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Stay Home and Shop Online-The Flipkart Story INFOKARA RESEARCH ISSN NO: 1021-9056 STAY HOME AND SHOP ONLINE-THE FLIPKART STORY Dr.S.Gayathry Professor, Department of Management Studies, SRMIST, Vadapalani e mail id: [email protected] ABSTRACT Flipkart has had a long road over the years, full of ups and downs. What started as an online bookstore from a two-bedroom apartment in Koramangala, Bengaluru in 2007 has today grown into one of the biggest companies in India, and an incredible example of the success potential for Indian startups. Sachin Bansal and Binny Bansal launched an internet business called Flipkart on 15th September 2007 to sell books online. They managed to close the year with 20 successful shipments. From the humble beginning, the promoters have become celebrities in their own right, setting examples for other aspiring entrepreneurs to aim for. The Indian e-commerce’s biggest success story celebrates the crowning moment of its journey so far, a $16 billion acquisition by Walmart, the world’s largest retailer, in the biggest M&A deal ever in the Indian startup ecosystem. This paper makes an attempt to explore the key milestones of the Flipkart journey. KEYWORDS-online shopping, new age entrepreneurs, startups Volume 8 Issue 11 2019 635 http://infokara.com/ INFOKARA RESEARCH ISSN NO: 1021-9056 STAY HOME AND SHOP ONLINE-THE FLIPKART STORY 1.1.FLIPKART- A MODEST BEGINNING TO EXPONENTIAL GROWTH Sachin Bansal and Binny Bansal, floated an internet business called Flipkart on September 15, 2007 at Bengaluru to sell books online. They promised to deliver books pan India. They faced lot of difficulties in the first year of its establishment but successfully completed 20 orders by the end of 2017. Flipkart saw an exponential growth during 2008. The e commerce site grew in leaps and bounds through word of mouth publicity. The customer base started increasing in leaps and bounds and it managed to complete over 3,400 shipments during 2008. The business started attracting venture capitalists during 2009. Accel Partners invested $ 1 million in Flipkart. The business expanded its activities by opening brick and mortar offices in Delhi and Mumbai. Flipkart was the pioneer in introducing Cash on Delivery payment option. It launched Ekart, a logistics wing to deal with the logistical requirements and to handle the growing demand for goods. It expanded the product category to include Music, Movies, Games, Electronics, and Mobiles. 1.2.FLIPKART- REMARKABLE MILESTONES Flipkart witnessed giant strides during 2011 its range of products went on to include Cameras, Computers, Laptops, Large Appliances, Health, Personal Care, and Stationery. By the end of 2011 Flipkart expanded its coverage to 600 Indian cities. In 2012, Flipkart launched its user friendly mobile app. It acquired Letsbuy to expand its electronic appliances business. It also introduced DigiFlip, a private label for electronics, and Flyte MP3, a service for online music sales. In 2013, Flipkart adopted market place model to rope in third-party sellers. Many retailers joined the Flipkart platform and the sales increased in multiple progression.1,00,000 books were sold on a single day. To branch out outside India, Flipkart accepted International cards for settlement of transactions. It also raised $360 million across two separate funding rounds. In 2014, it raised $1.9 billion across three separate rounds and ended the year with a valuation of $11 billion, also became the first Indian Internet retail firm to register Gross Merchandise Value (GMV) of $1.9 billion. It launched The Big Billion Day sale during October 2014. It has become one of the most favourite offerings of Flipkart till today. In 2015, Flipkart refreshed its brand with a new logo and improved policies for employees. In 2016, Binny Bansal took over as CEO of Flipkart from Sachin Bansal, who became the firm’s Executive Chairman. During that year, TIME magazine named the two Co-founders among their 100 most-influential people in the world. Flipkart celebrated two big milestones – the first Indian mobile app to cross 50 million users and crossing 100 million registered customers. No Cost EMI and Flipkart Assured, two key new services, made their debut, and the platform also acquired and re launched PhonePe, India’s first UPI (Unified Payments Interface) based app which was started by three former Flipkart employees. During 2017, Flipkart appointed Mr.Kalyan Krishnamurthy as CEO, and Binny Bansal took over as Group CEO. PhonePe became very popular due to demonitisation, as it saw more than 10 million downloads from Google Play Store. In August 2017, SoftBank’s Vision Fund invested $1.5 billion in Flipkart to become one of its largest shareholders. The year 2018 was no exception to Flipkart. It launched a new campus at Embassy Tech Village, the successful on boarding of over 130,000 third-party sellers, and expanded its product catalogue to house over 80 million products – culminating in the Walmart acquisition. Flipkart surely has big things in its