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Time of India
an hour ago
- Time of India
Payment woes, compliance burdens hampering export potential of MSME e-commerce: Experts
India's e-commerce exports are witnessing remarkable growth, offering immense opportunities for small businesses in the country. However, challenges such as payment reconciliation , regulatory compliance , and foreign exchange settlements continue to impede the sector's full potential. With the nation's e-commerce exports expected to reach $200 billion by 2030, experts emphasised that tackling these regulatory and operational issues has become a pressing necessity. Industry players often have cautioned that India could lose its recent progress unless regulators take swift action. To deliberate on practical solutions, think tank Empower India partnered with the Indian Institute of Foreign Trade (IIFT) to host a webinar on July 2, bringing together academia, government-affiliated bodies, and industry leaders. Moderated by Nirupam Soundararajan, Co-founder of the Policy Consensus Centre, the session featured three panellists: Deepankar Sinha, professor at IIFT; Atul Bansal, Head of Marketing & Partnerships, Amazon Global Selling; and Naveen Sharma, Co-founder of the All India Ecommerce Exporters Association (AIEEA). All industry stakeholders concurred: automation, simplification, and streamlining are necessary. 'All the data for e-commerce exports already exists across EDPMS (Export Data Processing and Monitoring System), DPMS (Department of Payment and Settlement Systems), and the RBI. It's time these systems talk to each other. Exporters shouldn't be burdened with manual reconciliation when technology can automate it. A one-time declaration should suffice—especially under LUT when exporters are already legally accountable. In the short term, we need a tiered, trust-based approach: small exporters under Rs 10 lakh could be exempted from manual reconciliation, while larger entities submit a CA certificate,' said Sharma. Bansal outlined Amazon's efforts to 'democratise e-commerce exports for MSMEs' through its Export Navigator tool, which is open to all sellers and provides guidance on documentation, compliance and regulations. 'We have pinpointed launch readiness, logistics and payments as the three biggest challenges,' he observed. 'While Amazon has addressed the first two, payments and reconciliation require broader ecosystem collaboration. We remain optimistic, but it will take coordinated action across platforms, banks and regulators.' Live Events Prof. Sinha talked about the problem in terms of cost and efficiency, cautioning that 'hidden fees in gateway charges, platform commissions, bank deductions and compliance expenses are eroding exporters' margins. 'Many chase bulk orders or switch platforms to chase better terms. This simply isn't sustainable. Once payment is received and the shipping bill filed, RBI and DGFT should have that data in real time. India is a global technology powerhouse; manual processes should be obsolete,' he said. Panelists agreed on a three-pronged road map: System integration: Automate reconciliation by linking the EDPMS, DPMS, RBI and DGFT platforms and creating a single-window interface for exporters. Trust-based thresholds: Exempt exporters with annual shipments under Rs 10 lakh from manual reconciliation, while larger exporters furnish independent certification. Flexible mismatch tolerance: Temporarily raise the permissible gap between invoiced value and payment received from 25% to 50% to accommodate currency fluctuations and platform deductions. Beyond these core reforms, the panel recommended developing a dedicated e-commerce export declaration format, standardising invoice structures across marketplaces, and launching a user-friendly technical portal for document uploads and real-time tracking. Such measures, they argued, would yield immediate relief while laying the groundwork for long-term system integration. Regulatory experts in the audience noted that recent policy initiatives, such as the introduction of the LUT framework for zero-duty exports and streamlined foreign trade policy guidelines, provide a favourable backdrop for these recommendations. However, without targeted amendments to the existing reconciliation rules, MSMEs risk facing protracted delays, higher working capital requirements, and lost market opportunities. Speakers further urged the government to treat e-commerce exports as a strategic national asset. 'If India truly wants to be a global digital trading hub, we must reduce friction at every touchpoint,' Sinha said, stressing the road map ahead will entail revisiting cost structures, cutting red tape and harnessing technology to eliminate manual bottlenecks.


Economic Times
2 hours ago
- Economic Times
Eternal shares up 30% since March. Investors are feasting, but can Zomato's parent justify the appetite?
