India boasts an impressive Internet user base of about 690 Million people as of 2023 end and India stands as the 2nd largest internet user globally. The penetration of e-commerce is still low compared to other markets like the US, France etc. But there is sound growth in India’s e-commerce space with nearly 6 million users joining the online shopping theme every month and top 10 E-Commerce Companies are boosting Indian economy. In recent years, Big Tech e-commerce companies like Amazon, Flipkart and Snapdeal have dominated the Indian market.
Let’s catch out what all are the top 10 main companies involved in boosting India’s Digital Economy…!
Amazon
Foundation:
- Amazon was founded by Jeff Bezos, an American businessman and investor, in 1994.
Market Position:
- Amazon has grown into the world’s largest marketplace with a market share of 26% in India as of 2021.
Unique Selling Proposition (USP):
- Amazon’s unique selling proposition (USP) is its status as the platform of choice for numerous high-demand brands such as Xiaomi and Apple to utilize the latest gadgets like smartphones and TVs. This curated selection, coupled with competitive pricing and free shipping, has cemented Amazon’s popularity among Indian consumers.
Offerings:
- From books to groceries, Amazon offers a vast array of products, such as clothing, electronics, home decor, beauty, health, kitchen, appliances etc. making it India’s go-to shopping destination.
Other Services:
- The introduction of other services like Amazon Prime Video, Amazon Music, and Amazon Pay has further strengthened the market presence of Amazon.
Amazon India, a subsidiary of Global Big Tech Company Amazon Inc., stepped into the Indian Markets in June 2013 and quickly became a household name. Renowned for its Fast-delivery services, including same-day, and next-day options, Amazon India has earned the trust of frequent shoppers across India and is now one of the Top 10 E-Commerce Companies.
Amazon India claimed the top spot as the most visited e-commerce site in India with 295 million monthly visitors solidifying its position in the online shopping space.
Flipkart
Flipkart’s humble beginning was from a 2-bedroom apartment in Bangalore. Initiating the online business with family-backed pre-seed funding, Flipkart, too, like Amazon started by selling Books gradually expanding its reach across the nation and becoming one of the top 10 E-Commerce Companies.
Foundation:
- Flipkart was founded by 2 ex-employees of Amazon, both alumni of IIT-Delhi, namely Sachin Bansal and Binny Bansal, Flipkart’s humble beginning was from a 2-bedroom apartment in Bangalore.
Market Position:
- Competing head-to-head with Amazon India and domestic rival Snapdeal, Flipkart has carved out a dominant position in the Indian e-commerce landscape, capturing a 48% market share in the e-commerce space as of 2021.
Unique Selling Proposition (USP):
- Flipkart carries the USP of providing its customers best online shopping experience. It has renowned expertise in Apparel Business. The company aims to provide its customers with good value and wants to be regarded as one of the most friendly service providers in the domain. Flipkart solidified its position through the strategic acquisition of Myntra.
Offerings:
- Flipkart has diversified its presence to a plethora of product categories ranging from books to fashion, home essentials, electronics and even groceries.
Other Services:
- Flipkart Plus, Flipkart Wholesale, Flipkart Supermart, Flipkart Paylater, and Flipkart Quick Store are some of the other services that it offers beyond the main marketplace business.
Snapdeal
Headquartered in New Delhi, Snapdeal stands as a prominent player in India’s dynamic e-commerce space. Snapdeal emerged as one of the top 10 online marketplaces in India, catering to the growing value of the e-commerce segment.
Foundation:
- Snapdeal was founded in February 2010 by Kunal Bahl and Rohit Bansal.
Market Position:
- The company prides a seller base of over 500,000, attracting buyers from more than 3,700 towns across India.
Unique Selling Proposition (USP):
- To serve the needs of customers in smaller cities and towns at affordable prices.
Offerings:
- Diverse basket of products spanning fashion, home essentials, and general merchandise.
Other Services:
- Freecharge and Vulcan Express were sold off by Snapdeal, and Snapdeal has integrated itself with ONDC. The company is focusing on its core business. However, it provides other services Snapdeal Plus and Snapdeal Pay Later just like Flipkart and Amazon
The company has faced a lot of challenges such as controversies over counterfeit product sales and fluctuations in market conditions which adversely affected its Initial Public Offering (IPO) plans, the company remained steadfast in its mission to bounce back in the e-commerce marketplace segment in India, accelerated by strategic funding rounds and a series of strategic acquisitions targeted at fortifying its market position and improving customer experience.
