The Success Story of flipkart.com | MBA Finance in Bangalore

Posted by Prof. Manoranjan HP On 15/01/2023 14:18:20

It's simpler to say than to do! Realizing our dreams, especially in such a huge way, is a truly difficult undertaking. With Flipkart's incredible success, the company's founders have probably realised their dreams. Flipkart is a company that has significantly and significantly opened up the Indian e-commerce market. MBA Admission in Bangalore 2023

In October 2007, Sachin and Binny Bansal co-founded Flipkart. Both are IIT-Delhi alumni who have worked for Amazon.com in the past. They both had strong coding skills and intended to launch a website that reviewed several e-commerce sites, but India lacked many of these websites, so they decided to launch their own e-commerce business, Flipkart.com.

Flipkart was founded in October 2007 with an initial investment of $4 million (co-founders' savings). Since India has had poor historical experiences with e-commerce trading, it was never going to be simple. People in the market were very picky about paying money for things they had not seen or received, so it was difficult to break into. The Indian clients lacked confidence. Flipkart, therefore, needed to inspire confidence in its customers. And they followed suit perfectly; we'll talk more about how they achieved it later in the piece. MBA in data analytics in Bangalore

Flipkart started out by selling books because they are inexpensive, simple to obtain, have a large target audience, offer a higher profit margin, are simple to pack and deliver, and do not get damaged during transit. Additionally, books are easy to procure, so the cost for a customer to try out a service once is very low. For the first two years, Flipkart only offered book sales. When Flipkart first started, it used the consignment model (procurement based on demand), which involved having relationships with two distributors in Bangalore. This meant that whenever a customer ordered a book, they would personally buy it from the dealer, pack it in their office, and then send it by courier. MBA in data science in Bangalore

The customer service lines in the early going were the founders' personal cell numbers. As a result, they first made every effort to offer excellent service, concentrate on creating a user-friendly, hassle-free website, and work tirelessly to address any difficulties that might arise with customers. Since there were no well-established competitors in the sector, they had a lot of room to expand, which they did very quickly. MBA colleges in Bangalore list

In the fiscal years 2008 to 2009, Flipkart earned 4 crores, in the following fiscal years 2009 to 2010, 75 crores, and in the fiscal year 2011 to 2012, which ends on March 31, 2012, 500 crores is anticipated in income. This is a significant growth, in fact. By 2015, the corporation wants to earn 5000 crores in revenue. NAAC accredited MBA college in Bangalore

The company began with just 2 workers and today employs about 4500 people. As previously mentioned, Flipkart first used the consignment approach. However, as more investments came in and more customer complaints, such as delivery delays, etc., were related to the procurement model, the company began constructing its own warehouses. Later, the company opened warehouses in Delhi, Kolkatta, and Mumbai after opening its first one in Bangalore. Over 500 suppliers are now used by the business. As of right now, warehouses handle more than 80% of Flipkart orders, allowing for speedy and effective service.

Flipkart marketing strategy:

Most of Flipkart's marketing has relied on word-of-mouth promotion. The best marketing tool for them has been customer happiness. Flipkart employed Google Adwords and SEO (Search Engine Optimization) as their marketing tools to effectively reach a wide audience online. Nearly 9 lac people have "liked" the official Flipkart.com Facebook page. With the slogan "No Kidding No concerns," Flipkart just debuted a series of 3 advertisements. To convey the concept that "if a youngster can achieve it, so can you," children were used in the advertisement creation process. A++ Rated MBA college in Bangalore

The goal is to increase customer satisfaction with Flipkart, build strong customer relationships, and win customers' loyalty by offering high-quality products at competitive pricing. in order to offer a wonderful customer experience.

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