Flipkart was first introduced to me as an online bookstore in 2007. At that time, it did not have any advertisements, social media marketing campaigns, or even a smartphone application. Over the years, this online sales portal has been expanded to include other sections as well – electronics, apparels, movies, music, games, etc. Today, it has grown into one of the most popular e-commerce franchise in India, often considered as an Indian version of the popular Amazon. Simply put: What Amazon couldn’t do in India, Flipkart has done it.
Brainchild of ex-Amazon employees, Sachin and Binny Bansal, Flipkart started with an investment of about five lakh rupees. Now seven years old, this e-commerce is aiming high. It announced today that $1 billion has been raised as fresh funds in a single round. Big money funding however, does not necessarily mean or translate into success. Instead, a better statement would be: Flipkart is still evolving and is on the road to success.
As Indians have gradually embraced the concept of e-commerce, popular portals are mushrooming up. Indian retail portals like Home Shop 18, Junglee, and Shopping Indiatimes are doing equally well. Now there are also possibilities of Wal-Mart opening an e-commerce franchise in India. Amazon is already planning to tie up with local retailers like Shoppers Stop and Future Group. If the government increases the cap of foreign direct investment (FDI) from the current 51 percent, more foreign players can be expected, which will lead to more competition.
However, instead of worrying about foreign players, Flipkart, which is known for its excellent service in India, can make a global impact. It can make use of its Indian expertise in foreign markets.
Earlier e-commerce in India didn’t live up to the customer’s expectations. So, when Flipkart made its entry in Indian e-commerce market, we were not sure how it would turn out. Flipkart has been able to accomplish what other the retail portals couldn’t; like cash-on-delivery and credit card payment at doorstep. In spite of all the challenges involved, Flipkart is doing well in terms of its service.
We can already comprehend Flipkart going for a brand make over with its social media marketing, advertisements in print, web, and television. Also its acquisition of Myntra signals its scope and scale.
With growing consumerism and increasing internet penetration, Flipkart has tremendous potential to reach the top ladder in e-commerce.
Thus, it is only fair to say that, Flipkart stands apart from rest of the crowd.
Valentina Telien Kom
Image Source [Flipkart logo from Google]