ChandigarhAn avid gaming enthusiast, Sachin likes to spend most of his free time with his family.A big fan of Salman Rushdie as well as Stieg Larsson's 'Millennium' series, Binny is also passionate about soccer and NBA. An active sportsman, he used to captain his school basketball and soccer teams.
“It depends on which economies we speak of. In growth terms, India will be behind the West by four-five years when it comes to e-books. “The e-format will dominate in India too, but not before the entire structure for it to take off has been set up,” he says.
Its an online retailing company Within 4 years into operations it has become one of India’s fastest growing e-commerce portals, known particularly for books…
8,000,000 VISITS EVERY MONTH 28000+ ITEMS SHIPPED PER DAY 11,500,000 BOOK TITLES AVAILABLE 15 CITIES WITH OWN DELIVERY NETWORK 3000 CURRENT TEAM STRENGTH
“Our vision was always to be the Amazon of India,”says Bansal.Flipkart has around 10 million books on itscatalogue across different genres and is nowmoving into selling other products such as Movies Music Games Mobiles Cameras Computers Healthcare & personal products Home appliances and electronics – and still counting! Every month it gets about 6 million visitors online
Sachin Bansal Binny Bansal CEO and Co-founder COO and Co-founder Binny went on to get a degree in He graduated from IIT-Delhi with Computer Engineering from IIT Delhi. a degree in Computer Engineering. He had a brief stint at Amazon before In 2006 he joined Amazon.com in taking the entrepreneurial plunge with Flipkart. India which he later left to set-up Flipkart. At Flipkart, Binny oversees all As CEO, Sachin oversees all the operational activities that customer facing activities of come into play from the time the company ranging from the customer places an order technology to marketing. till the time of delivery. He is also in charge of This spans across divisions like Flipkarts corporate divisions warehousing, logistics and which include the finance and customer support. legal departments.
Both the Bansals have worked for Amazon in the past. Sachin joined Bansal believed “I never Amazon in January wanted to go abroad 2006, followed by Bansal unlike most IITians. I in January 2007. Both wanted to be in India but quit in September 2007. create something on the “While at Amazon, we Internet using technology realized we should do that we can create at something on our own home, hoard up and make since the scope for e- millions of dollars.” commerce was huge,”
They began working from a Flipkart, headquartered in 2BHK apartment in Bangalore. Bangalore, now has around One of the rooms was 120 employees. converted into an office. Initially, few distributors or They tied up with all the publishers took them seriously. distributors of major Indian So what has been the key to the publishers in Bangalore. company’s sudden rise? Every day, one of them would go on a bike and buy books to make their own catalogue. They would sit down on the floor and make the packages to give to the courier agencies for shipment. This went on for three months, with just two people running the whole show.
With path-breaking features like Cash/Card on Delivery, 30 Day replacement policy and EMI options, Flipkart has now “We were clear made it possible for anyone from the beginning across the country with that the focus of our firm internet access to shop online.would be totally customer- The Flipkart experience is oriented characterized by the intuitive while having a strong user interface, free shipping technological base.” and low prices. As a testimony to the superior customer experience, the -Binny Bansal, company has consistently COO & co-founder recorded repeat purchase of Flipkart rates of more than 70%.
Backed by a significant funding of $31 million, Flipkart is rapidly expanding its network of warehouses, distribution centers, procurement operations and 24/7 customer support teams. The company even has its own delivery network in 13 cities and is set to expand this to 25 cities by next year.
“We needed to build a “We looked at how Chinese companies—where slick website that was e-commerce is huge—did retail online. fast, and where the The US has an established credit card discovery of the culture, while China (like India) is a cash-based product was easy. economy with lesser credit card penetration. Also, the payment So looking at e-commerce models in China, we delivery systems had put in place a cash-on-delivery system.” to be easy and smooth,” says Bansal. Today, more than 50% of their orders operate on a cash-on-delivery basis. An important change Most importantly, on nearly each book a took place around consumer buys through Flipkart, the price is 2010: the payment “15-35%” cheaper than the cover price. mechanism. It’s a 50% of their orders come from the metros: feature of Flipkart’s Mumbai, Bangalore, Delhi, Chennai, Kolkata and model that is distinct Hyderabad. The remaining buyers are from from Amazon’s. other parts of the country. More than 60% of Flipkart’s customers are working males between the ages of 25 and 35.
With the iPad and the Kindle, what is the future of books and booksellers such as Flipkart? The projection for the US is that 50% of books will be e-books by 2015. In India, it will be by 2018 or 2020, not before that.” However, the demand for the normal paperback or hardcover is still high in India.