Flipkart enjoys a plum 45% market share which is equivalent to the combined market share of the next three players and 60% market share of mobile commerce. The same report also states that the number of online shoppers in India stands at 50 million.
In order to attract more foreign investments, Department of Industrial Policy and Promotion on Tuesday has permitted 100 per cent Foreign Direct Investment in the market place format of e-commerce retailing. DIPP has also come out with definitions of ‘e-commerce’, ‘inventory-based model’ and ’market place model’, to bring out more clarity on which companies will be able to benefit out of the new permits.
“Alibaba deciding to start operations directly shows how badly their Indian investments have done so far” – sachin bansal.
Chinese e-commerce giants Alibaba Group is evaluating options to enter Indian e-commerce industry in 2016. Alibaba is planning to enter in to the market as a standalone entity and run parallel to its investments in existing players such as Paytm and Snapdeal.
The wallet will be powered by FX Mart which was acquired by Flipkart last year. The new method has been launched on Android smartphones. The wallet can be recharged through credit/debit card or net banking. The limit for one time recharge is Rs 10000 and a total of Rs 25,000 can be added by the users in a month.
Mahindra recorded over 21000 bookings within a months’ time of its launch both on Flipkart and offline. It is available in 7 colors of Fiery Orange, Flamboyant Red, Dazzling Silver, Aquamarine, Pearl White, Designer Grey and Midnight Black. Flipkart launched automobiles as a category in January 2016.
Mukesh Ambani (US$26bn, rank 21) is the richest Indian. Average age of Indian billionaire is 64. Mumbai is headquarters to most of the billionaires. Manufacturing, Pharma and Tech are the preferred sectors with 22, 20 and 15 billionaires respectively. Totalwealth of billionaires shot up by 16% to US$308bn.
With cofounder Binny being the new CEO, this is going to be a defining moment for the company as the funding environment is slowing down and importantly, Amazon is heating up the market.
Flipkart will shut its groceries delivery app Nearby which was launched four months back. It was an experiment and thus no marketing was done by the e-commerce firm. Lack of customers and cost cutting are the two major reasons for shutting the app by end of this month.
The Flipkart app, which is also among the highest rated Indian shopping app on Google Play, is the first Indian app across all genres including popular ones like communication, social, entertainment, to cross the 50 million install benchmark.
Mukesh Bansal, Head of Commerce Platform,Flipkart is moving out of his active role to be an advisor to the company. Ankit Nagori, Chief Business Officer, Flipkart is also moving on from Flipkart to start an entrepreneurial venture in the sports domain.
Flipkart has now opened its logistics eKart services for all other e-commerce firms. It will soon also roll out an inter-city customer-to-customer courier service called eFlash. The eKart service has already been taken up by Jabong and Shopclues. eKart will operate as an independent business.
Flipkart has partnered with Udacity and aims to change the hiring process in the software industry. It will select candidates be based on their Nanodegree projects and Udacity profiles. It will not include interviews or group discussions. Three Udacity students have started working with Flipkart.