Flipkart to explore Web3 and Metaverse commerce with innovation lab

E-commerce marketplace, Flipkart, announced the launch of an in-house innovation capability Flipkart Labs to build Web 3.0 solutions. Based out of its headquarters in Bengaluru, India, Flipkart Labs will enable Flipkart and its group companies to test exciting new Web3 and Metaverse use-cases with real-world applications, including NFT-related use-cases, Virtual Immersive Storefronts, Play to Earn, and other Blockchain related use-cases. The Innovation Lab will also serve as a vehicle for innovative research across areas including redefining customer experience, logistics / supply chain, and accelerating digital commerce in the future.

Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, said, “Flipkart has pioneered innovation in e-commerce 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 we continue to grow and experiment, we will operate at the intersection of business and technology to make innovation real and relevant for customers. With Flipkart Labs, we are looking at strengthening our in-house innovation capabilities by carving out a dedicated, entrepreneurial team and look forward to bright and curious minds joining us to transform the way India shops."

Flipkart Camera, formed after the acquisition of AR/VR startup Scapic in November 2020, has since deployed multiple 3D and Augmented Reality-based immersive shopping experiences and will continue to mature under the newly formed Flipkart Labs umbrella.

Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, added, “We are in the early days of a paradigm shift from Web2.0 to Web3.0 and this evolution of the web/internet built on the concepts of decentralization, openness, and greater user utility, will have a profound impact across many areas including e-commerce. Web 3.0 is poised to play a strong role in India`s digital acceleration. We are committed to the growth of the e-commerce

ecosystem in India and Web 3.0 leverages the best of latest technology like blockchain for real world use cases that can digitally transform businesses like ours.

Some of the use-cases like immersive commerce, NFT-related use-cases and more are very promising and, as one of the first areas of focus in Flipkart Labs, we want to collaborate with the passionate Web3 community, innovate and set the standard for commerce in the Metaverse.”

Flipkart Labs will be housed in the Product Strategy & Deployment (PSD) arm of the Flipkart Group and will work with talent building technology solutions in this space. It will also look at potential collaborations beyond the organization with brands, merchants, startups, and technologists.