As part of its expansion strategy, e-commerce platform Flash. co will develop a website version of its app to enter the US markets by the end of the CY2023, according to a top executive of the company.
The company, which was founded by Flipkart Senior Vice-President, Ranjith Boyanapalli, seeks to provide its consumers with a customised shopping experience and address three of the biggest problems facing customers today: shopping overlap, tracking online purchases and personalised offers.
Its target market includes the top 25 million power shoppers, who contribute to nearly 70 per cent of the online shopping revenue and are estimated to further grow to 65 million by 2030, the company said.
“Considering the higher penetration of online commerce combined with a larger density of power shoppers and prevalence of email usage, we are gearing up to launch in the US around the end of the year,” said Ranjith Boyanapalli, CEO and Founder, Flash.co.
Explaining the idea behind choosing the US for its next phase of expansion, Marketing Director and Founding Member, Raj Kuruhuri, told businessline that based on the data from reports, the US e-commerce market is 10x the size of the Indian market, which essentially means that the US is around $960 billion in GMV, while India is around $75 billion in GMV. “Moreover, the email density in the US is much higher than in India.”
Although the company has expansion plans in the pipeline, Kuruhuri said its immediate focus is on developing the app’s core features. Another target is to have 100,000 users per month, and then to scale up almost two weeks every month from there.
“We are aiming to onboard 1 million users, which will lead to around $500 million-$700 million in GMV passing through Flash.co.; by this December, we intend to onboard 2 million users; and by the end of FY24, our aim is to have around 4 million users—all this will be through the app,” said Kuruhuri.
So far, the company has onboarded 74 brands, of which 60 are on the company’s Perks program. In the recent past, the company launched its new product, @flash.co - a unique shopping email ID that enables an end-to-end ecosystem that empowers consumers to be in control of their shopping, and communication and unlock personalised experiences.
“Our shopping identity solves insights, tracking, clutter, and rewards through the form of an email id. The product is designed towards making our regular inbox invisible and helping users to see only their purchases and related information in the form of smart widgets,” said Boyanapalli.
Speaking about its revenue model, the immediate monetisation is in terms of brand ads and ads, Kuruhuri noted. Another area of interest for revenue generation for the platform would be through the retail media space. Globally, retail media is worth around $40 billion in the US, while India is worth somewhere around $1 billion.