Hello Reader,
The Karnataka government has warned ride-hailing platforms that vehicles operating “illegally” will be fined Rs 5,000. This comes after the state’s transport department issued notices to app-based aggregators like Ola, Uber and Rapido, directing them to stop their autorickshaw service, terming it “illegal”.
In other news, Google is getting on the crypto train! At its Cloud Next conference, the tech giant announced a partnership with Coinbase, saying that it will let some customers pay for cloud services with cryptocurrencies starting early 2023.
Meanwhile, as the pound’s value drops dangerously close to that of the US dollar, here’s a look at how the two currencies have fared since 1945.
Specifically, how the sterling pound has lost its value over the years.
In today’s newsletter, we will talk about
- ‘Influence’ing festive sales
- Sunny days for ecommerce
- Playing football for a cause
Here’s your trivia for today: Where was the first Hard Rock Cafe opened?
Creator Economy
‘Influence’ing festive sales
Influencers are ruling the roost this festive season. A consumer insights report by Meta showed that 80% of Diwali shoppers this year engaged with influencer-led content on its platforms.
This is why brands are investing heavily in influencer marketing this year, with One Impression Co-founder and CEO Apaksh Gupta estimating that the influencer budget of brands has increased to 25-30% from 10-15% earlier.
Influencer impact:
- Amazon Live is streaming 150 influencer content creators through the Amazon Great Indian Festival this season.
- Happilo allocated 20-25% of its media planning budget towards influencer marketing this year—4X higher than what was allocated last year.
- Flipkart is working with 500 influencers and saw engagement with regional language creators grow 30% year on year.
Ecommerce
Sunny days for e-tail industry
In all likelihood, India is going to have the second-largest online shopper base after China by 2022, displacing the US, according to a report by Flipkart and Bain & Co.
The Indian e-retail industry is not just growing but its growth is accelerating. The ecommerce market, estimated to be $40 billion in 2021, is expected to reach $50 billion in 2022, said the report.
Adding to carts:
- The Indian e-retail industry is expected to grow 25-30% annually, reaching $150 billion-$170 billion by 2027.
- An estimated 40 million-50 million online shoppers were added in 2021, with over 60% coming from Tier III cities and beyond.
- Fashion, beauty, and grocery will replace mobiles, electronics, and large appliances as the leading categories by 2027.
Inspiration
Playing football for a cause
All eyes are on Qatar as it prepares to host the FIFA World Cup 2022 but a group of nine girls from Chennai are borrowing some of that limelight to highlight challenges faced by millions of street children around the world.
They are participating in the fourth edition of the Street Child World Cup (SCWC) organised on the sidelines of FIFA by UK-based non-profit Street Child United.
From streets to Soccer:
- All nine girls representing India are part of Karunalaya, a shelter home for street children.
- The SCWC tournament unites street children from nearly 24 countries, including Pakistan, Nepal, and Bangladesh.
- Team India Boys, comprising 10 boys hailing from financially deprived backgrounds, will also be participating in the event.
News & updates
- Power heavy: The amount of computing power dedicated to Bitcoin mining surged to a record as more companies made use of the energy and data centre space freed up after the upgrade of the Ethereum network, likely further compressing profit margins.
- In the fast lane: Warren Buffet-backed Chinese electric carmaker BYD launched its first passenger car in India, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion.
- Bells of caution: The International Monetary Fund has once again downgraded its forecast for the global economy with a sharp warning: “The worst is yet to come, and for many people, 2023 will feel like a recession.”
What you should watch out for
- Subscription closes for Tracxn’s IPO.
- IMF’s Fiscal Monitor report.
Where was the first Hard Rock Cafe opened?
Answer: Mayfair, London, in 1971.
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