The Indian eCommerce giant Flipkart has launched Flipkart Labs, an initiative to build technology-based solutions, such as AR features, Web3 and metaverse use cases, blockchain-related innovations, and more to enhance the shopping experience of its customers.
Flipkart Labs will be based out of the company headquarters in Bengaluru, aimed at accelerating in-house innovation capability to leverage emerging technologies, bring cutting-edge ideas to life, and incorporate breakthrough solutions within its ecosystem.
The innovation lab is set to begin exploring several Web3 and metaverse use-cases with real-world business applications, such as NFTs, virtual immersive storefronts, play-to-earn games, and other blockchain-based applications. It will also work in other relevant areas, including customer experience, logistics, and supply chain, and accelerating the progress of digital commerce.
Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, said, “Flipkart has pioneered innovation in eCommerce 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 the company continues to grow and also develop the overall Indian eCommerce market, it needs to significantly focus on the intersection of business and technology to foster innovations for its customers continually. Flipkart Labs will strengthen the company’s in-house innovation capabilities through a dedicated, entrepreneurial team working to transform the way India shops.
The paradigm shift from Web2 to Web3 and the evolution of the Internet, based on the ideas of decentralization, openness, and greater user utility, will undoubtedly have an immense impact on the eCommerce space. Many applications, such as immersive commerce, NFT, and more, look highly promising in the near future to develop a comprehensive commerce space within the metaverse.
Flipkart Labs will function under the Product Strategy and Deployment (PSD) arm of the Flipkart Group, working with the most capable personnel to build technology solutions in this space. The company also aims to explore potential collaborations with brands, merchants, startups, and technologists to achieve its purpose further.
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