White Paper - India's E-Commerce Logistics Industry: Uncaged and ready to grow - Spire Research and Consulting
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
www.spireresearch.com White Paper India’s E-Commerce Logistics Industry: Uncaged and ready to grow Mr Saurabh Sharma Country Director Spire Research and Consulting India White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 1
www.spireresearch.com Contents 1. India’s Logistics Industry 2. Growth Drivers for E-Commerce Logistics • E-Commerce Industry: Overview • E-Commerce Industry: Growth Factors • E-Commerce Logistics Industry: Overview • E-Commerce Logistics: Business Models • E-Commerce Logistics: Value Chain of Delivery 3. Recent Trend and Developments • Impact of GST and Revised FDI Regulations for E-Commerce Companies • Solving the Last Mile Delivery Challenge 4. Industry Challenges • Product Returns in an Environment of Cash on Delivery creates Risks for Online Sellers • E-Commerce Logistics Challenges: Cash on Delivery 5. Indian E-Commerce Logistics: Key Players • Overview of Key E-commerce Logistics Players • Ekart Logistics • Delhivery Private Limited • Ecom Express Private Limited 6. Conclusions and Recommendations 7. References White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 2
www.spireresearch.com Update on the impact of the Covid-19 pandemic in early 2020 The insights and estimates contained in this report were formulated prior to the World Health Organization’s declaration, on 11 March 2020, of a global pandemic relating to the currently proliferating strain of novel coronavirus that has come to be known as Covid-19. The Covid-19 pandemic has affected the Indian economy, consumer behaviour and the investment decisions of firms. In late March, Prime Minister Modi declared a three week “lock-down”. Air travel has been restricted and individual city governments have ceased public transport services in many cases. The economic impact of Covid-19 is expected to be severe and the stimulus package announced by the Indian government on 26 March 2020, at less than one per cent of GDP, may not substantively counter these effects in the short- term. Having said that, further government measures are likely to be taken in the future and the effects of these are difficult to foresee at this point in time. The full effect of the Covid-19 situation is thus hard to predict at this point in time. Some observers expect that E-Commerce will surge as a result of more persons staying home during curfews and lock-downs. However, the counter- argument to this optimistic view might be that road and air traffic may face operational difficulties due to lockdowns on vehicular traffic, road-blocks, financial difficulties facing transport and logistics companies and other such events. This report should thus be understood as an attempt to define the outlook for E-Commerce in India once the Covid-19 pandemic stabilizes and economic activity returns to something resembling the pre-Covid-19 normalcy. White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 3
www.spireresearch.com Chapter 1. India’s Logistics Industry: Overview The logistics industry is a crucial sector, contributing significantly to GDP and employment in India In 2018, the Indian logistics industry was valued at USD 160 billion and employed approximately 22 million people. Its market size is expected to increase at an annual growth rate of ~16% to reach USD 215 billion in 2020 and USD 500 billion by 2025. Logistics cost in 2018 stood at 14% of GDP. The Indian government targets to reduce this cost to 10% by 2022. Overall Logistics Market Size (USD billion) 500 18% 16% 215 160 2018 2020 (E) 2025 (E) Source: Niti Aayog Economic Survey (2017-18) In 2017, India’s government granted the status of “Infrastructure” to the logistics sector. This has helped the sector in terms of: Easier access to loans/lending and Foreign Direct Investment (FDI), access to larger amounts of funds as External Commercial Borrowings (ECB) and eligibility to borrow from the Indian Infrastructure Financing Company Limited Warehousing Space (IIFCL) Requirement (Million Square Meter) 86 Warehousing attracted FDI of USD 7.2 billion in 68 2017-19. Most of these investments catered to increased demand from E-Commerce logistics and multi-brand retail outlets 2019 2024 (E) Source: Knight Frank Research (2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 4
