Retailer targets India e-commerce profits

As part of an expansion programme, Gitanjali Gems, the diamond and jewellery manufacturer and retailer, plans to enter the e-commerce business, with an investment of 10 rupees crore, says Business Standard.

Gitanjali has targeted that a tenth of its estimated annual sales in 2015 will be through e-commerce. Work began last week on designing a website and it has planned a trial run by the end of next month. E-commerce deals should begin by the end of March.

“Ours will be a very different kind of e-commerce, where all kinds of gold and diamond jewellery and lifestyle products will be available under one roof at a competitive price,” says Mehul Choksi, group chairman at Gitanjali.

Amazon says it plans to revamp its international e-commerce platform to make it easier for the company to reach customers in new markets, reports Financial Times.

The online retailer, which operates businesses in six countries outside the US, says it has set up a new team that will create “the architectural underpinnings to greatly simplify country expansions”, by translating content into different languages and adjusting taxes, prices and delivery options to better suit customers' locations.

The move underlines the increasing globalisation of online retailing, as companies seek to use e-commerce sites and cross-border shipping to reach a wider audience.

Australia's largest home appliance rental company is the latest retailer to take a battering in Internet sales, reveals ABC News.

The Thorn Group, which owns the Radio Rentals brand among others, revealed the closure of its online retail business. The company's executives blamed the strengthening Australian dollar.

The retailer joins a list of others suffering the dual effect of a surge in online shopping and a rising Australian dollar.