Myntra
The company was then taken over by Flipkart at the value of INR 2000 Cr. Now it runs as a standalone brand under the ownership of Flipkart. Myntra faced challenges of transition to an app-only model in 2015 which was later reverted in 2016 but continued its growth trajectory.
Foundation:
- Founded by Mukesh Bansal along with Vineet Lawania, Myntra started as a B2B platform for personalized gifts. and went up to become India’s favorite Fashion and Lifestyle online store. Pivoting in 2011 to offer products from over 350 Indian and International Brands.
Market Position:
- Myntra holds a prominent position in the Indian E-commerce industry particularly in the fashion and lifestyle segment. Myntra is recognised as a leading player in the Indian online marketplaces.
Unique Selling Proposition (USP):
- Myntra offers a wide range of fashion and lifestyle products including clothing, footwear, accessories, beauty products, and home decor items. Moreover, Myntra’s user-friendly interface, easy navigation, and personalized recommendations enhance customer engagement and satisfaction.
Offerings:
- Myntra provides an extensive selection of fashion and lifestyle products including clothing, footwear, accessories, and beauty products, catering to various tastes, styles, and preferences.
Other Services:
- Myntra Studio, Myntra Insider, Myntra Fashion Superstar, and Myntra Originals are some of the other kinds of related services that it offers.
The company’s strategic acquisitions and investments include Bangaluru-based mobile app development platform company Native5, mobile-based content aggregation platform Cubeit, and its rival Jabong.com.
The company introduced an express delivery service offering a unique experience to fashion enthusiasts with the swift delivery of products marked with the “M-express” tag within 24-28 hours of purchase.
Meesho
You might have heard about Meesho, it is an innovative online shopping platform that has revolutionized e-commerce in India with its unique business model.
Foundation:
- Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho initially started as an on-demand delivery service for fashion products.
Market Position:
- The company earned the recognition of the most influential companies of the year by Time Magazine in 2023, Moreover, the company achieved remarkable milestones by becoming the fastest-growing shopping app surpassing 500 Million downloads and becoming the market leader in the e-commerce space.
Unique Selling Proposition (USP):
- The platform acts as a bridge between suppliers, resellers and customers leveraging social media platforms like Facebook, and Instagram for marketing and trade facilitation.
Offerings:
- Om Meesho, one can find a way to start his own business by reselling products to their friends and family through social media. A wide range of products is available, users can select items from categories like fashion, beauty and electronics to sell.
Other Services:
- Training and Support to resellers, Logistics Fulfillment, Tech tools and resources, Marketing and Promotion are the services that it offers to resellers.
The platform’s monthly users surged about 120 million by 2022. The rapid expansion propelled Meesho to become one of India’s fastest-growing e-commerce platforms with its Gross Merchandise Value (GMV) reaching approximately USD 5 Billion in 2022.
Nykaa
The Company is headquartered in Mumbai and is a leading Indian e-commerce company specializing in beauty, wellness, and fashion products. It operates through its website, mobile app, and a network of over 100 physical stores. The company then became India’s first Unicorn Startup led by a woman.
Foundation:
- Founded in 2012 by Falguni Nayar – the ex-MD of Kotak Mahindra Capital. Ms Falguni was featured in Forbes India’s “W-Power Trailblazers” and “India’s Richest Women” category.
Market Position:
- Nykaa holds a leading position in the Indian Beauty and Personal care market, being on the top spot of the platforms that provide beauty and wellness products.
Unique Selling Proposition (USP):
- The USP of Nykaa lies in its comprehensive offering and customer-centric approach within the beauty and personal care market in India. Its diverse product range, exclusive collaborations, omnichannel presence, customer-centric approach, engaging content, and private-label offerings, make it a premier destination for beauty and personal care in India.
Offerings:
- E-commerce platform, Omnichannel Retail, Product recommendations, Express Shipping and gift cards and vouchers are some of the offerings that the company offers.
Other Services:
- Beauty services, beauty workshops, beauty subscription boxes, beauty consultations, customized gifting, Nykaa Man, and Nykaa Design Studio are the services that Nykaa offers along with product-based services
Story of the company’s success includes strategic initiatives such as the launch of Nykaa Pro which is a premium membership program and Nykaa Network which is an online beauty forum. The company became Unicorn in 2022 crossing a valuation of USD 1.2 Billion.
The company made headlines in 2021 with its highly successful IPO raising USD 670 Million from the public and achieving a valuation of USD 7.4 Billion. The IPO was the most significant milestone for the company with founder Falguni Nayar emerging as India’s wealthiest self-made female billionaire.
FirstCry
The company is headquartered in Pune, India. FirstCry is the First ever company exclusively catering to the needs of baby clothes and accessories.
