Meta-Backed Meesho Scored Against Amazon and Walmart In Indian Online Shopping

Meta Platforms Inc META backed Meesho won more new shoppers in India than Amazon.com Inc AMZN and Walmart Inc's WMT Flipkart.
Meesho posed a challenge to the U.S. retailing titans, which have plowed billions of dollars into the biggest untapped digital market, the Wall Street Journal reported.
Meesho allowed users to sell items by sharing product listings with friends via Meta's popular WhatsApp messaging service, Facebook and Instagram.
Also Read: Amazon Said To Be In Talks To Buy Indian Logistics Unicorn For Up To $600M
Meesho was the most-downloaded shopping app during the first half of this year, according to Apptopia, with shoppers pointing to its ease of use, a wide selection of products, and low prices.
Amazon and Flipkart are "more for the top 1%-5% of the population" in terms of income, specializing in more expensive goods like smartphones and televisions, Meesho CFO Dhiresh Bansal said
Meesho's goal is to be the online leader in the more straightforward goods, like clothing and household items, often sold in unorganized retail, which accounts for up to 85% of India's shopping sector, Bansal said.
Meesho, worth $5 billion, is yet to turn profitable, but Bansal said it will be at some point and will aim to list publicly.
According to AllianceBernstein, Amazon and Walmart account for 60% of India's online sales. Meesho generates 7% of India's total sales.
According to AllianceBernstein, India's e-commerce market will likely double to $133 billion in 2025 from $72 billion this year, driven by consumers in smaller towns and villages.
Price Action: META shares traded lower by 0.63% at $129.20 in the premarket on the last check Monday.

Market News and Data brought to you by Benzinga APIs

Comments

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga