Mumbai (BW): A report has revealed that Flipkart continues to dominate the Indian ecommerce segment with a substantial 48 per cent market share as of FY23. Boasting a 21 per cent year-on-year (YoY) growth in its user base, Flipkart outpaces the industry’s overall growth.
The report indicated that mobile and apparel are the primary contributors to Flipkart’s success, constituting around 50 per cent and 30 per cent of its market share, respectively.
Meanwhile, Meesho has taken the lead as the fastest-growing e-commerce platform in India. With a strategic focus on Tier-2 and smaller cities, Meesho has experienced 32 per cent YoY user growth, according to a AllianceBernstein report. The report attributes Meesho’s success to its mass positioning and unique zero-commission model, appealing to a broad market.
Amazon lagged behind with a 13 per cent YoY user growth. This slower growth is attributed to the platform’s relative premium offerings compared to its competitors. Despite this, a Nielsen Media study commissioned by Amazon India in September identified the platform as the most preferred online brand among respondents across India.
In the fashion ecommerce space, Ajio, owned by Reliance, has secured a notable 30 per cent market share based on Monthly Active Users (MAUs). Meanwhile, Myntra, a Flipkart Group firm, maintained the highest market share in terms of active users, with over 50 per cent. However, Myntra’s growth rate has slowed, with a 25 per cent increase in December 2023, compared to a more substantial 35 per cent in FY22.
E-grocery players are also making waves in the Indian market. Blinkit emerged as the fastest-growing player, holding a dominant position with nearly 40 per cent market share from a Gross Merchandise Value (GMV) perspective. Instamart followed closely behind, securing 37-39 per cent market share. Zepto, which began operations in April 2021, lagged behind in terms of product offerings and reach.
