2 anchor sellers of Flipkart & Myntra record sharp drop in revenues

This regulation led to the birth of a fresh crop of entities like Tech Connect, Shreyash Retail, RetailNet and OmniTech Retail, among others, for sourcing products to be sold through Flipkart Group marketplaces.

This approach gives the ecommerce platform more control on pricing, discounting, sourcing and commissions compared to the other third-party sellers. Both Flipkart and Myntra did not respond to queries sent by ET till the time of going to press.

Myntra’s sales shifted from Vector E-Commerce to Tech Connect during the last financial year, which is now the largest seller entity on the fashion portal. Revenues on Tech Connect grew from a mere Rs 1.3 crore for FY16 to Rs 2,485 crore during FY17, showcasing an exponential spike in one year time period.

Source: techgig.com