Business Wire India
New draft e-commerce rules can render 60 lakh people jobless in Karnataka: Industry experts
89% sellers in Karnataka want further deliberation on the draft rules
Karnataka is home to over 6,556 startups and MSMEs in sectors such as food processing, IT consulting, and business support services most of which collaborate with e-commerce platforms for businesses. The startups including local traders using e-commerce and MSMEs in the state have not only contributed a significant amount of monetary disposition to the country but generated lakhs of jobs.
Recently, the Karnataka government announced the Karnataka Digital Economy Mission as part of its Beyond Bengaluru initiative to build opportunities and create innovative ecosystems for emerging businesses and startups. The initiative aims to bring stakeholders including industrialists, entrepreneurs, small sellers, startups, and thought leaders to make the most of the state’s growing potential. However, the recently issued amendments to draft e-commerce rules will restrict innovation and opportunities for small businesses on these platforms. If the draft e-commerce rules are implemented in its present form, the entire startup sector relying on online platforms will be disrupted as it causes multiple hassles for small businesses.
The amendments in the rules seek to ban flash sales, bring logistics providers into e-commerce ambit, put an entry barrier on entering the marketplace model and more importantly push consumers to offline markets for purchase. As the bulk of consumers in India are from the middle class, these promotions enable them to buy quality products at competitive prices from the safety of their homes and maintain social distancing norms. The rules also propose the appointment of a grievance officer, a chief compliance officer, and a nodal contact person for 24×7 coordination with law enforcement agencies. Moreover, it is mandatory for e-commerce entities to register with the Department for Promotion of Industry and Internal Trade (DPIIT).
Experts have also raised concerns about how these rules, if implemented, can have an obstructive impact on the economic development of the country with respect to job opportunities, scope for the growth of MSMEs, global investments, and consumer experience. According to a recent poll conducted by the India SME Forum 89% sellers in Karnataka are of the opinion that the draft e-commerce rules require further deliberation. Sharing his opinion on this, Mr. Vinod Kumar, President, India SME Forum, said, “The amendments increase compliance burden on e-commerce entities and make the marketplace inaccessible to small and medium businesses who depend on these entities for sustenance. It is important for the government to revisit these rules and detangle the complexities.”
Smt. R Vinoth Priya IAS, Director MSME, Govt of Karnataka said, “E-commerce is a boon for the micro units, as they’re low on capital to set up brick and mortar stores. There’s a need for micro units to understand how to continue being a thriving business on online platforms. The government is there to give a supporting hand to MSMEs.”
Smt. Akshara Kumar – Founder – Truly Essential feels that, “Online retail is the way forward. However, a nice balance between online and brick and mortar is the way to go for SMEs. Big marketplaces like Amazon give young brands and businesses credibility just by virtue of being listed there. E-commerce has improved product quality and product packaging. It has improved Indian product’s image to the world. They have made products export worthy.”
“Once you establish a brand on Amazon, you get credibility and it helps you to establish your own website and move on with the loyal customer base to your own website. Online marketplaces give SMEs a ready customer base where you don’t have to spend additional money on customer acquisition. E-commerce has made everything better. You have more choices, better prices. SMEs have the option to stay away or adopt it and use e-commerce to their advantage,” said Shri Soumyajeet Daas – Co-Founder, Growth Studioz.
Shri. Ravi Bansal, Global E-commerce Head, Unyscapel thinks that, “Amazon and Flipkart have changed the buying behaviour of people. The discussion should not be about small businesses vs Amazon and Flipkart. It should be about MSMEs vs Big Players, be it offline or online. An MSME can’t compete with a Reliance Retail or Croma or Pai Electronics. Why discriminate against Amazon and Flipkart and leave the big offline players as is.”
Shri. Ayan Das – Legal Counsel, Dunzo said, “A level playing field should be parity amongst equals. A smaller business should not be under that ambit just by virtue of being an e-commerce player. Adding layers of compliance for smaller sellers would be counter intuitive.”
Key concern areas highlighted by industry experts:
Ambiguous and overreaching measures
Cause unnecessary disruption and create entry barriers
Compliance burdens can break MSMEs and startup ecosystem
Interference with ease of doing businesses and volatility
The participating sellers and India SME Forum (ISF) were in consensus that the draft rules will cause irrevocable damage to MSMEs. Having withered two waves of a devastating pandemic, MSMEs need all the support they can get from policy makers. The draft rules are not only counterproductive but will be more damaging in the long run than COVID itself since these rules will be permanent. In this regard, the sellers and ISF have agreed to approach the government and make their voices heard before the 21 July deadline.
