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Joe Tsai, co-founder and chairman of Alibaba Group Holding, says Chinese consumer confidence is showing “early signs of growth” and the e-commerce giant will expand its core business this fiscal year. It is expected that the company will return to a growth trajectory.“We have all seen some of the growth in the service sector during the May 1st holiday. And within our platform, [sales of] Some discretionary goods, such as apparel and electronics, are also actually growing,” Tsai said on a conference call with analysts on Tuesday after Alibaba announced earnings for the March quarter and fiscal year ending in…
“Therefore, although we are seeing some positive signs, it is still too early to tell as the macro environment is broadly affected by the weakness in the real estate sector,” he added.Alibaba owns the South China Morning Post.Eddie Wu Yongming, who took over as chief executive officer of the domestic e-commerce division in December last year, said Taobao and Tmall Group's gross merchandise merchandise value (GMV) would “gradually return to healthy growth” during the fiscal year. ” I predict.According to Alibaba, Taobao and Tmall Group achieved double-digit year-on-year growth in GMV in the March quarter.“In the second half of the…
E-commerce giant Amazon has invested Rs 1.6 billion in its India operations, media reports said citing regulatory filings. This is the second time in the past five months that the company has injected cash into its India unit, Amazon Seller Services. The development comes as the e-commerce industry faces massive competition among industries to control market share in India, Moneycontrol reported. The company's regulatory filings reveal: 00,00,000/- (Rupees 1,660 Crore only) to the existing shareholders (to Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited) on rights basis. ” The filing date is April 15, 2024. Notably, Walmart recently poured $600…
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(Reuters) – Southeast Asian technology company Sea Ltd beat first-quarter revenue expectations on Tuesday, led by strong performance from its e-commerce unit Shopee, sending its U.S.-listed shares up 7% in pre-market trading. .Shopee benefited from early Ramadan, and Sea's digital entertainment business benefited from the popularity of online multiplayer game Free Fire.Sea's total revenue for the quarter ended March 31 rose 23% to $3.73 billion, compared with analysts' average estimate of $3.56 billion, according to LSEG data.Chief Executive Officer Forrest Lee said in a statement: “Our first quarter results give us a strong start to 2024, and we are on…
: Southeast Asian technology company Sea Limited on Tuesday beat first-quarter revenue expectations, led by strong performance from its e-commerce unit Shopee, sending its U.S.-listed shares up 7% in pre-market trading.Shopee benefited from early Ramadan, and Sea's digital entertainment business benefited from the popularity of online multiplayer game Free Fire.Sea's total revenue for the quarter ended March 31 rose 23% to $3.73 billion, compared with analysts' average estimate of $3.56 billion, according to LSEG data.Chief Executive Officer Forrest Lee said in a statement: “Our first quarter results give us a strong start to 2024, and we are on track to…
Image credit: Oscar Wong/Getty Images Digital payments in the MENA region have grown rapidly over the years, as digital commerce adoption accelerates in the region and consumer preference for online shopping continues, according to research by fintech company Checkout.com. This is said to be due to the increasing number of people. Checkout.com's total transaction value has surged a whopping 658% since the start of the pandemic, with a year-over-year (YoY) increase of 78% over the past two years. The report highlighted that the preference for cash on delivery (COD) in the MENA region has halved from 41 percent to 20…
New Delhi, May 14: E-commerce giant Amazon has pumped Rs 1.6 billion into its Indian arm Amazon Seller Services, the company's regulatory filings have revealed. The investment comes as India's e-commerce growth is expected to reach $200 billion to $230 billion by 2030, with a steady increase of 20 to 22 percent.According to Amazon's filing in the US, “The Board of Directors hereby grants the allotment of 16,660,000,000 shares (Rs. 166 million) at Rs. 10 per share, for an aggregate amount of Rs. 6.6 billion) to existing shareholders on a justifiable basis. ” Zomato shares fell 5% to 6% in…
Amazon logo (Photo credit: Wikimedia Commons) New Delhi, May 14: E-commerce giant Amazon has pumped Rs 1.6 billion into its Indian arm Amazon Seller Services, the company's regulatory filings have revealed. The investment comes as India's e-commerce growth is expected to reach $200 billion to $230 billion by 2030, with a steady increase of 20 to 22 percent.According to Amazon's filing in the US, “The Board of Directors hereby grants the allotment of 16,660,000,000 shares (Rs. 166 million) at Rs. 10 per share, for an aggregate amount of Rs. 6.6 billion) to existing shareholders on a justifiable basis. ” Zomato…
This investment is in line with the projected growth trajectory of India's e-commerce sector, which is expected to reach USD 200-230 billion by 2030, at a steady annual increase of 20-22 per cent. E-commerce giant Amazon has injected Rs 1.6 billion into its Indian subsidiary Amazon Seller Services, a regulatory filing revealed.This investment is in line with the projected growth trajectory of India's e-commerce sector, which is expected to reach USD 200 billion to USD 230 billion by 2030, at a steady annual increase of 20 to 22 percent.According to Amazon's filing in the US, “The Board of Directors has…