Snapdeal, ShopClues, UrbanClap, Shop101 to form domestic e-commerce industry association

By: |
New Delhi | Updated: March 14, 2019 4:49:51 AM

According to a February 2019 Morgan Stanley report, India is adding one internet user every three seconds

Snapdeal, ShopClues, UrbanClap, Shop101, ecommerce sector, ecommerce industryTECI members, between themselves, account for more than 7.5 lakh online sellers and service providers.

Domestic e-commerce players Snapdeal, ShopClues, UrbanClap and Shop101 have come together to launch their own trade association, The E-commerce Council of India (TECI).

“Policy makers in various countries, including India, are engaged in discussions to determine optimal policy framework for the sector. TECI expects to collate, crystallise and share the e-commerce industry’s viewpoint in this regard, working collaboratively with other stakeholders,” the association said in a statement.

Last month, the government released a new draft e-commerce policy that has provided for regulating cross-border data flows, setting up storage facilities locally, and establishing a data authority to devise a framework for sharing data. The department for promotion of industry and internal trade (DPITT) has extended the deadline for receiving stakeholders’ comments on the draft policy to March 29 from the earlier March 9.

Besides policy advocacy, the council seeks to define and encourage the use of industry-best practices relating to data privacy, logistics, payment processes, resolution of disputes, consumer protection, development of mircro, small and medium enterprises, and other relevant issues.

“TECI is an important industry initiative to work collaboratively amid ourselves and with the policy makers to help the sector develop to its full potential, in a way that creates lasting benefits for India,” said Kunal Bahl, CEO and co-founder of Snapdeal.

According to a February 2019 Morgan Stanley report, India is adding one internet user every three seconds, and the e-commerce sector here is estimated to reach $230 billion by 2028, accounting for 10% of its retail. The online shopper penetration is expected to increase from 25% or 140 million users in 2018 to 58% or 540 million users in 2028.

The founding members of TECI also include digital-first fashion brands such as Bewakoof, Breya and Rustorange. Online brands like Mamaearth, Superbottoms and Azah, which focus on specific segments like baby-care products and women’s hygiene products are also part of the group that has collaborated to launch TECI.

Also read: MSTC IPO for Rs 226 crore sees tepid demand, subscribed 4% so far

TECI members, between themselves, account for more than 7.5 lakh online sellers and service providers. Over 30 global and domestic institutional investors have invested more than $2.25 billion in the enterprises founded by TECI members, the association said.

“Charter of TECI is to provide a forum for collaboration amongst ourselves, MSMEs/SMEs and with policy makers, which will put Indian businesses on an equal footing with global competition,” said Sanjay Sethi, co-founder & CEO at ShopClues.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1MTNL gets Rs 171 crore from govt to clear pending February salaries
2NCLAT reserves order on RCom plea to release income tax refunds
3How to turn off Facebook’s ‘embarrassing’ feature