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.
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.
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.
In 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.