www.spireresearch.com The automotive sector (components and Logistics Market Share by finished vehicles) is the largest end-use Industry (2018) sector for logistics. However, E-Commerce is fast becoming one of the main end-use verticals for the logistics industry Others, 15% In 2018, the automotive sector dominated Automotive Consumer Durables & Components, logistics, and formed 56% of total logistics FMCG, 5% 26% demand. However, we expect that E- Organized Commerce and Medium and Small Business Retail, 8% customers across industries would be the main growth drivers for logistics in the coming 2 & 3 Wheelers, Cars and 13% SUVs, 17% years. E-Commerce, It is expected that the share of E-Commerce 16% will increase from 16% of logistics revenues in 2018 to 28% by 2025. Source: Edelweiss Research (November, 2018) Surface/Road transport is the most common mode of transportation in India’s logistics sector As of 2018, India’s logistics industry was still reliant on road transportation, which makes up 60% of all modes of transportation used. This is in spite of road transport having the highest cost per ton (INR 3), in comparison to rail (INR 1.5) and coastal (INR 1). The main reason for the industry’s reliance on road is the geographic complexity of the country and lack of complex tracking systems necessary for multimode transportation. Warehousing Market Share by Industry (2017-18) 40% 36% 29% 30% 24% 21% 21% 19% 20% 15% 16% 11% 8% 10% 0% 3PL E-Commerce Manufacturing Retail Others 2017 2018 Source: Knight Frank Research (2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 5
www.spireresearch.com Warehousing is another key part of the logistics eco-system. Warehousing ensures faster deliveries to end-customers. In India, the warehousing industry obtains the most transactions from third party logistics players or 3PLs, followed by E-Commerce. The share of E-Commerce in warehousing revenue has grown from 15% in 2017 to 24% in 2018, in tandem with a drop in the retail industry share. It is expected that E-Commerce will become the leading segment for warehousing revenue over the next 4-5 years. Express Logistics: Road transportation is also very popular for express deliveries and accounts for approximately 55% of the total market. It is currently dominated by small packages or documents that are less than 2kg in weight. Express courier services for last-mile delivery are being provided by many traditional logistics players such as Blue Dart, GATI and TCI Express. The road express market, which is a key transport mode for the E-Commerce sector, was valued at USD 2 billion and overall express market at USD 2.8 billion in 2018. The overall express market is expected to grow at 15% to 16% a year and reach USD 25 billion by 2025. The key attributes for this growth are the rise of E-Commerce, increasing demand from the SME sector and supportive regulatory reforms from the Indian government. White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 6
www.spireresearch.com Chapter 2. Growth Drivers for E-Commerce Logistics India’s E-Commerce industry is dominated by two players who control 63% of the market India’s E-Commerce industry has grown at an average rate of 28% in the last decade. In 2014, India’s E-Commerce market size was USD 14 billion. It reached USD 50 billion in 2018. Mobile penetration, ease of shopping and the growing ability of suppliers to make faster deliveries will continue to drive market growth towards a revenue size of USD 64 billion in 2020. Amazon and Flipkart are the two largest players in the Indian E-Commerce market with a combined market share of 63% (2018). Amazon and Flipkart also have their own captive arms which handle more than 80% of their logistics needs. Myntra, PayTm Mall and Snapdeal together account for 12% (2018) of the market. These players, along with other smaller e-commerce providers, rely on 3PL and courier service providers across the country to fulfil their orders. Market Share (2018) Others, 23.9% Flipkart, 31.9% Snapdeal, 2.5% Myntra, 5.0% PayTm Mall, 5.6% Amazon, 31.1% Source: Economic Times India (October, 2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 7
www.spireresearch.com India’s E-Commerce growth is driven by increased access to smartphones and internet penetration Number of Internet and Smartphone Users in India (Million) 600 483 525 437 340 374 400 295 299 252 200 0 2016 2017 2018 2019 Internet Users Smartphone Users Source: Statista (2019) In addition, Indian telecom operators offer some of the lowest data service costs in Asia, at USD 0.26/ GB, surpassing Indonesia, Japan and China. The cost of data fell by ~93% from INR 269/GB (USD 3.78/GB) in 2014 to INR 18.54/GB (USD 0.26/GB) in 2019. Cost Per GB of Data in 2019 (USD) 15.1 9.9 8.3 1.2 0.3 India Indonesia Japan China South Korea Source: Statista (2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 8