The company initially focused on a curated selection of baby garments and has now expanded its product basket to include a wide array of items essential for kids and newborns including feeding essentials, picture books, bed protectors, baby foods etc.
Foundation:
- Founded in 2010 by Supam Maheshwari, Amitava Saha, Prashant Jadhav, and Sanket Hattimattur.
Market Position:
- FirstCry is a market leader in India specializing in baby and kids’ products, known for its extensive range, omnichannel presence, and trusted brand reputation.
Unique Selling Proposition (USP):
- FirstCry’s USP revolves around offering a diverse range of high-quality products, providing parent-convenience, expert guidance, and excellent customer service, to meet the needs of parents and caregivers effectively.
Offerings:
- Mainly, it offers a comprehensive range of baby and kids products including clothing, toys, accessories, nursery essentials, feeding items and maternity care products.
Other Services:
- The related services of FirstCry include Maternity wear, baby shower gifts, parenting books and guides for parents, and care services like workshops, classes, or consultations on topics like breastfeeding, baby care, child development etc.
OLX
Founded in 2016 by Fabrice Grinda and Alec Oxenford, OLX is based in Gurugram, India and offers a platform for buying and selling various items, including automobiles, mobile phones, furniture, electrical appliances etc.
Foundation:
- Founded in 2016 by Fabrice Grinda and Alec Oxenford, OLX is based in Gurugram, India
Market Position:
- OLX easily and rapidly gained popularity as a marketplace for various product categories including electronics, furniture, automobiles etc. Its success in India is partly attributed to India’s strong culture of buying and selling second-hand goods.
Unique Selling Proposition (USP):
- The OLX allows its users to post advertisements for both new and used products and that too free of cost. It serves as a marketplace where sellers can list their items and potential buyers can browse through these listings, communicate with the sellers via chat and negotiate deals directly.
Offerings:
- OLX provides a marketplace where individuals and businesses can list their items for sale and connect with potential buyers thereof in their local region.
Other Services:
- Job Posting, Real estate listing, Vehicle listing, classified advertisements, and Community forums are the services that OLX offers besides the main platform services.
Blinkit
Formerly known as Grofers, Blinkit is an online quick commerce arm of Zomato. Blinkit offers customers a wide range of groceries and other daily essentials at their doorstep in just 10 minutes.
Foundation:
- The company was founded in December 2013 by Albinder Dhindsa and Saurabh Kumar. Both Dhindsa and Kumar had previously worked together at Cambridge Systematics during the late 2000s.
Market Position:
- Blinkit holds a leading position in the Indian instant delivery service sector. It offers swift grocery and essential items within 10 minutes approx. across more than 30 cities.
Unique Selling Proposition (USP):
- The unique selling proposition (USP) of Blinkit lies in its promise of instant delivery, ensuring groceries and essential items are delivered to customers within approximately 10 minutes, which sets apart traditional delivery services and caters to the demand for quick and convenient shopping experiences in this segment.
Offerings:
- The company offers a wide range of products and services including groceries, fresh produce, personal care, baby care, pet care, stationery, bakery, snacks, flowers etc
Other Services:
- Subscription, Local player collaboration, community engagement, and Loyalty programs are some of the main services that it offers
AJIO
AJIO is a Reliance Group-led online marketplace that aims to redefine Indian fashion and lifestyle shopping. The company focuses on offering the latest trends, high-quality products and unparalleled convenience, the AJIO has quickly established itself as a frontrunner in the competitive e-commerce landscape.
Foundation:
- AJIO is a brainchild of India’s Business Powerhouse Reliance Industries Limited, which was established in 2016
Market Position:
- AJIO has strategically placed itself in India’s competitive online retail business market. It has managed to carve out a niche for itself catering to the evolving tastes and preferences of India’s Fashion and Lifestyle segment.
AJIO has secured a prominent position as a go-to destination for fashion-forward individuals seeking trendy yet affordable apparel and accessories.
Unique Selling Proposition (USP):
- Curated Selection, Affordable Fashion and Seamless shopping Experience are the 3 key pillars of the AJIO business.
Offerings:
- Clothing, Home Décor, Footwear, and Accessories are the main products that AJIO offers in its Platform.
Other Services:
- Unlike Amazon, Flipkart and others, AJIO does not offer many other services but it provides a unique in-store pickup facility where customers can pick up the products from nearby stores at their convenience as well.
To meet the specific needs of customers in India’s Fashion and Lifestyle segment, AJIO has played a level-playing field with other major players like Amazon, Flipkart, Myntra etc and has well-positioned itself in the last couple of years with its innovative and customer-oriented business strategy.
