Flipkart to focus on fast-growing value platform Shopsy
In 2022, Flipkart plans to scale up its new launches as opposed to continuing to launch new retail services. The business will expand its value platform Shopsy and focus on its grocery and hyperlocal delivery segments.
“Shopsy, grocery, travel and healthcare, these are big and we made massive investments,” Flipkart’s CEO Kalyan Krishnamurthy told the Economic Times in an interview. “We want to really get these to the next level of growth and pull in customer adoption over the next 12-18 months.”
Flipkart launched Shopsy in July, 2021 as a social commerce platform which connects consumers to products through resellers which also gives resellers a platform on which to earn money through sales. Shopsy focuses on products in the value segment of the market and categories include fashion, beauty, and electronics, among others.
As India’s social commerce market is booming, Shopsy represents Flipkart’s plan to tap into this growth opportunity. Shopsy is currently growing at a rate of over 20% to 30% on a month-on-month basis and has become a market leader in the value e-commerce segment, according to Krishnamurthy.
“Commerce means right selection, right value, and right services,” said Krishnamurthy. “Social is a way of making this value proposition more discoverable in a relevant way, amplifying it. Shopsy is that.”
Flipkart also plans to concentrate on fast delivery around the 30-to-45 minute mark which it sees as more sustainable than the 15-minute delivery options some e-tailers currently offer. The business also plans to continue to expand in the online branded fashion space through fashion arm, Myntra.
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