The seven-month-old venture's revenues are increasing at 150 per cent month-on-month and attracts nearly 2.5 lakh visitors daily
New Delhi, Nov. 19
Innovative marketing solutions provider, Jasper Infotech Pvt Ltd, plans to take its daily deals Web site SnapDeal.com's services to Sri Lanka, Bangladesh and Singapore by March next year.
Having a combined work force of 30 people in these countries, it makes it easier for the company to provide SnapDeal services there, said Mr Kunal Bahl, CEO , Jasper Infotech Pvt Ltd.
Offering discounts of up to 95 per cent, SnapDeal.com uses to its advantage the huge pile of distress inventory accumulated by retailers. It features more than 2,000 retailers such as Ferns & Petals, Indiahikes, Fitness Studio, Bikanervala, Future Bazaar and Xtreme Sports Bar. The company receives 2,000 vouchers from one merchant in a day sometimes and is able to offer one new deal a day from each of the 30 cities it has a presence in. Each deal stays on the site for not more than three days.
According to Mr Bahl, retailers of these services suffer from distress perishable inventory of as high as 80 per cent, and it works for them to give heavy discounts to be able to offload the inventory within the expiry period.
Online group buying such as SnapDeal is picking up in India. There's Mumbai-based Dealsandyou and Taggle.
There's also consolidation taking place with SnapDeal acquiring Grabbon, a Bangalore-based daily deals site. According to Mr Bahl, SnapDeal currently holds a 70 per cent market share in the space.
The seven-month-old venture's revenues are increasing at 150 per cent month-on-month and attracts nearly 2.5 lakh visitors on the site daily, claims Mr Bahl.
The company has a sales force of 300 in the country.
Around $100 billion retail services are being offered offline in the country today and even if there is a migration of one per cent of the spends online, it amounts to a $1 billion market, which is huge, he said.
The company has also floated a fund, Jasper Innovative Marketing Fund, that invests in companies and entrepreneurs in the marketing services and technology sectors in the areas of customer activation, loyalty, efficient brand promotions, social media, database marketing, mobile marketing, among others.