Flipkart was founded by Sachin Bansal and Binny Bansal in the year 2007. They initiated the business in Bengaluru. Sachin and Binny Bansal were students of IIT-Delhi. After their graduation, they were in their respective companies. But they were led into Amazon in 2006 and 2007 by Sachin and Binny Bansal to Amazon respectively. But their journey hasn’t lasted more time there.
They tired of their job but remained fascinated with E-commerce. At first, they wanted to build an internet website which helps compare the products. Which is over different websites and give the best price. As they were researching regarding their idea. They got to know that the E-Commerce websites were not good in user experience.
At first, E-Commerce websites obsessed them. And they had the idea to build their website.
Journey in Amazon and rise the idea:
They have left Amazon and were in search of vendors to sell books. In the year 2007 they started the business and received the first order online.
Flipkart rose like an unicorn and Sachin and Binny became the face of India’s startup. From the year 2013. Which rose as a giant and became a competitor with Amazon. Along with them Snap deal is a small company compared with them.
2014 Flipkart acquired the fashion commerce Myntra. And in the year 2016, they also acquired Jabong another fashion commerce. They lead the fashion commerce market.
They also acquired other to E-commerce companies like E-bay, Ekart, and Jeeves. From a book-selling website. They have risen like a full E-commerce website selling more types of products.
In the year 2018, the global market giant Walmart acquired 77% stack on Flipkart. This acquisition is listed as the biggest acquisition made in the E-commerce business. The acquisition value is about 1.6 billion. Walmart India was merged with Flipkart. After the acquisition, they launched a combinedly Flipkart’s wholesale. This gave them better control over groceries and other sectors.
Figures of Flipkart:
Flipkart has developed as the largest E-commerce website in the Indian market. They have a market share of 48% at the time of Big Billion Days. During the sales, they get 1.4 billion hits to their websites. The hits they get are equal to the population of India. They generate revenue of around 3600 crores during these days.
As we see Flipkart’s revenue has increased by 100% in the last 10 years. When comparing the revenue from 2014 to 2023 they have gained 5800 cores in 2023.
Negatives figures:
there will be negative figures for every company which exists in the market. Then we see the losses of the company which increased by 10 times in 9 years. In the year 2023, they have seen 4806 cores loss.
Along with this Flipkart is laying off many employees from their company which has become a hot topic.
Fall in market:
Sachin Bansal one of the founders of Flipkart had left the company at the time of Walmart’s acquisition of Flipkart. And Binny stayed for some years and then he also left the company.
The leaving of Binny Bansal has created a huge controversy in the market. Binny Bansal before he left Flipkart, sold all his shares and then exited the company.
While leaving the company binny stated that, Flipkart is in safe hands and it will grow in future to good heights. But the doubt rises here. If the company grows huge then why does he sell his shares in the company? In my opinion, he knows about the future of the company and left the company without keeping any of its shares.
Trust break:
Most of the consumers have faced problems with Flipkart in previous years. In the last year, it has increased to peak. I am into this issue with Flipkart.
A person in my closest circle bought a watch through Flipkart. As regularly in the morning the delivery person has delivered the parcel.
But when he opened the parcel if saw that the watch which was delivered was not the same and broken. As he kept returning the product. Very next the delivery guy came and refused to take the product. Because the product was broken.
As we wanted to connect to customer service there was a big issue contacting them. Also, the response from their side was the worst ever which I have ever faced. After several days of conversations and dealings, Flipkart sent an email to the delivery office, and then the package was taken for return.
These things were not only in my circle, once you open the social media and search regarding the Flipkart issues. People facing this issue are in very high numbers. Flipkart often fails to address the unresolved issues faced by most consumers.
This thing made the trust broken within consumers. Most of my friends are even afraid to order in Flipkart as it is delivering soaps and other items instead of the regular ones.
Compared to other E-commerce like Amazon also faces these types of wrong product issues in their platform. However they have a strong customer support system, and management focuses on customer service systems to solve the problems of buyers more fast.
Bad moves by Flipkart:
As we see in social media more than Amazon we can see ads by Flipkart with celebrities. All the social media ads are ruled by Flipkart in the days of Big Billion.
Due to this huge campaign, they have succeded in attracting new customers. They have seen good growth in the users hitting their platform.
During the same time, Flipkart invested more in ads but forgot about the existing buyers and customer service for the existing customers to solve their issues.
These moves made to lose customers’ trust and support for the company.in the year 2022 Flipkart registered the biggest loss of 30000 crores which is the largest loss by a company.
The graph of Flipkart is seeing the ground, to raise it like a head of soldiers they need to build trust between customers and Flipkart.
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