Despite the 2nd Covid wave, gold still glitters for online retailers
May 14, 2021
Gold sales have witnessed a spike in the run up to Akshaya Tritiya
The second Covid wave does not seem to have dampened consumer sentiment as omnichannel jewellery retailers and digital gold sellers are expecting more than double sales this Akshaya Tritiya.
“Last year Akshaya Tritiya fell on 26 April and sales were weak due to several factors - gold prices were almost 50 per cent higher than the year before, the national lockdown, logistical constraints for delivery and concerns over personal income, all led to poor sales and we sold 10 kgs of gold. We expect to sell 20 kgs this year as demand has been robust in the run up to Akshaya Tritiya. This is because, people have become very comfortable with digital transactions, most stores are shut down due to local lockdowns and gold prices are currently trading 20 per cent lower than the record high of ₹58,000 for 10 gms in August 2020,” said Sach
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This is revealed in a new research study published on Wednesday by World Wide Worx.
The report, titled Online Retail in South Africa 2021, is backed by Mastercard, Standard Bank and Platinum Seed.
Big numbers
Arthur Goldstuck, MD of World Wide Worx and principal analyst on the research project, says the total online sales figure of around R30.2 billion locally last year is more than double that of 2018 (R14.1 billion).
Synopsis
Europe s second-top court has annulled an EU order to Amazon to pay about €250 million in back taxes to Luxembourg, part of an EU crackdown against unfair tax deals between multinationals and European Union countries.
AP
Brussels:Europe s second-top court on Thursday annulled an EU order to Amazon.com Inc. to pay about €250 million ($303.28 million) in back taxes to Luxembourg, part of an EU crackdown against unfair tax deals between multinationals and European Union countries. The Luxembourg-based General Court said Amazon had not enjoyed a selective advantage in its tax deal with Luxembourg. The Commission did not prove to the requisite legal standard that there was an undue reduction of the tax burden of a European subsidiary of the Amazon group, judge said.
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