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Happy Wednesday! The booming instant delivery sector is driving players to sharpen their hiring systems for gig workers. This and more in today’s ETtech Morning Dispatch. Also in the letter: ■ Flipkart boost for Walmart growth ■ Rishad Premji on work-life balance ■ CCI vs Meta Quick commerce taps identity verification companies to curb frauds amid ramp-up As the instant delivery sector grows exponentially the need for gig workers is going up too .
Responding to the growing need for delivery personnel, large ecommerce brands are strengthening their hiring systems by investing heavily in technology. Driving the news: Quick commerce firms like Blinkit, Swiggy and Zepto are working closely with identity verification platforms like Idfy, Bureau and others, to use advanced technology to verify the identity documents of their delivery partners. They are also using behavioural analytics to track their performance and reduce instances of fraud.
Quote, unquote: Dark stores face a major challenge of fraudulent activities. Hence, quick commerce firms are trying to strengthen their monitoring systems to prevent fraud. Some dark stores have faced losses of up to Rs 8 crore in a single day through fraudulent transactions.
Some centres have had to be shut down because of high incidents of fraud. Growing share of business: Verification startups have told us that they are seeing a strong jump in queries from quick commerce firms as they start looking at these investments less as a cost centre and more as a strategic asset to protect their brand. A platform like Idfy currently gets around 15-20% of its business from ecommerce and delivery platforms.
Gaming companies, groups in huddle over code of conduct for all Gaming companies and industry bodies like the All India Gaming Federation and the E-gaming Federation are drafting common policy codes for members , focusing on stricter know-your-customer (KYC) norms, curbing addiction, and promoting responsible gaming, sources told us. Tell me more: “These will be a common set of directive principles which all (gaming) companies are discussing right now. Whether skill-based or chance-based, there should be a common set of code for all to adhere to so that there is uniformity across the industry,” a source said.
The common code of conduct, another source added, will differ from the voluntary code of ethics signed by industry bodies such as the AIGF, EGF, Federation of Indian Fantasy Sports and the Internet and Mobile Association of India. Expert take: The gaming industry’s push for a common code of conduct aims to “present a united face” amid challenges like retrospective tax demands, high GST rates, and policy uncertainties on chance and skill-based games, a senior industry executive said on condition of anonymity. Also Read: TN law to place time, user curbs on all online games Flipkart’s Big Billion Days logs double-digit growth in topline, customer base: Walmart Flipkart was prominently mentioned in Walmart's October quarter earnings as it boosted the US retailer's international sales.
Flipkart fuels surge: Flipkart’s Big Billion Days (BBD) sale, running from late September to October, drove double-digit growth in revenue and customer base, with same-day deliveries up 2.5 times during the festive season, Walmart CFO John David Rainey said. The festive sale lifted Walmart’s international net sales by 8% YoY to $30.
3 billion, contributing to a 43% jump in international e-commerce sales. Flip side: Walmart also cautioned that since BBD ended in Q3, its earnings in Q4 may be impacted as festive season sales are higher than a business-as-usual quarter. Walmart’s consolidated net sales for the quarter stood at $168 billion, up 5.
4% globally. Also Read: Festive sales end with a bang, after Rs 1 lakh crore of clicks Advertisement in focus: Walmart said its quarterly ad revenue grew by 50% aided by strong growth in Flipkart's advertisement revenue. In FY24, the advertising revenue for Flipkart's marketplace revenue surged to nearly Rs 5,000 crore, surpassing marketplace fees.
This is a major shift in revenue mix for any ecommerce firm. Also Read: Ecommerce giants Amazon, Flipkart record Rs 11,621 crore in combined ad revenue in FY24 PhonePe updates: PhonePe, another Walmart-owned platform, surpassed 8.7 billion monthly transactions and hit $1.
6 trillion in annualised payment volume. Wipro chairman Rishad Premji says work-life balance incredibly important Rishad Premji, chairman, Wipro Wipro executive chairman Rishad Premji said work-life balance was “incredibly important” and that it remains a “controversial subject”. Yet he believes that the hybrid working model by corporates helps its workforce.
Quote, unquote: In a fireside chat on the first day of the Bengaluru Tech Summit 2024, the Wipro group promoter said, “Work-life balance is incredibly important...
So you have to define what it means and draw boundaries.” Rival’s opinion: The comments come days after Wipro’s cross-city rival Infosys’ founder NR Narayana Murthy reiterated his stance on the 70-hour work-week, stating that he does not believe in the concept of ‘work-life balance’. Bengaluru Tech Summit: Karnataka launches GCC policy, to create 6k jobs Karnataka minister for IT and BT Priyank Kharge The Karnataka government launched its GCC policy , being the only state in India to do so.
Following its draft in September, the GCC Policy 2024-2029 will aim to solidify the state as a premier destination for innovation and technological excellence. The government will also establish three dedicated global innovation districts in Bengaluru, Mysuru and Belagavi, CM Siddaramaiah announced after kicking off the three-day Bengaluru Tech Summit. Other Top Stories By Our Reporters Meta to appeal CCI penalty, says 2021 update was about providing users transparency: Social media giant Meta on Tuesday said it plans to appeal against the Competition Commission of India’s decision to fine it Rs 213.
14 crore for allegedly abusing its dominant position regarding the changes it proposed in 2021 to WhatsApp’s privacy policy. Byju's lenders oppose Aakash EGM on Wednesday: Glas Trust, which represents a group of US entities that lent $1.2 billion to the edtech firm Byju's, has questioned tomorrow’s extraordinary general meeting (EGM) called by Think & Learn’s subsidiary Aakash Institute as it may affect Byju’s insolvency process.
ETtech Explainer: What does Sebi action on platforms selling unlisted bonds mean: The recent action by the Securities and Exchange Board of India (Sebi) on fintech platforms distributing unlisted bonds and company debentures has brought the focus on financial regulations and the need for startups to stay within regulatory boundaries. Global Picks We Are Reading ■ Chinese tech groups build AI teams in Silicon Valley ( FT ) ■ The race to create the perfect EV tire ( Wired ) ■ How the largest gathering of US police chiefs is talking about AI ( MIT Technology Review ).