www.spireresearch.com Since 2018, Metro cities accounted for nearly half of E-Commerce logistics industry shipments, implying lots of room for Tier II and below cities to grow Metro City: More than 1 million population Tier I City: More than 100,000 population Tier II and Below: Population less than 100,000 Source: IBEF (October, 2018) The growth of the E-Commerce industry has fuelled the growth of E-Commerce logistics. The market size of E-Commerce focussed logistics was estimated to be USD 1.35 billion in 2018. Most of E-Commerce shipments (50%) are currently in Metro cities and Tier I cities Tier I cities are handling up to 1 million shipments daily It is expected that rising internet penetration, growth of disposable income, and improved logistics infrastructure will increase the share of Tier II cities and below to 50% by 2022 In 2018, E-Commerce retail sales were largely made up of electronics and apparel with a combined revenue share of 77% for these two product categories In terms of product categories delivered, these are largely reflective of shopping patterns of online shoppers. As the E-Commerce sector is dominated by “Big Horizontals”, the largest share is taken by low involvement and reliable products such as electronics and apparel E-Commerce Sales Share by Value for Product Categories (2018) Electronics 48% Apparel 29% Home Furnishing 9% Personal Care & Baby Products 8% Books 3% Others 2% 0% 20% 40% 60% Source: KPMG Analysis (May, 2018) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 9
www.spireresearch.com E-Commerce Logistics: Business Models This model applies a zero-inventory system wherein the seller takes Market Place Model accountability for delivering products directly to the customers (B2C) or through local vendors offering product E-Commerce Seller storage (B2B) prior to delivery. Seller Packs Items, collected by E- The sellers also offer other digitized Commerce delivery End partner Customer services including payment platforms, Receives after sales services and shipment Order tracking. End Customer This is the most commonly used model, Seller with Inventory Places Order primarily because of Indian law and low operational costs. In this model, the inventory is purchased by the seller. However, it is stored and Fulfilled by E-tailers Model delivered from the warehouse of the E- E-Commerce Seller Holds Inventory Commerce player, who is also Owned by Seller responsible for quality checks. This model is becoming more common over time. Items Shipped Informati by E- on on Commerce inventory Website to Shared customer Seller has no End Customer inventory Places Order Inventory is purchased and stored in the fulfilment centers with the retailers. The sellers simply purchase the product and Inventory-Based Model allow their retailers to store inventory in their warehouses till the product is E-Commerce Seller Owns Inventory packaged and delivered by these Items Shipped retailers to the end-customers. by E- Commerce Throughout the ordering process, the Website to customer retailers are also responsible for quality checks, packaging and on-time delivery of the product. End Customer Places Order White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 10
www.spireresearch.com E-Commerce Logistics: Value Chain of Delivery E-Commerce players’ biggest cost challenge is the last mile delivery of the product which accounts for approximately 50% of total logistics cost Cost Components by Logistics Activities (2018) 43% 47% 8% 2% First Mile Processing Line Haul Last Mile First Mile Products are dispatched from the seller to the fulfilment centres/mother warehouses depending on the model type (inventory-based model or market place model). Processing Goods are sorted and processed according to the final destinations. Line Haul Line haul acts as the connecting link between the central supply center and the central demand center. This can be done via land or air, depending on distance and cost. Last Mile Last Mile refers to the shipping of the product from mother hubs to delivery hubs, where they are shipped out to the customers. White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 11
www.spireresearch.com Chapter 3. Recent Trends and Developments Impact of GST and revised FDI regulations for E-Commerce companies The introduction of the Goods and Services Tax (GST) in 2017 had a positive effect on the E-Commerce logistics industry as it eased the movement of goods across state borders. Under the new tax regime, the interstate taxes have been removed. Due to this, movement of goods between the states has become easier. This has also eased the paperwork for logistics companies significantly. Now, logistics companies have to raise E-way bills for the movement of goods between states. These E-way bills are monitored centrally by government bodies, giving the state better visibility of the logistics sector in the country. In 2018, the Indian government amended E-Commerce regulations, and foreign ownership in subsidiaries of E-Commerce companies was capped at 25% of equity for the inventory-based model. However, 100% foreign ownership of equity was permitted for the market place model. After this rule, Amazon invested USD 651 Million in 2019 in its various subsidiaries such as Amazon Seller Services, Amazon Pay and Amazon Retail. This brought the total investment to USD 6 billion. One key outcome from this massive wave of investment was to improve logistics and digitize Small Medium Businesses (SMBs) to bolster growth. 100% FDI has been allowed in the warehousing sector after the logistics sector was classified as infrastructure in 2017. Inventory 25% Based Model FDI Warehousing 100% Limit Subsidiary (2019) Market Place 100% Model Source: IBEF (2018) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 12
