Flipkart, an idea converted into reality in 2007 by the two talented gentlemen who are Sachin Bansal and Binny Bansal. They were firstly in Amazon.com and that was the time when the idea of flipkart came into their mind. It was a risky attempt as India is a place where people are having different tastes and preferences which made it difficult to open an e-commerce industry. Still attempt was made which has made a drastic change in e-commerce industry.
At beginning flipkart sold books on the site, after this flipkart started selling a various number of good by the site. It was the first site to introduce the concept of 'Cash on Delivery' which was a great step to attract a large number of customers. As people were not used to buy products online …show more content…
Flipkart began operations on the consignment model — goods were procured from suppliers on demand, based on the orders received through the website. However, eventually, the books-to-electronics e-shop adopted the warehouse model. The company has its own warehouses, and maintains its own inventory. Sales projection determines the inventory, and the available inventory accounts for the sales made; it's a self-feeding cycle of sorts.
Consistent customer service is the hallmark of Flipkart. The founders don't think discounts can replace the customer's satisfaction of being serviced promptly and efficiently. Similarly, the trust-building exercise is accorded a lot of importance. Flipkart connects with customers in real-time, through Facebook and Twitter. Yes, honesty is the best policy for this e-commerce trailblazer.
Innovation is just one aspect of the business universe. Today, the premise of any business, traditional or modern, rests on its ability to harness …show more content…
In their report, Flipkart India’s auditors S.V. Ghatalia and Associates Llp were critical of Flipkart’s accounting procedures on a couple of points, although they gave a clean chit to its key accounting statements.
As India has banned foreign direct investment (FDI) in online retail, Flipkart, along with most other e-commerce firms, have created a complex holding structure. Flipkart India Pvt. Ltd—owned by Flipkart Pvt. Ltd, Singapore—is just one of the businesses of Flipkart. The others include its technology platform (on which it allows other retailers to sell), and its digital payment businesses.
Flipkart India sold its technology platform and related intellectual properties to another entity called Flipkart Internet Pvt. Ltd for an “agreed consideration” effective on 31 December 2012, the company said in its latest annual report. The value of the sale of business to Flipkart Internet was Rs.94.15 crore, it said.
Flipkart is being investigated by India’s regulators for a possible breach of FDI regulations. Flipkart India acknowledged in the annual report that it had received letters from authorities seeking information related to its
At beginning flipkart sold books on the site, after this flipkart started selling a various number of good by the site. It was the first site to introduce the concept of 'Cash on Delivery' which was a great step to attract a large number of customers. As people were not used to buy products online …show more content…
Flipkart began operations on the consignment model — goods were procured from suppliers on demand, based on the orders received through the website. However, eventually, the books-to-electronics e-shop adopted the warehouse model. The company has its own warehouses, and maintains its own inventory. Sales projection determines the inventory, and the available inventory accounts for the sales made; it's a self-feeding cycle of sorts.
Consistent customer service is the hallmark of Flipkart. The founders don't think discounts can replace the customer's satisfaction of being serviced promptly and efficiently. Similarly, the trust-building exercise is accorded a lot of importance. Flipkart connects with customers in real-time, through Facebook and Twitter. Yes, honesty is the best policy for this e-commerce trailblazer.
Innovation is just one aspect of the business universe. Today, the premise of any business, traditional or modern, rests on its ability to harness …show more content…
In their report, Flipkart India’s auditors S.V. Ghatalia and Associates Llp were critical of Flipkart’s accounting procedures on a couple of points, although they gave a clean chit to its key accounting statements.
As India has banned foreign direct investment (FDI) in online retail, Flipkart, along with most other e-commerce firms, have created a complex holding structure. Flipkart India Pvt. Ltd—owned by Flipkart Pvt. Ltd, Singapore—is just one of the businesses of Flipkart. The others include its technology platform (on which it allows other retailers to sell), and its digital payment businesses.
Flipkart India sold its technology platform and related intellectual properties to another entity called Flipkart Internet Pvt. Ltd for an “agreed consideration” effective on 31 December 2012, the company said in its latest annual report. The value of the sale of business to Flipkart Internet was Rs.94.15 crore, it said.
Flipkart is being investigated by India’s regulators for a possible breach of FDI regulations. Flipkart India acknowledged in the annual report that it had received letters from authorities seeking information related to its