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THE BIRTH AND GROWTH OF SNAP DEAL: Kunal Bahl, the face behind those awesome deals that flood your mails every morning; he is a true success story. Its parent company being JasperIndia, Snapdeal is almost feverish. “You keep buying those deals. This has indeed made a huge difference to what I shell out every month on my entertainment and recreation. It all is just a click away!” says Satanik Chaudhuri, an employer of The Times of India. SnapDeal has gone on to become a huge brand where the deals have a good validity period and are customized for the Indian way of spending. As of now, it is networked in six cities and has a 15-city plan coming up soon.
INTERESTING FACT: They opted for limited strategic marketing to begin with. Then onwards, it spreaded from one click to the other like an explosion! Bahl says, “We can’t be selling a product or service 24/7 (it is just too tiring) – products need to sell themselves if they are to become good sized businesses quickly; we can just build the right foundations and help them on their way.”
Source: http://www.rockying.com/
Nice Interview with owner of the http://www.snapdeal.com/
Kunal Bahl, Chief Executive Director of Snapdeal.com, tell us more about the innovative daily discount led e-commerce website and his plans for its growth
What is the USP of Snapdeal? How does it differentiate from other players in the fray?
www.SnapDeal.com is an innovative e-commerce consumer service that features a daily deal with discounts in the range of 50-80% off at leading restaurants, spas, dance classes, weekend getaways, and other forms of entertainment. Consumers can purchase this deal from http://www.SnapDeal.com only that one day, and then use it anytime in the next 3-6 months.
SnapDeal prides itself in the seamless experience that it has created for our customers. Reliability and credibility is key to win consumer confidence in a novel service such as SnapDeal. Our parent company, Jasper (www.jasperindia.com), is a leading marketing solutions provider to majority of banks, telecom and insurance companies in India, in addition to other popular products such as MoneySaver (www.moneysaverprime.com) and the experience of working with these international organizations ensures that we uphold the quality of service we provide our customers. Most importantly, we ensure that we bring only the most attractive deals at our consumers. We get dozens of emails from our customers with positive feedback about the service, and more importantly, loaded with excellent suggestions. We have a network of 5000 small and large retailers across the country, and this network plays a key role in us scaling a service like SnapDeal very rapidly. SnapDeal is already in 6 cities and will soon be in 15 cities, hence ensuring consumers across the country can use the service.
What has been the secret of SnapDeal’s success without any marketing?
The service is inherently viral in nature. We firmly believe that if consumers see value in a service or product, and it can be absolutely anything, they will talk about it. This is how our Facebook community http://www.facebook.com/snapdeal zoomed to 20,000+ in less than 60 days – I am sure it’s some sort of record. We have engaged in certain strategic marketing activities which gave the initial momentum to the service’s awareness. The explosion took place thereafter. Various media channels reached out to us because our customers sent them mails to write about SnapDeal – it is an interesting phenomenon for us as well. A prominent journalist, who I won’t name, used the service as a customer to get an adventure sport deal for his family and was so pleased with the service, that he insisted on doing a feature story on SnapDeal. We can’t be selling a product or service 24/7 (it is just too tiring) – products need to sell themselves if they are to become good sized businesses quickly; we can just build the right foundations and help them on their way.
What does a customer need to do to avail of SnapDeal voucher?
Once the customer completes the transaction on http://www.snapdeal.com, he/she will get their unique voucher via email and SMS. They just need to show this voucher to the merchant who will validate and redeem it. It is a very seamless, frictionless process.
What is the validity period of the SnapDeal voucher?
Typically the validity of the SnapDeal voucher is anywhere in between 1-3 months, giving the customer enough time to use it.
How are the online transactions secured?
We get asked this question often by customers as well. The important point to note here is that we never take the credit/debit card information of the customer on http://www.snapdeal.com. Customers just enter their name, number and address on our site, after which they are redirected to an online payment gateway which is highly secure. This is the same payment gateway that a large majority of e-commerce portals use in India. They have all the certifications in place to ensure 100% transaction security. SnapDeal never sees the credit, debit or netbanking details for any customer. From a process standpoint, this works well for us as well.
May we know, with discount in the range of nearly 50-80 per cent, how do you monteize the business deal?
This a merchant funded business. If we were to hone-in to the real pain point that SnapDeal is addressing – it is to help businesses with high fixed costs to reach their breakeven point quicker by acquiring good number of high lifetime value customers. Merchants are willing to give such aggressive discounts as they are essentially passing the cost of customer acquisition to the consumer in the form of a discount. Of every deal sold, we have a revenue share arrangement with the merchant, which they are very willing to engage in because of the measurable impact we can rapidly create for their business.
Will you elaborate on your expansion plans?
We are currently in 6 cities, and our plan is to be in 15 cities within the next 45 days. By the end of the year, SnapDeal will have a deep presence across the top 25 cities in India.
Source: http://www.digimouth.com/
Memory-Manufacturer 