Walmart’s subsidiary, Flipkart, maintains its dominant position in the e-commerce sector with a 48% market share, surpassing competitors, as indicated in the latest AllianceBernstein report. Meanwhile, Meesho, backed by SoftBank, emerges as the fastest-growing e-commerce platform in terms of user base in India, according to PTI.
The report underscores Flipkart’s robust 21% year-on-year (YoY) growth in its user base, outpacing industry rivals. Meesho exhibits even more rapid acceleration at 32%, while Amazon lags with a 13% growth in its user base. Flipkart’s market leadership is highlighted, holding a 48% share in India’s e-commerce landscape as of FY23.
Flipkart’s dominance extends to specific categories, with mobile and apparel comprising approximately 50% and 30% of its mix, respectively. The platform is estimated to command 48% and 60% market share in the online smartphone and online fashion markets, respectively.
Meesho’s growth is attributed to its strategic focus on Tier 2 and smaller cities, operating with a zero-commission model. The platform has seen a 43% YoY growth in order volume, 54% revenue growth, and around 80% repeat customers in the last 12 months.
With approximately 120 million average monthly active users, Meesho is identified as the fastest-growing e-commerce platform in India. The report notes Meesho’s current GMV run rate exceeding USD 5 billion, with apparel contributing around 50% of GMV.
The analysis anticipates Meesho to gain incremental market share, with over 48% downloads in the Indian e-commerce landscape. However, an Amazon-commissioned Nielsen Media study in September 2023 identified Amazon India as the most preferred online brand across the country.
In the fashion e-commerce segment, Ajio holds around 30% market share based on Monthly Active Users (MAUs), while Flipkart Group’s Myntra surpasses 50% in terms of active users. Myntra, while exhibiting a 25% growth rate in December 2023, sees a decrease in transaction frequency, with GMV growing 12% in FY23 compared to 35% in FY22.
In the e-grocery sector, Blinkit emerges as the fastest-growing, holding nearly 40% share in quick commerce, followed by Instamart at 37-39% and Zepto at around 20% share from a GMV perspective.
Also Read: Flipkart to Cut 1,000 Jobs, Equivalent to 5% of Workforce, in Annual Performance Review: Report