Conviva and the Trade Desk Partner to Improve Contextual Advertising for Premium Streaming Publishers
Business Wire India
Conviva, the intelligence cloud for streaming media, and global advertising technology leader The Trade Desk, have entered a first-of-its-kind partnership to provide the streaming advertising industry the contextual content signals needed in the bidstream to improve their connected TV campaigns based on signals and effectiveness. Together, the two companies will help premium publishers supply programmatic buyers with the network, genre, rating, length and other detailed data sorely lacking in the streaming industry while still maintaining data control. Details of the partnership, product offering, participating publishers and how premium publishers can participate and benefit, will be available via a webinar in August.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005953/en/
The Trade Desk + Conviva (Graphic: Business Wire)
According to Conviva’s State of Streaming Advertising report, released in June 2021, only 39% of buyers believe they have the data needed to run streaming ad campaigns effectively and only 8% of buyers feel streaming content has context that is safe for their brand. The partnership between Conviva and The Trade Desk directly addresses these concerns and will enable The Trade Desk to be the first to provide its customers with streaming contextual advertising, a first for the industry.
“The simple truth is streaming advertising needs transparent, contextual data to continue to build confidence in the channel,” said Keith Zubchevich, CEO of Conviva. “By integrating The Trade Desk and our premium publisher partners, we will help unlock the multi-billion opportunity in streaming advertising and move the industry forward. Brands will have the detailed contextual data they need; publishers will remain in full control. It’s a win-win for everyone.”
Conviva sources census, real-time content metadata straight from the video player of premium publishers making it the most reliable set of streaming content data in the industry. Specifically, its proprietary Stream Sensor™ technology is currently embedded in 3.3 billion streaming video applications, measuring in excess of 500 million unique viewers watching 180 billion streams per year with nearly 2 trillion real-time transactions per day across more than 180 countries.
“Our goal is to provide as much data as possible to our advertising clients as they plan and execute their digital media campaigns,” said Michelle Hulst, COO, The Trade Desk. “By partnering with Conviva to offer connected TV advertisers with even more data than what’s available in linear TV, we are opening up a new world of opportunity while maintaining the control and safeguards that are desired by both publishers and brands.”
Conviva is the intelligence cloud for streaming media. Powered by our patented Stream Sensor™ and Stream ID™, our real-time platform enables marketers, advertisers, tech ops, engineering and customer care teams to build, engage and monetize their audiences. Conviva is dedicated to supporting brands like CCTV, DAZN, Disney+, Hulu, Paramount+, Peacock, Sky, Sling TV, TED and WarnerMedia as they unlock the incredible opportunity in streaming media. Today our platform processes nearly 2 trillion streaming data events daily, supporting more than 500 million unique viewers watching 180 billion streams per year across 3.3 billion applications streaming on devices. Conviva ensures digital businesses of all sizes can stream better—every stream, every screen, every second. To learn more, visit www.conviva.com.
About The Trade Desk
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005953/en/
Riskified Ltd. Announces Pricing of Initial Public Offering
Business Wire India
Riskified Ltd. (“Riskified”), a fraud management platform enabling frictionless eCommerce, today announced the pricing of its initial public offering of 17,500,000 Class A ordinary shares at a public offering price of $21.00 per Class A ordinary share. The offering consists of 17,300,000 Class A ordinary shares offered by Riskified and 200,000 Class A ordinary shares to be sold by one of Riskified’s existing shareholders. Riskified will not receive any proceeds from the sale of the shares by the selling shareholder. The underwriters will have a 30-day option to purchase up to an additional 2,625,000 Class A ordinary shares from Riskified at the initial public offering price, less underwriting discounts and commissions. The Class A ordinary shares are expected to begin trading on the New York Stock Exchange on July 29, 2021 under the ticker symbol “RSKD”.
The closing of the offering is expected to occur on August 2, 2021 subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are acting as lead book-running managers for the offering. Barclays Capital Inc., KeyBanc Capital Markets Inc., Piper Sandler & Co., Truist Securities, Inc. and William Blair & Company, L.L.C. are joint book-running managers for the offering. Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., LLC and Stern Brothers & Co. are acting as co-managers for the offering.
The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York, 10282, by email at firstname.lastname@example.org, or by telephone at 866-471-2526; J.P. Morgan Securities LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, by email at Prospectusemail@example.com, or by telephone at 1-866-803-9204; and Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, New York, 10010, by email at firstname.lastname@example.org, or by telephone at 800-221-1037.
