfilment Operations) and Supply Chain, Prakash Dutta. “Tamil Nadu continues to be a significant region for us, and we are elated to further deepen our investment in the State. This network of six fulfilment centers offering a storage capacity of more than 4.4 million cubic feet will provide a fillip to sellers as well as ancillary industries including packaging, transportation, logistics…,” Dutta said.
DMart owner now enters World’s 100 Richest people
Radhakishan Damani, owner of the retail chain, DMart is now one of the World’s 100 Richest people. He ranks 98 on the Bloomberg Billionaires Index with a net worth of $ 19.2 billion. A reclusive investor and billionaire, Radhakishan Damani comes from humble background. His retail chain, Avenue Supermarts, is valued at $19.2. Damani has seen his wealth surge to $4.3 billion in 2021.
Government to establish e-commerce platforms for SHGs: PM Modi
Delivering his Independence Day Speech, the Prime Minister said, “There are more than 8 crore women in the village who are associated with self-help groups, who make products. The government will prepare an e-commerce platform for their products to get a big market in the country and abroad.” The Government will establish e-commerce platforms to provide a market for the products crafted and made by all Self-Help Groups. “India has started the ‘Local for Vocal’ initiative and it is our responsibility to buy indigenous products. Our vision of plastic-free India can only be made true if we stop the use of single-use plastic completely”, the Prime Minister said from the Red Fort.
An independent regulator may soon be established for the E-commerce sector.
Under the Open Network for Digital Commerce (ONDC)- an open platform for sellers and logistics provider to connect with buyers, the Government also plans to establish an independent regulatory authority for the e-commerce sector. This independent regulatory would function just like SEBI (Securities and Exchange Board of India), as mentioned in a statement issued on August 13. The main aim of such a regulatory body will be to ensure that the e-commerce sector remains competitive and emerging players are not restricted. It has also been decided that ONDC would be compliant with the Information Technology Act, 2000 and will also comply with Personal Data Protection Bill.
Bharat Dynamics joins hands with Europe’s MBDA
Bharat Dynamic Limited (BDL), is one of India’s leading manufacturers of ammunitions and missile systems with its Headquarters in Hyderabad. BDL has entered into a licensing agreement with MBDA to secure equipment and knowledge to set up new missile facility in India. MBDA is a European multinational developer and manufacturer of missiles. As per the licensing agreement, MBDA will transfer the requisite equipment and technical know-how to establish the manufacturing facility for the Final Assembly, Integration and Test (FAIT) of Advanced Short Range Air-to-Air Missile (ASRAAM) missiles in India. The process of establishment is to begin immediately and the operations are expected to commence from 2022-23.
Samsung Electronics Renews Licensing Agreement with DivX
DivX and Samsung Electronics have renewed their license for Consumer Electronics Devices. DivX, LLC is a pioneer in developing innovative technology to provide digital entertainment experiences on any device. DivX has been setting the standards for high-quality video since 2000 and continues to be a market leader. Samsung leads the industry by providing cutting-edge consumer electronics products, and these products are strengthened by DivX’s technology,” commented Brian Way, DivX’s CEO. “We are excited that our long-standing partner has once again renewed its DivX technology license, and we look forward to continuing our work together.” Both companies are long-time partners and this renewal only strengthens their business relation.
This post has been authored by Lavanya Anand.
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