06 January 2022, Mumbai:
Shopsy was launched 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. It 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 per cent to 30 per cent on a month-on-month basis.
In 2022, Flipkart plans to scale up its new launches as opposed to continuing to launch new retail services. Besides Shopsy, the business will focus on grocery and hyperlocal delivery segments. Flipkart also plans to concentrate on fast delivery around the 30 minute 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 the fashion arm Myntra. Flipkart has invested heavily in grocery, travel and healthcare and wants to get these to the next level of growth and pull in customer adoption over the next few months.
Meanwhle Flipkart Internet’s revenues for the financial year 2020-21 rose 32 per cent. Flipkart Internet, which generates revenues through verticals such as logistics, marketplace fees and payment gateway, however, witnessed its net losses widen during the same fiscal. This is a 49 per cent increase from fiscal. Flipkart’s wholesale arm, Flipkart India, saw a 25 per cent growth in revenues. Flipkart India acquired a 100 per cent stake in its parent Walmart’s cash & carry operations in 2020. Its net loss during the same fiscal fell by 22 per cent from the last financial year.
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