Mumbai: Flipkart aims to double the total value of goods
it sells to $8 billion this year, two people with knowledge of the plans said,
as India's largest online marketplace seeks to widen the gap with rivals
including Amazon.com's India unit.
Online retailers often
use GMV, or gross merchandise value based on monthly online sales, as a measure
of performance, as they typically make revenues from the commissions they get
from sellers.
Flipkart's current GMV
is $4 billion, the sources said, declining to be named as they were not
authorised to speak to the media. They did not give further details.
Online retailers often
use gross merchandise value based on monthly online sales, as a measure of
performance, as they typically make revenues from the commissions they get from
sellers.
Industry executives
estimate Snapdeal and Amazon's India arm notch up GMVs of around $3 billion and
$1 billion respectively.
Online retailing is
growing at a breakneck pace in India, which has the world's third-largest
population of Internet users even with only a fifth of its population online.
Consulting firm
Technopak estimates the Indian e-tailing market will be worth $32 billion in
2020, more than 10 times its value of $2.3 billion in October last year.
Flipkart aims to ship
one billion units a month and to serve 100 million customers by 2018 fiscal
year, according to company executives who attended a recent townhall meeting.
Currently the company ships around 8 million units a month.
Industry sources value
Flipkart, founded in 2007, at around $11 billion.
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