www.spireresearch.com Solving the last mile delivery challenge Mom and Pop Store Partnerships have become key for solving the last mile delivery challenge facing the logistics industry. Last mile connectivity has been a key challenge for the E-Commerce logistics industry. Captive arms of E-Commerce companies have some new delivery models such as: Partnering with small “mom and pop” shops across Tier II and below cities for ordering and delivery of products Flipkart partnering with 27,000 (2019) stores in 700 cities for faster delivery of their products Myntra partnering with 9,000 (2019) stores in 50 cities of India. They expect this number to increase to 15,000 in by end of 2020 Amazon partnering with approximately 20,000 stores as of January 2020. They have also started training these store owners to facilitate first time internet users placing orders online Number of Mom & Pop Store Partners for Ordering and Delivery (2019) 30000 20000 10000 0 Amazon Flipkart Myntra Source: Financial Express (September, 2019) Delivery Model in Partnership with Mom and Pop Stores Order dispatched to store Order collected by partner customer from shop “We are delighted with the success of Partner Department Store our kirana network partners, and will continue to provide them with opportunities to scale deliveries, especially during the festive season. Amar Nagaram, Head, Myntra Jabong ” Information reaches at Order placed at the store warehouse using mobile of shop partner White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 13
www.spireresearch.com Chapter 4. Industry Challenges An environment of cash on delivery and high rates of return have created risks for online sellers Return Rate of Shipments (2018) Key Reasons of Return (2018) Wrong Item Received 23% 35% Product Not 30% Matching 70% 22% Damaged Product 20% Others Returned Accepted Source: entrackr.com (December, 2018) Source: Spire Estimates (2019) One of the biggest challenges facing the E-Commerce logistics industry is high rates of returns by end-customers. Logistics companies and their partners expect the overall return rate of shipments to be close to 30% of Gross Market Value (GMV) of all shipments (2018). In 2019, the average cost of shipment to end-customers was INR 65 (~ USD .91) and Logistics Cost Vs Average the cost of return shipment was INR 75 Ticket Size of Online Purchase (~USD 1.05), Implying significant losses for (2019) returned shipments. Total Cost On the other hand, the average ticket size of Logistics, for online purchases in India is INR 1,718.5 8% (USD 24). The cost of logistics and reverse logistics (8%) is seen by many observers as unsustainable for E-Commerce companies. Average Process improvements need to be made. ticket Size, 92% Source: Economic Times (May, 2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 14
www.spireresearch.com E-Commerce Logistics Challenges: Cash on Delivery Cash on delivery (COD) is the preferred mode of payment by online shoppers in India In India, all E-Commerce players offer the COD mode of payment to end customers. It is estimated, in 2019, that COD orders account for 60% to 75% of total orders. Due to low penetration of credit and debit cards and/or a lack of trust in the digital transaction process, end-customers in Tier II and below cities tend to place COD orders for the vast bulk of their transactions. Mode of Payment (2019) Share of CoD (2018) Metro & Tier 1, 38% Prepaid Orders Cash on Tier II & Delivery Below, Orders 62% 25-40% 60-75% Source: Spire Estimates (2019) Source: Spire Estimates (2018) COD creates two types of problems for E-Commerce players and logistics service providers: Logistics companies have to develop capabilities to collect cash from the delivery point and manage the transactions. This cash handling function imposes additional costs. It has also been observed by E-Commerce companies such as Amazon and Flipkart that prepaid orders have a lower proportion of returns in comparison to COD orders. Steps taken by companies to improve the situation include: Setting limits on COD purchase ticket sizes. Some E-Commerce players such as Snapdeal have set limits on COD purchases to INR 20,000 (~USD 280.5) and Amazon and Flipkart have limited it to INR 50,000 (~USD 701.2) as at 2019 Training last mile delivery staff to process payments using cards at the delivery sites or collection centers White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 15
