A downturn in investor sentiment, new government norms and overseas rivals are forcing homegrown online retailers to seek newer ways to stay afloat.
Last October, Flipkart announced its ‘Big Billion Days’ sales from the 13th to the 17th of the month, one of many in the homebred online retailer’s nearly 10 years of existence, during which it has sold hundreds of products at deep discounts. However, much to the company’s embarrassment, its app crashed, leaving many buyers redfaced. “Anything you click goes out of stock. Flipkart should stop this flop show,” tweeted Vicky Vohra, an aggrieved customer. E-commerce giants like Flipkart will exercise caution in holding such mega sales blitzes again, especially after the government in March prohibited e-tailers from offering big discounts on their platforms.
The government also capped total sales originating from a group company or one vendor on an e-commerce platform at 25 per cent. The norms came at a sobering time for India’s e-commerce sector, with investors holding back funds and even ‘established’ e-tailers wall owing in losses. With tightening of norms on the one hand and a shrinking of bussness on the other, froth in the segment finally seems to be settling down.
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