By understating the capabilities and resources available with flipkart. We understand that flipkart has capability to become the largest ecommerce platform. From time to time flipkart changes its self and changes its self according to market trends and proved itself. From my knowledge and prospective someadvice for management team which are explained below.
Diversification of business
As we know flipkart stated from e-book selling e commerce platform. But with time flipkart changes its self by adding more products in his core business till 2014 flipkart creates almost 30000 seller base and around 20 million products. and flipkart keeps on increasing its customer base.
In 2014 flipkart acquires myntra at present a leading e commerce platform for fashion and life style products.
In 2015 Flipkart acquire Ekart a logistic division of business which provide logistic and supply chain management of flipkart as well as for third party.
By beginning of flipkart journey has very diversifying approach it focus on acquiring new businesses as per my study flipkart can start 2 new division of business i.e.
as we all whole world is surviving with covid-19 and everything is online weather it is doctor consultation, realising of movie/web series, office everything is online flipkart can start OTT platform. OTT isAn over-the-top media service is a media service offered directly to viewers via the Internet. During starting days flipkart can start it as free after that flipkart can take a nominal subscription fees. Flipkart can offer exciting offers like free delivery with no minimum delivery order value, priority delivery to their subscribed members etc.
Online virtual payment wallet
Sometimes old peoples insist for cash on delivery rather than online payment method because of fraudulent activities therefore flipkart can start a virtual payment wallet system on his existing ecommerce platform in which you can add money virtually as well as by cash with the help of authorised dealers.
With this method the cash on delivery orders become prepaid orders. Flipkart can generate commission from telecommunication companies by doing recharge.
To promote this thing flipkart can offer cashback facility, easy and timely money settlement during return of products.
By providing EMI service to their existing customers
Due to less salary and high standard of living everyone purchase products on emi. On which they pay around 14% p.a. interest and 2% processing fees. On an average on every 10000 purchase the bank earns 1600 on every transaction. By utilising virtual wallet surplus money flipkart can earn upto 16%. Even if flipkart provide no interest cost EMI than also flipkart earns 2% processing fees on every transaction by which flipkart earns millions of $ every year.
By starting Pay later option of payment
Flipkart can start pay later option for premium customers on the basis of CIBIL report. By providing paylater facility sale of flipkart will increase and flipkart gets more commission on sale as well as in case of per day default flipkart also will get penalty.
After Sales Service
Flipkart mainly focus on best customer service. In present business scenario only before sale service is not only important but after sale service plays a n important role in customer satisfaction and for creating goodwill.
So flipkart must focus on after sale service like telling about the products, installation service booking and knowing about customer rating for their services. etc.
Combing online and offline marketplace
As we saw in decathlon, walmart and reliance retail sells their product at ecommerce platform but also offline. Which increase the reliability and checking the products physically helps in generating more profits and also creates employment.
Advertising new brands
As we see there is very tough competition in online as well as in offline market. The survival of a new brand product is very difficult to compete with existing brand players of market. So flipkart can make agreements with the new brands and can advertising their product. By advertising flipkart will get more than one consideration in return i.e. advertising fee, commission of sale of ecommerce platform and flipkart can also demand share in profit.
Flipkart can also start consultation service for unorganised manufactures because70-80% of Indian market is unorganised. It can guide them how to produce in what quantity to produce how to advertise in the market and quantity of packing in demand.
Flipkart can also share reports prepared by the experts of flipkart to his paid clients.
Form the help of this services clients get report of their shortcoming, where they fails. How to improve these shortcomings.
Online training services
Flipkart can also get a complementary pack to their existing consultation clinets to take online training programme by which they can get training how to manufacture, in what quantity to manufacture, style of packaging etc.
As we know flipkart is a leading e commerce company and has annual turnover around Rs. 34610 crore. By adding these products which are explained above flipkart can double his annual turnover. Because to increase our turnover and size of market we have to diversify our business. Going for virtual wallet, No cost emi and pay later facilities are currently in trend and every one in india searching for it specially middle income group because of low income and unemployment. This thing must understand by flipkart and must choose as a suggestion.
According to present scenario OTT platform is most trending platform producers are realising movies, web series on it so flipkart can also opt this.
In Indian market unorganised sector is totally knowledge less about the basic things of the market. So flipkart can start paid consultation and training services for them.
these are the trending things in market which flipkart can opt for the growth and to increasing market share in the ecommerce world.
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