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Government's Plan To Tackle Amazon, Walmart Dominance In India Begins To Take Shape
Government's Plan To Tackle Amazon, Walmart Dominance In India Begins To Take Shape
In a bid to break Amazon Inc (NASDAQ:AMZN) and Walmart Inc's (NYSE:WMT) duopoly in the country's e-commerce sector, India is lining up banks and other key players to set up its own "buyer platforms."
What Happened: According to Reuters sources, the country's administration is in discussion with some of its biggest banks for setting up "buyer platforms." This will allow customers to place orders for buying goods and services from the Open Network for Digital Commerce (ONDC), which the government soft-launched in April.
See Also: Alibaba's Fraught Relations With India See Accountant Get In A Pickle
The platform promises equal access to all online sellers and buyers regardless of their size and is a priority for India's Prime Minister Narendra Modi, who aims to make India self-reliant with the help of small businesses.
This comes at a time when India's competition watchdog is probing Amazon and Walmart-owned Flipkart for allegedly promoting preferred sellers. The authorities have also conducted raids on the offices of Amazon and Flipkart's sellers.
ONDC Chief Executive T. Koshy said, "If you look at the seller side, anybody who can make their digital catalog visible using this common language will have access to a large pool of buyers shared across apps [on ONDC]."
"It is no longer controlled by one large corporation," he added, signaling a competition for Amazon and Walmart.
The e-commerce giants Amazon and Flipkart control more than 60% of that market in India and now account for about 8% of total consumer purchases in a country of 1.35 billion people.
Sources familiar with the matter told Reuters that State Bank of India, Axis Bank, ICICI Bank (NYSE:IBN), and HDFC Bank (NYSE:HDB) are among other lenders in discussions with ONDC to set up buyer platforms.
Price Action: According to data from Benzinga Pro, Amazon shares closed 1.23% higher at $2,433 apiece, while Walmart shares shed 2.47% to close at $125.45 apiece.
Read Next: Google, India Discuss Collaborating Over Open E-Commerce Network
In a bid to break Amazon Inc (NASDAQ:AMZN) and Walmart Inc's (NYSE:WMT) duopoly in the country's e-commerce sector, India is lining up banks and other key players to set up its own "buyer platforms."
为了打破这种局面亚马逊公司(纳斯达克:AMZN)和沃尔玛(纽约证券交易所股票代码:WMT)在该国电子商务领域双头垄断的印度,正在召集银行和其他主要参与者建立自己的“买家平台”。
What Happened: According to Reuters sources, the country's administration is in discussion with some of its biggest banks for setting up "buyer platforms." This will allow customers to place orders for buying goods and services from the Open Network for Digital Commerce (ONDC), which the government soft-launched in April.
发生的事情:据路透社消息,中国政府正在与一些最大的银行讨论建立“买家平台”的事宜。这将允许客户从数字商务开放网络(ONDC)下订单购买商品和服务,该网络是政府在4月份软性推出的。
See Also: Alibaba's Fraught Relations With India See Accountant Get In A Pickle
另请参阅阿里巴巴-SW与印度令人担忧的关系看会计进退两难
The platform promises equal access to all online sellers and buyers regardless of their size and is a priority for India's Prime Minister Narendra Modi, who aims to make India self-reliant with the help of small businesses.
该平台承诺向所有在线卖家和买家提供平等的机会,无论他们的规模如何,并是印度总理纳伦德拉·莫迪,世卫组织的目标是在小企业的帮助下使印度自力更生。
This comes at a time when India's competition watchdog is probing Amazon and Walmart-owned Flipkart for allegedly promoting preferred sellers. The authorities have also conducted raids on the offices of Amazon and Flipkart's sellers.
与此同时,印度竞争监管机构正在调查亚马逊和沃尔玛拥有的Flipkart因为据称是在推销优先卖家。当局还突击搜查了亚马逊和Flipkart卖家的办公室。
ONDC Chief Executive T. Koshy said, "If you look at the seller side, anybody who can make their digital catalog visible using this common language will have access to a large pool of buyers shared across apps [on ONDC]."
ONDC首席执行官T·科西他说:“如果你从卖家的角度来看,任何人只要能用这种通用语言使他们的数字目录可见,就能访问通过应用程序共享的大量买家[关于ONDC]."
"It is no longer controlled by one large corporation," he added, signaling a competition for Amazon and Walmart.
“它不再由一家大公司控制,”他补充道,这标志着亚马逊和沃尔玛的竞争。
The e-commerce giants Amazon and Flipkart control more than 60% of that market in India and now account for about 8% of total consumer purchases in a country of 1.35 billion people.
电商巨头亚马逊和Flipkart在印度控制着超过60%的市场份额,目前在这个拥有13.5亿人口的国家占消费者总购买量的8%左右。
Sources familiar with the matter told Reuters that State Bank of India, Axis Bank, ICICI Bank (NYSE:IBN), and HDFC Bank (NYSE:HDB) are among other lenders in discussions with ONDC to set up buyer platforms.
知情人士告诉路透社,印度国家银行, 轴线银行, ICICI银行(纽约证券交易所股票代码:IBN),和HDFC银行(纽约证券交易所股票代码:HDB)等其他贷款机构正在与ONDC讨论建立买家平台。
Price Action: According to data from Benzinga Pro, Amazon shares closed 1.23% higher at $2,433 apiece, while Walmart shares shed 2.47% to close at $125.45 apiece.
价格行动:根据Benzinga Pro的数据,亚马逊股价收盘上涨1.23%,至每股2,433美元,而沃尔玛股价下跌2.47%,收于每股125.45美元。
Read Next: Google, India Discuss Collaborating Over Open E-Commerce Network
接下来请阅读:谷歌和印度讨论在开放电子商务网络上合作
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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