Flipkart Enters into Hyperlocal Service Space with Flipkart Quick
The poster-boy of the Indian startup ecosystem, Flipkart has decided to enter the hyperlocal space with delivery service within 90 minutes. The new entity, to be known as Flipkart Quick, will be different from the existing players in this arena since it will also serve mobile phones and stationery items apart from the groceries, already being served through the existing companies in this arena.
Though the launch date is yet to be decided, the venture will start with a few select locations in its first phase such as Bengaluru. This new venture is going to bring Flipkart into direct confrontation with Amazon and BigBasket. It is also going to give a tough competition to JioMart backed by the richest man of Asia, Mukesh Ambani.
Why Entry to this space?
It has been observed during the COVID 19 Pandemic that many Indians are resorting to purchase of groceries online, in the absence of the physical stores. It is a lucrative space to enter now and the existing players have also failed people in many places during the Lockdown. Flipkart with its existing logistics infrastructure and the delivery fleet will make it a point that it gives a run to all its competitors, for money, in this particular space.
In this regard, Flipkart has already acquired the local cash and carry business of Walmart, its parent firm, to strengthen its wholesale offerings to the mom-and-pop stores across the country.
Month: Current Affairs - July, 2020
Category: India Nation & States Current Affairs