Global online auctions firm eBay and its
payments subsidiary PayPal have announced plans to forge closer
ties with India, and invest further in e-commerce.
eBay is currently tapping into India’s
e-commerce markets by selling fixed-price consumer electronics such
as cameras, mobile phones, laptops and TV sets, which amount for an
80% of its returns, according to figures by the company.
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eBay now intends to diversify its offering by
expanding into the sale of higher-margin products like
lifestyle and sports brands.
The company is also entering into a memorandum
of understanding with the Federation of Indian Export Organisations
(FIEO) to boost Indian exports through eCommerce.
FIEO said that exports through e-commerce have
grown by over 400 % to US$1.4 billion in the last three
years.
The aim of the agreement is to further
encourage cross-border retail sales and help Indian exporters
capitalise on e-commerce as an additional export sales channel.
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By GlobalDataIn a statement FIEO said: “Exporters need to
increase their export sales channels by adopting e-commerce to
reach out to more and more customers globally and supply them goods
directly while reducing the product cost at the end users’ end”
The MoU between eBay and FIEO will be signed
on 12 April.
