E-commerce giant Flipkart is intent on making the books business its priority in order to fight its rival Amazon, The Times of India reported.
The books segment had taken a backseat in the Bengaluru-based company's business over the last few years and it now wants to revive it again.
After Flipkart started actively trying to strengthen this segment, it grew by 70 percent over the last six months. Flipkart entered the online bookseller business at the same time as its arch-rival Amazon, back in 2007.
The e-commerce major is building a new strategy to regain its readers’ market share, most of which it lost to Amazon. This segment is mainly dominated by the urban shoppers, which is perfect for Flipkart at this point when it is trying to win back its customers from tier-1 and tier-2 cities.
Amazon currently has a 60 percent market share in the online book market, according to the report.
While Flipkart was battling Amazon in the market, the book category was knocked down a few rungs on the priority list. More importance was being given to the sale of smartphones, appliances and fashion, because books on an average have low selling prices and thin margins.
Flipkart’s senior director for general merchandise, Nishit Gard said: "Consumers buying books have a higher engagement rate and as a consequence, they tend to buy products in other categories as well. We have more than doubled the collection to 7 million from about 3 million books six months back."
Flipkart is targeting an annual growth of 100 percent in the book business and plans to bring e-books back on its platform. Even there, Flipkart has Amazon to fight with, since the e-book market is a stronghold for the latter.