Today’s Top E-Commerce News From Around the World

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By Published On: February 27, 20190 Comments

Harrods plans global e-commerce platform, Indian retailers expect to see relief thanks to new online marketplace legislations, Foot Locker invests in Rockets of Awesome and Etsy celebrates Q4 revenue boost.

Looking at global markets overnight, retailers in the US, UK and India have been making headlines.

Harrods Announces Plans to Further Develop its E-Commerce Platform

The London-based department store has announced its partnership with Farfech Black & White Solutions, who will be working exclusively with the retailer to develop a “contemporary online platform” for its shoppers.

“Partnering with Farfech Black & White Solutions allows Harrods to work with the market leader in e-commerce technology to deliver a seamless service online, which will continue to feel instantly and unmistakably Harrods,” the department store’s Managing Director, Michael Ward said.

As part of the new web development, Harrods says it wants to provide the best possible customer service and shopping experience in what’s becoming an increasingly digital world.

India’s Offline Retail Sector to Benefit From Marketplace Laws

As India’s booming e-commerce sector is calculating the cost of the local government’s tougher legislation for online marketplaces in the region, bricks-and-mortar retailers are eyeing stronger profits.

Traditional retailers, who have been struggling to keep up with the deep discounts and promotional efforts of larger online businesses expect their profit margins to improve.

“In next three-to-four months, discounts on e-commerce will be sharply lower even though they (e-commerce firms) are trying to work their business model around the rules,” Abneesh Roy, analyst at Mumbai-based brokerage firm Edelweiss Securities told liveMint.

“While discounts won’t come down dramatically, brands can finally take full responsibility for prices. This will ensure a level playing field,” Kumar Rajagopalan, the CEO of the Retailers Association of India added.

Foot Locker Invests $12.5 Million in Rockets of Awesome

Online children’s wear retailer, Rockets of Awesome has received a fresh fund injection of US$12.5 million, as Foot Locker made a minority investment in sister company, Launch Kids.

As part of the new partnership between the three brands, Rockets of Awesome products will be available for sale on the Foot Locker website, as well as in its Kids Foot Locker stores.

Etsy Reports Strong Q4 Earnings as Buyer and Seller Counts Increase

In a results statement issued on Monday, Etsy said its Q4 revenue rose by 46.8 percent year-over-year, landing on $200 million for the three months ending on December 31, 2018.

This growth is reportedly a result of improved marketplace and service-based activities. Active buyers grew by 18.2 percent when compared to the same period last year, while active sellers rose by 9.4 percent YOY. Of particular note was that gross merchandise sales jumped by a whopping 30 percent YOY in the period spanning from Thanksgiving to Cyber Monday. This growth was driven by product launches, marketing efforts, improved landing pages and shipping incentives. During this key trading period, almost 80 percent of sellers shipped products at competitive prices and a third of all items sold were shipped for free, the company said.

“By making Etsy a great destination for holiday shopping, we delivered strong fourth quarter results to end an excellent year,” said Josh Silverman, Etsy, Inc. Chief Executive Officer. “On a currency-neutral basis, 2018 gross merchandise sales grew 20.4% to $3.9 billion for the year, revenue was up 36.8% to $603.7 million for the year, and we improved our margins. We kept our focus on improving search and discovery, building trust in the marketplace, expanding our marketing channels, and investing in services that fuel our sellers’ success.”

“Our strong financial performance in the fourth quarter and full year of 2018 reflect the successful execution of our product, engineering, and marketing efforts during the period,” said Rachel Glaser, Etsy, Inc. Chief Financial Officer. “We grew and strengthened our business, returned capital to stockholders, and finished the year in a strong cash position enabling continued growth investments.”

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