European Journal of Molecular & Clinical Medicine

Abstract

According to a joint report by KPMG and the Internet and Mobile Association of India, the Indian e-commerce market had a 2013 value of 75,000 crore. India may increase its economic output by double. From its current level of 1.6 percent GDP, the Internet will contribute between 2.8 and 3.3 percent by 2015 [MCkensy'2012]. 1.45 million jobs will most likely be created by Indian e-commerce over the next two years. With the advent of the new administration and its creative initiatives, local market operators are hoping to attract FDI in e-commerce. This article sheds light on India's own Amazon, Flipkart, and fashion e-tailer Myntra, which together unveil their aim to acquire more than 50% of the e-market share through strategic collaboration. This marks the biggest consolidation in the e-commerce business in India.
Flipkart exceeded its yearly sales goal by one year as they reached over 6,100 crore. By 2015, the gross merchandise value was expected to exceed $1 billion; in contrast, Myntra's sales in the previous fiscal year was approximately Rs. 1,000 crore. It wants to treble its income this fiscal year as it grows its seller base and adds products in line with Alibaba.com, China's largest online retailer. By the conclusion of the current fiscal year, Myntra hopes to have 1,000 retailers on its platform. In order to compete with international rivals like Amazon and eBay Inc., Flipkart plans to invest roughly 600 crore in its apparel industry over the next few years. It also exposes the thinking behind this massive buy and how this how this will contribute to the progression of Indian economy which will lead it to become a global player in Ecommerce.