future. Volume 8 Issue 11 2019 636 http://infokara.com/ INFOKARA RESEARCH ISSN NO: 1021-9056 2.1. REVIEW OF LITERATURE An attempt has been made to review case studies and the work of individual researchers, magazines, journals, articles pertaining to online shopping in general and the journey of Flipkart towards one of India’s largest online shopping portal. Cummins et al(2014)with the purpose to review the consumer behaviour and social network theory literature related to the online and e-commerce context conducted the review and found out that there are eight categories of online consumer behaviour viz., cognitive issues, user-generated content, Internet demographics and segmentation, online usage, cross cultural, online communities and networks, strategic use and outcomes and consumer Internet search. Izogo & Jayawardhena (2018)with an aim to investigate the drivers and outcomes of online shopping experience (OSE) undertook a combination of netnography and conversation analysis. The data was generated from the Facebook page of a leading online retailer that has online presence in 11 African countries.Two broad categories of OSE under seven drivers and five distinct behavioural outcomes of OSE emerged from the study. The two categories of OSE drivers, though unique, widely fit into the existing frameworks of OSE. The study also indicates that shoppers seize other shoppers’ reviews as a suitable platform to engage in a wide range of behaviours. Parsons (2002) applied Tauber’s personal and social motives, as representative of Sheth’s non‐functional motives for shopping, to Internet shoppers. Two studies were conducted; in the first a sample of current online shoppers is surveyed on how well Tauber’s motives describe their motivation for Internet shopping. Projective technique is used in the second study, in which a group of consumers are asked to discuss how the motives may impact on online shoppers, as a means of explaining how the motives apply in the Internet setting. Results suggest that Tauber’s non‐functional motives can be adapted to the twenty‐first century mode of shopping. This leads to some strong implications for researchers and practitioners who so far have concentrated on the functional aspects of Internet shopping with respect to gaining shopping market share. Jayakumar (2016) with objective to understandthe behavioral lessons and managerial implications of deep discount strategies used by e-commerce firms to gain a competitive advantage over rivals undertook this study. The paper seeks to understand the behavioural aspects of consumer and competitor response to such online sales, particularly with reference to e-satisfaction and e-loyalty. The case study seeks to: understand the behavioural aspects of utility and customer satisfaction; understand the behavioural aspects influencing customer attitudes, preferences and choice; understand heuristics involved in consumer decision- making; and understand possible firm strategies based on a thorough analysis of behavioural influencers of customer decisions. The researcher has used Flipkart’s botched-up Big-Billion Day sale to drive home lessons in behavioural economics to marketers. 3.1. NEED FOR THE STUDY Volume 8 Issue 11 2019 637 http://infokara.com/ INFOKARA RESEARCH ISSN NO: 1021-9056 The Indian consumer goods market has seen steady growth in recent decades. The country has a relatively young and increasingly technology savvy population, with 40% of the recently breached 1.25 billion inhabitants between 25 and 54, 18% between 15 and 24, and 28% aged below 15. As GDP growth is projected to increase in the coming years, the country and its young population continues to represent an area of opportunity for businesses.In line with international trends, more and more people in India are gaining access to the Internet. The rise of the consumer class in India, as well as continued proliferation of internet access, is lifting online shopping, opening up a new domain through which retailers and consumer product companies can meet consumer demand, and expectations. The number of people shopping online in India is set to continue its strong growth. The number of people using their smartphone to make a purchase too has been on the rise. In terms of types of products bought online in India, considerable variations in shopping behaviour exist between categories. Books, music, movies and video games and clothing and footwear are the categories with the highest level of online purchases, with 42% and 41% buying between 1% -40% of goods from the categories online respectively. Consumer electronics and computers is another category with high levels of online purchase engagement, with only around 16% of respondents not purchasing online in this category and 6% always buying online in this category. Since Flipkart has capitalized on the changing buying behavior of the Indian consumers and has included wide range of products, an attempt has been made to explore the journey of Flipkart and to find out about their success formula.
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