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PhonePe’s Pincode exits non-food categories in ecommerce business rejig

Economic Times

Economic Times · 1y ago

PhonePe’s Pincode exits non-food categories in ecommerce business rejig

PhonePe, backed by Walmart, is restructuring its ecommerce strategy on the Open Network for Digital Commerce (ONDC). It will exit categories such as fashion, grocery, and electronics, except for food delivery. PhonePe will focus on providing unreserved ticket booking through ONDC. The decision to narrow down on specific segments is due to concerns about the end consumer experience. PhonePe launched its ecommerce venture Pincode on ONDC last year but has faced issues with grocery deliveries due to lack of standardization. As of March, ONDC had delivered nearly 6 lakh food orders and 2 lakh grocery orders.

Related News

PhonePe’s Pincode drops electronics and fashion, looks beyond ONDC

The Arc Web

The Arc Web · 1y ago

PhonePe’s Pincode drops electronics and fashion, looks beyond ONDC

PhonePe's ecommerce platform, Pincode, is shifting its focus from electronics, fashion, and home decor to food and grocery delivery. This decision comes a year after Pincode's launch on ONDC, an open ecommerce ecosystem. Pincode allows shopkeepers registered on ONDC to list their products on multiple apps and accept orders, with logistics and order fulfillment options provided by third-party service providers. Pincode plans to roll out a grocery seller-side application, improving customer experience by onboarding selected suppliers. The move aligns with PhonePe's goal of concentrating on hyperlocal services and reducing its burn rate.

PhonePe enters quick commerce via Pincode: Report

Entrackr

Entrackr · 6m ago

PhonePe enters quick commerce via Pincode: Report

PhonePe enters quick commerce via Pincode: Report Walmart-backed PhonePe is set to enter the quick commerce market through its e-commerce venture, Pincode, according to a media report. This marks the third attempt by the Sameer Nigam-led company in online retail. In April last year, PhonePe's Pincode app exited non-food categories on the Open Network for Digital Commerce (ONDC). It now offers only food delivery and unreserved ticket booking on ONDC. According to a report by ET, Pincode has fully pivoted to the quick commerce model, launching 15-minute deliveries in select areas of six cities: Bengaluru, Mumbai, New Delhi, Pune, Hyderabad, and Varanasi. The company plans to expand its coverage to about 25% in these markets in the coming weeks, with the full service rollout expected between April and June 2025. Entrackr has reached out to PhonePe for comments. Following Flipkart, PhonePe will be the second company from the same group to venture into the instant delivery market, with Zomato and Blinkit being other notable examples in this space. In recent months, both established and emerging companies have entered the quick commerce sector. Blinkit, Zepto, and Instamart lead the market, while newcomers like Flipkart, BigBasket, and Amazon are expanding their presence. Beyond groceries, there's a growing trend of 10-15 minute food deliveries, with Swiggy, Zomato, Blinkit, Zepto, Ola, and Magicpin sequentially announcing their entry into this space.

Walmart is upbeat about Flipkart and PhonePe: Walmart CFO

YourStory

YourStory · 1m ago

Walmart is upbeat about Flipkart and PhonePe: Walmart CFO

Walmart is optimistic about Flipkart's strong growth, despite pressures on profitability due to significant investments in quick commerce. Flipkart plans to open 800 dark stores by year-end. India’s quick commerce segment constitutes about 20% of the ecommerce business, growing at 50%. Flipkart aims to hire 5,000 staff in 2025 across various sectors. Walmart CFO Rainey expresses excitement over Flipkart’s prospects and PhonePe’s upcoming IPO, highlighting India as an appealing market for Walmart.

PhonePe explored investment in Dunzo’s merchant business

Economic Times

Economic Times · 1y ago

PhonePe explored investment in Dunzo’s merchant business

PhonePe, backed by Walmart, reportedly offered to invest in Dunzo's merchant network business. Dunzo, a delivery startup, was seeking cash to address its mounting debt. However, the proposal did not move forward due to concerns from Dunzo's investors about PhonePe's strategic nature. PhonePe's interest in Dunzo was driven by its ecommerce ambitions through the Pincode platform. Dunzo is currently facing financial challenges and struggling to pay staff and vendors. Reliance Retail, which owns a significant stake in Dunzo, has not received any formal proposals regarding the investment.

Quick commerce growth cannibalising other retail channels, says Kearney report

Economic Times

Economic Times · 1m ago

Quick commerce growth cannibalising other retail channels, says Kearney report

Quick commerce is rapidly growing, with only 6-8% of its sales being truly incremental, primarily impacting modern trade, ecommerce, and local kiranas. While supermarkets and ecommerce offer larger discounts, quick commerce is gaining popularity due to convenience. It initially served as a last-minute purchase option but is now a key channel for premium products. Expected to grow threefold by 2027, it significantly impacts consumer behavior, especially in food categories, despite limited impact on fresh produce, personal care, and electronics.

