The majority of the population in India has access to a plethora of e-commerce platforms that have simplified even the most mundane tasks in life, like ordering groceries, essential items, or electronic devices. However, before delving into how e-commerce platforms have engulfed our lives, it is important to acknowledge the pioneer in the market that started it all. Flipkart is one of the earliest e-commerce platforms in India that has set standards for other companies to follow. It has paved the way for many other similar businesses and become a prime example of how well a business can progress.
In this article, we will talk about Fipkart’s success story.
Flipkart is the brainchild of Sachin Bansal and Binny Bansal. The idea of Flipkart saw the light of day back in 2007 when startup culture was still in its early stages, and people were dependent on offline marketplaces for their daily as well as business needs. Both Sachin Bansal and Binny Bansal worked at Amazon prior to quitting their jobs and taking huge risks in their respective professional journeys.
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Flipkart first started as an online book store, as Sachin and Binny figured that it was much more convenient to ship and find sellers in this category before venturing into other fields. The company was established at a time when online shopping was not a common practice, and the founders of Flipkart wanted to change that with their revolutionary thinking. In a couple of years, Flipkart acquired a significant profit that allowed them to catalog, list, and sell other products like electronics, clothes, home decor, and more.
What helped Flipkart emerge as a lucrative and profitable company was the fact that the founders focused on creating a trustworthy relationship with their customers. By the year 2008, Flipkart had a full-blown customer support system that offered assistance 24×7. The next revolutionary step that helped their case is introducing the Cash on Delivery option, as many Indians did not prefer using online payment options. The Cash on Delivery option made Flipkart accessible to a larger consumer base than before, something that only furthered its growth.
In 2012, Flipkart launched its very own mobile application that made online shopping an even more immersive experience than before. At the same time, it launched Flyte MP3, an online music-selling service, and DigiFlip, a private label for electronics.
The Flipkart success story has allowed millions of small businesses to flourish as it gives sellers a trusted platform to sell their products. The platform is able to fulfill 24-hour deliveries as well as cater to the needs of a diverse customer pool by selling items of all kinds. Today, Flipkart is an international sensation given the fact that Walmart has bought a 77% stake in it, making the founders of Flipkart one the most successful not just in India but the entire world. Flipkart’s excellent user experience is what helps it counter its competitors like Amazon. It has generated over $9 billion of business in the year 2021 and is only set for massive growth in the future.