A registration statement on Form F-1 relating to these securities has been filed with, and was declared effective by, the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Riskified empowers businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless. Riskified has built a next-generation eCommerce risk management platform that allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits from a global merchant network, Riskified’s platform identifies the individual behind each online interaction, helping merchants—Riskified’s customers—eliminate risk and uncertainty from their business. Riskified drives higher sales and reduces fraud and other operating costs for its merchants and strives to provide superior consumer experiences, as compared to its merchants’ performance prior to onboarding Riskified.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210728006106/en/
Asia Pacific Spending on IT, Business Services Exceeds US $3B in a Quarter for First Time
Business Wire India
Asia Pacific’s spending on IT and business services surpassed US $3 billion for the first time in a quarter, with record levels of spending in Q2 for both cloud-based and traditional managed services, according to the latest state-of-the-industry report from Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The Asia Pacific ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of US $5 million or more, shows the region generated US $3.4 billion in combined-market ACV in the second quarter, up 59 percent against a soft quarter last year at the outset of the pandemic, and up 35 percent from the first quarter.
ACV for cloud-based services (as-a-service) came in at a record $2.4 billion, up 50 percent over last year, on 52 percent growth in infrastructure-as-a-service (IaaS), to a record $2.1 billion, and 38 percent growth in software-as-a-service (SaaS), to a record $312 million.
Managed services, meanwhile, turned in its best quarter in two years, with ACV soaring 87 percent, to a record $929 million. IT outsourcing (ITO) reached a record $800.1 million, up 80 percent, and business process outsourcing (BPO) rocketed 148 percent, to $129 million. Contract activity was at its highest level in the region in three years. Among the 62 deals signed during the quarter, 12 were valued at more than US $30 million of ACV – more of this size than were signed in all of 2020.
Within the region, most markets delivered sizeable year-over-year growth in managed services, including Australia-New Zealand (ANZ), China, Japan and South Asia, with only Korea declining versus the prior year.
“The second quarter was a real standout for the Asia Pacific region, with record demand in virtually every segment and strong growth across the board,” said Scott Bertsch, partner and regional leader, ISG Asia Pacific. “The results in ANZ, the region’s largest managed services market, were particularly encouraging. With more than $300 million of ACV this quarter, ANZ delivered its best performance since the end of 2018.”
For the first half of 2021, the combined market generated a record US $5.8 billion of ACV, up 32 percent. As-a-service, at a record US $4.5 billion, was up 33 percent, and managed services, at US $1.3 billion, was up 28.5 percent.
Within as-a-service, IaaS reached a record US $3.9 billion, up 34 percent, and SaaS hit a record US $614 million, up 23 percent. The battle for hyperscale cloud supremacy in the region continues, with Chinese providers adding to the competition. During the quarter, BMW Group opened a joint innovation base with Alibaba Cloud in Shanghai, and global mining firm BHP, based in Australia, signed cloud deals with both AWS and Microsoft Azure.
Competition is also heating up in the cloud-based ERP software space. In Japan, Sumitomo Mitsui Financial Group recently selected Oracle Fusion Cloud ERP to consolidate accounting functions, Toshiba chose SAP to replace its legacy financial systems, and Adobe remained active in the region by leveraging its digital media business and signing new clients such as Toyota and Bytedance.
On the managed services side, ITO reached US $1.1 billion, up 21.5 percent, on 77 transactions, with strength in application development and maintenance (ADM) services, even as infrastructure services declined. A notable ADM award was Accenture’s deal with Japanese telecom company KDDI. One of the larger awards this quarter was HCL winning a multi-tower IT transaction with a diversified financial firm.
BPO reached US $237 million, up 75 percent, spurred by industry-specific BPO and engineering and R&D services. Neusoft clinched a sizable ER&D agreement to supply Geely Smart Cars with infotainment systems, and Globant won a deal with Nissan’s customer service team.
ISG is forecasting the market for cloud-based services (IaaS and SaaS) will grow 21 percent globally in 2021, up from its 18 percent growth forecast last quarter. The firm also is raising its forecast for managed services growth to 9 percent, up from its prior forecast of 5 percent.
About the ISG Index™
The ISG Index™ is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry. For 75 consecutive quarters, it has detailed the latest industry data and trends for financial analysts, enterprise buyers, software and service providers, law firms, universities and the media. In 2016, the ISG Index was expanded to include coverage of the fast-growing as-a-service market, measuring the significant impact cloud-based services are having on digital business transformation. ISG also provides ongoing analysis of automation and other digital technologies in its quarterly ISG Index presentations. For more, visit this webpage.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005821/en/
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