One of the E-commerce leaders, Flipkart is coming up with revolutionary ways to boost their business and sales in the upcoming festive season.
Founders of Flipkart : Sachin Bansal and Binny Bansal
What Do You Know About Flipkart?
Most of us know the success and recognition enjoyed by Flipkart, however, very few of us may be aware how they achieved this grand success. The owners of the current company were initially working for Amazon, when they realized that they must have their own e-commerce startup company in India. After this idea hit their minds, there was no looking back…
The company was launched in 2007 with its own roller-coaster ride of ups and downs, similar to other companies at their startups. The head office of Flipkart is based in Singapore.
Many sources have revealed that it was due to Flipkart, e-commerce business has taken its ladder upwards. Initially, the business was stated with the sole purpose of selling online books. Within no time, it was expanded to a variety of options in other products too.
To share with you a secret, Flipkart began its business by raising funds through capital funding and with its own pace, it grew in its financial structure. The owners fulfilled their promise by repaying the investors. This was a great movement for them to win the faith and brand loyalty through investors and customers.
According to their fund calculation as of Feb, 2016, they stand successfully at $11 billion. Flipkart is one of those rare firms, who created revolution in the world of e-commerce. They are the first company to have introduced ‘cash on delivery’ option. This innovative idea was launched when they faced challenges related to online payments. Many companies faced losses regarding online payment options, but none found an answer like this.
Another achievement by Flipkart was related to the supply chain system. Flipkart found a way by introducing their own supply chain management system, so that deliveries can take place smoothly.
To talk further about its success achieved, Flipkart has acquired other popular companies like, Myntra.com and LetsBuy.com. A journey from a small scale retailer to a leading e-commerce brand, they have come a long way.
Flipkart’s story reminds of one famous quote; ‘It is not how we make mistakes, but how we correct them that defines us.’ They have kept correcting the flaws in their business with innovative at its peak. Flipkart is a trend setter for all those companies looking for a name in the market.
Flipkart is a platform that has not only emerged as a successor, but also helped other sellers to gain their desired recognition and fame. There are many success stories of various sellers who give credit to Flipkart for their accomplishment.
The company enjoys a friendly work environment with a staff of over 33,000 people. Who thought Flipkart would reach this level of fortune. The company is self-built without any strong background.
Awards Attained by Flipkart:
- The owners of the company marked a place in Forbes India Rich Listings at the 86th position, enjoying a net worth of $1.3 billion each.
- Sachin Bansal, Co-Founder of Flipkart, achieved the entrepreneur of the year award for 2012-2013. He received this honor from Economic Times, leading Indian Economic Daily.
- The company was awarded Young Turk of the Year by CNBC TV 18 channel, during the Indian Business Leader Awards, 2013.
- They have also enjoyed the Leaders of Tomorrow Awards, 2011 by IndiaMart.
What motivates us from their success story?
The success story of Flipkart is very simply to get motivated; chase your solutions during problems. Instead of dreaming, we must focus on reality and learn to practically handle the challenges.
It was no easy battle for a newbie in the market, but they have raised the bar. Flipkart is one of the leading examples for small scale business entrepreneurs, who wish to be recognized globally in the world of web.
The deals and discounts offered by the company are a great way to sustain their customers. Lots of other e-commerce sites take inspirational business motives from them. We must not only learn to chase our goals; sometimes to achieve success, it is important that you combine the goals of others too. This is what Flipkart did by mixing its objectives with the sellers. It went on becoming bigger and better.
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Image credit : Rediff