www.spireresearch.com Chapter 5. Indian E-Commerce Logistics: Key Players Overview of E-Commerce logistics players E-Commerce players have developed captive logistics arms for managing delivery of their shipments. These captive arms have the highest market share in the E-Commerce logistics Industry. India’s E-Commerce logistics industry manages/ships approximately 57 million shipments per month (1.9 million per day, in 2018) throughout the country Most of these shipments (~49%) are managed by the captive arms of E- Commerce logistics players such as E-Kart and Amazon Logistics E-Commerce-focused players thus have the second highest market share in the E-commerce logistics market, followed by traditional logistics players The top four companies in terms of shipments managed and revenue are: Ekart (Subsidiary of Flipkart) Amazon Logistics (Subsidiary of Amazon India) Delhivery (E-Commerce Focused Player) Ecom Express (E-Commerce Focused Player) Market Share by Type of Logistics Provider Revenue in USD Million (2019) (2018) 700 620.2 600 500 Traditional 400 Players, 292.0 300 237.7 23% Captive Logistics 200 141.1 E- Arms, 49% 100 Commerce Focussed 0 Players, 28% Source: KPMG Report (May, 2018) Source: Ministry of Commerce (2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 16
www.spireresearch.com Company Profile: Ekart Logistics Overview Revenue (USD Million) Founded: Started operation in 2009 800 Focus: Caters primarily to E- 621.0 Commerce companies 600 Shipments Managed: It manages 400 349.4 approximately 85% (10 million/month) of Flipkart’s total shipments (2018) 200 Funding: It is a subsidiary of Flipkart 42.6 Future Plans: Launched a courier 0 business and pilots in hyper local 2016 2018 2019 delivery business under the brand Source: techcircle.in (2019) name eQuick Services Industries and Capabilities Key Services Offered: transportation, warehousing, in-factory logistics, reverse logistics, and cash management Key Industries Catered: E-Commerce companies Coverage: 3,800+ Pin code, 7.5 million cubic warehouse space, and 800+ cities Key Customers: Flipkart, Paytm, Shopclues, Myntra, Aditya Birla Group, Madura In 2016: Flipkart invested USD 98.4 million in Ekart In 2017: Flipkart allocated USD 460 million to Ekart for strategic investments and to expand their network of deliveries across Indian cities In 2018: Ekart received funding of USD 229 million in three tranches from Klick2Shop (Singapore based firm) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 17
www.spireresearch.com Company Profile: Delhivery Private Limited Overview Revenue in USD (Million) Founded: Started operation in 2011 250 237.70 Focus: Caters to both B2B and B2C businesses in India and overseas 200 Shipments Managed: Handles 5-6 150.68 150 million packages a month 106.16 100 Funding: Investments by Nexus Ventures, Softbank, and Tiger Global 50 Future Plans: The company is also 0 venturing into international E- 2017 2018 2019 Commerce markets such as Source: entrackr.com (October, 2019) Bangladesh and Dubai Industries and Capabilities Number of Cities Key Industries Catered: E-Commerce 2000 1800 companies, automobiles, pharmaceuticals, fashion and electronics 1500 1200 Coverage: 2,500+ Direct Centers, 18,000+ pin codes, 2,500 cities (2019) 1000 Warehousing Capability: 6 million square feet 500 175 Key Customers: Wildcraft, Flipkart, 0 Snapdeal, Urbantouch, Amazon 2015 2017 2019 Source: entrackr.com (October, 2019) Forbes India (2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 18
www.spireresearch.com Company Profile: Ecom Express Private Limited Overview Revenue in USD (Million) Founded: Started operation in 2012 160 141.11 Focus: Caters primarily to E-Commerce 140 companies 120 Shipments Managed: Handles 5-6 100 81.2 million packages a month (2018) 80 68.8 60 Funding: Investments by Warburg 40 Pincus 20 Future Plans: The company is focusing 0 its efforts on improving reach and 2017 2018 2019 capabilities in Tier IV cities Source: Financial Express (November, 2019) Industries and Capabilities Number of Cities Key Services Offered: express services, 3000 digital services, fulfillment services and 2500 2400 reverse logistics Key Industries Catered: E-Commerce 2000 companies 1400 1500 1500 Coverage: 25,000 Pin code Average, 2,400 cities (2018), 2,500 delivery 1000 branches 500 Key Customers: Nykaa, Paytm, 35 0 Jabong, Myntra, Amazon, Flipkart and 2013 2015 2017 2019 Snapdeal Source: Financial Express (November, 2019) White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 19
