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■ EPAM sacks 100 in India, revokes offers
■ Covid entrepreneurs hope for scale as pandemic subsides
■ India eyes chip hub status as demand for ‘new oil’ rises
Consumer products are in high demand roared back in the past 10 days on the back of festive purchases Executives of leading brands spoke out to us about the benefits of ecommerce and offline retail.
Ecommerce platforms should focus on the first leg of sales as it accounts for 60-70% in their total festive season sales.
These numbers: Smartphones, TVs, home appliances, apparel, and fashion products saw a 12-20% increase in sales over last year’s festive period, while electronics volume sales grew 8-12%.
The buoyant start to the festive sales – which will continue till Diwali – comes after muted growth over the past six to eight months, owing to high inflation.
The biggies According to industry executives, Flipkart as well as Amazon saw strong volume growth during the first leg in their sales this year. This was over the weekend.
According to them, Flipkart’s sales grew by more than 25% in the BigBillionDays sale that took place from September 23-30, they said. The executives stated that it had gross sales of $5.5 billion in the first eight days.
Rival Amazon also reported strong growth, while SoftBank supported Meesho stated that it increased order volumes by 68% in this year.
Crucial category: Executives said the sale of smartphones — a crucial category for etailers— has bounced back, led by big online discounts.
Counterpoint Research, a market researcher, stated that the buoyant start would boost overall sales by 12-15% annually over the entire festive season. It stated that it was confident that the industry would surpass its record $7.7billion smartphone sales during the festive period after the Navratri sales.
NYSE-listed IT service provider EPAM Systems has asked around 100 Indian employees to resign – mostly benched employees not tagged to any specific project – and revoked offer letters of others who were to join the firm over the next few months, sources told us. We couldn’t independently verify the number.
Details: These people were employed at one of the two companies — EPAM Systems and EPAM Anywhere.
HR managers told them the company had over-hired after misjudging future demand, and couldn’t fund any projects for onboarding in the near future. We have reviewed the recordings.
According to EPAM Systems’ 2021 annual report, it had 4,349 professionals in India, its largest market after Ukraine, Belarus and Russia.
Headwinds: This is because IT companies face macro headwinds, as the US economy seems to be sliding into recession.
According to news reports, HCL Tech laid off almost 350 employees who were working on a Microsoft project. This suggests that the project was being transferred to Accenture.
We also reported that Big Tech Companies like Meta, Microsoft, Google and Microsoft are reporting a decline in their revenues. slowing down hiringClients are reserving smaller contracts for IT service firms, In August, 50% of respondents to a PwC survey in the US stated that they were cutting their overall headcount while business leaders are still concerned about retaining and hiring talent.
Covid-19 may not have resuscitated the entire world for a time, but there are always optimists. found their lightbulb momentDuring the chaos, they decided to start businesses in the midst of a pandemic.
Such as? Arham Partap Jain, an Indian 31-year-old who saw trucks sitting idle, founded Trucknetic. He calls it Trucknetic. ‘Uber for trucks’ – an online logistics platform that connects shippers with carriers. “We want to be one of the largest truck companies by 2025, without owning a single truck,”He said.
Rajat Singhal, 35 years old, has moved from managing City Public School in Gurugram, to cofounding Cyboard, an online school, during Covid. “Challenging times are the best to start a business, as there is less competition for resources. It also sees new customer needs,”He said.
Catalysts: These are only two of thousands of people who set up businesses during the pandemic. This led to a tsunami in entrepreneurial activity in the areas of logistics, education networking services, fitness, beauty, and online conferencing. Combining new technologies, funding, work-from-home, and easy access to financing proved to be powerful catalysts for new business ventures.
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Chips are the “new oil” but without adequate reservesChris Miller, Chip War’s author, stated this in a recent interview.
“If Taiwan chipmaking were to be knocked offline, there wouldn’t be enough capacity anywhere else in the world to make up for the loss,”He spoke to digital publication Recode.
Concentration: A belligerent China at Taiwan’s heels has the world worried, as the island controls more than 60% of the semiconductor chips produced globally.
A single Taiwanese firm – TSMC – accounts for 50% of the world’s semiconductor foundry, powering industries across the world. No wonder, TSMC’s chief Mark Liu recently told CNN that “the war brings no winners.”The United States is still betting on its future.
It passed the Chips and Science Act (CHIPS) last month with $53 billion in incentives. This was in protest at its share of semiconductor manufacturing falling to 12% from 37% back in 1990. The law – which is a fillip to advanced-node semiconductor manufacturing – also prohibits investments by American multinational chip makers in China.
India also unveiled a $10-billion semiconductor incentive package last year but so far the world’s leading chip makers have stayed away.
Several states across the country have expressed concern about the impact of gaming, pornography and social mediaAshwini Vaishnaw, minister for electronics & information technology, said that she had concerns about institutions and asked the government to create laws that would effectively regulate and control them.
Vaishnaw, speaking to reporters after meeting with ministers of state information technology during the ongoing India Mobile Congress said that almost all states expressed concern about the impact social media had on their lives and suggested stronger laws to regulate them.
Telecom bill concernsMinister said that the government had also begun receiving inputs about the draft telecom bill, which it had made available for public consultation.
“We are getting a very good idea about what is the sense of the industry, and majorly everybody has appreciated the bill. There are concerns about the definitions of OTT (over-the-top) and we have sought written suggestions from the industry about their concerns,”He said.
TWEET OF THE DAY
TCS has created two new business units dedicated to telecom and 5G solutionsSources told us that industry veterans led the way.
Details: To cater to 5G rollout, Vimal Kumar has created a network services and solutions unit (NSS) within the communications and media vertical.
It has also established a cognitive enterprise networking unit (CEN), which is part of the enterprise growth group. This unit offers intelligent net-work management solutions, led by Satya Pita.
BSNL 4G deal: TCS is also in its final stages. closing a potential $2 billion (around Rs 16,000 crore) 4G network rollout dealWe reported previously on the state-run telecom operator BSNL. The deal will also allow the Tata Group consortium of TCS Networks and Tejas networks to offer their 5G rollout services to global telecom operators.
Other Top Stories from Our Reporters
YouTube Shorts to Drive Long-Term India-First InnovationsAccording to a senior executive, YouTube is keen to expand its India-first innovation efforts. citing its short-video format Shorts,which was developed in the nation and scaled up to the rest of the globe.
Report: India’s total cloud integration remains a complex problem IBM’s new study revealed that India has 85% of its respondents who have used the internet. adopted a hybrid cloud approach,This could be a way to drive digital transformation even though most organisations are still struggling to make their cloud environments work together.
Global Picks: What We Are Reading
■ Does Apple’s crash detection work? We analyzed a number of cars to figure out the truth (WSJ)
■ If a Google billionaire can’t make flying cars happen, can anyone? (The Washington Post)
■ Same-sex couples from China are getting married in Utah over Zoom (Rest of World)