Eternal's shares have surged 30% since March, fueled by Blinkit's rapid growth and dark store expansion. While Blinkit aims for EBITDA breakeven by Q3FY26, aggressive competition and store additions may impact near-term profitability. Despite challenges, brokerages favor Eternal over Swiggy, citing market leadership and free cash flow generation, but analysts caution about long-term sustainability. Tired of too many ads? Remove Ads Margin headwinds, but break-even in sight Tired of too many ads? Remove Ads Eternal remains top pick for brokerages Food delivery stabilises, offers margin cushion Tired of too many ads? Remove Ads Growth, yes—but at what cost? A long road to the Rs 300 mark Shares of Eternal , the parent company of food delivery major Zomato and quick-commerce platform Blinkit , have surged nearly 30% since the end of March, mirroring the exuberance in India's broader market. But with a staggering price-to-earnings ratio of 480 and profitability still some distance away in its fast-growing verticals, investors are now asking the key question: can this rally endure?The optimism around Eternal is largely rooted in Blinkit, its quick commerce arm that has posted triple-digit annual growth and is fast expanding its footprint. 'The Indian retail industry is a trillion dollar industry in terms of size, but it is still largely unorganised,' said Kunal Vora, Head of India Equity Research at BNP Paribas. 'We have seen a modern trade making some inroads, but it has still been restricted to top cities… what we saw with quick commerce is very strong growth over the last couple of years driven by the dark stores which provide convenience.'Vora noted that Blinkit achieved EBITDA breakeven in the first half of FY25, and BNP Paribas expects the company to break even at the EBITDA level in FY27. 'What we have seen subsequently is a land grab phase… it is really about chasing and getting the first mover advantage.'That first-mover push is also evident in Blinkit's aggressive dark store expansion. Blinkit opened 294 new stores in the fourth quarter of FY25, significantly ahead of its peers. The company has advanced its target of 2,000 stores to December 2025, a move seen as strategic amid intensifying Blinkit's gross order value rose 21% quarter-on-quarter in Q4FY25 to Rs 94.2 billion, and contribution margin improved to 3.1%, adjusted EBITDA margin fell to -1.9% from -1.3% in Q3. Nomura said that 'aggressive store addition and intense competition leading to high marketing costs will likely keep profitability subdued in FY26.'However, JM Financial remains optimistic. 'We strongly believe Blinkit is on track to turn Adj. EBITDA break-even by 3QFY26,' the brokerage said in its June note. It added that signs of rational competition, rising average order values (AOVs), and slower store additions should support margin improvement going Financial also noted that Blinkit's losses are already narrowing, from Rs 1.8 billion in Q4FY25 to an estimated Rs 1.5 billion in Q1FY26. In contrast, rival Swiggy 's Instamart losses are expected to expand in the same intensifying rivalry, Eternal is being consistently favoured over its closest competitor Swiggy. 'Eternal is a clear market leader (in GOV/revenue terms) across all its operating business segments,' JM Financial said. 'Moreover, it is the only major hyperlocal delivery company in the country that… is currently generating free cash flows, without having compromised on topline growth.'Bank of America Securities echoed this view after recent ground checks, saying, 'We return more optimistic on Blinkit's (Zomato's quick com) competitive positioning given strong execution.' The brokerage pointed out that Blinkit continues to add more dark stores while other players like Swiggy, Zepto and BigBasket have started to slow down. BofA said, 'We expect this to help Zomato show better quick com growth vs peers.'Even in Tier 2 cities, Blinkit is reportedly gaining traction, with some dark stores hitting 1,000 daily orders within six to nine weeks. 'This is driven, not due to convenience or value, but mainly due to better selection,' BofA core food delivery business has remained resilient. Gross order value in Q4FY25 was down 1.4% quarter-on-quarter but up 16% year-on-year, with contribution margin improving to 8.6% and adjusted EBITDA margin at 5.5%. Zomato expects 17% year-on-year GOV growth in FY26, slightly lower than 20% in Financial expects Eternal's food delivery GOV to rise 9% quarter-on-quarter in Q1FY26, boosted by summer seasonality, IPL, and consumer behaviour. The brokerage estimates Eternal's adjusted EBITDA margin to improve 10 basis points to 4.5% in of America noted, 'Food delivery growth is not slowing further but holding well… both platforms are focusing on improving margins and looking to invest more in the high growth quick-com business.'Despite the optimism, analysts remain cautious about sustainability. Nomura has cut its target price on Eternal to Rs 280 from Rs 290, citing 'lower near-term profitability in QC.' While the company is not burning cash at the EBITDA level, Nomura warns that prolonged losses in quick commerce remain a of America raised its target price on Zomato to Rs 270 from Rs 245 after lowering its WACC and projecting reduced competition in the near term. However, it maintained a 'neutral' rating, pointing out that 'competition is likely to be high in next 6–12 months as most platforms remain aggressive on market share gains.'BNP Paribas sees FY26 as a peak-loss year for the quick commerce sector but expects profitability to improve thereafter. 