The e-commerce market in India is becoming competitive day by day and social media Twitter got a taste of the bitter rivalry as CEOs of rival Flipkart and Snapdeal left no opportunity to scoff at each other.
So here's what the issue was:
Chinese e-commerce giant Alibaba, last week, announced its intent to enter the country's retail market this year seeing the immense potential of the ecommerce sector here. Ever since Alibaba announced its plans, it has become the new talk of the town and much speculation by startup gurus, journalists, analysts etc. So, today it was Sachin Bansal's turn to give his opinion on the new competition he is about to get.
He tweeted about it which was directly pointed at Alibaba’s invested companies in India i.e. Paytm and Snapdeal. Alibaba holds 40% stake in Paytm and 5% stake in Snapdeal.
This is how he took a dig at Snapdeal's CEO Kunal Bahl
Alibaba deciding to start operations directly shows how badly their Indian investments have done so far— Sachin Bansal (@_sachinbansal) March 25, 2016
Obviously, Bahl was quick to react and he had even a sharper response to dish out
Didn't Morgan Stanley just flush 5bn worth market cap in Flipkart down the 🚽? Focus on ur business not commentary https://t.co/8NpkhWWo2j— Kunal Bahl (@1kunalbahl) March 25, 2016
Bahl was obviously taking a jibe at Morgan Stanley's marking down of Flipkart's shares by 27%, bringing down the country's largest eCommerce firm's valuation to around USD 11 billion from USD 15.2 billion.
Well this is not the first time they took swipes at each other. These online rivals have been aggressively taking potshots at each other in an effort to grab more market share.
Whether this was sort of a innocuous schoolboys' fight or a part of brand strategy to stay in the news, we can't say for now but with the advent of a new entrant in market (Alibaba), the competition is sure to be cut-throat. And that is not a bad thing for the consumer!