Daraz's 11.11 sale attracted over 34 million shoppers

Morning! It was a busy week for Spotify: it launched its much-anticipated annual Spotify wrapped, paired Pakistanis with a city matching their listening style (hello, Multan), and announced it's laying off 1,500 of its workforce to slash costs.

In this week’s edition:

🚗 US Vs China (Electric cars version)

🛍️ Daraz 11.11 wrapped

✉️ Your Gmail just got smarter

🏦 All about digital banks of Pakistan

- The Itla Squad 💼

Business

Global 🌎️

Go Green! (unless it’s China)

The US government just pulled some Regina-George-level-mean-girl sh*t on China.

The US made some new rules about electric cars, specifically targeting those with Chinese-made parts. This might make electric cars more expensive for people in the US.

What the Biden administration wants and why:

• President Biden's team wants to reduce support (subsidies) for cars that use parts from China or are made by companies linked to the Chinese government. China is a big player in making electric car batteries, so this is a significant move.

• Starting soon, cars with Chinese parts won't get the full $7,500 tax credit in the US. The government doesn't want cars using parts from countries like China, Russia, North Korea, or Iran. By 2025, even the materials used in the batteries must not come from these countries.

• President Biden wants to make more cars in the US. Last year, a law said cars must be put together in North America to get the full $7,500 credit. This is part of a bigger plan to boost US manufacturing.

Concerns for automakers: Companies like Tesla are worried these rules might increase the cost of their cars. Adapting to these new rules is a big task for the car industry.

TLDR: New US rules target electric cars with Chinese parts, possibly increasing prices. Biden aims to cut subsidies for China-linked cars, impacting the $7,500 tax credit. The move aligns with boosting US manufacturing but raises concerns for automakers like Tesla about cost implications.

What else is new in news

✶ Recent findings from a UK investigation reveal that Saudi Arabia's officials admitted to plans to artificially increase demand for petrol, oil, and diesel in Africa and Asia. The strategy, part of a Ministry of Energy program, aims to counter potential declines in oil demand linked to climate change.

Local 🇵🇰

Daraz 11.11 wrapped

Spotify wrapped is over-rated (it’s not, really). Let’s talk Daraz 11.11 wrapped.

Daraz recently had its 11.11 sale, and it was huge. More than 34 million people in Pakistan visited the platform, shopping for everything from electronics to fashion and groceries.

What does the sale tell us? We all love to shop, some things more than others.

• Daraz went all out to help over 45,000 sellers, doubling their sales during the 11.11 sale. Female sellers also benefitted, seeing their sales jump by an amazing 170% compared to regular days.

• Content creators had a blast during the 11.11 sale, making up to four times more money.

• Daraz made it easier for people outside big cities like Karachi and Lahore to shop, with a 300% increase in shoppers. They even delivered packages as far as 1,410 kilometers with the help of over 6,000 riders.

• In categories, fashion was the star with over 150,000 clothing items sold in just 24 hours. Spices were a hit in groceries making 20% of grocery shopping, and DIY items like fairy lights and bookshelves were popular among Pakistanis.

Looking ahead: After 11.11, Daraz is gearing up for the 12.12 year-end grand sale, and as your mature, responsible financial consultant, we will say that yes, having wireless earphones is cool, and all but not-so-expensive wire ones work just as well.

TLDR: With over 34 million visitors, Daraz's sale was massive. They supported 45,000 sellers, with female sellers seeing a 170% sales boost. Content creators raked in four times more earnings. Delivering to smaller cities increased by 300%, covering 1,410 kilometers. Fashion stole the show with 150,000 items sold in 24 hours, and DIY items were a hit.

News Flash

✶InDrive announced a partnership with Vlektra, an electric vehicle (EV) manufacturer, to add electric motorcycles to their fleet in the country.

Tech

Global 🌎️

Why your Gmail will look cleaner..

Google has introduced a powerful tool called RETVec (Resilient and Efficient Text Vectorizer) which is a fancy way of saying that it makes Gmail safer. This tool is like a superhero against spam emails, and it can understand over 100 languages.

What RETVec does: RETVec is super smart. It can find and stop tricky spam emails that might sneak into your inbox. Even if spammers try to be clever with spelling mistakes or fake characters, RETVec catches them.

How it helps you: With RETVec, you can have a cleaner inbox. No more annoying spam or fake messages trying to trick you.

Test results: When Google tested RETVec, it passed with flying colors. It caught 38% more spam and made 19.4% fewer mistakes than before which means it's really good at stopping bad emails without blocking the good ones.

Cool bonus: Google didn't keep RETVec all to itself. They shared it with the world by making it open source (shared the tool's code with the public).

• In practical terms, this allows other developers and companies to use, modify, and contribute to the tool. Developers from different organizations can integrate RETVec into their own systems to enhance email security, create better spam filters, and improve overall protection against online threats.

TLDR: Google has unleashed a superhero against spam in Gmail called RETVec (Resilient and Efficient Text Vectorizer). This tool outsmarts even the trickiest spam emails with its multilingual prowess. It significantly enhances Gmail's spam detection, catching 38% more spam and reducing errors by 19.4%. RETVec is like a guardian for your inbox, ensuring a cleaner and safer email experience. The cool part? Google also shared it as open source.

What else is new in news

✶AIxClimateChange is the duo that we definitely need or at least that’s what the leaders of the world said as the COP28, the UN climate summit, is actively discussing AI's role in climate initiatives. Machine learning tools can boost climate action by improving solar panel efficiency and enhancing weather predictions.

Local 🇵🇰 

All about digital banking in Pak

In the world of digital banking in Pakistan, Data Darbar recently delved into the banks’ recent performance metrics, revealing the ins and outs of their digital game.

What’s the verdict? You win some, you lose some.

• HBL stands out with a whopping 2.4 million monthly active users, largely thanks to its diverse consumer base. About 20% of their users prefer the mobile app.

• Meezan takes the crown for digital adoption, with 2.3 million out of 3.8 million customers actively using mobile or internet banking. It also leads in website traffic with 7.3 million visits in the first half, surpassing HBL's 3.6 million visits.

• Meezan processed a significant throughput of ~PKR 5.36 trillion in the 1H2023 (first half of the year), securing the top spot with over a quarter share of the entire mobile and internet banking value.

• HBL holds the second spot in transaction volumes with 88 million across mobile and internet banking in 1H2023, registering a 60% YoY (year on year) growth.

• HBL has the lowest average transaction size at PKR ~24K, less than half of the industry-wide average.

• HBL invests significantly in information technology, spending PKR 8.5 billion in 1H2023, reflecting one-fifth of the overall industry spending.

• HBL leads with the highest number of machines (46,514) and throughput, while Meezan aggressively grows in this channel with 15,013 terminals and 8.78 million transactions.

TLDR: In Pakistan's digital banking landscape, Data Darbar's recent analysis spotlighted HBL and Meezan's performance. HBL excels with 2.4 million monthly users but faces challenges in transaction size and website traffic compared to Meezan. Meezan emerges as a digital leader with 2.3 million engaged customers, substantial transaction throughput, and active expansion in digital channels, highlighting the dynamic competition in the digital banking arena.

Tech tour of news

✶Careem, a key player in the ride-hailing arena, is bouncing back with a strategic move—introducing "flexi rides." Users can now enjoy the freedom of setting their fares for Go, Go Mini, and Bike rides.

More interesting Itla (اطلاع) we consumed:

🎥 Gained a newfound respect for athletes after watching the Beckhams on Netflix. The docu-series follows David Beckham's rise from a working-class background to football stardom. Our takeaway from it? This profession is not for the faint of heart.