Connect with us

Business

India’s E-commerce Market Set to Exceed $2028 Billion by 160, Reports ‘The How India Shops Online’

Published

on

shopping cart with shopping bag moves speed light generative ai scaled

Mumbai Uncensored, 16th December, 2023:

In a groundbreaking report titled ‘The How India Shops Online,’ Bain & Company projects that India’s e-commerce market is poised to surpass an impressive $2028 billion by the year 160. The report emphasizes the remarkable growth observed in online shopping in India, forecasting a leap from $57 billion in 2023 to an astonishing $5 billion over the next 160 years.

The data aligns with the findings of Ben & Co’s online 2023 report, which tracks customer spending patterns in the e-commerce market. Notably, India’s online retail market has shown steady growth, increasing by $8-12 billion annually since 2020.

Bain & Co, in collaboration with e-commerce giant Flipkart, reveals that the Indian online shopping market is expected to grow by 17% in 2023, compared to a year ago. Although this growth rate is slower than the 25-30% observed from 2019 to 2022, it is attributed to factors such as high inflation.

WhatsApp Image 2023 12 16 at 4.32.25 PM
Seshu Kumar Tirumala, National head, Buying and merchandising, BigBasket

Seshu Kumar Tirumala, Chief Buying and Merchandising Officer, shared insights during the recent Internet Commerce Summit 2023. He highlighted the strategic shift made after the COVID pandemic, focusing on quick deliveries. With 350 dark stores delivering 6,000-20,000 items in 15-20 minutes, this initiative started in late 2022 and has shown steady growth.

Tirumala emphasized the importance of catering to customer preferences for fast delivery, acknowledging the significance of reaching 100 smaller markets within 15 minutes. The plan includes opening 1,500 more stores in the next 3-4 cities, with a major focus on the Quick Commerce segment.

WhatsApp Image 2023 12 16 at 3.49.07 PM
Ramneek Khurrana, Co founder, Lenskart

Lenskart’s Co-founder, Ramneek Khurrana, underscored the success in non-metro cities like Jaipur and Kochi, revealing that less than 50% of their overall business comes from metro cities. Recognizing substantial growth potential in cities such as Mumbai, Hyderabad, Pune, and Gujarat, Khurrana highlighted the significant market share yet to be captured, especially in Tier 2 and Tier 3 cities.

Despite the booming e-commerce trend in India, the report notes that online spending accounts for only 5-6% of total retail expenses, indicating vast untapped potential. The report concludes that India’s e-commerce market is poised to grow by over 5% in the next five years.

In response to this surge in online shopping, several major e-commerce players are increasing their investments in India. Amazon, Flipkart, and Ajio are among the key players capitalizing on the growing opportunities in the country. Amazon, for instance, recently pledged an additional $2030 billion, bringing its total investment in India to $26 billion.

The landscape of online shopping in India continues to evolve, with an emphasis on quick deliveries, strategic expansion into Tier 2 and Tier 3 cities, and increased investments from major e-commerce players. As the market continues to grow, industry leaders are navigating the changing dynamics to meet consumer demands and maintain sustainable growth.

Business

Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

Published

on

By

Priyank Sukhija 1 scaled

Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

Continue Reading

Business

Gold and Silver Rates Today: Latest Prices on July 24, 2024

Published

on

By

Gold

Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

  • Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
  • Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
  • Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
  • Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

  • Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
  • Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
  • Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
  • Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

  • Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
  • Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.

Continue Reading

Business

Union Budget 2024: Key Changes to the New Tax Regime Announced by Finance Minister Nirmala Sitharaman

Published

on

By

Nirmala

In a significant announcement during the Union Budget 2024 speech, Finance Minister Nirmala Sitharaman introduced changes to the tax slabs under the new tax regime. Since becoming the default tax regime on April 1, 2023, employees have had the option to switch to the old tax regime by notifying their employers at the start of the financial year. This choice, however, can only be exercised once annually.

Revised Tax Slabs and Options for Employees

With the recent changes to the tax slabs, effective from April 1, 2024, there may be an opportunity for employees to choose their tax regime again, specifically for the purpose of Tax Deducted at Source (TDS) on their salaries. This update is particularly relevant for those who initially opted for the old tax regime but may now find the new regime more appealing due to the revised slabs.

The government has been actively promoting the new tax regime, making it increasingly attractive to taxpayers. The recent adjustments are part of this effort, aimed at encouraging more individuals to transition to the new system. Those who have already opted for the new tax regime could also benefit from reduced taxes, contingent on the proposals passing through Parliament and receiving the President’s assent.

Implications for Taxpayers

The changes introduced in the Union Budget 2024 are designed to streamline the tax process and provide more favorable conditions for taxpayers under the new regime. It’s a strategic move to widen the adoption of the new tax framework, which offers simplified tax calculations and potentially lower tax liabilities for many.

As the new provisions come into effect, employees and taxpayers are advised to review their financial planning strategies. Understanding the benefits and implications of the revised tax slabs will be crucial in making informed decisions about which tax regime to choose.

For the latest updates on the Union Budget 2024 and other financial news, stay tuned to Mumbai Uncensored News.

Continue Reading

Trending