Share Via Email Published: According to a press statement published on by Flipkart's parent company's website late on Tuesday, "Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. These have been challenging times for my family and me. I am concerned that this may become a distraction for the company and the team.
April 07, July 12, Ushamrita Choudhury tracks the fairytale. 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. 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.
Sachin Bansal, CEO and one of the co-founders of Flipkart the other being Binny Bansalis an ardent believer in the merits of customer service. 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.
The founders' passion for the consumer Internet space manifests itself in the brand, which is synonymous with customer service and satisfaction. The concept of e-commerce is downloading at a fairly rapid pace in the psyche of the Indian consumer. In the metros, shortage of time is a big driver for online shopping.
On the other hand, accessibility to a variety of products makes audiences from smaller towns and cities opt for the online route.
Major retailers face challenges in stocking their stores adequately. Often, customers are unable to purchase items of their choice, thus prompting them to resort to e-retailers.
Plus, it's often cheaper to buy online. Such experiences explain the growing popularity of Flipkart in the non-metro regions as well. This statement doesn't seem far-fetched; a quick overview of India's Internet penetration shows a user base of approximately million.
The spread, and subsequent adoption of e-commerce, thus, only seems logical. With several reputed brick-and-mortar retailers also offering online services, it seems natural the trend of shopping remotely will scale up substantially.
It's the experience of touch-and-feel that makes physical shopping exciting. In the online context, convenience and comfort takes over. The Devil lies in the detail A robust back-end is a vital pre-requisite for an online business to survive, since once the customer completes her transaction, it's this back-end that connects the dots.
Flipkart began operations on the consignment model — goods were procured from suppliers on demand, based on the orders received through the website. However, eventually, the books-to-electronics e-shop adopted the warehouse model. The company has its own warehouses, and maintains its own inventory.
Sales projection determines the inventory, and the available inventory accounts for the sales made; it's a self-feeding cycle of sorts. On the operational front, issues faced by the company pertain to delay in deliveries, or faulty products.
As a customer-centric organisation, none of these issues can remain unresolved for long. Our bigger objective is to redefine the way India shops.
The founders don't think discounts can replace the customer's satisfaction of being serviced promptly and efficiently. Similarly, the trust-building exercise is accorded a lot of importance. Flipkart connects with customers in real-time, through Facebook and Twitter.
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Walmart may update guidance now that the Flipkart deal has closed, with the current forecast, which does not include Flipkart, calling for adj. EPS of $$ In May, Walmart initially called for deal dilution of $ to $ per share, assuming the deal closed in the second-half of the year.