‘Ab Har Wish Hogi Poori’.
Company Name– Flipkart
Founder– Sachin Bansal and Binny Bansal
Flipkart Pvt Ltd. is one of the most popular Indian e-commerce companies based out of Bengaluru in India. Sachin Bansal and Binny Bansal founded Flipkart in October 2007.
Initially, it focused on selling books online with shipping services all over the world. It slowly grew in 2008 by receiving more than 100 orders in a day.
It took slow steps and gradually expanded into other product categories such as electronics, lifestyle, and fashion products.
How It All Started
Sachin Bansal and Binny Bansal were alumni from the IIT, Delhi, and worked for Amazon.
They founded Flipkart in 2007 and previously focused on the marketing of books only. After a year, it expanded into other product categories and since then there has been no looking back.
The very first product of Flipkart was a book by John Wood called “Leaving Microsoft to Change the World” and was sold to a customer in Hyderabad.
The founders of Flipkart had the idea of starting an e-commerce company as they already worked in companies with the same background and business strategy.
India is a country where everybody has various preferences, tastes, and starting an e-commerce company here was challenging and definitely risky.
In the last decade, Flipkart has acquired various companies in India. One of the most prominent takeovers was in 2014 and 2016 when Flipkart took over Myntra and Jabong respectively. Today, they continue to operate alongside Flipkart.
The Walmart Acquisition
The US retail chain Walmart acquired a majority stake in Flipkart in May, 2018. Following the acquisition, co-founder Sachin Bansal left Flipkart and in Nov, 2018 Binny Bansal resigned from Flipkart. The current CEO is Kalyan Krishnamurthy.
Flipkart’s Marketing Strategy and Interesting Reasons behind Its Success
Flipkart uses psychographic and behavioral concerns to create strategies and to fulfill the customers’ wants and needs.
With a change in the pattern of shopping and a rise in per capita income, the customers are getting comfortable purchasing online and are also becoming familiar with online shopping.
Multinational and national e-commerce companies are giving competition to each other for getting a good position.
Flipkart has proved itself customer friendly and a trustworthy E-commerce brand.
It attained a paramount position in the small appliances and mobile segment, and also tackled some major problems related to online payment and product supplying chain systems.
They introduced the card payment system on delivery, and cash on delivery to sorting the problem of online payment, and launched their own supply chain management system to deliver orders on time.
It has been a long journey – from a book e-retailer to the largest e-commerce company in India that inspires many start-ups. It breaks the norm and changes the e-commerce industry forever in India.
–They are the first who implanted a “cash on delivery” facility and it later became an option in every online shopping site in India.
–As the company grew, it added more funds to the company. It repaid the faith of investors by terrific performances every year.
–They have their own distribution firm named Ekart and also have their own payment gateway which assisted the company to control its expenses and give benefits to the end-user and customer.
–Another issue related to delivering a product is that it doesn’t support a package size of above 8 kg and if it is necessary for someone then he or she has to use the Flipkart advantage for the same.
–Another feather in the cap was when it received a funding of $700M last year and after that, the company valuation raises up to $15M.
-It is the first Indian app to cross 100 million registered customers and achieve more than 50 million users.
–One of the best places to work, Flipkart also stood out when it went ahead the extra mile for its female employees.
-In 2015, they announced their maternity leave policy with 6 months paid leave, 4 months of flexible working, and extended leave for a year (without pay).
–The successful campaigns of Flipkart are “Fair-Tale”, “Shop Anytime, Anywhere”, “No Kidding No Worries”, “Shopping Ka Naya Address”, and “Big billion day” that created a history in the sector of online shopping.
-The medium that helps in campaigns are TV commercials, different social sites like Facebook, Twitter, and Instagram; and mobile apps which is making Flipkart a household name in the market.
-Flipkart’s business structure includes nine firms. Some are based in India and some are in Singapore.
–Flipkart’s fashion campaign is about to make trendy affordable and accessible fashion.
–They have ventured into kid’s fashion and the campaign “Be trendy. Always” is has given outstanding business outcomes.
–Flipkart offers the best way to look your best, which brings different fashion shoppers in an interesting manner.
-On December 26, a campaign went live that includes video series of Rohan Joshi (stand-up comedian) speaks about how men specifically look, dress, and style themselves.
–Flipkart has also collaborated with some fashion magazines that display the trend and style of your favorite celebrity by online shopping.
–The brand ambassadors are Ranbir Kapoor and Alia Bhatt that serve the voice of this company, also promote the brand and its services successfully.
–The campaign also includes featuring games on YouTube, where celebrities are challenged to put certain looks by shopping on Flipkart.
Sachin Bansal was awarded as the Entrepreneur of the year 2012-13 from a leading newspaper of Indian economy “The Economic Times”.
Binny Bansal and Sachin Bansal were also named in the Top 100 most influential people list, of ‘Time’ magazines of April 2016.
Flipkart also launched some additional brands that include ‘Smartbuy’ which involves electronic accessories; Billion’ which involves smartphones, and ‘MarQ’ that involves large appliances (with a trademark dispute).
With a very loyal customer database, Flipkart is one of the best e-commerce websites in India and has come a long way.
Flipkart uses to convert its ideas into action and action into results that define its success story.