At the start of the festive period, Snapdeal came up with an ambitious plan to overtake rival marketplace leader Flipkart by the end of the fiscal. Snapdeal also announced that it was making major headway in the southern Indian territories after traditionally enjoying prosperity in the north and western cities.
The ecommerce marketplace continues to move in the right direction after recently conducting the ‘Diwali Home Buying Sale’ with nearly 10,000 home seekers registering and the average price of property being booked amounting to Rs. 55 lakhs, which would have done Snapdeal’s Gross Merchandise Value the world of good.
Over the last few years the property industry has seen a major slump due to factors such as liquidity problems and project deadlines exceeding their completion date. Some of the incentives Snapdeal offered to inspire consumer confidence included:
- Discounts of up to Rs. 500 per sq ft on base selling price
- Removing the car park reservation charge
- Offering free modular kitchen facility
- Fitting air conditioning in bedroom
Furthermore, buyers were convinced to purchase as the list of properties from the Snapdeal platform comprised of over 200 projects which included reputed builders such as Godrej Properties, Brigade, Mahindra Lifespaces, IREO, Artha, Ramky Estates, Central park, Sunteck Realty, Rustomjee, Lavasa Corporation, Nirmal lifestyle, Ajnara, Mahagun.
Snapdeal also ensured that the home buyers were looked after in terms of having assistance from expert property consultants who arranged site visits and helped to seal the deals. Over 1,000 customers registered with Snapdeal’s financial services platform, Rupeepower to take care of home loans which proved another effective after sales service offered by the ecommerce marketplace.
The bulk of sale inquiries came from cities including Delhi NCR, Mumbai, Navi Mumbai, Thane, Bangalore, Chennai, Hyderabad, Pune and Kolkata.
“We were the first marketplace to introduce the real estate category and this Diwali has affirmed our commitment to further increase our assortment under this category. We are changing the way India shops in each and every category of products and services,” said Tony Navin, Senior Vice President, Partnerships and Strategic Initiatives, Snapdeal.
What this all means for ecommerce?
This is extremely significant for the Indian ecommerce market as it is widely believed that customers in the country have usually shied away from making large purchases online in the past. Now from selling something as cheap as Maggi noodles to selling something with a high ticket price as property, Snapdeal has proved that Indian customers are starting to lose their online inhibitions and are willing to cough up the cash if the price and product is right.