Flipkart launches Flipkart Labs to leverage metaverse, NFTs for commerce capabilities

Flipkart will test new Web 3.0 and metaverse use-cases including NFT,  virtual store-fronts , play –to-earn and other blockchain technologies under its new initiative, Flipkart Labs. The e-tailer said that the initiative is aimed to build and create technology-based solutions that can redefine e-commerce and enhance the shopping experience for millions of customers. Based out of its headquarters in Bengaluru, India, Flipkart Labs will fast-track an in-house innovation capability with a vision to propel and shape the future of customer-centric e-commerce in India, the company 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,” Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, said,  
 
Flipkart Labs will be housed in the Product Strategy and 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.
 
“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,” Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, said.