Flipkart announced the creation of an innovation initiative on Thursday, with the goal of assembling and delivering technology solutions to help boost e-commerce and the shopping experience. Flipkart Labs will be based in India and will promote internal innovation by implementing new technology, pushing ideas, and providing “revolutionary solutions,” according to the company.
The Labs will allow Flipkart and its group companies to test novel Web3 and Metaverse use cases with real-world applications, such as NFT, immersive virtual stores, Play to Earn, and other Blockchain-related use cases.
Before expanding into other product categories such as consumer electronics, fashion, home goods, groceries, and lifestyle products, the company initially focused on online book sales.
“With Flipkart Labs, we hope to expand our internal innovation capabilities by forming a focused and entrepreneurial team, and we’re excited to welcome brilliant and curious minds to help us change the way India shops.”
“We will operate at the convergence of commerce and technology to make innovation real and relevant to customers as we continue to develop and experiment,” said Jeyandran Venugopal, Flipkart’s chief product and technology officer.
Web 3.0 is expected to play a big part in India’s digital acceleration, according to Naren Ravula, vice president and head of product strategy and deployment at Flipkart Labs. He stated that the company is dedicated to the development of India’s e-commerce ecosystem, and that Web 3.0 makes use of the most cutting-edge technology, such as blockchain, for real-world use cases that may digitally transform businesses like ours. “Some of the use cases, such as immersive commerce, NFT-related use cases, and others,” Ravula stated.
Flipkart Labs will be based under the Flipkart Group’s Product Strategy and Deployment (PSD) division and will collaborate with talent to develop technology solutions in that area. It will also look at possible partnerships with brands, merchants, startups, and technologists.
For MetaNews.