www.spireresearch.com Chapter 6. Conclusions and Recommendations India’s E-Commerce logistics market has huge growth potential India’s E-Commerce industry is big and growing, and will further boost the logistics sector. The driving forces for this would be: A more transparent tax structure: simplifying distribution across states and a national consolidation of warehousing Growth of online shopping: with growing trust in E-Commerce companies and rising access to a wide range of product categories, this sector will continue to grow well in Tier II and below cities, driving most of the growth in the next 3 to 5 years The logistics sector has been deemed as “infrastructure”, enabling it to get better access to funding ➢ Given the restriction in FDI for e-market places, the logistics sector provides foreign investors a viable way to access to India’s E- Commerce growth story, as 100% FDI is allowed in the warehousing and logistics sector While the E-Commerce sector itself is concentrated, the logistics sector is fragmented. Although the larger E-Commerce players have captured first mover advantage, there are opportunities for companies that can address the current challenges. These are: Solutions that drive technology adoption, especially in the last mile sector, such as companies that can combine payment and last mile logistics to address the risks of returns and cash on delivery Logistics providers in Tier II and Tier III cities that can capture the growth pockets Solutions to improve delivery accuracy and quality, to reduce the high rate of returns White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 20
www.spireresearch.com Chapter 7. References https://www.niti.gov.in/niti/content/indian-logistics-sector-path- transformation http://www.makeinindia.com/logistics-sector https://www.business-standard.com/article/economy-policy/logistics-sector- to-see-500-bn-annual-investment-by-2025-prabhu-118073000534_1.html https://www.business-standard.com/article/economy-policy/retail-boost-for- logistics-warehousing-investment-rises-by-7-bn-in-2-yrs-119112701344_1.html https://content.knightfrank.com/research/677/documents/en/india- warehousing-and-logistics-india-warehousing-market-report-2018-insight- series-2-5494.pdf https://www.niti.gov.in/niti/content/indian-logistics-sector-path- transformation https://www.dsij.in/productAttachment/premarketreports/Market_IndiaLogisti cs_Edelweiss_26.11.18.pdf https://www.statista.com/statistics/792047/india-e-commerce-market-size/ https://economictimes.indiatimes.com/industry/services/retail/small-town- india-helps-amazon-flipkart-record-growth-in-sales/articleshow/71449679.cms https://www.statista.com/statistics/467163/forecast-of-smartphone-users-in- india/ https://timesofindia.indiatimes.com/business/india-business/indias-mobile- data-is-cheapest-globally/articleshow/68294413.cms https://www.statista.com/topics/2157/internet-usage-in-india/ https://www.indiatoday.in/business/story/mobile-call-internet-to-become- costlier-by-up-to-50-from-december-3-1624261-2019-12-02 https://www.ibef.org/industry/ecommerce.aspx https://assets.kpmg/content/dam/kpmg/in/pdf/2018/05/e-commerce-retail- logistics.pdf https://economictimes.indiatimes.com/industry/services/retail/amazon-not- doing-favour-to-india-by-investing-a-billion-dollars- goyal/articleshow/73302716.cms https://cleartax.in/s/impact-of-gst-on-e-commerce-marketplace-sellers White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 21
www.spireresearch.com https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart- acquires-flipkart-for-16-bn-worlds-largest-ecommerce- deal/articleshow/64095145.cms https://www.financialexpress.com/industry/sme/after-amazon-flipkart-now- myntra-strengthens-logistics-for-timely-deliveries-this-festive-season/1718417/ https://techcrunch.com/2020/01/18/amazon-india-kirana-neighborhood- stores/ https://kr-asia.com/snapdeal-receives-fresh-funding-as-comeback-kid-to- rival-indias-e-commerce-duopoly https://economictimes.indiatimes.com/industry/services/retail/tier-ii- ecommerce-faces-existential-crisis-expiry-date-near-small-etailers-clutch-at- straws/articleshow/69551201.cms?from=mdr https://entrackr.com/2018/12/amazon-product-return-rate-india/ https://ithinklogistics.com/blog/how-cash-on-delivery-dominates-indian-e- commerce/ https://economictimes.indiatimes.com/industry/services/retail/e-comm-in- india-is-a-fantastic-revolution-says-loral-ceo/articleshow/74053639.cms https://indianonlineseller.com/2017/03/snapdeal-discontinues-cash-on- delivery-option-for-transactions-beyond-rs-20000/ https://yourstory.com/2017/11/year-demonetisation-e-commerce-customers- continue-take-cod-route?utm_pageloadtype=scroll https://www.ibef.org/download/e-commerce-dec-2018.pdf White Paper | India’s E-Commerce Logistics Industry | April 2020 Page 22
You can also read