With COVID accelerating its growth, e-comm set to rise 25% by 2025: Kalyan Krishnamurthy
Flipkart Connect 2.0: The CEO of Flipkart Group said there are two large pillars around which the company centers its customer value proposition- affordability and access
Flipkart is focused on providing consumers convenient access to wide assortments of products across all geographies in a safe and secure manner, said Kalyan Krishnamurthy,CEO, Flipkart Group, in the opening address at Flipkart Connect 2.0 Unveiling Tomorrow, Today.
“India has very strong macroeconomic fundamentals. In the next decade, nearly 75% consumption will be driven by middle income households, making us the third largest global economy,” said Krishnamurthy.
He further spoke about how the COVID-19 pandemic has impacted lives across the globe, and our country is not an exception. Through the ongoing crisis, we have seen millions of brave frontline warriors- doctors, nurses, healthcare workers, countless delivery heroes and many more- who have worked hard to ensure our lives go on as normal as possible, he remarked.
“We also foresee the GDP growth to bounce back to 67% despite COVID-19 in the coming quarters. This growth will propel the overall retail market to Rs 1.2 trillion, a 40%+ growth from Rs 850 billion today, by 2025. The COVID pandemic has accelerated the growth of e-commerce, which is set to rise by 25% by 2025 with a healthy CAGR of 30%,” shared the Filpkart Group CEO.
He further said that this provides brands and sellers unprecedented reach and rapid go-to market opportunities. “We have invested heavily to build for Indian capabilities that are disruptive, unique and scalable. There are two large pillars around which we center our customer value proposition- affordability and access.”
Elaborating on the two pillars, he said affordability has two legs. "One is affordable products. Greater than 50% of Flipkart sales comes from tailormade unique online collection. Another is affordable credit. Using our data and distribution, we have launched multiple constructs that continue to create new seamless buying opportunities for all customers."
"Just like affordability, access too has two legs. Physical access and digital access. Physical access: We pride ourselves on our ability to reach nearly 100% of pincodes with high reliability and low costs. Digital access: Flipkart is investing deeply in vernacular and voice capabilities. We are also solving commerce underserved communities like MSMEs and artisans.”
Flipkart launched the 'Samarth' programme to bring India’s artisans, weavers and handicraft producers, into e-commerce. Flipkart Samarth supports the livelihood of over 600,000 micro enterprises across India.
Concluding his session, Krishnamurthy
said, “The last few years have seen us make rapid strides to build a more comprehensive digital ecosystem. In-app engagement via videos, gaming and user feeds, fintech, and other host of value added services make us a platform that has a very strong user engagement.”
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