As the festival season approaches, India’s leading e-tailer Flipkart has amped up its game to boost sales and expand market share. The company is expecting its private labels, and exclusive brands, fashion vertical to drive sales.
Flipkart has more than doubled exclusive brands on its platform from around 15-20 last year to around 50, this year. It has also expanded private labels from two during last year’s Big Billion Day sale to five this year.
The company is also expecting its fashion vertical to form 50% of the online fashion market’s gross merchandise value (GMV) during the upcoming festive season sale lasting five days.
“Our standalone market share is 35% and we are confident that we will exit BBD this year with 5% gain in market share,” said Rishi Vasudev, Flipkart’s fashion head. “We are looking at doubling our GMV from last year’s sale to this year’s sale.”
According to Flipkart, it clocked sales worth $1 billion for the financial year 2018 and is expecting sales worth around $1.7 billion for this fiscal year. Flipkart is leading the online fashion market with Myntra and Jabong playing a major role. The online fashion market is expected to be worth $9 billion by 2020 and Flipkart is looking further expand its market share.
Flipkart’s rival Amazon is struggling to leverage the online fashion market. Amazon does not have nearly as many fashion private labels as compared to Flipkart.
Last month, it was reported that Myntra is also looking to foray into offline retail for cosmetic products with brand Myntra Beauty. It also acquired an omnichannel retail platform Pretr.
Flipkart has enhanced its efforts to expand its penetration in the Indian market after its acquisition by the US-based retail giant Walmart in a mammoth $16 billion deal.