'We expect that the model in the case of food delivery… will be replicated. Having said that, this is going to be a more competitive industry,' Vora said. 'Right now, it is more a question of just getting the size and we expect margins to follow.'The rally in Eternal's stock price may suggest that markets are pricing in a brighter future. But the fundamentals, especially in quick commerce, remain demanding. Blinkit's adjusted EBITDA margin is still in the red, new store additions are being closely watched, and long-term profitability is uncertain in a crowded Kunal Vora puts it, 'I would not judge them by immediate profitability… we expect margins to follow.' Whether Eternal can reclaim its all-time high of over Rs 300 and stay there will likely depend on how quickly that promise materialises.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)


Economic Times
2 hours ago
- Economic Times
Payment woes, compliance burdens hampering export potential of MSME e-commerce: Experts
TIL Creatives Experts highlighted bottlenecks like payment reconciliation, regulatory compliance, and foreign exchange settlements remain persistent challenges, holding back the sector's full potential. India's e-commerce exports are witnessing remarkable growth, offering immense opportunities for small businesses in the country. However, challenges such as payment reconciliation, regulatory compliance, and foreign exchange settlements continue to impede the sector's full potential. With the nation's e-commerce exports expected to reach $200 billion by 2030, experts emphasised that tackling these regulatory and operational issues has become a pressing necessity. Industry players often have cautioned that India could lose its recent progress unless regulators take swift action. To deliberate on practical solutions, think tank Empower India partnered with the Indian Institute of Foreign Trade (IIFT) to host a webinar on July 2, bringing together academia, government-affiliated bodies, and industry leaders. Moderated by Nirupam Soundararajan, Co-founder of the Policy Consensus Centre, the session featured three panellists: Deepankar Sinha, professor at IIFT; Atul Bansal, Head of Marketing & Partnerships, Amazon Global Selling; and Naveen Sharma, Co-founder of the All India Ecommerce Exporters Association (AIEEA). All industry stakeholders concurred: automation, simplification, and streamlining are necessary.'All the data for e-commerce exports already exists across EDPMS (Export Data Processing and Monitoring System), DPMS (Department of Payment and Settlement Systems), and the RBI. It's time these systems talk to each other. Exporters shouldn't be burdened with manual reconciliation when technology can automate it. A one-time declaration should suffice—especially under LUT when exporters are already legally accountable. In the short term, we need a tiered, trust-based approach: small exporters under Rs 10 lakh could be exempted from manual reconciliation, while larger entities submit a CA certificate,' said outlined Amazon's efforts to 'democratise e-commerce exports for MSMEs' through its Export Navigator tool, which is open to all sellers and provides guidance on documentation, compliance and regulations. 'We have pinpointed launch readiness, logistics and payments as the three biggest challenges,' he observed. 'While Amazon has addressed the first two, payments and reconciliation require broader ecosystem collaboration. We remain optimistic, but it will take coordinated action across platforms, banks and regulators.' Prof. Sinha talked about the problem in terms of cost and efficiency, cautioning that 'hidden fees in gateway charges, platform commissions, bank deductions and compliance expenses are eroding exporters' margins. 'Many chase bulk orders or switch platforms to chase better terms. This simply isn't sustainable. Once payment is received and the shipping bill filed, RBI and DGFT should have that data in real time. India is a global technology powerhouse; manual processes should be obsolete,' he agreed on a three-pronged road map:System integration: Automate reconciliation by linking the EDPMS, DPMS, RBI and DGFT platforms and creating a single-window interface for thresholds: Exempt exporters with annual shipments under Rs 10 lakh from manual reconciliation, while larger exporters furnish independent mismatch tolerance: Temporarily raise the permissible gap between invoiced value and payment received from 25% to 50% to accommodate currency fluctuations and platform these core reforms, the panel recommended developing a dedicated e-commerce export declaration format, standardising invoice structures across marketplaces, and launching a user-friendly technical portal for document uploads and real-time tracking. Such measures, they argued, would yield immediate relief while laying the groundwork for long-term system experts in the audience noted that recent policy initiatives, such as the introduction of the LUT framework for zero-duty exports and streamlined foreign trade policy guidelines, provide a favourable backdrop for these recommendations. However, without targeted amendments to the existing reconciliation rules, MSMEs risk facing protracted delays, higher working capital requirements, and lost market further urged the government to treat e-commerce exports as a strategic national asset. 'If India truly wants to be a global digital trading hub, we must reduce friction at every touchpoint,' Sinha said, stressing the road map ahead will entail revisiting cost structures, cutting red tape and harnessing technology to eliminate manual bottlenecks.