Bernstein reports: Flipkart dominates e-commerce market with 48% share, Meesho emerges as fastest-growing platform

A recent report by AllianceBernstein revealed that Walmart-owned Flipkart remains the leader in India’s e-commerce market with a 48% market share. This is in contrast to Amazon, which only experienced a 13% increase in user growth due to its premium offerings compared to its competitors. To further add to the dominance of Flipkart, the report also found that the company’s user base grew by 21%, while Softbank-backed Meesho experienced a growth of 32%, positioning it as the fastest-growing e-commerce platform in India.

Meesho’s growth is attributed to its emphasis on Tier 2 and smaller cities through a zero commission model. The platform currently boasts about 120 million average monthly active users and saw significant growth in order volume, revenue, and seller base. As a result, Meesho has an estimated current gross merchandise value (GMV) run rate of over $5 billion.

In the fashion e-commerce segment, Reliance-owned Ajio has been acquiring users and holds a 30% market share based on monthly active users. Conversely, Flipkart Group’s Myntra remains the leader in terms of active users with over 50% market share.

In the e-grocery sector, Blinkit is leading the way with a current market share of nearly 40%, followed by Instamart and Zepto. However, Zepto lags behind in terms of product offerings and reach.

The report also noted that Flipkart is expected to focus on grocery and hotel businesses while cutting down on its workforce as part of its annual performance review.

The findings of Nielsen Media study showed Amazon as the most preferred online brand for respondents across India. Nevertheless, the report still expects Meesho to continue to gain incremental market share and downloads in the Indian e-commerce market.