As it gears up for the Big Billion Day Sale, e-commerce giant Flipkart has introduced a new business-to-business (B2B) app called ‘Flipkart Reset for Business’. This͏͏ app͏͏ aims͏͏ to͏͏ facilitate͏͏ connections͏͏ between͏͏ sellers͏͏ of͏͏ refurbished͏͏ products͏͏ and͏͏ customers͏͏ throughout͏͏ India.
Focus͏͏ on͏͏ Refurbished͏͏ Products:
Starting͏͏ with͏͏ refurbished͏͏ smartphones͏͏ and͏͏ accessories͏͏ that͏͏ include͏͏ warranty͏͏ benefits,͏͏ the͏͏ app͏͏ will͏͏ serve͏͏ retailers͏͏ across͏͏ India͏͏ looking͏͏ to͏͏ purchase͏͏ refurbished͏͏ products͏͏ in͏͏ various͏͏ quantities,͏͏ with͏͏ no͏͏ minimum͏͏ order͏͏ restrictions.
“With͏͏ the͏͏ Flipkart͏͏ Reset͏͏ B2B͏͏ app,͏͏ we͏͏ aim͏͏ to͏͏ level͏͏ the͏͏ playing͏͏ field͏͏ for͏͏ sellers͏͏ by͏͏ providing͏͏ a͏͏ platform͏͏ to͏͏ meet͏͏ this͏͏ demand.͏͏ By͏͏ facilitating͏͏ access͏͏ to͏͏ high-quality,͏͏ affordable͏͏ refurbished͏͏ products,͏͏ we͏͏ empower͏͏ sellers͏͏ with͏͏ an͏͏ organised͏͏ market͏͏ and͏͏ promote͏͏ sustainable͏͏ consumption,”͏͏ said͏͏ Ashutosh͏͏ Singh͏͏ Chandel,͏͏ senior͏͏ director͏͏ and͏͏ business͏͏ head͏͏ of͏͏ recommerce͏͏ at͏͏ Flipkart.
The͏͏ launch͏͏ is͏͏ part͏͏ of͏͏ Flipkart’s͏͏ initiative͏͏ to͏͏ establish͏͏ a͏͏ more͏͏ seamless͏͏ marketplace͏͏ for͏͏ sellers͏͏ of͏͏ all͏͏ sizes.
Continue͏͏ Exploring:͏͏ Flipkart to͏͏ launch͏͏ 100͏͏ dark͏͏ stores͏͏ ahead͏͏ of͏͏ Big͏͏ Billion͏͏ Days͏͏ sale
Projections͏͏ for͏͏ India’s͏͏ Refurbished͏͏ Market:
Chandel͏͏ stated͏͏ that͏͏ India’s͏͏ thriving͏͏ refurbished͏͏ electronics͏͏ market͏͏ is͏͏ projected͏͏ to͏͏ grow͏͏ to͏͏ $11͏͏ billion͏͏ by͏͏ 2026.
It’s͏͏ important͏͏ to͏͏ highlight͏͏ that͏͏ recommerce͏͏ has͏͏ been͏͏ a͏͏ key͏͏ focus͏͏ for͏͏ the͏͏ Walmart-backed͏͏ e-commerce͏͏ giant͏͏ for͏͏ some͏͏ time.͏͏ In͏͏ 2022,͏͏ Flipkart͏͏ acquired͏͏ the͏͏ electronics͏͏ recommerce͏͏ startup͏͏ Yaantra,͏͏ and͏͏ earlier,͏͏ in͏͏ 2018,͏͏ it͏͏ launched͏͏ its͏͏ refurbished͏͏ platform,͏͏ 2GUD.
This͏͏ latest͏͏ development͏͏ follows͏͏ an͏͏ investigation͏͏ by͏͏ the͏͏ Competition͏͏ Commission͏͏ of͏͏ India͏͏ (CCI),͏͏ which͏͏ found͏͏ Flipkart,͏͏ along͏͏ with͏͏ Amazon,͏͏ guilty͏͏ of͏͏ violating͏͏ the͏͏ country’s͏͏ competition͏͏ laws͏͏ by͏͏ favouring͏͏ certain͏͏ sellers͏͏ on͏͏ their͏͏ shopping͏͏ platforms.
In͏͏ light͏͏ of͏͏ this,͏͏ the͏͏ antitrust͏͏ regulator͏͏ has͏͏ asked͏͏ both͏͏ companies͏͏ for͏͏ their͏͏ turnover͏͏ information͏͏ to͏͏ evaluate͏͏ the͏͏ appropriate͏͏ penalty.͏͏ Reports͏͏ indicate͏͏ that͏͏ they͏͏ may͏͏ face͏͏ fines͏͏ of͏͏ up͏͏ to͏͏ 10%͏͏ of͏͏ their͏͏ global͏͏ annual͏͏ revenue͏͏ or͏͏ income.
Meanwhile,͏͏ Flipkart͏͏ is͏͏ expanding͏͏ its͏͏ services͏͏ in͏͏ response͏͏ to͏͏ growing͏͏ competition͏͏ in͏͏ the͏͏ e-commerce͏͏ sector.͏͏ Recently,͏͏ it͏͏ launched͏͏ its͏͏ quick͏͏ commerce͏͏ service͏͏ ‘Minutes’͏͏ in͏͏ Bengaluru͏͏ and͏͏ has͏͏ since͏͏ extended͏͏ it͏͏ to͏͏ Delhi.
The͏͏ company͏͏ is͏͏ also͏͏ reportedly͏͏ planning͏͏ to͏͏ establish͏͏ 100͏͏ dark͏͏ stores—mini͏͏ warehouses͏͏ designed͏͏ for͏͏ quicker͏͏ deliveries—during͏͏ the͏͏ festive͏͏ season͏͏ to͏͏ bolster͏͏ its͏͏ quick͏͏ commerce͏͏ strategy.
Strong͏͏ Financial͏͏ Performance:
Notably,͏͏ the͏͏ operating͏͏ revenue͏͏ of͏͏ Flipkart’s͏͏ B2C͏͏ segment͏͏ increased͏͏ by͏͏ 42%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 14,845.8͏͏ crore͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2022-23͏͏ (FY23).͏͏ Additionally,͏͏ its͏͏ losses͏͏ decreased͏͏ by͏͏ 9%,͏͏ falling͏͏ to͏͏ INR͏͏ 4,026.5͏͏ crore͏͏ from͏͏ INR͏͏ 4,419.5͏͏ crore͏͏ in͏͏ FY22.
