Business and Management
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ON A RETAIL HIGH: The Bansals, Binny (left) and Sachin. ON A RETAIL HIGH: The Bansals, Binny (left) and Sachin.
TOPICS consumer goods electronic commerce
economy, business and finance company information
From a start-up with an investment of just four lakhs rupees, Flipkart has grown into a $100 million-revenue online retail giant in just five years. Ushamrita Choudhury tracks the fairytale.
“It came to me as a Christmas gift from my Secret Santa, and it was all about choice, convenience and a new relationship,” is how Naveed Ansari, a 26-year-old Project Executive from Mumbai, recounts his first experience with Flipkart. A typical professional from a metro, he's short on time, and he's invariably seeking convenience. So, an e-voucher from Flipkart seemed an ideal fit. This gift marked his initiation into the sphere of e-commerce, and the journey for him has “just begun”.
Many Indians today are embracing e-retailing with enthusiasm. Popular portals such as Flipkart are spearheading the conversion of offline shoppers into online bargain hunters. Adds Naveed, as an afterthought, “I felt Flipkart was the best option as the transaction was easy, and the variety of products was a bonus.” For Flipkart, this means the unlocking of a vast audience waiting to experience the joys and comfort of shopping online. Sachin Bansal, CEO and one of the co-founders of Flipkart (the other being Binny Bansal), is an ardent believer in the merits of customer service. “A simple desire to create a tailor-made product for the Indian consumer has grown into something beyond what we imagined,” Sachin muses. A quick glance at Flipkart's timeline shows it was to start as a price comparison platform, but there weren't enough e-commerce sites to compare. So, both the Bansals, who were…...