11 Nov 2019

Startup NEWS, Nov 11, 2019

1. Alibaba Singles’ Day sales touch $1 billion in 1 minute, $16.3 billion in less than 90 minutes

  • Alibaba is all set to break its last year record of Singles’ Day sales as it clocked more than half of what it did last year in less than 90 minutes. The retail e-commerce giant with a net worth amounting to $486 billion is focusing on new consumption,
  • New retail is one of Alibaba’s core strategies. In China, e-commerce accounts for around 18% of total retail. Their goal is to partner with offline merchants and digitally transform 82% of the offline retail world.

Source: ET

2. Funding for cosmetics & beauty startups doubles to $108 million in ’19

  • Besides e-commerce, beauty is also seeing an increase in the number of homegrown skincare and cosmetic brands, the latest among them being Grofers’ own Orange Something and Mahesh Bhupati-backed Scentials.
  • Besides an increase in home-grown brands, the category at large has been expanding with a host of foreign players wanting to come and sell brands in India.

Source: ET

3. Tencent buys 10% of Policybazaar, enters India insurance market

  • Tencent, known for its dominant WeChat messenger, has been an aggressive investor in Indian startups.
  • The Shenzhen-headquartered company has been a recent entrant to the booming fintech sector, investing in digital banking services startup NiYo Solutions earlier this year.

Source: ET

4. Nykaa pushes offline in Tier 2, shows rising orders from beyond metros

  • Beauty is a fast-growing category and e-commerce companies like Amazon, Flipkart and Myntra have realized that Indian customers are far more open to trying out products online.
  • The company is set to open its 55th offline store in Raipur, Chattisgarh. The outlet, offering luxury products, is aimed at its top of the pyramid customers, Nayar said.

Source: ET

5. Nearly 1/3rd of cash orders not delivered

  • Narvar’s chief technology officer (CTO) Ram Ravichandran, who also served as Twitter’s first data scientist, told TOI that several e-commerce companies in India are piloting projects using machine learning and artificial intelligence (AI) that may enable them to cut losses by several means, including not offering COD to certain shoppers based on their shopping behavior.
  • The Flipkart Group, along with other e-tailers, are experimenting with quite a few initiatives to help them reduce losses from returned items.

Source: ET

 

 

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