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Flipkart sales run rate strike $3 billion

Oct

7

Flipkart sales run rate strike $3 billion

E-commerce major Flipkart is on track to clock annual sales of $3 billion on the back of elite tie-ups with mobile handset makers Motorola and Xiaomi, and its mounting market share in the style category, indicating its fast growth registered over the past few months. On Monday alone, throughout its much revealed Big Billion Day sale it registered $100 million in sales as shoppers bought 20 lakh products from the site.

Substantiating that the online retailer had struck an annual run rate of $3 billion in sales last month itself, also recognized as gross merchandize value (GMV) in e-commerce parlance, Mukesh Bansal, CEO, Myntra & SVP, Flipkart Fashion, said the e-tailer was at the instant gunning for a much bigger target by the year-end.

The Bangalore-based online business biggie, which is locked in a ferocious battle with Amazon and Snapdeal, is anticipated to touch $5 billion in annual GMV by the end of financial year 2015, which will provide it a considerable lead over its two competitors.

In spite of frantic sales growth, Flipkart is said to be trailing about $10 million monthly mainly due to it doling out excessive discounts to shoppers. This is also true for its two competitors, Amazon and Snapdeal – both of which are combating Flipkart in a three-way e-commerce war.

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