2024-01-28 09:52:15
According to a recent report by asset management firm AllianceBernstein, “Flipkart has seen a 21 percent year-on-year (YoY) growth in its user base. MeShow led the way with a 32 percent increase, while Amazon trailed behind with 13 percent user growth. This lag is attributed to Amazon’s relatively premium offerings compared to its competitors.
As of FY23, Flipkart is the market leader with a 48 percent share of Indian e-commerce. Flipkart is growing faster than the industry. Mobile and apparel will be Flipkart’s largest categories, estimated to hold 50 percent and 30 percent of the online smartphone and 48 percent and 60 percent market share of the online fashion market, respectively,” the report said.
Meesho’s market share expansion has been driven by its strategic focus on Tier 2 and smaller cities, its mass positioning and adoption of a zero-commission model. “In the last 12 months, Meshow’s order volume grew by 43 percent, revenue growth by 54 percent with healthy take rates, and repeat customers by 80 percent,” it says.
According to the report, approximately 80 percent of MeShow’s sellers are retail franchisees, and nearly 95 percent of the products on the platform are unbranded. “Meesho is the fastest growing e-commerce platform in India with around 120 million average monthly active users (MAUs),” the report said. “The current GMV (Gross Merchandise Value) run rate of the Meesho business is over $5 billion.
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Apparel accounts for nearly 50 percent of GMV, BPC (Beauty and Personal Care) contributes 8-10 percent and home and kitchen 8-10 percent. With more than 48 percent of downloads in the Indian e-commerce business, we expect Meesho to be a major gainer and further increase market share,” the report said. In September, a Nielsen Media survey commissioned by Amazon India found Amazon India the top choice among respondents across the country as the most preferred online brand.
In the fashion e-commerce space, Reliance-owned Ajio has been gradually gaining users and currently has around 30 percent market share in terms of MAUs. However, Myntra, a subsidiary of Flipkart Group, is the leader with more than 50 percent market share in terms of active users.
“During December 2023, Myntra posted a growth rate of 25 per cent among peers. A closer look at the business suggests that users on the app are not transacting as per earlier trends. Myntra’s GMV grew only 12 per cent in FY 23, compared to 35 per cent in FY22,” the report said.
Blinkit has maintained its position as the fastest growing player in the e-grocery sector, fueled by market maturity. On the other hand, Zepto, which started operations in April 2021, should catch up with Blinkit both in terms of product offerings and market share. Quick Trade is a 3-player structure in India, with Blinkit holding nearly 40 per cent share, Instamart 37-39 per cent and Zepto 20 per cent,” the report said.
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Last Updated Jan 28, 2024, 3:22 PM IST
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