Flipkart CEO Kalyan Krishnamurthy claimed victory just a day after the e-commerce giant kicked off its annual festive season sales, stating that they expect to get a 75-80% market share this festive season. In an apparent dig at arch-rival Amazon, he told ET NOW that there is no clear number 2 in the market after Flipkart.
“We are clear leaders in smartphones, fashion and home products. We don’t see any relevant competition this festive season. We have a share of at least 75-80% this time,” Krishnamurthy said.
When asked about the conflicting claims between Flipkart and rivals such as Amazon on market leadership, he said, “Just go to our app and go to our competition’s app. There is no clear no. 2 in the market after us.There are people in the market desperately trying to compete. We are 90% confident that we will be meet our numbers in 4 days of the sale and might even close the sale a day early.”
Talking about the next big categories after smartphones, electronics and fashion, Krishnamurthy said that the next 5-6 years will be about lifestyle, home, women-centric categories and baby care. “You have to win grocery to win retail in India but we are still building this business. We are taking a 5-10 view to winning grocery,” he said.
Flipkart.com was launched in 2007 by Sachin Bansal and Binny Bansal as a book selling site before morphing to full-fledged e-commerce. US retail giant Walmart acquired a majority stake in Flipkart in May this year for $16 Billion, intensifying the battle in the e-commerce space. Bengaluru-based Flipkart competes with Amazon and Paytm mall, backed by Alibaba.
Krishnamurthy said the sale to Walmart hasn’t changed things on the ground. “Nothing has really changed. We operate very locally here. What has changed is this is not just a sale event but its about value and exclusive selection for middle of the market,” he said.
While 70-80% of Flipkart’s core will continue to be e-commerce, it will look at partnerships to expand into other categories such as content. “We will try our best to play more and more on where the 18-35 target age group in India spends time- be it education, content and gaming.”
Unlike other Indian players such as Ola and Oyo that have expanded overseas in the last year, Flipkart plans to focus on India for now. Krishnamurthy also dismissed reports of him being elevated as group CEO of Flipkart, stating there is no such thing right now.
The development was reported by retail.economictimes.indiatimes.com