- Flipkart announces the launch of Flipkart labs.
- The labs will work on bringing E-commerce and Web3.
- The company hopes to redefine the e-commerce industry.
Flipkart, the Indian e-commerce marketplace, announced launching its new innovative labs as a part of its plan to discover web 3.0 and Metaverse commerce using NFTs, virtual storefronts, play-to-earn, and other blockchain technologies.
Flipkart labs will be testing Web 3.0 and metaverse use cases with real-world applications to create technology-based solutions designed to redefine e-commerce while enhancing user experience, as the company explained.
Jeyandran Venugopal, the chief product and technology officer of 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.
Venugopal added that the company would operate at the intersection of business and technology to make innovation real and relevant for customers.
He also explained that Flipkart Labs plans to strengthen its in-house innovation capabilities by carving out its dedicated and entrepreneurial team and looking forward to bright and curious minds joining them on this trip.
Meanwhile, Naren Ravula, Flipkart Labs’ VP and head and product strategy and deployment, explained that some use cases involving immersive commerce and NFTs are very promising. Ravula added that the company plans to collaborate with the Web3 community, innovate, and set the standard for commerce in the metaverse.
Ravula stated that the company believes that these are the early days of the shift from Web2.0 to Web3.0. As explained, the evolution of the web built on decentralization, openness, and greater user utility will have a profound impact across many areas, including e-commerce.
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