Indian e-commerce marketplace, Snapdeal is looking to get very busy this year. According to reports, the company is aiming to cross the $1 billion sales benchmark by the first quarter of 2015. The company is already half way there and is expecting to close the current fiscal period with $500 million in sales. Can the fast moving company double its sales in the period of one year? Going by their past achievements, it definitely stands a good chance.
Snapdeal started out as a daily deals website in 2010 and pivoted very smartly into an e-commerce marketplace at just about the right time – following their pivot, daily deals as a segment saw a decline and e-commerce as a sector grew much stronger. The company then raced to consolidate its marketplace offerings for both their merchants and customers. They have also introduced some new features which may help them get to their goals faster. The company recently announced their Same Day Delivery service in Delhi and NCR in addition to launching their own payment gateway, KlickPay. Last year, they introduced their escrow service called TrustPay and shipping solution, SafeShip. They also struck up a partnership with electronics retailer Vijay Sales and collaborated with eBay India.
The company has said that over the last few months, they have seen a huge increase when it comes to customers coming to their site and shopping for products. Their growth rates are estimated to be around 4X-5X growth. It currently has around 20 million members and offers products across 500 product categories and has 20000 sellers onboard. Future growth, according to the company, will definitely come from electronics and apparel, two sectors which see a lot of Indian eCommerce companies agreeing to their potential. The Indian eCommerce market reportedly grown by 88% in 2013 and this is a good sign for many companies in India as well as online sellers, as it marks that the eCommerce has become a mainstay when it comes to people’s buying habits.
If you are a merchant on Snapdeal, this year may be good one for you. Do tell us how your experience has been in the past.