Traders hold strong protest against unethical trade practices of retail giants.
At stake is the future of retailing in a country with 1.3 billion consumers, where Walmart and Amazon have sunk billions of dollars trying the crack the market and capture its growth potential. Representing about 70 million small merchants who collectively control almost 90% of India’s retail trade, India’s shopkeepers union has shown itself to be a strong political force.
Because of the hurdles, the likes of Walmart and Carrefour SA have all but given up on opening their eponymous stores in the country. With Amazon shut out of China and Walmart’s e-commerce performance in the US decidedly mixed, both companies have settled on India as key to growth. Amazon said its sellers have complete discretion on what price to sell their products. Flipkart said it provides sellers with data to help determine what product offerings will sell best at what price, but business decisions are ultimately the sellers’ to make.
The shopkeepers union argued that the online holiday deals must be in violation of the new rules, prompting Commerce Minister Piyush Goyal to announce an investigation.
Source: News Formal (newsformal.com)
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