Flipkart’s latest effort, Flipkart Labs, will test novel Web 3.0 and metaverse use-cases such as NFT, virtual storefronts, play-to-earn, and other blockchain technologies. The effort, according to the e-tailer, aims to construct and create technology-based solutions that can transform e-commerce and improve millions of customers’ shopping experiences. Flipkart Labs, based in Bengaluru, India, will build an in-house innovation capability with the goal of propelling and shaping the future of customer-centric e-commerce in India, according to the business.
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“Flipkart has pioneered innovation in e-commerce in India and made it an integral part of our lives. This has been possible with many innovative initiatives over the last decade, such as Cash On Delivery (CoD), Easy Returns, No Cost EMI, and more. As we continue to grow and experiment, we will operate at the intersection of business and technology to make innovation real and relevant for customers. With Flipkart Labs, we are looking at strengthening our in-house innovation capabilities by carving out a dedicated, entrepreneurial team and look forward to bright and curious minds joining us to transform the way India shops,” Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, shared.
Flipkart Labs will be based under the Flipkart Group’s Product Strategy and Deployment (PSD) division and will collaborate with the talent to develop technical solutions in this field. It will also consider prospective relationships with brands, merchants, startups, and technologists outside of the organization.
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“We are in the early days of a paradigm shift from Web2.0 to Web3.0, and this evolution of the web/internet built on the concepts of decentralization, openness, and greater user utility, will have a profound impact across many areas, including e-commerce. Web 3.0 is poised to play a strong role in India’s digital acceleration. We are committed to the growth of the e-commerce ecosystem in India, and Web 3.0 leverages the best of the latest technology like blockchain for real-world use cases that can digitally transform businesses like ours,” Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, said.
“Some of the use-cases like immersive commerce, NFT-related use-cases and more are very promising and, as one of the first areas of focus in Flipkart Labs, we want to collaborate with the passionate Web3 community, innovate and set the standard for commerce in the Metaverse.” he added.
Recently, Walmart-owned Flipkart declared that it signed an agreement to acquire a majority stake in Kolkata-based Sastasundar Marketplace Limited, which controls and operates SastaSundar.com, an online pharmacy and digital healthcare platform.
