Flipkart: buy online electronic and accessories online at your doorstep from flip kart online store.
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Written by Namraj Sharma.
Buy online product in flipkart at your doorstep. Flipkart Private Limited is an Indian e-commerce company established in 2007. It started with a primary focus on online book sales and soon, expanded to lifestyle products, electronics, home essentials and groceries. Flipkart is the biggest online Indian marketplace competing with the world leader Amazon.
Since 2010, the company has made a number of acquisitions including Letsbuy, Myntra, Jabong, eBay India, etc. In addition to its main office in Bengaluru, Flipkart has branch offices at Delhi and Mumbai. Apart from India, the firm is registered in Singapore. In 2018, the US-based retail chain Walmart acquired majority stake in Flipkart.
Recently, Flipkart has opened its all new R&D centre at Israel. This is in line with its latest acquisition of Israeli start-up Upstream Commerce. The centre is run by talented engineers from across the world.
Sachin Bansal and Binny Bansal are the founders of Flipkart. Both of them are IIT (Indian Institue of Technology, Delhi) graduates. Both of them are from Chandigarh. Though they share the same last name, they are not relatives.
First, Sachin Bansal joined Amazon(dot)com and worked as a programmer and later he got Binny Bansal to hitch it. But eventually, they both quit Amazon and decided to start out a venture of their own. Thet decided to launch Flipkart.
Sachin Bansal is that the Executive Chairman of Flipkart and Binny Bansal is at the post of Chief military officer (CEO) of Flipkart.
Forbes India Rich List 2015 named Binny Bansal along with Sachin Bansal, the 86th richest person in India with a net worth of $1.3 billion
Flipkart was originally started as a web book store in October 2007. To start Flipkart, the founders Sachin Bansal and Binny Bansal left their jobs at Amazon and took an enormous risk to start out a venture of their own. When the founders thought of starting Flipkart as a corporation the market at that point wasn't such a lot vibrant and wasn't adapted to the e-Commerce sector that much.
This means e-commerce in India was mostly non-existent at that point and there was no certainty about its future. Still, the Bansals decided to take this risk and now it has turned out to be a huge success.
One of the major problems that Flipkart tackled during its initial years was online payments because at that time, people in India were averse to make online payments to a virtual store, due to fear of frauds and loss of money.
To affect this issue, Flipkart launched its ‘Cash on Delivery’ service, which helped to create confidence among online buyers. It also made significant efforts to improve the supply chain system, which helped the company to ensure timely delivery to its customers.
ACHIEVEMENTS:
• In 2014, Flipkart became the first Indian online retailer to achieve $1.9 billion GMV (Gross Merchandise Value).
• Co-founder Sachin Bansal was named ‘Entrepreneur of the Year 2012–2013’ by The Economic Times.
• Flipkart’s app became the first Indian mobile app to cross 50 million users in 2016.
• In 2016, the founders, Sachin Bansal and Binny Bansal were named “Asian of the Year” by Straits Times of Singapore
There is cut-throat competition within the e-commerce market and therefore the biggest Rival of Flipkart is Amazon. In the recent years, many mergers and acquisitions are witnessed within the e-commerce market and Flipkart has also made many acquisitions to expand its business and boost its sales and earnings.
The major acquisitions made by Flipkart include Myntra, eBay India, PhonePe, Jabong, Letsbuy(dot)com, WeRead, Mime360, chakpak(dot)com, Appiterate, FX Mart, and ngpay. It has recently acquired its former competitor Snapdeal. It has acquired Snapdeal at a price of $ 950 million.
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