ONDC hits 8.9 million transactions, retail orders reach 5 million

YourStory

YourStory · 1y ago

ONDC hits 8.9 million transactions, retail orders reach 5 million

The Open Network for Digital Commerce (ONDC) in India witnessed a record high of 8.9 million transactions in May 2024, marking a 23% increase from the previous month. The retail segment contributed significantly to this growth, with 5 million orders recorded, driven by categories such as grocery, food delivery, home and kitchen, and fashion. Ride-hailing also saw a modest increase to 3.8 million trips. The ONDC aims to further expand its reach, targeting 40-50 million monthly transactions by the end of the year. Additionally, reports suggest that the Adani Group may enter the ecommerce business through the ONDC platform.

For FMCG, rural markets finally deliver some cheer

Livemint

Livemint · 1y ago

For FMCG, rural markets finally deliver some cheer

India's packaged consumer goods industry experienced a significant turnaround in the March quarter, with rural demand surpassing urban markets for the first time in 15 months. The FMCG industry reported a 6.6% growth in value terms, driven by a 6.5% increase in volumes. The growth in rural areas was attributed to the popularity of larger pack sizes in the home and personal care categories. While urban markets still showed growth, it was slower than in the previous quarter. Modern trade reported strong volume growth, while traditional trade remained stable. Non-food categories outpaced the food category in terms of growth.

Quick commerce to contribute $1B in GMV during festive season: Shiprocket

YourStory

YourStory · 9m ago

Quick commerce to contribute $1B in GMV during festive season: Shiprocket

Shiprocket, an ecommerce enablement platform, predicts that quick commerce will drive demand and contribute $1 billion in gross merchandise value (GMV) this festive season. The Indian festive ecommerce market is expected to grow by 23% during the months of October to December, reaching $12 billion in comparison to $9.7 billion the previous year. This growth will stem from consumer demand in categories such as fashion, electronics, beauty, and personal care. Shiprocket notes that the increased digital penetration in Tier II and Tier III cities is a key driver, with 60% of online festive orders expected to come from non-metro areas. The country's ecommerce export market is also set to surge, potentially reaching $200-300 billion by 2030.

BharatPe makes another management rejig across verticals

Entrackr

Entrackr · 1y ago

BharatPe makes another management rejig across verticals

Fintech firm BharatPe is going through another transformation to strengthen the leadership team across three verticals, sources aware of the development told Entrackr. For the uninitiated, BharatPe runs three entities – Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (Payment unit), and Resilient Digi Services Private Limited (lending unit). Sandeep Indurkar will now step up as the CEO of the payments vertical, one of the sources told Entrackr. Indurkar was earlier chief business officer of the banking vertical at the company. Also Read: BharatPe to launch new entity BharatPe Money for lending vertical As per sources, Kohinooor Biswas will now manage loyalty division Zillion (part of RDSPL) in addition to his existing responsibilities. “Rijish Raghavan, who was earlier acting as CEO of Zillion, will now head BharatPe’s device business,” added another source. Sources also further said that the trio will continue to report to Nalin Negi, the interim CEO of BharatPe. In a nutshell, Indurkar will be heading the payment unit (RPPL), Kohinoor will be heading RDSPL, and Nalin will continue to lead the merchant unit (RIPL). A BharatPe spokesperson confirmed the development but did not comment further. Amid high profile exits in 2023, BharatPe also announced key hirings during the last year. In July, it appointed Pankaj Goel as its chief technical officer (CTO). The company filled the position of CTO after a gap of seven months whereas its CFO Nalin Negi has been acting as an interim CEO since January last year. The new changes in leadership came soon after BharatPe completed its $100 million debt round from InnoVen Capital and Credit Saison. Entrackr exclusively reported the development in January. Financially, BharatPe is also getting back on track as the firm recorded its first profitable month in October 2023. The company claimed that its annualized revenue crossed Rs 1,500 crore, marking over 30% growth as compared to FY23. In FY23, it crossed Rs 1,000 crore revenue mark while its EBITDA loss went up 9% to Rs 772 crore.

Cost structure of logistics biggest challenge for ecommerce: Flipkart CEO

Economic Times

Economic Times · 1y ago

Cost structure of logistics biggest challenge for ecommerce: Flipkart CEO

Ecommerce in India is facing challenges due to the high cost structure of logistics, according to Flipkart CEO Kalyan Krishnamurthy. While the government has simplified taxation and adopted ease of doing business, reducing logistics costs is crucial to increase penetration in the market. Flipkart plans to transition its delivery fleet to electric vehicles by 2030. The ecommerce penetration in India is around 7-8%, but higher in product categories like electronics. Despite a 9.4% increase in net total income for FY2023, Flipkart's losses have also widened.

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